Foreclosure and Short Sale

With many foreclosures properties on todays market people are looking for relief. This is because of a bad loan, bad loan officers that had nor explain what they are getting into. Foreclosure process is the last resort for many homeowners. Because of the adjustable rate mortgage...thousands of homeowners can no longer afford their payments.

When you are late with your payments a notice of default will be issued. You can try to short sale your house. A short sale is usually done when you do not have enough equity in your home to pay the lender what you owe/ If you can prove the hardship maybe the lender will forgive you. The process is tedious and frustrating. Lender will not return calls. You will need a strong agent that will be patient during the entire process. If nothing happen during the short sale, the homeowner will go on foreclosure. This happens within the six months period. Lender do not want the idea of foreclosure.

There is another way but is usually a long shot but to ask for a loan modification. This is to ask the lender to refinance the house with them and base it with the comparable sales around the area. There are thousands of foreclosure listings in the market reasons why it takes about from 6 months to a year or longer to sell a listing. Most of the time you will be competing with the builder who give all the incentive, everything included to attract more buyers People will rather buy a new house that is cheaper rather than a preowned one.The last resort is to just walk away from the house and buy another house before your credit runs bad You can get a cheaper house comparable to your house now or better and with a cheaper mortgage payment. Some homeowners actually do this.

You can get more information on Real Estate by contacting me at my website http://melvacastro2.point2agent.com/
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