"5 Ways to Save You or Someone You Know from Foreclosure, w/o getting scammed!"

Problem: In 2007, homes in foreclosure were up 79% an alarming rate. 

Reality: This is such a personal tragedy, that many people don't reach out for help until it's too late, and then they don't know where to look, if they don't just give up at all.

Invitation:  GET HELP!  Don't lose such a valuable asset that you have worked so hard to achieve.

Solutions:

1. Start with your mortgage company.  Most lender's DO NOT want your home, is too costly for them.  They have work out options available.
2. Ask a family member to purchase the house from you until you are back on your feet.  This can sometimes help give you a fresh start.
3. Seek professional advice.  If you are too far behind to actually do a work out, there are programs that were initiated in 2007 through the Federal Housing Administration (FHA) to help troubled homeowners.  Call a mortgage lender and ask about FHA Secure.
4. Call a Realtor.  If you are ready to walk away from the headache of the process.  Please do not walk away empty handed.  Sell the house.  It's better sell than to have a foreclosure on your credit report.  Seek a specialist in the area
5. Short Sale from the bank.  Many banks will allow you to sell the house for a less than what you owe.  However, you need to work with an experienced, Realtor, Atty, Mortgage Broker, or Real Estate Investor to help you negotiate this kind of transaction. Preferably, someone who is very familiar with this process and does this for a living.

Unfortunately, there are unscrupulous individuals in the industry, so what should you do to avoid them.

1. Ask for referrals, ask your family members, friends, co-workers, church members if they have any real estate professionals that they trust and respect that they could refer you to.  You do not have to go into details about your personal situation.  Just let them know you are shopping around.
2. Go on the internet and do your research about companies.
3. Trust your intuition.  "The Gift of Fear" sometimes your intuition is the best guide that you can listen to.  If it feels right and sounds right move forward.  If it doesn't run the other way as quickly as possible.

This is a very serious and emotional time for homeowners.  Protect your most valuable asset, YOU!

Cecelia Marlow - Senior Mortgage Consultant - PanAmerican Mortgage, LLC (773-782-6000)

www.ceceliaknowsmortgages.com

www.blogtalkradion.com/ceceliaknowsmortgages