With all the news about foreclosures we decided to take a forward action and educate ourselves on how to help homeowners that may be facing foreclosure. After looking into some viable options the first thing we learned is that there is help for those that want it.
As a homeowner facing these terrible situations you must realize that it doesn't make you a bad person or fiscally irresponsible. Loans were given to buyers that should have never been made and now those borrowers are facing a situation they never thought they'd see.
With foreclosure you not only face a loss of pride and your home but also your financial future. In order to avoid this you must act quickly. Call the lender and see if you can refinance to get out from under the variable rate or higher interest rate you may have taken. Contrary to belief, lenders do not want to take your home. This ties up money they could be lending and puts them in the position of becoming a seller themselves.
By employing a Realtor to help you sell your home before foreclosure proceedings begin you may be able avoid the inevitable. Most lenders are willing to work with a Realtor on your behalf to come up with an amount they are willing to take to relieve you of your debt to them and your house. This is called a "short sale". By acting quickly you give yourself the time needed to sell and can stay in the home usually till the transaction is complete.
The lender will notify you several times before the foreclosure filing. When you determine that there is no way out give us a call. We can help and are awaiting your call. Please give us a call at 859-422-2035 if this sounds like something that may help you or you just want more information.