If your home is sold at the foreclosure auction, the sale will be recorded in your credit file with all three credit bureaus and kept there for seven years. As a result, you will suffer long-lasting credit damage.
If you tried all other options, they failed to stop foreclosure for you, and you are now facing a fast-approaching auction date, it may be time to consider a quick sale to an investor.
Keep in mind that pre-auction situations are very dynamic. The timeline is often much shorter than with a traditional 30- to 45-day sale through a real estate broker.
Often there are other obstacles to navigate such as liens, judgments, unfinished estate matters or heirship issues. You want to work with a party who understands how to deal with your mortgage lender and their lawyers quickly, resolve other issues and challenges that may crop up, and get you to the closing table quickly.