According to a CoreLogic report, we could be facing a nationwide foreclosure crisis in 2021, says HousingWire. The economic impacts of COVID-19 have made the possibility of foreclosure a reality for many Americans. The negative effects of foreclosure may seem obvious, but they can be even more damaging than most people realize.
The reality of dealing with foreclosure
Being foreclosed on means more than losing your house. It can impact many other areas of your life as well.
• The stress of not knowing when you’ll have to leave the property
When you’re no longer able to make mortgage payments, it can be confusing trying to understand how long you’ll have until you’re forced to move. While federal law usually requires borrowers to be delinquent for more than 120 days before the foreclosure process begins, it really depends on the specific foreclosure laws of your state.
• Losing the equity you’ve built over the years
From the original down payment to the various renovations you’ve made over the years, a foreclosure can mean losing the money and time you’ve invested in your home. Not to mention losing the home itself. Selling your home now may allow you to recoup this equity and use it to get back on your feet financially.
• Damage to your credit
Another ugly side of foreclosure is the effect it has on your credit score. A foreclosure can cause damage that may take years to recover from. Having a bad credit score can make it harder to get another mortgage, receive a car loan, rent an apartment or even pursue certain jobs.
Why you should consider Signature SellerTM
If you are faced with the likelihood of a foreclosure after moratorium protections end, Hubzu’s Signature SellerTM program may give you a better way to market your home to millions of potential buyers. Here are some of the benefits of using Hubzu’s Signature SellerTM program.
• Avoid expensive fees
Selling your home the traditional route may involve paying a 6% commission fee to work with a real estate agent and list your property. If you currently reside in Georgia, Florida or Texas, using a REALHome Services and Solutions (RHSS) real estate agent to market your home on Hubzu will only require a 1% broker commission (minimum $1,000). If you are in the Las Vegas market, the broker commission is only 3%. This can potentially save you thousands of dollars and allow you to pocket more of your hard-earned equity. If you are faced with financial instability, keeping every dollar you can becomes that much more important.
If you reside in another state not currently covered by RHSS, you can still take advantage of the Signature SellerTM program for free. However, you must have your own real estate agent to represent you in the transaction. You’ll need to negotiate the broker commission directly with them and also be mindful that a buyer’s agent commission may also apply if one is part of the transaction. You’ll still be able to market your home to our user base of over 1.9 million investors and have your listing syndicated to over 200 websites including Zillow, Trulia and Realtor.com. *
• Continue living in the property with a leaseback option
Moving during these unstable times can seem daunting. Thankfully, with the Signature SellerTM program you may be able to continue living in your home after the same of the property through a leaseback option. Taking advantage of this option allows you cash-out your equity while keeping your living situation stable for some time. This option is currently available in FL, GA and TX.
• Hold on to your equity
There’s no need to let all the work you invested just disappear with a foreclosure. Selling your home now may allow you to use your equity to get back on your feet and avoid the pitfalls of a foreclosure that can prevent you from owning your own home again in the near future.
• Be supported by a proven marketing platform
Another benefit of Signature SellerTM is that it gives you access to a competitive bidding platform with over 1.9 million registered investors. Your property won’t be limited to the network of one agent, you’ll gain exposure to millions of proven buyers who have submitted more than 4.5 million bids since 2009. There’s also the possibility of your property being promoted through Hubzu’s marketing channels like email, social media, paid advertising, syndicated sites and much more.
Don’t get intimidated by foreclosure, learn more about Signature SellerTM
Foreclosure can be a nightmare to deal with and it can take years to fully recover from. With Signature SellerTM, homeowners have a solution that allows them to retain equity while minimizing stress or damage to their credit. To learn more about Signature SellerTM, click here.
* Syndication may vary per local MLS rules and regulations.
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