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Avoiding Foreclosure
If you have missed a monthly mortgage payment
and have drained your savings to keep your payments current,
your home is not gone yet. I know you might feel helpless and
exhausted - but don't give up. Let's find out what can be done
about it. Let's investigate your options.
Let me help you contact the lender immediately before the problem
becomes too serious. Let's find out if they are willing to make
some accomodations. They may be willing to work with you, and
work out some solution if you are temporarily in a difficult
financial situation. Most lenders prefer to avoid foreclosure
procedures. They might be willing to listen.
I'm not here to tell you that everything will be fine . . .I'm
here to assist you to find the best solution possible.
Some Options |
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Why would I do this?
To assist my clients to keep a foreclosure
off their credit record.
Notices of default attract scam artists and predatory lenders
offering all sorts of shams like "counseling", rescue loans.
etc. I can use my expertise to help protect you - the homeowner
(and my future client?).
Lenders get more money for the property in a negotiated settlement
than in foreclosure (eliminates the foreclosure expense).
Foreclosures lower home values in their neighborhoods.
Abandoned/vacant homes attract crime to the neighborhood.
Be Aware
If you are unable to keep up with your payments
- Don't Hide ! The longer you wait to address
the problem, the worse it gets. Make a phone call now, to find
out your options. Prompt action is the only way to achieve the
best possible (least painful) outcome in a bad situation.
If you are in financial distress, you are an inviting target
for scam artists. Make sure you know who you are dealing with,
and never sign anything that you don't fully understand.
Consult your Attorney or your CPA - especially if you are considering
a short payoff or short sale. Find out exactly how you would
be taxed in this situation. Inquire about debt relief income.
Debt relief is generally considered taxable income.
Some lenders may not agree to a short sale, and may not stop
the foreclosure process.
The lender could prosecute if they believe the original loan
was acquired fraudulently.
When negotiating a short sale, always obtain a signed release
of liability from the lender for the balance of the debt, and/or
any further obligation on the debt.
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