Mortgage Foreclosures

Mortgage foreclosure is a process that has affected millions of people in the United States, and it is a process that can be manageable with the right resources. This website aims to educate homeowners about their options prior, during and after a foreclosure has occurred. There are ways in which homeowners can minimize the financial strain of a current mortgage through the assistance of government creditors or loan modification programs. After a foreclosure has occurred, there are still ways that homeowners can minimize the tax implications of a foreclosure sale.

Strategic Defaults

Protect Your Home from Mortgage Foreclosure with Strategic Default
Strategic default is always a legal option for homeowners who are facing mortgage foreclosure. When you are facing financial difficulties, strategic default can provide you with a way out of a tight financial situation and the ability to hold onto your home for additional months. Strategic default involves consciously choosing to stop making payments on a home before the foreseeable foreclosure of a home. After consulting with a lawyer, homeowners may decide that strategic default is in their best interest.

Credit History Effects

The Effects of Mortgage Foreclosure on Your Credit History
Assessing the credit history effects of foreclosure can allow a homeowner to make a wise choice in handling the default of a home. If your credit score will not be necessary for taking out future loans, then you may not need to be concerned about the impact of foreclosure on your home. You may also be able to afford to take an impact on your credit history for only being 30 or 60 days late in making a mortgage payment. Here are some of the ways that your credit history will be impacted in the process of strategic default or choosing to continue with the foreclosure of your home.