As a real estate agent, I see many many different situations for both buyers and sellers.
It is fairly common right now that sellers in a Short Sale situation have not made their mortgage payment in a few months. That is not uncommon or in itself a significant problem. However, it can quickly GROW into a BIG problem if nothing is done about the situation.
Here are 3 possibly directions if you missed more than 1 mortgage payment:
- Contact your lender... Don't wait for them to call you. Ask them what they can do to help you. Generally, they don't have a program that can help available. Statistics vary, but most show a 4.0 to 4.8% success rate for all loan modification programs since 2007. Commonly, the lender will attempt to get you to make some type of payment to keep revenue coming from you. They will call it a "trial mod" or some other similar name...
- Contact a REALTOR, a CPA or a REAL ESTATE ATTORNEY... I do not recommended that you speak with a Bankruptcy Attorney 1st. Reason, I have NEVER seen one recommend anything except the BK Filing. Any of the other 3 should be able to provide you with excellent direction for FREE or for a very small sitting fee. Make a plan and move into the future with some level of control.
- Act as if nothing is happening... I have heard many times people say, "Oh, I am just waiting to hear from the lender." Well, that thing they hear may not be very good. It may be a NOD followed by a Notice of Trustee Sale which means the road to FORECLOSURE and LOSING the home may be a short one from that point. If that happens, SEE STEP 2
For additional information, Call me at 916-751-1800 or visit www.TEAMPattersonRealty.com
Thanks for reading!
