"Your Personal Realtors"

What is Foreclosure?
Easy Explanation: Home foreclosure is when a homeowner gets behind on loan payments and the asset holder initiates action to repossess the mortgaged property. The process will start with the asset holder(mortgage company) notifying the homeowner (mortgagee) that they are in arrears and that the asset holder is initiating a legal process to repossess the designated property.

What Are My Options If I Can’t Make My Mortgage Payments?
You should seek legal counsel as I am not an attorney and can not give actual legal advice.  But here are some the general options that most people could look at:

• Reinstatement: Where you pay up all missed payments.
• Refinance: Where the asset holder (Mortgage Company) will allow you to restructure your loan (not likely) Less than 1%.
• Short Sale: Where a property is sold for less than the debt against it.
• Foreclosure: The asset company repossesses the property.
• Bankruptcy: There are different types with different results.

Each Short Sale is unique and has to be analyzed individually. You should have a person experienced and specially trained in Short Sales to assist you through the process. You will need to provide an initial packet designed to protect your rights and credit to the maximum allowable limit. He will also keep the communication lines open and flowing as this can be the greatest obstacle in completing a Short Sale. A well conducted Short Sale can greatly decrease the effect on your credit.