Foreclosure prevention

So you have missed a few loan payments, the bank keeps calling you and sending letters demanding payment and threatening foreclosure - and you owe more on your house than what it is worth. What can you do?

You have options.
1. Get your loan current and keep making your mortgage payments. Consider renting
    out a room for some additional income to assist in making your payments.
2. If you have equity in your home, sell it, pay off your loan debt and keep the rest of
    the money.
3. If you have no equity and no way to reinstate your loan, consider a short sale - the
    key to foreclosure prevention.

What is a short sale?
A short sale is where your lender agrees to accept less than the amount owed on your loan and releases their lien on the property, allowing it to be sold to a new owner.

And foreclosure?
This is where the bank takes back ownership of your home, possibly evicting you in the process and typically sells your home at a later date. Foreclosures are devastating for everyone involved. They can destroy a homeowners credit by 200-400 points and bar them from even applying for another home loan for 5-7 years. And the banks, they are forced to take control of your property, draining their time and resources.It just costs them more money.

Why a short sale?
- Enables you to get out from under the debt of your home
- Allows you to stay in your home until the short sale process is completed
- Ensures no embarrassing eviction or posting of foreclosure notices on your home or in
  your local newspaper
- Stops the daily debt collection calls from your bank
- Gives you the opportunity to buy another home again in as little as 18 months - a
  home that is priced at current market rates
- Offers you and your loved ones the chance to start over
- Gives you the opportunity to receive up to $3,000 from the Government