Must Know Facts About Short Sales and Foreclosures, Part 2 #realestate #asset

In the wake of a challenging and swiftly changing society, it's estimated that in our current market one out of seven homeowners are unable to make their current mortgage payments.  For consumers faced with this frightening and stressful situation, the good news is that no one has to go it alone.  Having the right advocate, armed with all the right information and documentation can make the difference between avoiding foreclosure and successfully negotiating a sale of your house.

Let's take a look at the remaining must-know facts about this tough issue and hopefully open a few doors to answers and options for you (or someone you know):

5.  The Three Stages of Foreclosure
It's fairly simple:  Pre-foreclosure, foreclosure and post-foreclosure.  It is in this first stage where a homeowner can get help to lessen their credit damage and get out from under a tough situation.  Obviously, the earlier in the process you ask for help, the more options will be available to you.

6.  Documentation is Critical
When you're dealing with financial institutions, documentation is everything.  Be prepared to furnish the following at the very least:  the last two years' tax returns, two months of latest pay stubs, and six months of recent bank statements, together with a short sale letter of explanation.  Every lender is different, and an experience distressed property specialist will instruct you every step of the way on exactly what documentation you'll need to prepare an acceptable hardship package.  Keep in mind, in today's often bogged down system, it doesn't pay to take any short cuts.  Follow your agent's advice to the letter to better your chances at a successful resolution to your mortgage crisis.

7.  Be Careful
Unfortunately, the current financial crunch being felt by so many in a shifting economy can bring out the very unscrupulous in our society.  There are a tremendous amount of predatory characters out there eager to take advantage of families experiencing tough financial decisions.  You'll find them asking for money up front, or your signature which can remove you from the deed to your property but not the mortgage.  Always talk to an experienced real estate agent or attorney before signing anything.

Helping families in distress is what I do best.  I believe that no one should have to weigh these financial options alone and know that having an advocate on your side can not only help you best resolve your situation, but allow you to more quickly find peace of mind as well.

I'm here if you need me with answers to all the many questions you might have.  I invite you to also share this valuable information with anyone you know who is facing a mortgage crisis.  Everyone deserves a resource they can trust.  Give me a call or email today!

Felicia Jones, Realtor
Keller Williams Realty, BRE# 01977033
424.278.9426
homesbyfelicia@kwrealty.com
www.feliciajones1.kw.com

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