New Orleans Real Estate - How to Avoid Foreclosure
Are you one of the estimated 2 million American households with a sub-prime mortgage that is at risk of losing their home in 2009? The Center for Responsible Lending estimates that not only will those 2 million households suffer this year but others may as well as property values near those foreclosures may drop as well. We are pretty fortunate in New Orleans to have avoided the mass foreclosures as much of America has had to deal with this year. However, there still are many New Orleanians faced with a potential foreclosure. I read an article from The National Association of Realtors about how to avoid foreclosure and I would like to share with you the highlights.
- Your first step should be to contact your lender or service provider.
- Your lender may be able to modify your loan
- Contact a Realtor - Your only choice may be to sell your home and a Realtor is best equipped to assist you.
- Be wary of "We buy houses for cash" advertisements. Many can be scams that falsely promise rescue from foreclosures.
- Do you owe more than your house is worth? Contact your lender to find out if they can offer you any options such as a short sale.
- For immediate advice contact: 888.995.HOPE or go to www.995HOPE.org.
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This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.
For New Orleans and the metro area real estate info, please see New Orleans Real Estate.
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Click here to view Darryl Glade's Real Estate Profile.
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