Short Sales and Foreclosures are becoming more and more common today because we have over extended our selves and the economy is slowing, which means positions in companies are disappearing, companies are disappearing, and interest rates are increasing. 

If a company needs to downsize due to less sales you may have lost your job recently and are finding it difficult to find a new job that will pay as much as you were making before. 

If a company can no longer sustain itself and has decided to close you may have lost your job and be in a situation where now you have also lost all benefits you once had. 

If you bought your home at 100% financing and lost your job and need to sell or you financed on a ARM and your rates have increased but your income hasn't you may also be facing a short sale or a foreclosure.

More and more lenders are considering allowing homeowners to do short sales because they don't want to have to hold the inventory or take on the expense of filing a foreclosure. 

What is a short sale?   It is when you need to sell your home and the value owed is more than the amount you can now sell it for.  For example you bought your home for $500,000 at 100% financing and now your home is worth $450,000 but you still owe $475,000.  Click on a the hyper link at the beginning of this paragraph for an excellent article written by Benny L. Kass of the Realty Times. 

We understand that you may be stressed, possibly depressed, angry, and frustrated. This is not easy to go through we acknowledge your situation and are here to help you through the process.  Call us and lets chat over coffee and get you started in the right direction of making the madness stop. 

Tip for avoiding foreclosure.. by HUD http://www.hud.gov/foreclosure/index.cfm

• Don't ignore the letters from your lender.  The further behind you become, the harder it will be to reinstate your loan and the more likely that you will loose your home. 
• Contact your lender immediately.  Lenders do not want your house.  They have options to help borrowers through difficult times. 
• Open and respond to all mail from your lender.  The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems.  Later mail may include important notice of pending legal action.  Your failure to open the mail will not be an excuse in foreclosure court. 
• Know your mortgage rights and find your loan documents and read them so you now what your lender may do if you can't make your payments.  Learn about the foreclosure laws and timeframes in your state. 
• Prioritize your spending, after healthcare, keeping your home should be your first priority.  Review your finances and see where you can cut spending in order to make your mortgage payment. 
• Don't loose your home to foreclosure recovery scams!  If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home.  Never sign a legal document without reading and understanding all the terms and getting professional advise form an attorney, a trusted realtor, or HUD approved housing counselor. 
• Contact a HUD-approved Housing counseling Agency.
• Toll FREE 1-800-569-4287
• TTY 1-800-877-8339

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Last modified: 07/14/08