Hot Tips about Foreclosure Prevention and some helpful videos...
Over lunch the other day a friend confided in me. He’s a very successful professional realtor who’s an expert in foreclosures. He explained how the short sale method could be used by people facing foreclosure. If you’re in a difficult situation and trying to avoid foreclosure check out the Foreclosure Prevention Resources found here...
Following is an excerpt of our discussion; but first a short video on the short sale...
“Jake, a lot of people calling me believed in the American dream just like you and me, but they got slammed in this economy, seeing their investment portfolio lose half its value and the housing slump wiping out a significant percentage of their property value. On top of it many have lost secure jobs they thought they’d retire from.”
“So what are you saying, Bill?”
“Well, it’s really tough out there for some good American people. Many are on just trying to hang on, hoping to figure out a way to prevent foreclosure on their homes. It’s difficult to see some of them go through it…”
“So what can they do?”
“Most of them have options, they just don’t know it. Lenders haven’t always been easy to deal with but I think they’re loosening up a bit. People just need to know what the options are and how to talk to their lender about it.”
“So are the lenders telling them about their options?”
“While they’re becoming more flexible, they’re still not just broadcasting the point. They still want their money in the shortest amount of time possible. Because of this they’re not necessarily spelling out all of the options to their clients – some don’t really favor the lender.”
“Give me an example.”
“Short selling for instance; I’ve practiced this tactic for clients in the past, but it was harder than it is right now. Essentially, a short sale requires the lender to forgive a certain amount of the principle on the mortgage.”
“Wow, is it really that simple?”
“No, the lender isn’t always real cooperative. Usually they’re fairly difficult to deal with.”
Click Here for Resources on How to Prevent Foreclosure
“So, if my sister is facing foreclosure on her home, what advice would you give me for her?”
“First, she should educate herself on all of the options available to her. There are a variety of means in which to do this such as publications for purchase and speaking with professionals – I recommend them all. Once armed with the right information she should schedule a time to talk with her lender concerning the options she’s become aware of to see what might be the best solution.”
Bill is a great guy and a great friend. I rib him a little but the truth is that he’s helped a lot of people in tough situations trying to prevent foreclosure. Thanks Bill.
If you’re currently in a difficult situation and trying to prevent foreclosure, I encourage you to do like bill said and explore your options. You can find resources right here on this page. Talk with a professional concerning your specific situation as well. The following videos will give you more insight into the short sale method...
