With mortgage delinquencies rising, many homeowners find themselves faced with the threat of foreclosure. Many homeowners do not know what their options are and where to turn.
The questions for many then is what the homeowner can do if anything to protect against the bank and losing their home.
What the homeowner needs is knowledgable support from professionals who know what to do when foreclosure is knocking on the door:
– a real estate agent can provide a property analysis to find out the current market value of the property
– a mortgage broker can determine if a refinance is available
– a lawyer who specializes in foreclosures can advocate on the homeowner’s behalf with the lender and provide guidance in understanding legal options and impacts
What not to do as a homeowner:
– do not ignore the reality of delinquency and foreclose; procrastination and denial may limit your options to stave off the bank; swift action on the other hand may save your home and credit
What needs to be done:
– in some cases, a quick sale may the best option
– in some cases, negotiating for modified terms and payoff concessions with the lender may be the best option
– and in some cases, surrendering the home through foreclosure or deeding the property to the bank may be the best solution
What’s the right solution for you if you are faced with foreclosure?
– every situation is different and there is no straightforward answer without knowing all the facts (worth of you property, loan balance, income, market situation in your area, etc.).
You may be able to keep your home if you take the proper action but sometimes, it may be best to sell.
Working with individuals who know the industry can help ease the stress and confusion. The right professionals with experience and compassion can help you make the right decision for your situation.
Kerstin G. Brooks, ABR, Realtor
Brooks & Heinze Team
Remax NW Realtors
Phone: 206.276.5827
Email: kerstinbrooks@earthlink.net
Web: http://www.propertyinseattle.com/
Kerstin G. Brooks, Broker 