Here are five points about what to do if you have missed a mortgage payment and are having trouble affording your home:
1. Call your lender to try and work out a loan modification
2. Do not ignore communications from your bank. They may contain important notices and possibly offers of assistance
3. Find your loan documents and review the terms
4. Cut your spending as far as possible. Pay your mortgage first and delay others. Contact your credit card companies.
5. Find extra money in selling household items for cash.
Although you probably do not want to move, you may need to consider selling your property.
Get a free Market analysis from First Weber Group or view sold data on firstweber.com and see what homes are selling for.
While the market dicates the price a home will sell for, what you owe on your mortgage matters. If you owe more on your mortgage than the property sells for, you are involved in a short sale. When this happens, the selling process is no longer between buyers, sellers, Realtors and the usual. Banks now get involved because they will be the one taking the loss on the property which is selling for less that what is owed. Short sales are not short in terms of time, but they are a viable option to avoiding foreclosure. Here is an excellent article about Wisconsin Short Sales by First Weber’s Tom Weber. Tom walks you through the many facets of a short sale situation and can help you decide if a short sale is right for you.
A short sale is preferable to foreclosure for several reasons:
– It affects the property values in the neighborhood less
– Short sales may impact your credit reports less
Please contact your First Weber agent for assistance with the sale of your property if you can no longer afford to pay your mortgage.
First Weber Group Realtors offers numerous real estate agents who are certified in Short Sales and Foreclosure assistance. Search for an agent with Short Sales and Foreclosure Assistance credential or choose an agent in your area. Unfortunately, these types of sales are not uncommon and most agents have experience with them.
For additional information see Wisconsin REALTORS Association Foreclosure Assistance Resource Center
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First Weber Group is not a fincial advisor nor can provide legal opinions. Consult with your legal counsel, lender or financial institutions for information pertinent to your situation. photo credit http://www.flickr.com/photos/truliavisuals/5241592552/