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Foreclosures

What is a foreclosure and how does it affect

you? A foreclosure is the result of property owner

being in default on their payments and the bank

or lender acquiring the property through the

trustee sales process. Foreclosures will affect the

owners credit and ability to qualify for another

home.  Some FHA guidelines set a seven year

limit after foreclosure before the home owner

would be eligible for an FHA backed loan. Are

you facing foreclosure? Has your income

suddenly dropped?There alternatives

to foreclosure like loan modification or possibly a

short sale.

To get help with questions about any of these topics please contact us or read the foreclosure prevention workbook

Contact-Gilbert-Realtor

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