Have you received a notice that your Royal Oak home is headed to a sheriff’s sale?
Are Sheriff’s Sales Bad?
If the property is sold through a regular foreclosure auction, the lender is usually selling a property it repossessed on its own. If the property is being auctioned off through a sheriff’s sale, the foreclosure took place in the court system as a sheriff’s sale cannot take place without authorization from a court.
Once the lending institution or taxing authority receives a judgment, the court will issue a directive for the sheriff’s office to auction the property.
Once the sheriff’s sale has gone through, the foreclosure can stay on the credit file of the former homeowner for up to 10 years so yes, unless the individual wants to live a productive life, a foreclosure or sheriff’s sale is absolutely a bad thing for their credit score.
You Have Options!
Thankfully, Royal Oak homeowners have options instead of being forced to choose between just short sale or foreclosure, to learn more about what those options contact us at (734) 437-5451 or connect with us through our website to learn more about the services we can offer you!