Despite your best efforts, there may times when circumstances (both within and outside of your control) leave you facing foreclosure on your home in Jackson. If and when this happens, do not fret; you certainly are not alone. Data shared by the Federal Deposit Insurance Corporation shows that one out of every 200 homes in the U.S. will go into foreclosure. As you weigh your options when facing foreclosure, you may legitimately want to ask yourself whether allowing a foreclosure to occur would be in your best interest.
The potential damage to your credit rating might prompt you to immediately dismiss this thought. Consider, however, the current state of your credit. If you are at the point of facing foreclosure, there may a strong possibility that other factors are already negatively influencing your credit score. If this is the case, then having your home foreclosed upon may not have as great an impact as it might in other situations. Allowing it to proceed may get you out from underneath your mortgage and allow you to regroup and begin the process of recovering your credit rating.
Reviewing the options available to stop a foreclosure may also be a time when you may want to consider allowing it to proceed. Alternatives such as loan modifications and balloon or private money loan may provide some assistance in the short-term, bit ultimately will not change how much you owe. Comparing the benefits you might see from such action to the money saved from renting for a time as you rebuild your credit might show that foreclosure is indeed your best option.
This information should not be viewed as legal advice. Rather, it is food for thought to help you as determine the best way to recover from whatever financial struggles you may be experiencing.