Sellers Facing Foreclosure? A Short Sale Might Be The Remedy...

Many, many, many homeowners have found themselves forced to make a tough decision, to feed their family or to keep a roof over their head. And if you're one of these people or have a friend or family member that can just no longer make it you know it's a painful embarrassing situation to be in.

I'm talking to clients on a weekly basis in this situation, "I could make my payment until my Husband lost his job" is what you're saying, or "I thought I could refinance out of my ARM when my home appreciated and now I owe more than my home's worth!"

Some people did just buy too much house, or made a bad financing decision. I'll be the first one to tell you the blood from this mortgage crisis is on every ones hands. The Presidential nominee's will tell you the lenders ripped you off, and the media will blame it on the economy. The bottom line is the bank is guilty or creating the product, and the banker is guilty for selling it wrong, but in the end the consumer is just as guilty for signing the papers. And now WE'RE ALL paying the consequences.

If you are in this situation, and you don't want a foreclosure to ruin your credit for 4 years (5 very soon) and your chances of getting a conventional loan, consider a better option, a SHORT SALE.

A short sale is what occurs when you communicate to your mortgage servicer your need to get out of your financial obligation on the home and the servicer agrees to approve a sale on the property for less than what is owed, forgiving the remaining debt. It is a better option than foreclosing for most servicers because it is very expensive and time consuming for them to foreclose on your house, and in most cases the short sale will net them more proceeds in the end.

I work with a network of full time Real Estate Agents that are experienced in working with foreclosures, negotiating short sales for sellers and writing offers for buyers looking for a good deal. If you are unsure of how to negotiate a short sale yourself, or you would like more information regarding the process or even how to purchase a short sale please contact me and I will refer you to an experienced Real Estate Agent to help you navigate your situation.

You have options, if you cannot negotiate a short sale you may qualify for loan modification. A loan modification can be negotiated either by the seller or by a company specializing in modifications (for a fee). You may be able to freeze, or reduce your interest rate for a period of time if you have yet to receive a foreclosure notice.

The worst thing you can do is nothing! There are still good people here to help!