There are many reasons foreclosures take place, and few people choose foreclosure voluntarily.  It is usually the result of an unforeseen tragedy such as loss of job, interest rate/payment adjustment, or divorce.  When someone's home is foreclosed upon, they not only lose their home but destroy their credit.  A foreclosure is second only to bankruptcy in doing damage to credit.  In fact, a foreclosure will stay on a person's credit report for between seven to 10 years, making it incredibly difficult, if not impossible, to purchase a new home, buy a car, get a cell phone, or borrow any money.

Fortunately there is a way to avoid foreclosure.  Using an experienced real estate professional from One Source Realty to negotiate a short sale can keep a foreclosure off a person's credit report.  A short sale occurs when a property is sold for less than what is owed to the lender.  In other words, the lender agrees to accept a discounted payoff, and will release the lien against the property.

Do you know a friend or family member going through a foreclosure?  Do they know they may be able to avoid a foreclosure by having an experienced real estate professional from One Source Realty negotiate a short sale on their behalf?  At One Source Realty we are experienced at negotiating with banks and getting them to accept offers below the loan value.  We offer a FREE Short Sale Expert Consultation to see if a short sale is right for them.  We would be more than happy to sit down, further discuss the short sale process, and put your friend or family member at ease.  Because this process takes time, it is important to start as soon as possible.  Just call (763) 691-9190 or email their name and contact information, and an experienced real estate professional will be in touch.