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Avoiding foreclosure

Real Estate Agent with Coldwell Banker Shepherd Group

In the last couple of months I have received some concerning emails from home owner about their home and the threat of foreclosure. With recent drags on the real estate market a lot of these individuals can not sell their home because they owe more then their home is worth. Some are worried about losing the home to the bank and the negative effect it will have on their credit. My thought on this is contact your bank. If you are in a position where you fear you will lose your home call your lender and express your concerns to them. The bank does not want you to lose your home. If your home goes into foreclosure the bank will have to sell it for less then they are owed and the home will sit vacant for at lease 6 months with no payments coming into the bank. There are many banks that are making proactive steps to help home owner in trouble. They have set up call center to call loan that will reset in a couple of months, they sent out information about ways they can refinance your home to a more secure rate, also the bank can help you get a hold of any government center that has ways to help you. A lot of the lenders that I speak with see that this problem is not going away and that it is up to them to help out those who are struggling with their payment. If you have fears about the future of your home call your lender and find out your options to help you remain in your home. If you have to sell your home call me and we can discuss options that you have that will not negatively affect your credit score.

Sincerely Kevin Williamson local REALTOR http://www.williamsonteam.net/

Brian Corwell
RE/MAX Sauk Valley - Sterling, IL
Sterling, Illinois Real Estate


Those are great posts. I deal with many REO properties and CFK. I always ask the owner if they tried to work with the bank. Sadly, almost all said no. If buyers make contact early with the lender they greatly increase their chances of keeping the home, if they bury their heads in the sand and wait, they have none.

The tough part is in a short sale, getting everyrhing together before the buyer gets frustrated and walks.

Thanks for a good post Kevin


Mar 05, 2008 08:49 AM