Another month and you don't have any money to pay your house payment. What are you to do? Do you want to sell your house? Are you looking to stay in your house. What ever your desire please don't just sit there and do nothing, call someone to help you explore the solutions that are just right around the corner. This happens to you the home owner when you have lost your job, your wages have been cut, or you recently have gone through a divorce. When there is a will there is a way.
What can you do if you owe more than what your house is worth? At this time you can try and sell your house using a Realtor. The Realtor will market and sell your house for you and the bank pays the commission. A short sale is when you sell your house to someone else for less than what is owed. Is this really feasible? Can you sell your house for less than you owe and will it actually benefit your family?
Everyone's situation is different but it can be done by talking to an attorney and or cpa will help you make some difficult decisions that may effect your family for years to come so it's important to explore your rights. Just taking the time toanswer the question do I want to stay or do I want to go? An attorney can look at your case and objectively give you an opinon to help you make those tough decisions.
If your attorney is asking for a large retainer, ask questions of why they want this retainer. An attorney is an officer of the court. Don't ever be afraid of asking them questions. I have known A lot of attorneys that will help you and not require a large retainer. If they do ask for a large retainer ask them if they can guarantee their results?
Ask them what type of experience they have had in the past when dealing with your type of case. Can you both work together for a positive solution? Having clear questions and clear understanding of expectations is extremely important. Only you or your attorney can define this role.
If you can't make the mortgage payment then it makes sense to let your attorney know that you can't afford a large retainer. Ask the attorney how can they help you when you just don't have any money? Explore some govermental benefits by going to this website: http://www.benefits.gov/ Do you need to expore bankruptcy? What kind of an attorney do you want to talk to? Ask for an attorney who is experienced in Real Estate Law And Bankruptcy Law. Ask questions like, If I do a short sale What will happen when the bank sends me a1099? Check out the IRS page regarding mortgage forgivenss act; http://www.irs.gov/individuals/article/0,,id=179414,00.html
You can call Oregon State Bar and they will give you a referral for an attorney, here is the website. http;//www.osb.org/
A Realtor isn't qualified to give you any legal advise and this must come from an attorney or a CPA these are people who are allowed to give you legal and financial advice. Realtors are here to help you sell your house not give you legal or financial advice.
Please stay away from anyone who asks you for money and they aren't an attorney or a cpa. There are lot of scammers out here that will promise you the moon and produce nothing. If someone calls you and wants you to pay them for help with a loan modification hang up the phone. Help is FREE. Go to this web site: http://makinghomeaffordable.gov/
Remember life changes all the time. You are not the only person going through this financial meltdown. As you take baby steps life gets better everyday. Don't ever give up. When I was 12 years old I was riding my horse and my horse bucked me off. I got up dusted myself off and began walking down the road with my horse trailing behind me. My step-dad drove up in his truck and asked me what I was doing. I bravely told him I'm walking for a while because I got bucked off. My step-dad said no you aren't walking. You are going to get up on that horse again and ride like the wind or go home. I had been looking forward to this trail ride for a long time so even though I was scared to death of getting bucked off I got back on my horse and rode like a real cow girl. You have hard times oh well don't focus on the hardship but focus on the reality of life can make you tougher. Don't be a victim and fall for the victim mentality. Get back up and ride life like the wind. If you need help call me so I can help you sell your house, April Moore, Broker 541-296-8880