Foreclosure, short sale, deed in lieu of Foreclosure, or loan modification? Which One?

Managing Real Estate Broker with Realty One Group Preview 6694



     What in the heck should I do  when faced with potential foreclosure?  It is a scary proposition when the foreclosure notice gets delivered from your mortgage company.. For so many different reasons these days homeowners are finding themselves in hardship, behind on payments and faced with the possibility of losing their homes.  On top of that unless you are familiar with the bank's language and know how to follow their exact guidelines you could end up out on the street! 

     There are ways to communicate and a process to follow when faced with potential foreclosure.  Don't try to handle this alone - get an advocate that knows the process and can help describe to you all the potential options. If you make enough money to make the payments but have stopped for whatever reason the bank will not be very sympathetic.  On the other hand if you have had a cut in pay or lost your job a loan modification or short sale of the home may well be in order. (Short Sale - meaning the bank will agree to accept less than what is owed on it to allow it to sell versus foreclosing on it) Whatever the situation you must be proactive - time is of the essence!

     To find out the possibilities you may want to work with a knowleadgeable real estate broker that has helped others through the process.  It is not near as stressfull when you have  a competant professional in your corner.  Banks will want to see recent paystubbs, recent bank statements, evidence of hardship, and a full explanation of your situation before committing to assisting you and it may be wise to have someone identify all the requirements and step in to help negotiate for you. FOR A FREE BOOKLET -"THE FORECLOSURE WORKOUT GUIDE" to help you through the process please contact me at or call 425-478-6758

Comments (2)

Unfortunately, I hear this same story 6 or 8 times every month. They say they've got an underwriter on it like that is some sort of maaigcl event. Really, all it means is that they took a copy of the file and dropped it onto the desk of a part-time employee right out of high school, who can work through 2 files per day and has a backlog of 4,500 files I'm probably exaggerating a little. But not much!There are lots of ways that people say they can stop your foreclosure. And all of these solutions cost a different amount. I've detailed all the different ways in a . No obligation of course, but if you'd like a copy then let me know.If they don't give you something IN WRITING that the foreclosure sale has been pulled, you'll end up filing a Chapter 13. If I eventually do that for you, it will 100% FOR SURE prevent the foreclosure. (The reason I do Chapter 13 s instead of modifications or forbearance or any of that other wishful thinking stuff is because when done properly, Chapter 13 is the only one GUARANTEED to work.)Now that they've posted you for foreclosure, you're going to get bombarded with ads and fliers from all kinds of people. Some of them are legit and some of them are scammers. If you end up wanting me to stop the foreclosure, I'll be happy to do that. Just let me know by email or by calling my office at (214) 740-1160. You'll want Extension 1 which will be answered by Allison, who is my Appointments Coordinator and keeps my calendar. Allison will find whatever spots on my calendar are still open and can get one reserved for you. As we get closer to the foreclosure date, just let me know.And, if there are other questions you'd like to ask in the meantime then please don't hesitate to send them on over and I'll get you some answers.
Jul 26, 2012 02:47 AM
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Jul 28, 2012 04:42 AM