Answers
How to prevent foreclosure SOS?
We lost our jobs 3 months ago, since then we have been sending out resumes, without landing any job, and our home has been on the market without any offers. -we lowered the price more than 45k, way below to market value. House is beautiful maintained and in excellent condition, location can not be better! -renting is not a possibility since -mortgage payments are around 3,500.and rents in neighborhood are 1,700 max. -We are running out of money, maybe one month left. What options do we have? PLEASE HELP
Best Answer:
contact your bank or mortgage company immediately. also there is a Federal National Foreclosure Helpline that has been set up to help people from having to go into foreclosure 1-888-995-4673. It was on the CBS World News last night. I also have included a website that will give you the foreclosure laws and timelines for each. click on your state http://www.foreclosures.com/pages/state_... good luck :)
Answers:
Contact your bank immediately and let them know about the sitation. Do not wait for a missed payment.
Be ready to prove your job loss situation to them. Also, get onto public assistance (unemployment) if possible. Not just for your sake in making ends meet - but to prove your need.
The lender have rolled out quite a few solutions to help people in situations like yours. Many lenders will offer up to 12 months of deferred payments.
I coach people through this regularly. It's not the end of the world, and if you act quickly, you'll be able to do something before your credit gets damaged - which will likely prevent you from buying a house when all this passes. The current credit crunch is makeing lenders do everything they can to keep people from defaulting on their loans.
Best of luck - and feel free to contact me directly with any more questions.
Put a cash incentive to the selling agent who brings you a buyer. This needs to be listed on the MLS.
Also have some REALTOR open houses to get them to see the house and think of a buyer. You'll have to serve some pasta and sodas. Distribute flyers or faxes to EVERY broker in your area. Basically, highlight that you are giving them a free lunch and the opportunity to tour a home that comes with a $500 or $1,000 bonus to the buyer's agent that gets the house sold.
Sometimes you can actually get something cheaper that looks valuable! Offer a brand new laptop to the agent that sells the house, then go buy a $700 laptop when the house sells.