Are you, like so many other people out there today, facing foreclosure on your home? You may be one or more months behind on payments, or possibly even to the point where the lender has filed the paperwork to start the foreclosure process, or just struggling to keep the payment current.
Many people in this situation don't know really know what to do or where to turn for help. Usually, people think that they will must try to sell the property, but because of limited/no equity, they simply stick a For Sale By Owner sign in the yard and hope someone calls.
STOP! You have options!
If you want to sell your home in this situation, going FSBO is NOT the answer. I'm not going to get into the pros and cons of selling FSBO here. The simple truth in this situation is that you are not in the best situation to sell the home yourself regardless of your experience in selling. A couple reasons why are:
- You can't base your listing/sales price on what you owe or want. This is what many homeowners do in this case, which only lessens the chance of selling and further complicates your situation.
- If you need to have a shortsale, in most cases, the lender will require that the home be listed by an agent, sometimes for a certain amount of time, before they will even consider doing one. Not listing your home immediately again lessens the chance of getting something done.
If you need to sell, and your facing foreclosure, contact a local REALTOR that specializes in this particular type of sell. That's VERY important. Not every agent can effectively market and sell your home in this situation. If you cannot find one in your area, contact me HERE and I'll help you get on the right track, fast. Here is a link to a recent post about shortsales, so you can get an idea of what you will be doing: Short Sale...to Sell. You can also do a search HERE on short sales to get more information.
If you want to try to keep your home, you also have options that why, too. The important thing to remember here is you need to know, for sure, that you do have the ability to make a loan payment. Trying to work with your lender on a loan modification may be the best route if you can now make the payment but do not have the ability to catch up the back payments and/or penalties.
Here are a few posts on that may be of help with doing loan modifications:
Foreclosure Should be a LAST RESORT Loan Modification FAQ's
A Special Thanks to Jamie Carroll, Gwenn Tanvas, and Pederson Properties, Inc. for the writing such good articles on the subject matter.
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