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What to do if you’re facing Foreclosure

Real Estate Agent with Keller Williams Western Realty

It’s a normal thing these days, but still so many people feel alone and just don’t know what to do when faced with foreclosure.  I’m here to give you guidance, insight, and to be a resource if you’re faced with foreclosure now or in the future. 

Foreclosure can be caused by many things;  loss of employment, increase interest rate, illness, decrease in pay, or can be more strategic if you’re making a business decision to cut the ties of your under water property.  No matter what the reason, there are many options in preventing foreclosure that are most often better than letting the property go into foreclosure.

If you’re looking to keep your property, rather than just let it go, the options are going to include a loan modification and/or forbearance.  In my opinion these programs are smoke and mirrors; lenders often offer these options with upfront cost involved, but few actually work out and the money is lost.  These programs are suppose to be offered to everyone, in an effort to “prove” to taxpayers that their tax dollars are being put to use in trying to help drowning homeowners.  Unfortunately, these programs are often a let-down.

For a homeowner that may have come to terms with letting the house go, whether  strategic or not, there are a few other options.  These foreclosure alternatives include doing a short sale or deed in lieu.  A Short Sale is the best option of the two for many reasons.  With a short sale, your qualified short sale agent (Tara Camp), will be able to negotiate with your lender(s) for a full release of the debt...in writing, if she can’t she’ll tell you to run the other way:)  Another benefit of a short sale is that your credit will be salvage somewhat depending on your situation, but typically it will only take a few years to recover your credit, opposed to 7-10 years.  There are also monetary incentives for short selling, which range from $1000-$25,000. 

If you find yourself faced with foreclosure or are considering giving your house back to the bank, please consider your options.  Many people hesitate to find help, but it can make the difference in a lot of money if you don’t consider your options and find out what the implications of a foreclosure are.  Call me today for a FREE confidential consultation.

*A short sale is a free service offered by your lender.  If they tell you that you don’t qualify, give me a call and we can do a 3-way call with them because it's most likely not accurate information given by a bank representative.

Thanks for reading.

                         Tara Properties NW |  TaraPropertiesNW@gmail.com | 360-296-3244 |  Keller Williams

Cathy McAlister
Cathy Ashley McAlister, GRI CDPE - Broker / Sacramento - Sacramento, CA
Sacramento DRE#00648507

Tara, you are so right that modifications have been total smoke and mirrors.  But, we are starting to see a sprinkling of mods that make sense.  In each case I know of.... it was the seller learning what they needed to do and being absolutely persistant.   Unfortunately, for most sellers, the lenders really do just lead them on with no resolution.  Until that situation improves, short sales are still the least destructive method to sell their homes.

Dec 04, 2011 06:52 AM