If you're in Danger of

Losing Your Home,                                 

Take Action!

There are many options available to you (and the thousands of homeowners who, like you, are currently facing this difficult challenge).  The worst option is to do nothing. 

First, you should call the Homeownership Preservation Foundation: 888-995-HOPE and/or visit www.995hope.org.  This is a “nonprofit dedicated to reducing foreclosures and preserving homeownership for American homeowners. The Foundation partners with city, county and state governments; federal government agencies; community-based nonprofit organizations; and mortgage companies to offer creative solutions to preserve homeownership.”  They are a legitimate organization who will help you understand and explore your options at no cost to you.

More helpful information  may be found here.

After discussing your options, you may decide that you simply need to “get out”.  You might decide to give the lender back the keys and move out. (called a “Deed in Lieu of Foreclosure”). Lenders generally don’t agree to this and it results in being the same as the second option: a “foreclosure”. The only difference is that it makes it easier for the lender to obtain access. These 2 options will both go on and stay on your credit record for 7 or more years as a “foreclosure” and be devastating to your credit.

The third option is called a “short sale”.  For a Short Sale, you hire a Realtor® and put your home on the market for current market value. When you get an offer from a qualified buyer, the Realtor® negotiates with the lender on your behalf to accept the offer as payment in full, even though it is less than you owe.  The reason the lender would agree to this is that we will have shown them evidence to convince them that circumstances have made it impossible for you to make payments and that if they accepted that offer , it would save them the inevitably greater expense of foreclosing and re-selling the property in a declining market. The effect of this on your credit is still negative, but it is better than a foreclosure, because by doing a Short Sale, it shows that you made an effort.  It’s possible that you could purchase again in a few years ...and at a lower price!

I sincerely hope I’ve helped you with the tools you need to ease your difficulties.  In return, I hope you’ll remember me when you or anyone you know needs the services of a Realtor®.