Due to unforeseen circumstances many homeowners have not been able to keep up with their monthly mortgage payments and are facing the possibility of losing their home to foreclosure.  Occurrences such as serious illness, an unexpected accident, a divorce, or a job loss can happen to anyone.  It is a good idea to understand the options available to homeowners besides letting the bank taking the home by way of foreclosure.

Not only do you lose your home when the lender forecloses, they can also get a judgement against you for the amount you are in arrears plus the costs for the foreclosure action.  It will affect your credit report for  up to  10 years, worsening an already bad financial situation and making it very challenging to get any kind of credit.  There just isn't any positive side to foreclosure and should be avoided if at all possible.

A SHORT SALE is a better solution than just doing nothing and letting the bank take your home.  In a short sale, you would sell your home for less than what you owe  your lender and it will require lender approval.  While the short sale will save a homeowner from foreclosure, it will have some impact on their credit score.  However, if good credit can be maintained on a couple of credit accounts, it is quite possible to bring your credit score back up in 18-24 months.  Therefore the recovery from a short sale is much faster than from a foreclosure.  And it is possible to purchase a home again in a few years.

There is no need to lose your home to FORECLOSURE.  The better solution is a SHORT SALE.  Spare yourself the social stigma of the foreclosure and have your home sale handled like any other home sale.  But call someone to help before it is too late.  Call me to discuss whether short sale is an option for you as a homeowner.  I am experienced working with distressed properties and can help you determine if a short sale is a good solution for  you.