Over the weekend I ran into someone that had to foreclose on his home and move into an apartment. Now his long journey to rebuild his credit begins. It is a long process to get back to homeownership. If you are in a situation where foreclosure seems like your only option, make sure you have all the information you need to make the best decision for your family. When you are in a bind, there is nothing worse than doing nothing! Whether you’re in foreclosure now or worried about it in the future, there’s information out there that can help you. Talk to your Realtor, talk to your lender, and use the state and local resources that are available to help you. There are ways to save your home in this current market situation. Below are some places to start.
Even if you think you might be headed toward foreclosure, check out these web sites for helpful information. There is currently a “Save the Dream” initiative going on that you should be aware of. It is a personal and professional lifeline from your Realtor to you. Every Realtor is has been asked to help one family save their home through the use of their time and talents. What better way to help the community? Your Realtor can also point you towards refinancing options available. If you cannot keep your home make sure you know about your redemption period. There are also a lot of short sales taking place in the market. I will address short sales in another post.