Warding Off An Imminent Foreclosure

February 27, 2008 by Mandie Spudich.

It is easier than you might think….

The key is to Act Quickly rather than Reacting Hastily

If you are in a situation where you believe that foreclosure is imminent you need to carefully weigh your options.

First, contact the bank and find out if refinancing your home is an option.

If it is not, then it is time to make your next move.  By placing your home on the market as early as possible you will give yourself the opportunity to avoid having a foreclosure on your home and possibly even making a little money in the process depending on how much you owe and what your home is worth in the current market conditions.

If your debt on the home is greater than the sale price, many banks will grant you what they call a “short sale” .  This is when the bank agrees to take what you will make from the sale of your home, even tough it is less than what you actually owe, and let you walk away free and clear owing nothing further.  They do this to avoid the legal fees and time that would be incurred in the foreclosure process.

  Now you will not be able to walk away with any money form this option, but if you were to not accept the sale then they would have foreclosed on the home anyway and you would not only not make a profit, but you would have a major black mark on your credit report.

So if it is time to make a choice, call your local mortgage representative and then,

if necessary,

a qualified real estate professional (perferablly a Realtor)

and do everything you can to keep your good name and credit clean! 

For more detailed information visit

 www.mandiespudich.com 

or call 724 205 1654

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