Do you think you might lose your home? Is there a Foreclosure in your future?

Do you think you might lose your home?  Is there a Foreclosure in your future?

If you are behind on your home loan or if you think you are about to fall behind on your mortgage there is help.  Lenders do not really want to foreclose on homeowners.  In fact most lenders will do as much as possible to help a homeowner stay in their home.

The key is the homeowner must want to stay in their home.  They must actually care if they might lose their home. 

If you have special financial circumstances you may qualify for a special government program that can help you stay.  Some of these circumstances include job loss, medical bills, even divorce. 

Even if you can't keep your home there are options other then Foreclosure that are better then a Foreclosure on your credit report.

One option would be to call the lender and agree to sign the deed over to the lender.  This is called Deed in leiu of Foreclosure.

The best option may be a Short Sale.  Especially if you owe more on your home then it would probably sell for.

A Short Sale is when someone sells their home for less then they owe on it.  Many times the lender will forgive the shortage, relieving the borrower from any obligation to repay the shortage.  Or the lender may allow the mortgage holder to pay out the shortage over a period of time.

If you find yourself in a tough situation where your home mortgage is concerned and would like some help please call me.  As a Realtor I am very familiar with the process and I am here to help.

You can reach me by phone at 502-773-2564 or by email at Bob.Murphy@RealLiving.com