So many homeowners find themselves in dire financial straits. From job loss to illness the reasons vary. No one buys a home expecting to not pay the mortgage and not meet their financial obligations but somewhere along the way…life happened!
The banks enacted several programs to try to help homeowners first and foremost now modify their loan and help them stay in the home. Second choice is a short sale the home meaning if the borrower can sell their home the bank may take less money than the original indebtedness. Last is to foreclose and take the property back. The banks have enough homes to deal with now so they will try to come up with a more equitable plan for all parties.
As a homeowner, DO NOT wait too long after you realize you are having financial troubles to work with the bank on a solution.
Another solution is to find a Realtor who is well educated in short sales and loan modifications to help you.
Written by Mary Beth Harrison, www.dallastexasrealestateblog.com
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I enjoyed this! Well done!