I am writing this because of an email I just received from one of my great friends. After reading his email I feel like I need to get this out right now and I hope that you will take a few seconds of your busy schedule to read it and see if you can help one of your friends.
My friend recently found out that his employer was cutting back hours. He emailed me that he will likely be heading into a foreclosure because he won't be able to pay his house payments. Thankfully he is my friend and I may be able to help him avoid foreclosure. If you have a friend that may be in a situation where they could face foreclosure, please get this info to them and give them the opportunity to get help.
Before they ever wind up in a foreclosure they need to do both of the following:
1. Pursue a mortgage modification. We help them get the information about their bank to get them started and they may have a great shot at getting it done. They may just have to really pursue them and fight through the bureaucracy. (We don't get paid for this but it may be their best option and they get to keep their home.)
2. Meet with me about the process of doing a short sale. We do a lot of these and have been successful in getting banks to forgive the difference between the selling price and what is owed. We have a guy on our team Jim Fleming that used to work in the loss mitigation department for a bank. He negotiates our short sales and does a great job.
Sometimes it is even possible to short sale your property without ever missing a payment. The links below will educate them about some of the differences between short sales verses foreclosures and they can Google lots of info themselves too.
Have them give us a call directly and we can help them get clarity on what to do in their unique situation.
http://www.debtkid.com/short-sale-vs-foreclosure-which-is-the-better-option
http://homebuying.about.com/od/4closureshortsales/qt/060907SScredit.htm
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