FORECLOSURE HAS BECOME A COMMON HOUSEHOLD WORD...

Quickly, homeowners are scrambling to find an option to what is sure to be financial ruin for them if they do not address their mortgage situation. Most speak to a real estate agent about selling, but that becomes a problem because what they owe is now greater than what their home is worth. So selling with an agent is removed as an option. They can't sell their homes for enough to pay off their mortgages, let alone to cover the closing costs and commissions. With the housing market declining, the home being listed for top dollar (because it has to be), and few qualified buyers having so many homes to pick from, most of the time For Sale By Owner will not work either. As you can see, your savings begin to disappear quickly and with the home not selling, you wonder what will become of this situation.

Soon, you will not be able to make the payments and the lender will begin the foreclosure process and take back the collateral that you used to secure the loan, your home! It only adds to the despair when lender fees, legal fees and missed payments begin to add to the amount you owe. If you're facing financial difficulties and are behind on mortgage payments, or if your lender has contacted you in regards to foreclosing on your home, you are not alone. New Jersey has one of the highest foreclosure rates in the nation.

The entire judicial foreclosure process in New Jersey is about twelve months. This means from the first payment you miss, until the property is sold by the Sheriff, takes a little over a year. So you do have time to seek professional help.

There are many ways to lose a home, but giving away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due as payment in full.

Although it sounds like the perfect plan, short sales could come at a price. The amount forgiven on your mortgage debt could be taxable. Home owners should always take this into consideration, and speak to a tax professional when thinking of a short sale on their home. The Mortgage Cancellation Tax Relief Act (HR 3648), has made its way to the senate and should become law by January 2008. This will allow homeowners that short sale their property not to incur this tax debt.

However, finding a real estate professional that is savvy on the entire process of foreclosure and or a short sale may be more difficult that you think.

Frank Wible of REMAX is no stranger to foreclosures and difficult real estate markets. He has spent his entire real estate career focused on the people involved in foreclosure. As heard on the radio and seen on TV, Frank Wible is often called by the media to provide market analysis and assistance to listeners when they face these financial troubles with their home.

"My entire focus has always been on helping people. It's always been about giving the best guidance and direction, even if that means I get paid nothing," Franks says.

Frank spends, as much time helping people to "save their homes" where he receives little or no compensation, as he does selling homes, once that has become the homeowner's only option. "Frank Wible is one of the best foreclosure and lender negotiators that I have ever seen," says John Swartz, owner of REMAX All Pros.

Not only is Frank involved with the selling of your home, but keeping your home if that option is viable. For a small fee, or none at all, he negotiates with your lender for a loan modification, forbearance, or payment plan so you may keep your home. If a short sale becomes necessary, the lender pays the closing costs, property taxes and any real estate commissions, so the entire short sale transaction may cost the homeowner nothing. "These are few options that are available to a homeowner in financial trouble, but they must contact a professional early on in the process in order to maximize their options," continued Frank Wible.

As the short sale and foreclosure authority, Realtors, brokers and other professionals have contracted with Frank to assist in the closings of their own short sales and foreclosure properties. Frank continues to grow his "Helping People" business and win award after award for service and dedication to the industry, and to people in financial trouble.

Frank Wible can be reached directly by calling REMAX All Pros; (856) 228-7990 Ext 150, or at www.ShortSaleNJ.com