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Alternatives to Foreclosure

There are many do's and don't's related to foreclosure proceedings. We'll have a follow up blog soon with more on that, but for one thing, don't move out of your home, as you may not qualify for certain types of assistance if you move out. We'll also be posting a list of local resources and non-profit housing counselors who may be able to help. So stay tuned.

There are a few alternatives to a foreclosure. Always communicate with your lender, first and foremost. Some of these options only work if you've missed only a payment or two. Missing more than that without communication could mean you'll never be able to catch up, and some of these options will not work.

In addition to finding a REALTOR experienced in pre-foreclosure options, ALWAYS seek legal and tax advice from a qualified professional. As REALTORS we can not offer you legal or tax advice, and foreclosures, short sales, bankruptcy, etc. can have significant tax and legal ramifications you must know about. Wading through the various options to foreclosure can be confusing, but to help, we're offering a list on our Contra Costa Short Sale blog of common solutions and what they mean, including the following:

Short Sale.
Reinstatement.
Forebearance.
Repayment Plan.
Loan Modification.
Deed in Lieu.
Bankruptcy.

Call today for a confidential consultation and frank discussion of your options in trying to avoid foreclosure.

Catherine Myers, REALTOR
Alain Pinel Realtors, Walnut Creek, CA
http://www.diablovalley.net/
http://www.diablovalley.net/homeowners-resources.html

email: info@diablovalley.net
phone: 925-683-2125

Visit the new blog dedicated to Short Sale and pre-foreclosure options: Contra Costa Short Sales

Posted by Catherine Myers, Walnut Creek, CA Real Estate on 11/11/2007 08:53 PM

Comments (11)

avoiding foreclosure, short sale, deed in lieu, reo, contra costa, walnut creek

This post has been included in California Information Contra Costa County, CA Information
Post is included in group: Pre-foreclosure Market

11 Comments on Alternatives to Foreclosure

NOV

2007

Most people have not had to go through the process. Anything we can do to help them during this trying time might make this easier for them to understand and get on with their lives. Good information.

Terry you are so right, most have not been thru this before in their lifetime. Many are embarrassed. In fact, I'd say many, if not most real estate professionals haven't been thru any of this either, that's why I started my new 'niche' blog specializing in short sales and pre-foreclosure options.

Catherine,

Thank you for sharing this great post and valuable information. Our customers, neighbors and friends need this information. Why isn't the media sharing this kind of news? I'm calling CNN, Oprah, Dr. Phil, Larry King and MTV (ok maybe not MTV), to get you booked on some shows! I'm not gonna take this anymore sitting down! We need to fight to help our communities, our economy, and ourselves!! Flagged you for a feature, bookmarked you, can't give a 5 anymore, but I can email this from right here to the 5 I mentioned above! LOL! Thanks Catherine for a great post, a fantastic contribution to the rain, and a priceless article that every consumer needs to read!!

NOV

2007

Brad, holy toledo, you're going to make my ego swell!! I may have made this one too specific our area for a feature, but I sure appreciate the kudos! Your ears must have been burning because I just wrote you an email about an idea I had to do just what you said here, sharing the information with those who need it. Thanks again!

Catherine, this is great information. Thanks for sharing it with us! I just did comps up on one of my farms last night...out of 400 homes there are 4 foreclosures/short sales/REO/Auction, I'm sure there will be more in the future...this can give me some amunition to share with people before they get in trouble!

Mary, yes, and check out the other blog I started on wordpress - I referenced it above... I'm adding more and more information there all the time. Thanks!

NOV

2007

Catherine, check your first link to your outside blog...the second one works.

Gena thanks for taking the time to let me know about the link. I did in fact have a typo in the link and didn't notice it! THANKS!

Beautiful blog site and info. great info in easy to understand form.

Thanks for visiting Melanie! How are things across the bridge? Are you working with defaulting or sellers needing to do short sales?

Catherine Myers
http://www.diablovalley.net/homeowners-resources.html

DEC

2007

Catherine,

Great Post! There may also be a few additional options as well. The person in trouble may have the opportunity to refinance or now be able to lock in their terms under the President' s Mortgage Bail Out Plan. If the person hasn't fallen too far behind there are grants out there that can help them get caught up. The most important thing as you stated is opening a channel of communication with their Lender and getting as much info as possible.

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