First Steps to Avoiding Foreclosure
Facing foreclosure is not something that needs to be kept secret in today’s society. Rather than being an exception to the norm, it seems as if it has become the norm. With the economy in the state it has been in over the last several years, it is not a surprise that families have begun to miss mortgage payments due to loss of jobs, disability, accidents, family emergencies, overextension on credit cards, debt, or misinformation on the terms and rates of your mortgage.
So does this mean foreclosure is inevitable? Well, although some may want you to think so, foreclosure is not really a “black hole” that sucks in all individuals who are struggling with making their mortgage payments. Instead, there are many options available to homeowners when faced with foreclosure.
1. Be Proactive. If you are in a situation where you are missing payments and/or know that money will be tight in the near future, be proactive. Foreclosures tend to sneak-up on the ill-prepared. By reading this article, you are already taking the first steps, so don’t stop now. Come up with a game plan, get your information together and be willing to work and make sacrifices to save your home and credit. A Foreclosure does not need to be inevitable!
2. Contact your lender. Neither you nor your lender want a foreclosure on your property. It is actually mutually beneficial for you and your lender to seek out different options when times get tough and money gets tight. The key element in this step is to contact your lender early and come up with solutions quickly.
3. Find a qualified agent who wants to help you. Qualified and educated agents know what alternatives are available for you and look to help get you out of the situation you are in. Foreclosures will continue to happen in this economy. The good news is that there are agents out there with the skills and tools to give you several possibilities and make the right resources available to struggling individuals. Don’t sell yourself short; you deserve a qualified individual that is willing to help you.
4. Don’t Spend Money! A good agent, lender, counselor or consultant will help you without charging you. Remember, this is mutually beneficial for both parties, so it is important that you are not spending your money to get someone else what they want. An agent that is doing their job correctly will give you options and put the right resources in your hands, AT NO COST, because this is their service to you.
5. Get educated. This may seem redundant, but I cannot stress enough the importance of knowing what you can do and the options available. Just to give you an idea - short sales, refinancing, renting, Servicemembers Civil Relief Act, sale of a property, etc… may all be options in your current situation. By getting in touch with an agent who knows all the paths open to you, you can take charge of the situation and what happens next.
I am a certified SFR (Shortsale and Foreclosure Resource) agent in Orange County, California, and I know the options available to help you out. Don’t hesitate to call me today for your free packet on the options available to you or to sit down and discuss the alternatives to foreclosure.
Ann Delligatta First Team Real Estate 714.253.9900
Integrity, Service, Results!