You need to be really positive after the experience of foreclosure, but you can have a life again - depending upon how positive you are and how pro-active you become in raising and managing your finances all over again. To escape the piles of bills sometimes people go for foreclosure as a way out. A bank is always within its rights to chase down a deficiency - although this is rare. The process of debt collection for banks can take a lot of time, and end up being very expensive. Unless they are certain that a foreclosure sufferer has come into substantial cash or assets they will not try to get their money back.
If you were unable to escape the foreclosure, after the sale you are very unlikely to experience the bank at your door wanting their debt anymore. This is also true if you had a ‘short sale’. In the current economic climate this is difficult but it will certainly mean dropping the price of the property below the value of the mortgage on it. It’s the lender who takes the loss because they write off the difference. They ‘forgive’ the debt and once this has happened they cannot sue the ex-homeowner for that money.
A short sale is a foreclosure in all but name and for the home-loser, this is an important point because it does not stand out on their credit record as a huge black mark. This makes for a much easier life and shorter recovery period after the sale. The only hope of achieving a short sale is if you work through experts and learn fast about the new post credit-crunch world.
You will need all your mental power and an extremely positive mindset to bounce back from a foreclosure. You can give yourself two mind boosts to help you with your new debt-free life. Often repeated subliminal messaging cds for subliminal learning and make you a quick study plus another subliminal message album to stimulate entreprneurship and wealth creation will soon have you working your way back to your American dream.
No comments:
Post a Comment