I saw a report on Good Morning America this morning that the number of suspected arsons has risen 50% over this time last year, and as it turns out, a shocking number of those fires happened on homes that were just days away from foreclosure. Hmm, surely no one would burn their house down to avoid a foreclosure, right?

A funny thing happens in the mind of someone facing foreclosure, they tend to be caught in a downward spiral of despair, and consequently make bad decisions that most people in their right mind would never consider. There are a number of reasons why someone might come to be in this situation, but none of those reasons should involve committing a felony as a potential way out.

Let's take a look at this for a moment. If you have gotten behind on the house payment to the point that foreclosure is likely, have you considered selling? A large portion of people that are asked this question say no. People tend to get very emotionally involved with their home. The kids grew up there. There are still tick marks on the door frame showing the growth of the kids as they got older. Videos and memories of good times become clouded by the frustration of the current bad times.

As you are contemplating your options during this difficult period, you should consider the following:

1) You can not continue to do nothing. If you are past due, and the problem is getting worse, you have to be willing to face it head on and deal with your mortgage company directly before you reach the point of no return.

2) The day before the foreclosure sale takes place is not the time to decide to sell. You will need time to market, find a buyer and get the home sold before the bank sinks their teeth in too far. By the time you get to the foreclosure sale, it is basically a done deal.

3) If you have tried to sell, but can't get an offer, your price is too high! It is just that simple. The solution is to pursue a short sale. A short sale involves the act of receiving a contract to purchase the home for less than the current balance. You then take that offer to the mortgage holder and ask them to accept it as a short sale payment in full.

4) If I short sale, I can't get any equity back at closing. Well, you're right. But, if you have had it listed for what you want to get, and there have been no offers, then the house is priced too high regardless of the outstanding balance on the mortgage. The market doesn't know what your mortgage balance is, nor do they care most of the time. All they know is what they are willing to pay for a home like yours in the area where yours is located. If the price the market will pay is below the balance of the existing mortgage, then by definition, you have no equity. Selling as a short sale will not provide you with cash at closing, but it will save you from foreclosure with the minimum damage to your credit so you can move on with your life later.

Try, as hard as it may be, to remove emotions from the equation. I realize that is a difficult proposition, but in the long run you will be much better off by acting quickly and decisively now.

More info on your stop foreclosure information search:

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A Summary of Alabama State Foreclosure Law
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Washington State Provisions For Foreclosure
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Vermont Foreclosure Laws
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Summary Of Vermont State Foreclosure Law
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