I'm talking about your mortgage!  As a Texas Realtor, I have been saving as many homeowners from foreclosure as humanly possible for the past 3 years.  My greatest frustration is looking at the local foreclosure report that comes out every month 21 days for the foreclosure sale dates and knowing that I could have saved most, if not all, of them.  Not enough people are aware of all of their options.

I understand that it is confusing these days to know what those options are.  When politicians are making vague promises about homeowner relief, you are hoping that you are going to be one of those homeowners.  Well, so far, nothing has changed and, if it does, it will probably come too late to really help any of you who are in trouble right now.

You need to educate yourself about ALL of your options and SHORT SALE is definitely one of them.  This is a sale process which will involve asking your mortgage lender to accept less than what you owe upon the sale of your home and forgive the difference between what you owe and the amount of the sale price.

No, you don't get to keep your home but you do avoid a foreclosure on your credit.  You should, if you are diligent and work on your credit, be able to buy a home again in a few years.  I have a client who has just purchased a new home, under the stricter lending guidelines, after I sold her home as a short sale just 2 years ago.  She had to work hard, save money and make sure all of her bills were paid on time but, by golly, she did it!!  It is very encouraging to me to see that you can truly come full circle.

For a better understanding of how this would help you in your current situation, please feel free to give me a call at 972-567-1921 or send me an email at brenda.rogers@coldwellbanker.com.  You should also check out my webiste at http://www.brogershomes.com .  I have a page on my website which gives you a somewhat more detailed explanation of how it works.  It is a landscape that is constantly changing and lenders are making it more "user friendly" to go through the process.

I also believe that, in the future, this time will be of such historical significance as far as our economy and housing industry is concerned, that the reference to any short sale or foreclosure during this time will help to explain, in some way, to a lender you may use in the future, why you may have either on your credit report.

The reason that most lenders don't tell you about the short sale option, is because the people that you talk to when you call are not qualified to explain it to you.  They may suggest it to you but they cannot explain it to you.  However, the reason that they will approve a short sale is because it SAVES THEM MONEY!  They are not in the business of owning real estate, they are in the business of lending money and they do not want to own your home.  Once they take it back, they must maintain the property, in many cases make repairs to the property, pay the property taxes for as long as they own it, pay a broker's fee and closing costs to sell it and this is AFTER they pay their attorneys to take care of the foreclosure process so

 

IF YOU ARE UPSIDE DOWN AND YOU FEEL LIKE YOU HAVE NOWHERE TO GO,

CALL ME.  EXPERIENCE YOU CAN TRUST.

 

BRENDA ROGERS, COLDWELL BANKER APEX, REALTORS

972-567-1921