Foreclosure Crisis, Homeowners Seeking Help Too Late | Real Estate
We are in the midst of a knowledge crisis among homeowners and we are far from the end of the housing nightmare. There are far too many homeowners letting their homes become foreclosed on because of the lack of planning and proactive nature. I am seeing homeowners waiting until their home is in foreclosure before contacting the banks and, more often than not, by then it's too late.
I spoke on the phone to a woman who's bank told her to stop making payments to pursue a loan modification. Two years later they have two years of missed payments added to their debt along with no loan mod! Unfortunately, this is far too common. Hope is not lost though! People in situations where they feel as if the back is against a wall need to contact professional real estate and legal help.
It is imperative that homeowners work with a professional to plan exit strategies when facing difficulties in their home. Using a professional to lay out each option the homeowner has, from loan modification to foreclosure, allows the homeowner to decide what option is best for them. This proactive approach will allow more flexibility with the options available to the homeowners and in most cases, minimize the damage done to the homeowners credit.
The key is to ask for help. Avoid third party companies because they try to charge money for their help. Speak with a real estate professional who has experience in working people through the tough situations. Real estate professionals should not ask for a payment from the Seller, because they are paid by the bank if they sell your home. When choosing a real estate professional for help, look to someone who is there to be a teacher and counselor and can take some of the weight off your shoulders.
For more information call my recorded hot-line about short sales and foreclosures. It can automatically fax you a document outlining the differences between a short sale and foreclosure.
The number is 1 (800) 340-6354 x 395