Special offer

Two things you can do before you decide to walk away.

By
Real Estate Agent with Nick Sadek Sothebys International Realty DRE# 01118449

Saving Your Home From Foreclosure - Home Loan Modification or Short Sale

Well, it has been a couple of months since I wrote my article, Home Loan Modification - Is it possible?

At the time I was terribly frustrated with what I was hearing from those seeking assistance and getting no where.  I wonder if there have been any significant changes to the system that is supposed to help people who desperately want to remain in their homes.  I say, don't give up.

Whatever your situation may be, don't just walk away.  The first place I would visit is: 

www.MakingHomeAffordable.gov.

If they are unable to help you, the second thing I would consider is a short sale.  At least with a short sale there are some benefits that are better than the alternative, which is foreclosure and all the pitfalls that go along with it.  You can still do a short sale if you are current on your mortgage payments. 

I have an excellent resource for information about short sales.  Here in the greater Sacramento area we have a short sale guru.  Her name is Elizabeth Weintraub.  I don't know Elizabeth personally but I have had some interactions with her on the Active Rain Real Estate Network.  We often read and comment on the same blogs. She is also a writer at About.com and specializes on short sale information. 

People who live in the greater Sacramento area often contact me asking for mortgage help.  When they owe more on their home than it is worth, all I can do is offer them resources.  I wish I could do more.

So, now you have two things you can consider before foreclosure.

Here is a good video that explains HOW to go about getting a home loan modification.

Posted by
 

Copyright © 2012 Chrysti Tovani

Comments (2)

Susan Brown
Keller Williams NE, Kingwood Texas (Humble & Atascocita too) - Kingwood, TX
Chrystina, Great information on places to go for information when you find yourself in a tough situation. I think a lot of folks that end up in foreclosure never even heard of a short sale or what it entails.
Feb 17, 2010 12:56 PM
Chrysti Tovani
Nick Sadek Sothebys International Realty - Sacramento, CA
Sacramento Real Estate Agent

Sad but true.  And the term "short sale" makes some think it will be quick. 

Feb 17, 2010 05:33 PM