Home Rent to Own | Power of Sale/Foreclosure | Credit Management Have You Been Declined For Home Financing? | Page 7

Foreclosure Doesn’t Have To
Mean Losing Your Home!
• A power of sale is usually a much lighter and faster sale process,
happening in just a few months after the borrower omitted to pay
mortgage. It permits the lender to take ownership of the property and
sell it in an effort to recover any monetary losses. As a borrower, this is a
very unfortunate situation where a person is not only stripped away
from their home but depending on circumstances they might also be
obliged to cover any associated costs or debts from the property.
Foreclosure is more complicated, it takes longer and it involves a
number of lawyers and court appearances, thus making it very
expensive.
• A National Lease Purchase (Rent to Own) company can provide
solutions. Home Owner soon is one of these companies. Most
borrowers don’t realize that stopping the foreclosure and keeping their
house is a valid option and this is because they do not have the financial
resources to do it. What happens is that your mortgage gets refinanced,
regardless of your credit scores and the foreclosure stops. This ensures
the borrower gets to keep their home. At the same time, a credit
mentoring program is kick-started to offer the necessary guidance and
management so that the borrower not only gets out of a tricky
situation, but it also ensures their credit scores improve.