Wednesday, September 19, 2007

A Short Sale Could Save You From Foreclosure

Short Sales are a valid alternative to getting completely mired in the foreclosure process. The important thing is to not ignore notices from your bank or lender; call their collections department immediately and see what kind of alternatives you have.

I love it when someone explains the process so well that I don't have to. One of my favorite bloggers is a Realtor® in Minnesota and she explains the short sale issue perfectly here. Read what Bonnie Erickson has to say; it might help you avoid getting into a real mortgage fix. Peace Out-3C


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Bonnie Erickson said...

Carole, Thanks for the shout out. Readers do need to remember that the process varies from state to state and from lender to lender. Some are atrocious and some are awesome to deal with.

Cleveland Carole Cohen 3C said...

Bonnie thank you for explaining the process so well. I want to emphasize what you said about 'lender to lender.' That is really why they need to call ASAP before things get out of hand, to see exactly what options they have based on their own particular lenders.

Lou said...

It is very important for that contact, but even after the most ardent advocating for "call your lender" numerous borrowers still will not do this.

If they do not feel comfortable calling their lender they should call a housing counseling agency like Neighborhood Housing Services of Greater Cleveland. Cuyahoga County is lucky to have numerous agencies, like NHSGC, that homeowners who are in distress can reach out and call. Across the nation, there are many NeighborWorks organizations that provide this service in a professional and empathetic manner.

A very, very important point: A homeowner who is, or foresees, an issue with their mortgage should NEVER pay a third party to intervene for them with their borrower.