Are You Facing Foreclosure Or A Possible Short Sale? Don't Hide-There ARE Options!
I know these are hard times for so many people and many are facing the problem of not knowing where their next mortgage payment is coming from or they are already late. The most important thing you can do is face the situation ASAP and talk with your lender. The worst thing you can do is just hope the situation goes away. Many people do not act soon enough to try to find a solution because they are embarrassed by being in this situation. My advice would be to not be ashamed, so many people are hurting in our current economy and so many through no fault of thier own. We are dealing with situations like this on a daily basis so it is not at all out of the ordinary. You deserve to try to do all possible to remedy the situation and and there are many willing to help. If you are facing a possible foreclosure, you are not alone these days and there is help out there for you.
There are several options besides trying to work something out with your lender. You can try to re-finance at todays very low rates and get that payment down to a more affordable figure. If your lender is not cooperating or being responsive, I work with several experienced and very professional lenders who can try for you. Just give me a call or email me and I'd be happy to provide the resources for you.
If you do have equity in your home, it may be prudent to try to sell before you lose it. Don't be too proud and not list your home at a price that will sell in today's market, because you may have to move quickly. Market time is long in this market, but a professional Realtor that is successful in this market (like me-) will be able to help you sell successfully. I just heard that home sales were down last year about 1 million. But this also means that ****about 5 Million homes still sold last year***. This is one figure homeowners and sellers to not hear often in the press and it is BIG. So even though overall sales were down 1 Million, ****about 5 Million homes still sucessfully sold last year!!!**** I thought that GOOD NEWS was worth repeating;-)
In this very strong buyer's market, the buyers that are out there are looking for bargains and you have to be very competitively priced in most situations, to attract the buyers to even make an appointment with thier Realtor to take a walk through. Then you must also have your home in very good condition and well-staged to try to get the highest price possible in today's market. If it is not in good condition and needs repairs that you can not afford at this time, don't despair. Your home may take longer to sell but it can still be done at the right price.
Another option is to try to negotiate with your lender to do a short sale. A short sale is when the lender agrees to take less than what is owed on the house to avoid a foreclosure situation. Short sales can be a lot of work and take a very long time, but a Realtor who has negotiated and worked with short sales and foreclosures (like me:-) can try to help you with this situation. It is definitely worth being proactive and trying to find a solution. I've listed a couple of resources below for you that have very good information. If I can help you personally, please do not hesitate to contact me. It would be my pleasure to do all I can to try to help you.
For Illinois homeowners facing a possible foreclosure, this site is EXCELLENT:
Your Illinois Home-How To Avoid Foreclosure
Tax Ramifications of Short Sales by Andy Tolbert for Agent Direct News
3/23/09 Update:
From RISMedia-some GREAT articles:
Homeowners Urged - Sell Short, Refinance, But Try Not to Lose Your Home-just posted this morning By Jerry W. Jackson!
Understanding Short Sales By Darryl Davis
Here is the most shocking quote from the article above: "According to a recent Freddie Mac/Roper poll, more than six in 10 homeowners who are delinquent in their mortgage payments are not aware of services available to them that would help their situation."
Low Rates Likely to Stay Awhile, But Cash-outs Refis Elusive By Alan J. Heavens
Remember, you are not alone and there are options and help for you so stay positive and be pro-active!
If I can be of assistance to you, please do not hesitate to call or email me. It will be my pleasure! By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them. My business is over 87% referral and repeat clients and I am so grateful it keeps growing from your loyalty and referrals:-)
My Direct Number at the Office is 847.516.6760
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