As for the borrower, that individual is getting out of their mortgage without having to go through foreclosure proceedings or expend any more money towards the home.Even the least proud person finds some embarrassment in having their home foreclosed on, but you dont have to experience this. You can just tell friends, family, and neighbors that you think its time to move, they dont need to know anything about your financial situation.Another great reason to sell your home before it is foreclosed on is that you can sell it for the market value. What does this mean? For most people this means that they will not only pay the bank back, but also they will be able to pocket some money as well. Not only will this keep you from going through the
This is the end of the preview.
access the rest of the document.
car loans, foreclosure proceedings, major credit cards, foreclosure process, big black mark, standard credit card.