| Few, if any, homeowners plan to go into | | | | your ability to sell your home fast. You should |
| foreclosure. Should you be facing foreclosure then | | | | probably look to hire the most prominent real |
| you are probably feeling a great deal of anxiety | | | | estate agent for your neighborhood. Check with a |
| and confusion regarding your situation. Before you | | | | local realtor association chapter to find out who |
| pay anyone claiming to stop your foreclosure | | | | that person is. |
| thousands of dollars be sure that you have | | | | If your hardship is temporary, consider selling a |
| investigated all the possible ways to stop | | | | fraction of your home to an investor or family |
| foreclosure and save your home. Foreclosure | | | | member for the amount that will bring you |
| scams are on the rise and many homeowners | | | | current. This process will require the a real estate |
| (just like you) are desperate for a fast solution | | | | attorney, who can inform you and the investor of |
| and are having their homes stolen from them by | | | | your rights and how to work out the future sale |
| con artists. The following passages will tell how | | | | of the property. Keep in mind that the investor |
| you can take charge of your situation, avoid | | | | will be free to sell their fraction of the home to |
| scams and get out of foreclosure now. | | | | anyone anytime they wish. However, the sale of |
| Once your lender has filed a Notice of Default | | | | the home will have to be a mutual decision |
| (NOD), you are in the process of foreclosure and | | | | between you and the other party. If you are in a |
| your options become very limited. You will be | | | | rising home market, this may be an excellent way |
| given a short amount of time to stop foreclosure | | | | to keep your home until your hardship passes. To |
| by bringing payments current and paying the cost | | | | find a eligible investor check with local business |
| of foreclosure filing. This is commonly referred to | | | | owners, doctors, lawyers, and local real estate |
| as reinstating the loan. Obviously if you had the | | | | investment clubs for individuals who have access |
| money, you would be out of foreclosure. If the | | | | to lots of cash. |
| lender is not willing to work out an agreement | | | | Consider A Short Sale |
| with you, then you should consider the following: | | | | Also called a pre-foreclosure redeemed, you and a |
| sign a deed-in-lieu; consider a short sale; or sell | | | | real estate agent negotiate with the lender to sell |
| your home. At first glance none of these seem | | | | the house to a buyer for less than what is owed |
| like they will keep you in your home, but two of | | | | on the mortgage. Many reputable real estate |
| these solutions may actually do just that. | | | | investors will do this for you and are experienced |
| Deed-In-Lieu | | | | with the entire process. However, you should be |
| Under this solution you sign a notarized deed and | | | | cautious and before you sign any documents |
| hand your home over to the lender. This will stop | | | | have a real estate attorney look over them. |
| foreclosure; however, deeds-in-lieu of foreclosure | | | | Before you proceed with any of the solutions |
| will affect your credit the same as a foreclosure. | | | | suggested above, you should fully investigate any |
| Your lender may also be willing to let you stay in | | | | realtor or investor that you are doing business |
| your home until you find a new place to live. You | | | | with. Ask for at least three past clients and call |
| should explain to the lender that if they were to | | | | them. You want to make sure you are dealing |
| continue with foreclosure you would still retain the | | | | with someone who can help you and is |
| right of possession of the home during the | | | | comfortable dealing with the lender during this |
| proceedings. | | | | process. Have a real estate attorney look over |
| Sell Your Home or A Fraction Of It | | | | any document before you sign it, and if anyone |
| Depending on the real estate market in your area, | | | | asks you to sign a "Quit Claim Deed" chances are |
| you may be able to sell your home and payback | | | | it is a scam. Never sign over ownership of your |
| the lender. Ask real estate agents their opinion of | | | | home to anyone without having the lender paid in |
| the value of your home and how fast they think | | | | full first. Otherwise, you'll be on the hook for the |
| it will sell in your market. Carefully select your real | | | | full amount of your mortgage and you won't |
| estate agent, because they will greatly determine | | | | even own the house! |