Sidco Properties, LLC can help you recover from a foreclosure or tax sale.
What is a foreclosure or tax sale?
A foreclosure is when the bank or mortgage company that holds the deed to your property demands payment that you can not make. After a certain amount of time, they can take back your property and sell it to someone else.
A tax sale is when you owe back taxes on your property and the county in which you live places a tax lien on your property for payment. Investors buy these liens and must be paid back within a certain amount of time or they gain ownership of your property. They can also sell your property to someone else or keep it for themselves.
Everyone at some time in their life experiences financial distress. For some, that means the loss of their home. Although devastating at the time, this unfortunate circumstance can become an enpowering learning experience and propel you forward as you search for a home that you can truly afford.
Let Sidco Properties help you pick up the pieces and start fresh.
The United States has seen record foreclosures in recent years due to many circumstances - most not within the control of the average home owner. Banks created mortgage products that were detrimental to home buyers and realtors sold homes that were overpriced and destined to "correct" in the market - making the value plummet. When the bubble burst, many home buyers were left owning homes that were not worth what was owed on them. These "underwater" homeowners walked away from their homes and mortgages - leaving their credit in shambles.
The banks won: many loans were insured by FHA or VA. These homes were transferred to their books and they are now reselling them. The banks that own their own REO's (that weren't insured by FHA or VA) are reselling them. The realtors won: hefty commissions on overpriced homes. The homeowners lost everything: homes, security, credit worthiness, pride, stability and a sense of belonging to a community. The lending industry has been reformed with new laws in place to protect the buyer.
If you think your property may be foreclosed on, reach out for guidance now to see if foreclosure can be avoided or to learn how to regroup afterward.