Let’s face it: times are difficult for many Wilmington, DE homeowners right now. There are millions of homes in foreclosure in the United States and the number is only continuing to grow. Unfortunately, foreclosure is a very real possibility for those who are unable to stay on top of their mortgage payments. However, if you recognize the seriousness of the situation early on, there are alternatives that are less damaging both emotionally and financially. When possible, a short sale is a much better alternative and I always make sure to discuss this with Wilmington, DE homeowners who come to me for advice.

While I do my absolute best to guide Wilmington, DE homeowners towards a short sale when they’re in distress, foreclosure does happen and the emotional and financial consequences extend beyond the foreclosure process itself.  As your Wilmington, DE real estate agent, I want to share some of the situations you can expect to encounter and provide solutions for dealing with them as responsibly as possible.

  1. Finding a new home right away

Probably the most pressing and unsettling obstacle to deal with after foreclosure is where you’re going to live. The good news is even with a low credit score, renting is an option if you have the cash to put down a deposit. As soon as you think foreclosure is a possibility, make plans to either stay with a family member or friend, or look into the “cash for keys” program in which you receive a check for voluntarily vacating your home.

  1. Buying another home in the future

If your Wilmington, DE home was foreclosed on, the minimum amount of time until you can obtain a new mortgage is five years. However, foreclosed owners do have the opportunity to prove that the foreclosure was out of their control due to job loss, and potentially get this time period reduced to three years. Your best option for the shortest amount of time between mortgages is to go with a federally insured FHA loan.

  1. The emotional toll

While the above issues are logistical, it’s important to note that a period of emotional distress and grieving will occur and shouldn’t be discounted. It’s never emotionally easy to leave your Wilmington, DE home and neighborhood, let alone be in a situation where your financial record will take a hit, too. The silver lining is that because foreclosure is so common in today’s economy, potential employers and even your new neighbors will generally be sympathetic. There isn’t as much of a stigma as there used to be.

As your Wilmington, DE real estate agent, I will always provide you with alternatives to foreclosure. As a short sale expert, I take pride in helping Wilmington, DE homeowners navigate the ins and outs of the short sale process, decreasing stress and saving them time and money. As long as you are proactive and seek the advice of a Wilmington, DE real estate expert at first signs of distress, foreclosure can be sidestepped. If you think you might be in danger of foreclosure, please contact me so we can discuss your options!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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