Avoiding Foreclosure
March 17th, 2008 categories: Home Sellers, Prescott Real Estate Trends
Many people these days are dealing with the harsh reality of property foreclosure. This is a painful and embarrassing situation, but one that needs to be dealt with. Simply walking away is never the right option. The hit to your credit takes years to correct, not to mention the humiliation it puts your family through. Hanging in there and fighting you way through is tough, but worth it in the long run.
There are options; I’ve helped clients through “short sales“. A short sale is when the lender takes less than what is owed on the property. It is an involved process of negotiating with the bank and lots of paperwork, but a far better option than foreclosure. If you are behind on your payments, or receiving late notices from your lender, take action now. Don’t wait until you are months behind in payments. The further behind you get the harder it is to recover. Your lender does not want you to lose your house. Foreclosures are expensive for you and the bank. It is far beneficial for both parties to work things out.
If you are behind on your mortgage payments, get involved now! Here are some helpful links: HUD, Housing and Urban Development. Hope Now; a non profit organization offering credit counseling.
