Don't Let This Happen To You!

By
Services for Real Estate Pros with SidCo Property Solutions

A woman arrived home from work only to find the doors to her home locked last week.  Not unusual, right?  I mean, we go home every day and expect the doors to be locked, right?  That means our home and belongings are safe, right?  But we usually expect the doors to open when we put our keys in the locks.

Unfortunately for this poor woman, the locks had been changed on all the doors.

So she called a real estate agent who had been keeping in touch by sending her mortgage crisis information.  Upon assessing the situation, the agent realized that this woman was in a very bad situation indeed.  After months and months of ignoring the calls and the letters from the bank, they finally did what was inevitable.  They essentially repossessed the house.

Imagine what that poor woman was feeling at that moment

  • embarrasment at the situation;
  • fear of what would happen now;
  • confusion as to how her life got to this point;
  • despair because she can see no way out.

This doesn't have to be you!  There are ways to prevent this situation.

1. When you get behind on your payments, contact your bank! Contrary to what you may think, the bank does not want to foreclose on your house. They are willing to work with you if you give them the opportunity to do so.

2. If you feel there is no way you can keep making your mortgage payments, contact a mortgage lender.  They can help you assess your ability to refinance your loan.  If you can refinance, the lender can often configure your payments to be lower than what you've been paying.

3. If you cannot refinance, contact a licensed real estate agent to help you assess if you can sell it.  It is far better to sell the home and keep yourself from unnecessary stress than to struggle when you don't have to.

In Louisville, there are several great realtors and mortgage lenders who can assist you if you find yourself in this situation.  Don't despair - you can avoid this situation!

Are you in a foreclosure or pre-foreclosure situation? We want you to know that there are options available.  You don't have to lose your home.  Your credit score doesn't have to suffer.  We're here to help, offering real solutions for people in real situations.

~Kristopher Wissing
  SidCo Property Solutions - www.sidcollc.com
  Helping people get back on track - one family at a time!

Comments (6)

Greg Wilson
1st Cornerstone Realty - Schaumburg, IL

No one can control a business going under.  You can be prepared if it does happen.  Always be ready for the unexpected.

Nov 22, 2008 06:27 AM
Kris Wissing
SidCo Property Solutions - Louisville, KY
SidCo Property Solutions

Hi Greg - You're right about businesses but your house is a whole other story. You can be prepared when things start going south but more importantly, you can prevent this situation entirely! Thanks for stopping by!

Nov 22, 2008 06:38 AM
D B
Quakertown, PA
e-PRO, Realtor - Bucks County PA - 610-952-3578

This is a great post here.  Thanks for this useful information

Thanks

Don

Nov 22, 2008 11:40 AM
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate

She must have thought she was an ostrich.  Put her head in the sand and ignore the problem.

Nov 24, 2008 11:41 AM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

I'm sure more people do this than we can imagine. This is great info.

Nov 25, 2008 02:04 PM
Erby Crofutt
B4 U Close Home Inspections&Radon Testing (www.b4uclose.com) - Lexington, KY
The Central Kentucky Home Inspector, Lexington KY

Can a bank just "change the locks".

I'd of thought there would be sheriff noticiations & evictions also?

Dec 03, 2008 11:45 PM