With recent news reports showing that foreclosures are back on the rise inspite of the stimulus package passed by Congress in February, it is important to provide homeowners with the tools necessary to save their homes.
Certainly, no one wants to end up in foreclosure, so the best way to avoid it is to understand the process itself. A nifty article on the Steps to Foreclosure provides a timeline view of how the foreclosure procedure starts and ends, and gives helpful advice for how to navigate each step. Elizabeth Weintraub also wrote an article on how to avoid foreclosure which is full of useful tips.
There are, of course, several options available for people who are, or will be, in danger of losing their homes that can eliminate the threat of foreclosure altogether. Among those options are
- Loan Modifications. Amy Butrell wrote an interesting article for how to successfully negotiate a loan modification with your bank. Make sure that when you do a loan modification, that you use the type of mod that is most beneficial for you - not for the bank - if it is possible.
- Pre-foreclosure Sale. You can contact any local Realtor to provide you a Comparative Market Analysis on your home, then list it. Make sure that you advise your lender that you have put your house on the market, and make sure that they know what your asking price is.
- Short Sale. This is what will happen if you are trying to sell your home and you owe more on the house than what it's actually worth. Elizabeth Weintraub wrote an excellent guide for sellers facing that scenario, with step by step instructions on what to expect and what to do if you should find yourself needing to do a short sale.
The most important thing in dealing with the possibility of foreclosure is being honest with yourself. Know what your income and expenses are first, and if there is room for adjustment, by either cutting back on expenses, or by adding additional income, then by all means do so. The worst possible thing that you can do is ignore the situation by doing nothing about it.
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Buyers, need to find financing and advice on the home-buying process?
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Courtesy of William James Walton, Sr ., Realtor, Century21 Access America
Serving northern New Haven and southeastern Litchfield Counties (Waterbury, Wolcott, Prospect, Naugatuck, Middlebury, Southbury, Watertown and Plymouth)
Courtesy of William James Walton, Sr. , Realtor, WEICHERT, REALTORS® - Briotti Group
Serving northern New Haven and southeastern Litchfield Counties (Waterbury, Wolcott, Prospect, Naugatuck, Middlebury, Southbury, Watertown, Thomaston and Plymouth)
Call William James Walton, Sr. Real Estate Agent with WEICHERT, REALTORS® - Briotti Group (203) 558-7463 for help with your real estate needs -buying or selling - in Waterbury, Watertown, Wolcott, Middlebury, Southbury, Prospect, Naugatuck, Plymouth and Thomaston
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