Foreclosure should always be your last option when you are unable to keep up with your mortgage payments. First you really should try to obtain a loan modification through your bank. Visit the government website called Making Home Affordable for more information. If this is not an option you should explore a short sale. What is a short sale you ask? A short sale is when the bank agrees to accept a sale on your home for less then what you owe. This is a very good option for homeowners who are upside down on their home and want to do the least amount of damage to their credit rating. It may be possible to purchase another home within 2 to 3 years after a short sale. I recently completed a course to become a CDPE (Certified Distressed Property Expert) which allows insider access to the short sale process.
Any questions - please contact me Greg Portlock
gportlock@comcast.net
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