Foreclosure Alternatives & Help
Every day thousands of home owners find themselves in the unfortunate position of staring in the face of foreclosure. The very first thing I will tell you is that “You are not alone”. Many homeowners feel embarrassed about a foreclosure situation because they think they will be viewed as financially irresponsible or a “home owner failure”. This simply isn’t true. Hundreds of thousands of homeowners find themselves facing foreclosure every year. The bulk of them are victims of circumstance. Something changed either in their personal life, financial life, employment, or some other aspect that caused them to be in the situation they are in. The key is to make the best choices possible and find the best course of action once faced with the prospect of foreclosure.
Alternatives
There are several alternatives when facing foreclosure, from something simple such as a temporary “forbearance” where the bank helps you get caught up on a few missed payments because of a temporary hardship, explained below. To something more advanced such as a loan modification where the terms of your loan are modified for a period of several years to help you get your life back under control. When faced with foreclosure, I will sit down with you and go over each and every option. I will explain the pros and the cons of each option. We will then decide what might be best for you and work out a plan. If your situation is just right, you might find that there is a solution that lets you keep your home and get caught up with your payments.
The Short Sale
For many people, the best alternative to foreclosure is a short sale. A short sale is a real estate transaction where the homeowner owes their lender more than what their property is worth and they need to sell. In a short sale, the lender must approve and accept less than what they are owed as full payoff (this means they may settle for $400,000, even if you currently owe them $500,000…even if the loss is hundreds of thousands of dollars). Don’t settle for someone that is a self proclaimed “expert”. Make sure they have the knowledge and experience to back it up.
Do You Qualify?
Are you facing a financial hardship that you know will decrease your income? Are you getting behind on your mortgage and you’re not sure if you can catch up, or do you just need to sell quickly but your home is worth less now than when you bought it? If you are facing any of these situations then you will probably qualify. A “hardship” is something that has changed in your life that compromised or will compromise your ability to repay the loan. It could be a permanent hardship such as a pay cut or demotion. Or it could be a temporary hardship such as a few months off of work. Whatever the case, if your ability to repay the loan has been or will be compromised, then you have a valid hardship. A valid hardship is the only prerequisite towards qualifying for a short sale.
Some Surprising Information
Many agents claim to be able to “do” short sales. The fact is, any licensed agent can sell a home short. However, most agents don’t know where to begin. They have no idea what the banks want, what the banks need, and how the banks negotiate. 
They have no idea what the want, need, or, how to negotiate. Don’t make the mistake of going with the first agent that says they can “do” short sales. Find an agent with knowledge, expertise, and field tested experience in representing buyers and sellers in short sales.
As of October 2009, in Salt Lake County, there were 1,474 short sales listed for sale. However, only 88 are closing per month. To put things in perspective, a typical foreclosure process takes 6-7 months. That means that OVER HALF OF THE SHORT SALES listed will end up in foreclosure. Why? Because at an average closing rate of 85 per month (which is the average going back several months), it would take 17+ months to close all of those short sales. Most of those folks don’t have the 6 months, let alone 17 months. Make sure you choose someone that knows what they are doing! I have a 95% success rate with my short sales. (It’s actually 100%, but I know I can’t be perfect forever, so I round down to 95% to cover my bases).
You Have Control
You own your home, not the bank. Until the foreclosure process is 100% complete, the home is yours. You have 100% control over what you decide to do and nobody can force you to do anything you are not 
comfortable with. Don’t let attorneys, friends, families, your bank, real estate agents or anyone else tell you that you must do one thing. Weigh all your options, work out a game plan, and work your plan. In the end, do what’s best for you and your family.
Stop the Phone Calls
One of the most irritating facets of being behind on your mortgage payments are the seemingly endless phone calls from the bank. It’s a bad day when you dread your phone ringing. I can help. I CAN GET THE BANK TO STOP CALLING YOU! I have a form that requires the bank to stop calling. If they don’t, they are breaking federal laws. That is the first step in my process, relieve undue stress and stop the phone calls. Get your life back on track while we work together to get you and your family out of an unfortunate situation.
Rebuild Your Life
Foreclosure? Short Sale? Which one is more damaging to your credit? The fact is that once you miss a few payments, your credit is damaged. However, we can minimize your damage. I will provide you with the resources to legally get your foreclosure and/or short sale deleted from your credit report. I will provide you with knowledge, books, and other materials to help get you on the right path and get your credit, and your financial life back on track. Below I have listed a few of the books I will provide to you once your short sale is complete. If you choose not to work with me, I at least ask you consider reading some of the books. You will find great information that will be of great assistance to you.
Free Consultation
Start down the path towards relieving the stress, stopping the phone calls, and avoiding foreclosure. Fill out the form below and we can begin the process today. With just an hour of your time, I can help you craft the best plan to avoid foreclosure, preserve your credit, and possibly even sell this home and purchase a new home right away. It’s easier then you might think.