What the Seller has to Gain by Dumping a Foreclosed Property

Some individuals can be very hardheaded and when they have their minds set on something the ability to change their minds can be quite a complex task – even when changing one’s mind or course of action would be far more beneficial than following the same course. Case in point, when an individual falls into financial hardship and is facing foreclosure on their home they may resist offers to sell their home. This, while noble, can turn out to be a thoroughly disastrous venture. As such, it is critical to point out to the homeowner that selling the property may very well be in his or her best interests.

If there was one basic, simple psychological appeal that could be made to the homeowner it would be that foreclosure positively, must be avoided at all costs. The reason for this is that with foreclosure proceedings there come a number of catastrophic hassles that may cause irreparable harm to the homeowner. For example, if a home is foreclosed upon the credit rating of the homeowner will be devastated for a full decade. Of course, one could also seek protection against the creditors by filing bankruptcy, but bankruptcy has become significantly more difficult to qualify for as laws centering on the requirements for filing bankruptcy have become much stricter. Additionally, the damage done to a person’s credit rating due to a bankruptcy would make borrowing money next to impossible. As such, it is significantly better to sell the property outright on your own terms than it is to suffer the disaster of having property foreclosed upon.