In Danger of Losing Your Home?

In today's turbulent financial times, many homeowners are struggling to make their monthly payments. Many are staring foreclosure and the possibility of being homeless right in the face. Whether you have lost your job, had your adjustable rate mortgage make your payments impossible, or simply think you can't sell because you owe more than the home is worth, you need to know there are solutions.

Most lenders don't want to take a home back, especially through the foreclosure process. Why? It costs them too much, they already have way too many defaulted loans to deal with, and then they are still faced with the problem of selling the property if they do take it back. In fact, many lenders are getting "jingle mail." That's where a homeowner simply gives up trying to make their payments, moves out, and mails their keys into the lender. The two most common solutions available to you are either "loan modification" or "short sale." Right now, lenders are much more willing to work with you to modify the structure of your loan so you can stay in your home. If that is not possible, most lenders are also willing to allow you to sell the home for less than you owe and forgive the balance. They will even let you hire a real estate professional to help you with no money out of your pocket! Both of these solutions are complicated, and will usually require the help of an expert. I know some great ones.