Why women are falling victims to the housing market-HIDDENBROOKE REAL ESTATE

Women are among those most affected by the housing crisis. I estimate that 75 percent of my clients are women who are the only mortgage holder on their home. The remaining 25 percent are couples.  Most of my clients are professional women who were recently laid off or unexpectedly separated from a partner and are having trouble making their mortgage payments.  I see a lot of situations where a couple's relationship suffers because of economic issues, and married couples may even go through divorces. Lately I've had a lot of women coming to me and asking for help.

Alternatives to foreclosure

I want my clients to know there are alternatives to foreclosure. If you want to stay in the home, I recommend that you call the bank and see if they're willing to work out some type of agreement to lower payments. If that doesn't work, I encourage my customers to consider a short sale, in which I negotiate with the lender to take a lesser payoff amount on the property instead of moving it into foreclosure. 

Short sales are reserved for people who are unable to sustain their homes.

Expert advice

As my client, we will sit down for a talk. We go through how the process of a short sale works and how the benefits compare to a foreclosure or loan modification. I will advise you to consult your tax attorney to make sure it is the right fit for you.   I want you to make sure it is the best decision for you.

My main job is to negotiate with the bank on your behalf and then to settle an agreement for all of the parties. In total, the entire process generally takes about three to four weeks after the original consultation. Be warned, though, that some banks may take longer than others based on their own systems and guidelines. And, note, you can't just throw any offer on the table and expect the bank to take it. It has to be a win-win situation for everyone. If we bring the bank an offer that's too low, they're going to come back and say we need to put up more money or they'll move the property into foreclosure.  If you have a notice of default or trustee sale date, we can get it delayed with an offer in most cases, buying you more time in the home.

I tell my clients that the bank will be calling for collections and not to get nervous. The best thing they can do is to actually answer the phone and let them know you're working on a short sale. If the property is listed, let them know. Usually they'll stop calling if they know the owner is looking for a solution. My services do not cost the seller anything.