First of all, you're not alone. Hundreds of thousands of households all across America are facing foreclosure.
First: BEWARE OF FORECLOSURE SCAMS.
I had a homeowner call me recently that asked for help in retrieving the money she gave to a company to save her home from foreclosure. The company that took her money did absolutely NOTHING. Realtors© are NOT ATTORNEYS and cant help you after you have been scammed. Report the scammer to the police and have the local District Attorney help you.
Second: Know that there is help available through legitimate non-profit orginizations. I suggest Neighborhood Works, " a national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts." or its affiliate: Foreclosurehelpandhope.org.
The primary job of a Realtor© is to SELL HOMES. Its true that if your facing foreclosuer you may very well need the services of a Realtor© but Realtor© DO NOT have the time, resources, or expertise to help you in many of the matters one might have when faced with foreclosure.
If you and the person who counsels conclude that a *Short Sale is the best remedy for your situation they will instruct you to contact a Realtor©.
* WHAT IS A SHORT SALE ?
Difinition from Wikipedia: A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction. (read more)
On the other hand - if all you need is help in purchasing a home - possibly a "Short Sale" or REO (real estate owned --- meaning owned by the lender) feel free to call me today. I can help.
1319 W Bullard #4 -- Fresno CA -- 93711
© Randy "Lazarus" McAtee