Sell Your Land and be Free from Debt

A wise person would say we should not carry debts, yet most of us still do. We suppose it’s okay to have debts for as long as we can control them. Unfortunately, there are several conditions that can happen and before we know it we are already knee deep in debt. Unemployment, marital problems, illness, and work-related problems are some of the reasons why we are unable to settle our debts.

If you own a piece of land, you can sell it and free yourself from debt. Losing the property is not entirely bad. Once you have earned the cash from your land you can devote yourself to rebuilding your life. Work under your budget and refrain from getting a loan. If you have been unemployed then you should find a new job.

So you have decided to sell your property and plan to take be in charge of your finances again. Since you are already in a bad situation, you would want to sell your land without spending extra money. To put your property up in the market you can list it in local property listings and free classifieds. In most cases, these are free so you only have to spend time to gather information about your land and upload them for proper listings. Use the word of mouth; tell your friends, colleagues and relatives about the land which is for sale. Put a “For Sale” sign on the property and distribute flyers in your area.

If you need money immediately, you will realize that this is not the best way to go. The conventional way of selling is far from cost-free and it would take months or even a year to sell. Land’s fair market value decreases over time so the longer your property is up for sale, the less money you will likely get. Solve your financial problems by selling to a private land investor. With a private land investor, you don’t have to “spend cash to earn cash”. Contact Lucas Properties, a private land investor dedicated to help property owners in times of financial difficulties, and be debt free.

Foreclosure Effect on Credit Rating

If you are starting to default your mortgages, it can lead to foreclosure which in turns provide a negative mark on your credit score. Foreclosure is something that any property owner hopes to stay away from because its negative effects can last for years. Property owner who have faced foreclosure endure from incapacity to have a loan or difficulty in borrowing from months to years.

Foreclosure is very expensive both for the bank and property owner. Property owner faces expenses such as the cost of moving to another location or property, deposits to rental property, and hiring helps for the move. Aside from the negative effect on credit score, property owner faces the risk of deficiency judgment. As soon the bank reclaims your property, it will attempt to sell the property at an auction for the amount you owe. If no one buys your property in an auction, the bank will try to sell it via traditional way of selling. As we know, traditional selling process can take months with no guarantee of success. Your bank may not wait for such time and will sell your property well below its fair market value in the hope if selling it quickly. Selling your property below its market value may result to a successful sale but if the amount is not enough to cover what you still owe, the bank may and can sue your for deficiency.

Foreclosure’s negative effect will stay on your record and it will lessen over time. You can start rebuilding your credit rating by applying for small loans or credit cards and making the payments on time. Keeping your credit card balances will also help restore your credit rating.

To avoid the negative effects of foreclosure, you can sell your property before it happens. And the key is to sell it quickly. Although you will still lose the property you will earn cash from it and you certainly can use the money for your transfer. Sell your property to private investors like Lucas Properties and get cash immediately.

The Negative Effects of Foreclosure and How to Prevent It

Foreclosure is a legal process where the mortgage holder gains ownership to your land and has the right to sell the property in which proceeds will be used to pay off the mortgage if you are in payment defaults. It usually occurs when you have failed to make the payments and have violated the mortgage terms. There are two types of foreclosure: judicial and non-judicial. Judicial foreclosures are overseen by court and it involves the lender filing a lawsuit for the right to foreclose the property. It is an expensive process and very time consuming which is why most lenders prefer the non-judicial foreclosure. Non-judicial foreclosure, on the other hand, is much simpler and does not require court intervention.

In both process, the land owner receives legal notice of foreclosure. The notice will then be published in local papers and the property will be sold in an auction. Foreclosure processes may vary from different states but the mortgagor can initiate the proceedings as early as 30 days after the missed payment.

Foreclosure can have a devastating impact to land owners. Bad credit score is probably the most damaging results of foreclosure. When your land is foreclosed by a lending company, you are at risk of having a bad credit score. Opening new lines of credit and getting new loans are almost impossible. The size of impact depends on whether your debt was forgiven and the amount you still have to pay before the foreclosure. Bigger delinquent amount can result to a more damaging credit score. Another consequence to foreclosure is loss of property. As mentioned earlier, the lender will take ownership of the land that a loan was approved for. If the land holds a sentimental value to the owner, he can bid at the auction and attempt to purchase the land. However, this is very unlikely because the land will be more expensive as compared to paying off the loan in the first place. If you have been foreclosed in the past, you might find yourself in trouble keeping and finding new employment. Some employers consider a good credit score as basis for employment and a bad credit score as grounds for termination.

You can actually prevent foreclosure by selling your land. Although, loss of property is unavoidable, this is less damage compared to getting a bad credit score or being fired from your job. With a good credit score and stable job, you can acquire new properties in due time. Contact Lucas Properties LLC if you want to sell your land quickly. They will give you cash for your land in “as is” basis so you don’t have to worry about spending money for repairs or cleaning.