Are you or someone you know having trouble making mortgage payments? Falling behind or missing payments?

Do you have an adjustable rate mortgage which is due to go adjustable soon, making it potentially difficult to keep up with your payments in the future? Unfortunately, the number of people able to answer “yes” to the above questions is ever increasing. That is why we felt it important to bring up the topic to make you aware that there are steps which can be taken to avoid foreclosure. And, the sooner you take action, the more options you may have!

People facing foreclosure very often feel a range of emotions including sadness, anger, embarrassment, and sometimes even denial. While these are all very normal and very common, it is important not to let your emotions paralyze you. One of the worst things you can do is nothing. The foreclosure process can be very confusing, so knowing where to start may be difficult. That is why working with professionals who have extensive experience in this area is essential. I work with an experienced loan officer to find solutions for my clients, whether that be in the form of a refinance, or, as a last resort, the sale of the home. I’ve also partnered with title companies and attorneys who specialize in pre-foreclosures, so that we are able to work together and negotiate a short sale with your bank to get your home sold if necessary. Please keep this in mind if you or someone you know is facing this very challenging situation.

Very often, in order to avoid foreclosure, it may be necessary to negotiate a "short sale" with your lender. For those of you not familiar with the term “short sale”, this refers to a home sale situation in which a lender is willing to accept less than the full amount they are owed in order to satisfy the debt. The amount of the forgiven debt is a loss for the lender, and usually counts as income for the borrower, potentially resulting in thousands of dollars being owed to the IRS in the form of income tax.