Are you behind in your mortgage payments or know someone who is?  Many people do not know there are other options and that they can avoid foreclosure.  From mortgage modifications to short sales, most families can find alternatives and save their home, or at the very least, save their credit from total destruction. Try working with your lender, explain your situation, and see if you qualify to refinance or if they are willing to do a loan modification.  Can you rent the property for enough to allow you to catch up and make your payments, waiting until your property value is more than you owe?

One of the other options that most people do not know about is a Short Sale.  A Short Sale means that the bank agrees to take less than they are owed.  This can create a situation where everyone wins.  Your credit will be dinged for missed payments, but not a foreclosure which can drop it 300+ points and stay on your credit for 10 years.  This can make it difficult to rent a property, buy a car, get a credit card, etc.  People who sell there property as a short sale, have the opportunity to buy a new home in a couple of years when they are back on their feet.  There are 17 different hardships that are considered by the bank as reasons to accept the short sale.  It is important that the real estate broker do a thorough consultation to make sure that you qualify.  Then the broker prices the home at market value and once under contract, presents your hardship letter, financial packet, and negotiates with the bank to accept market value for the home.

If you qualify for a short sale, the bank will pay the commission at closing.  It is no cost to you for this service. If you or someone you know is facing foreclosure, please have them contact us today so we can help them find a better way out.