Joe Kendall Realtor with Sandals Realty 239-560-0726 writes; Todays real estate market around the country has a lot of people facing foreclosure. Which I am sorry to hear and talk about this subject as I know it effects a lot of peoples lives, but I must say you may have some options. I have talked to several people over the last few weeks and everyone situation is different. But I believe in trying to sell your home before it goes to a foreclosure sale and it remains on your credit record. I would suggest you do everything in your power to avoid foreclosure and work with the banks toward a solution everyone can agree with.
First of all let me explain a few terms that the banks refer to during the foreclosure process! Let me in real easy to understand terms, explain what a short sale is and a Deficiency Judgement is in regards to the foreclosure process.
A short sale is when the bank accepts less money for the property then what the current home owner owes on the mortgage and sometimes they might even sell it less then current market value of the home.
A Deficiency judgement happens when the banks sells it for less then the amount owed and makes you liable/ accountable for the difference. They could file a deficiency judgement against you after the foreclosure. I am not a attorney and let me make this real clear, I am not giving you legal advice, but I highly suggest you talk to a real estate attorney and maybe your tax accountant and get their opinion on your situation as everyone situation is different. They will advise you to what options are best for you.
If you have decided that selling your home is the best option? Then by all means call your lender talk and send then a Hardship Letter in this letter explain your current situation in detail, why you are behind in your mortgage and ask for their help working a workable solution for both you and the lender. The banks and mortgage companies do not want to own houses or manage vacant homes. Home buyers are looking for homes priced under valued and you may be able to sell your home with the right marketing plan, correct pricing and strong negotiating approach. You have a chance to get the relief from foreclosure. It's not a guaranteed process, but it just might be worth it to try!
There is much more information I can share with you! i didn,t want to put to much information in here that now one would read! Please give me a call any time, I would like you help you ! If I an! Never say Never!
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