Why Do People Go into Foreclosure?
- Job loss or reduced wages
- Medical expenses or health challenges
- Inherited properties they can’t afford
- Mounting debt and inability to pay off loans
How Long Does It Take to Be Foreclosed On?
Depending on what state you’re in, it can take anywhere from 4 months to a year, once your lender starts the foreclosure process.
What Options Do You Have to Stop Foreclosure?
1. File For Bankruptcy
An attorney may advise you to file for bankruptcy. While this advice is well intentioned, this can sometimes only delay the foreclosure process. While bankruptcy can buy you some time, the end result is that your house can get auctioned unless you bring your mortgage payments current, even in bankruptcy.
If your home goes to foreclosure, this means:
- You will lose your home
- You will have a bankruptcy and a foreclosure on your credit report and your score will negatively impacted
- A bankruptcy and a foreclosure can prevent you from buying another home for up to 7 years
2. Sell Your House Fast
The easiest solution to this is to SELL YOUR HOUSE AND SELL IT FAST! You will then avoid having a foreclosure and a bankruptcy on your credit report and be able to get on with your life and avoid having foreclosure haunt you for years to come.
The Virtus Offers Solution:
At Virtus Offers, we want to create a solution that will help you avoid this situation. We may be able to buy your home quickly, and/or work with your lender to stop foreclosure as well as if you have little or no equity.
We have dealt with homes in foreclosure for since 2003. Our goal is to help you, so you can move on with your life with your credit intact! We have a professional team dedicated to helping people in situations just like this to get their financial life back on track.