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Why not just let my lender foreclose?

Sep 11, 2012
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The first thing banks do when they foreclose on a property is hand it over to a real estate agent to get rid of it quick! The foreclosure process is a legal process. It involves attorneys and it costs MONEY. Once they get the property back via foreclosure they must often sell it for MUCH LESS than market value, pay Realtor commissions, all customary closing costs, and property maintenance costs.  In Utah  lenders have an option of doing a Judicial foreclosure, and getting a judgment against the borrower for the deficiency.  Frequently they will sell these judgments to collection agencies who will haunt you until you have paid the full balance!  A foreclosure on your credit has a more negative effect than a BK!  If all of that is not enough foreclosures damage our states economy.  Take a look at our Foreclosure vs Short Sale guide for even more reasons.

Doesn’t it make more sense to obtain the consent of the bank, prior to the foreclosure, to sell it for less than what is owed, and have the bank waive their right to any future judgments or collections?  And avoid all of the other mess that can come from a foreclosure?

Some borrowers are so tired and worn down they simply do not want to deal with it any more.  My team is so experienced in what we do that you will have VERY little time input.  We handle virtually everything!  Get rid of the stress, without damaging yourself through foreclosure.  Call us today at 801-805-4900, or fill out our Rapid Response form!

Read 2415 times Last modified on Tuesday, 11 September 2012 17:53
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