When Monthly Payments Make You Feel Like Its All Crashing Down
When Monthly Payments Make You Feel Like Its All Crashing Down
If you are struggling to make your mortgage payments, you are probably feeling the weight of the world on your shoulders. There is nothing worse than feeling like there is no end in sight, or no way out. Not only does this affect your finances, but it affects you mentally and emotionally. This is a lot to take in, so whatever decisions you make at this point are critical to your future. If you are facing a foreclosure, then there are some things that you should be aware of.
If you are behind on your mortgage to the point you feel no recovery is possible, then looking at options can help you avoid foreclosure will help you recover your finances much more quickly. A short sale or a deed-in-lieu, are a few alternatives that can help you avoid the financial impact of a foreclosure.
The most important part of avoiding a foreclosure, is avoiding your credit score taking a huge plummet. Generally, by opting for a short sale, your credit may drop as little as 50 points, but no further than that. With a foreclosure, you are looking at taking a hit of 250 to 300 points. In addition, when your score is affected by a 50 point drop, you are looking at a recovery period of about 18 to 24 months. With a foreclosure, you are looking at a three year repair period, which can feel like an eternity. Time is always of the essence, especially when you are making important decisions and considerations with family in mind.
There is a system called Vantage Score, which encompasses all three major credit bureaus. You could have a perfect credit score, then when a foreclosure hits, your score could drop as much as 15 %. Again, the implications from a mental and emotional standpoint could be huge. It just depends on where you were at the time it happened. There are many who have been struggling for awhile and have just learned to deal with it. It isnt always so easy, and some have been severely shocked by the entire process and everything that has happened. It has been tough seeing people so emotionally distraught, and I cannot relate but I hurt for them. Every time, I wish I could just make it go away, and solve the problem instantly.
This is part of the reason that I became a Certified Distressed Property Expert. People need professionals and they need them now. They cannot afford to wait any longer, even if its for sanitys sake. People are in need of experts, and they need answers. If you are someone you know are in need of assistance, please go to www.inlandempireshortsaleresource.com. There is free information and resources available to you. I hope this helps, and as always look forward to a brighter future.
by: Mayer Dallal Buy A Beverage Refrigerator To Save Space Tips That Will Fetch You Maximum Benefits About Online Shopping Pounds Till Payday-get Pounds Till Payday Pounds Till Payday Get Pounds For Resolving Your Requirements! Online Shopping In Context With Developing Countries Customer Care Process For Your Online Shopping Cart Firetrap Jeans Are The Real Thing: The Best Option To Buy Them How Credit Cards Are The Best Option For Shopping Online How A Payment Gateway Saves You Time How To Create A Project Payday Paycheck Today- Quick Assistance No Tacky Procedure Best Buy Coupons For Saving Money While Shopping Online Change Your Old Shopping Style To Online Shopping