Do you know what a voluntary foreclosure is? Well, that's what we'll be discussing today. I would like to start out by saying that there are actually three parts of a foreclosure. There is a deed in lieu of foreclosure, there is a short sale, and there is also the actual foreclosure. All of these are things that will happen if you're behind on your mortgage.
A voluntary foreclosure happens when you're really doing a deed in lieu of foreclosure, which is when you're offered to sign over the deed in a non-hostile situation. You will sign the deed over to the bank, and they will take possession and then auction the home off at your local courthouse.
Another thing that can happen is a short sale, and this is when your home is worth less than what you paid for it. So, you're selling your home for less than it is actually worth. You have to put the home on the market with a professional agent and you try to sell it before it goes into foreclosure. This is proactive, and you can stay in control of when you have to move in and out of the home.
All of these scenarios will affect your credit differently, and if you're in a situation like this I would be very glad to assist you!
Whether you're looking for your first home, your dream home or an investment property, I'm committed to providing you with the highest quality buyer service. When making the type of investment ....
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.
The information provided by this website is for the personal, non-commercial
use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Data last updated: October 19, 2021 3:05 PM UTC
Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale.
Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller.