Bart Marchioni, a Realtor at Keller Williams Realty – Silicon Valley, and a member and author of 3 Oceans Real Estate , one of the best Blogs on the real estate industry in California,
recently wrote an excellent 3-part series on “How to Avoid Foreclosure” which I recommend to all home sellers and buyers.
He reports on “11 Options for Homeowners facing foreclosure ” which you can request report from Bart at his site – he breaks down your options into the following 3 parts:
- Things you can do to try and keep your home
- Things you can do to sell your home,
- And finally, some “last resort” options.
Here are some immediate recommendations which he explains in much more detail
Arizona and the Metro Phoenix area , is a bit different than California as we do not have mortgages. We have Deeds of trust. As a result, reinstatement is not an option.
Here’s what you should do 1st.
Contact your lender to make them aware of the pending problem. You may be surprised of their understanding and willingness to work with you to keep you in your home prior to a bank foreclosure.
If you contact a Realtor. Make sure you work with a foreclosure or short-sale specialist. It is a complicated, time consuming process which requires a lot of communication and due diligence with your lender.
Try to remain as stress free as humanly possible. It is an emotional time. You did not do anything wrong. You are not alone. You will get through this with the other 3 million Americans.
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Copyright © 2008 By James Wexler, All Rights Reserved. *Avoid Foreclosure – know your options*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.
Contacting a lender first is critical. Belive me they are willing to work with you. Givin today’s market Lending Institutions probally want to avoid a foreclosure more than even the homewoner does.
Avoiding foreclosure is to make sure that you can afford to make a lesser payment and support your bills. You may need to cut back on some of your pleasure items or habit purchases in order to start avoiding foreclosure.
How is the mortgage crisis, and drop in home values, likely to be fixed if people can not find a job? There are an incredible number of families that already lost their homes to foreclosure and many more will until America starts making something more then debt. It is time to change the trade agreements with China. For heavens sake, our greatest trade partner is communist!