Real Estate News & Information

Receiving that Notice of Default is often one of the worst moments of a homeowner's life. It evokes panic as well as a sense of helplessness - many homeowners feel completely at the mercy of a bank and will often think that there is no way they can stop the process of foreclosure and save their homes.

What might be a surprising revelation for some is that this is simply not true! While every homeowner's situation requires individual attention, it is entirely possible for most homeowners to stop the process of foreclosure and keep their home.

For instance, stopping the process may be as easy as calling your bank to talk to them about it. The saying that an ounce of prevention is worth a pound of cure is very true when it comes to foreclosure - at the first opportunity when you realize you will have trouble paying your mortgage call your bank. Don't wait until you get the Notice of Default! With the assistance of your bank you can come to a forbearance agreement that will lower the monthly rate of your mortgage until you get back on our feet again.

For those who have already been notified that foreclosure is occurring, it is still not too late to act to stop the process and save your home. At this point there is still the possibility of talking with your bank and entering into a forbearance agreement.

Another way to stop the process of foreclosure and save your credit rating - but not your home - is to agree to enter into a short sale. In a short sale, the bank agrees to accept a lower payout on the overall mortgage, provided that the house is sold and the bank keeps the balance. This is often not a pleasant option, but many homeowners are choosing it since it looks better than a foreclosure.

But the most important thing to know is that time is of the essence! Act now, before it's too late to stop the process of foreclosure.

Contact Godwin Realty Group to speak with a Certified Distressed Property Expert to learn about your options!