Short Sale

Archive for December, 2006

A foreclosure is very hard on a homeowner. No one wants to be foreclosed on but usually it is unavoidable when a homeowner does not have enough money to pay mortgage payments and other bills. Usually, a foreclosure is a result of the homeowner's:

• loss of jobs,
• excessive and unforeseen medical bills,
• divorce
• death in the family
• mortgage payments increasing because of rising interest rates
• and many other reasons

Sometimes, a family is evicted even when they themselves have not missed a single payment but their landlord has and is now in foreclosure.

How to stop a foreclosure?

There are usually signs of financial trouble before a family is not able to pay bills or mortgage payments. Fortunately, banks usually do not foreclose when a payment is missed so a family usually has some time before they even receive a notice of default or a notice of foreclosure.

If detected early, there are plenty of options that a family can take to avoid foreclosure. For example, the family can sell the home and repay the bank, refinance, modify the loan or start a Short Sale process.

This Short Sale website provide tools and resources to help families who are facing foreclosure or know that they cannot afford to keep up with their mortgage payments.