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How to Avoid Foreclosure on Your Home

Foreclosure means more than just the loss of your family home. It means that you will lose any equity that you have may have in the house. It also means that your credit with be severely effected for a long time and may even keep you from purchasing a home again.

Return to the
Mortgage
Financial
Center

However, there are alternative steps you can take with the help of an experienced real estate agent who is also a foreclosure prevention specialist (FPS). These options range from modifying your mortgage to selling your home even if you have no equity and moving into a new home. In short, you don't have to lose your home to foreclosure.

You can stop foreclosure on your home and save your credit, but you have to act quickly and learn what options are available for your situation.

Contact Me to discuss in more detail the next steps you may be able to take and avoid foreclosure.

 

Investors
(as well as
Homeowners
)
NAR Field Guide
to Foreclosures


See also our blog article: 
The Federal Reserve's "5 Tips for Protecting Your Home from Foreclosure"




Ways to Avoid Foreclosure


More Foreclosure Resources for Consumers from the Federal Reserve

If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. These resources provide information and links to agencies and organizations that may be able to help you...  More Details...

 

Another resource is HUD's Avoiding Foreclosure, where you can download FHA's 6-panel brochure (PDF), "SAVE YOUR HOME - Tips to Avoid Foreclosure".   [Alternate link]
 

For tax information check with the Internal Revenue Service (IRS): Home Foreclosure and Debt Cancellation


 


 



 

A short guide for the Internet consumer
 

A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.

Free Comparison Chart
For a free comparison chart on the
Homeowner Consequences
of Foreclosure vs. Short Sale
,
please contact us and request our "Foreclosure vs. Short Sale" chart.
(We will send you a private link to a PDF file for you to download.)

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information and help with your specific situation, contact us.

CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.

 

 

What is a Short Sale?

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the federal administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:

  • A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
  • A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into all of the following circumstances:

  • Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
  • Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  • Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals.

Contact us to schedule an appointment, at your convenience, to discuss your specific situation. Together, we can identify all possible options and, where possible, we can assist you in the quick execution of a short sale transaction.
 

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No portion of this web page, including graphics or text, may be reproduced without the expressed consent of Lawrence Yerkes and Distressed Property Institute, LLC

 

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