search foreclosure information

New to Avoid-Foreclosure-Services? Here you'll find a free answers to foreclosure questions and how to stop foreclosure!

help prevent foreclosure Simply quote your foreclosure refinance and receive a free advice from foreclosure specialists. You have nothing to loose. Compare ways to stop foreclosure safely and securely.

Relevant searches
What other people who read this article are searching for:


  • Home For Sale
  • Foreclosure Lender
  • Foreclosure Sale
  • Foreclosure Homes For Sale
  • Foreclosure Homes
  • Homes For Sale
  •  

    How to Sell a Home if You Owe Too Much
    by Justin Lukasavige


    Many of our clients are confronted with trying to sell a home out of necessity, or just because they do not like it any more. Because of the so-called mortgage crisis and other problems in our economy, it is no secret that the value of homes in many parts of the United States has declined; some areas more drastically than others. With that decline, many people are now finding they owe more on the home than they can sell it for. Some people even have vacation homes or homes they have left behind in a career move that they cannot afford payments on. Here are some steps to take if you find yourself in this situation.

    Behind on Payments

    If you are behind on your mortgage, lenders are generally willing to help you with one of three options. These include temporarily reducing or waiving payments altogether, setting up a short-term repayment plan, and adding the unpaid balance to the principle of your current loan which increases your payments slightly. The lender does not want to foreclose on any homes, but especially so in today's markets where foreclosures are at an all-time high.

    The "loss mitigation" department is who you need to talk to if you need to work out a plan. Be sure you can follow through on the plan you develop, or the lender will not have much sympathy for you the second time around. Even if you cannot make the payments, corresponding with your lender is still the right thing to do. Tell them what is going on and what they can expect from you in the future.

    Quick Sale

    If selling the home is the right thing to do, make sure to put it on the market immediately. If the market is down and it is the right time in your life to sell, then you need to sell regardless of the market. A quick sale is a good option if you have equity in your home. Make sure to meet with a competent real estate agent to determine how to price your home and what your sale expenses will include.

    Deed in Lieu of Foreclosure

    If your house has been on the market for some time but has not received any offers over the balance of what you owe the lender, you may opt to do a deed in lieu of foreclosure. Generally you can only have a first mortgage on the home, and you have to make an effort to sell your home first.

    By doing a deed in lieu of foreclosure, you are offering the lender to accept what the home will bring along with the deed to your home, leaving you free of the mortgage. For instance, if you owe $300,000, but only receive offers for $290,000, the lender may agree to take the offer along with the deed, and write off the $10,000 balance, releasing you from the home. The lender avoids the time and cost of foreclosure in this instance.

    Short Sale

    Another option is to negotiate a short sale. A short sale is a settlement with your lender to accept less than what is owed on the property. The lender does have some responsibility for lending you money that they should not have given you. Of course, the ultimate responsibility lies on you for having signed up for the ride.

    Essentially, you sell the home for what it will bring and the lender agrees not to go after you for the deficit. A settlement will most likely damage your credit score, but getting released from a home that you cannot afford is the best course of action. You may be liable for taxes on the amount that was settled, but I would rather pay taxes on $50,000 than an entire $50,000 debt.

    Foreclosure

    Foreclosure is your last option. In many states the lender can go after you for the unpaid deficit, and a foreclosure will affect your credit for years. Do what you must to avoid a foreclosure, but face reality wherever you are. Do what is right for your family when it comes to housing and financial decisions.

    To help avoid any of these problems in the future, put down at least 20% (or more) as down payment on a home, and do not buy if you need to take out more than a 15 or 20-year fixed rate mortgage. Your payments in this case should not exceed 25% of your household take-home pay.

    Justin Lukasavige is a Personal & Business Coach, and owner of Lukas Coaching. You can view more free articles, download free books, and become a member of the Reader's Group at no cost by visiting http://www.lukascoaching.com

    For more free resources to help you improve your health, finances, business, career & life, visit http://www.lukascoaching.com/resources.htm

    More info on your stop foreclosure information search:

    Get Free Foreclosure Advice and Free Refinance Quotes
    Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...


    California Home Equity Sales Contract Act - A Mine Field for the Unprepared!
    When I first got started in the real estate investing business in 2006, the avalanche of foreclosures was just beginning. Before attempting my first short sale here in Southern California, I discovered I needed to comply with Civil Code Section 1695 by using a very particular type of purchase and ... more...

    The Benefits of a FSBO - For Sale By Owner - Home Sale
    One of the most transparent benefits of an FSBO home sale to many home owners is that sticking that 'For Sale By Owner' sign in their front yard says that they might have some control over the selling of their home. However, what are the benefits of an FSBO home sale, and how do you go about doing ... more...

    National For Sale By Owner Companies - They May Not Save You As Much As You Think!
    The For Sale By Owner home seller: FSBO (Fizz-Bow). One of the most sought after of all real estate clients. Why? Because their homes are for sale and real estate agents can mail these folks any number of solicitations without stepping on another agent's toes. These are the home sellers that have ... more...

    Foreclosed Home For Sale - Grab The Home You Want At The Lowest Price Now!
    Want to find a cheap foreclosed home for sale? Have you ever wanted to find a foreclosed home for sale around your price range or even lower? Of course you have! Why wouldn't you want to buy a foreclosed home for sale? Especially when you know there are many extra costs to consider when purchasing ... more...


    More on home for sale...

     

    avoid foreclosure services
    Home
    search foreclosure info answers
    Search
    about  us
    About
    privacy policy
    Privacy
    terms of service
    Terms
    contact us
    Contact
    information for doeclosure specialists
    Agents
    Foreclosure Refinance: Stop Foreclosure Refinance , FHA Foreclosure Refinance, VA Foreclosure,
    Ways to Stop Foreclosure: How to avoid losing your home, Foreclosure Help Loans, We pay cash for houses, Foreclosure Mitigation, stop foreclosure in Alabama, stop foreclosure in Alaska, stop foreclosure in Arizona, stop foreclosure in Arkansas, stop foreclosure in California, stop foreclosure in South Carolina, stop foreclosure in North Carolina, stop foreclosure in Colorado, stop foreclosure in Connecticut, stop foreclosure in Dakota, stop foreclosure in DC, stop foreclosure in Delaware, stop foreclosure in Florida, stop foreclosure in Georgia, stop foreclosure in New Hampshire, stop foreclosure in Hawaii, stop foreclosure in Idaho, stop foreclosure in Illinois, stop foreclosure in Indiana, stop foreclosure in Iowa, stop foreclosure in New Jersey, stop foreclosure in Kansas, stop foreclosure in Kentucky, stop foreclosure in Louisiana, stop foreclosure in Maine, stop foreclosure in Maryland, stop foreclosure in Massachusetts, stop foreclosure in New Mexico, stop foreclosure in Michigan, stop foreclosure in Minnesota, stop foreclosure in Mississippi, stop foreclosure in Missouri, stop foreclosure in Montana, stop foreclosure in Nebraska, stop foreclosure in Nevada, stop foreclosure in New York, stop foreclosure in Ohio, stop foreclosure in Oklahoma, stop foreclosure in Oregon, stop foreclosure in Pennsylvania, stop foreclosure in Tennessee, stop foreclosure in Texas, stop foreclosure in Utah, stop foreclosure in Vermont, stop foreclosure in Virginia, stop foreclosure in Virginia, stop foreclosure in Washington, stop foreclosure in Wisconsin, stop foreclosure in Wyoming
    Foreclosure Laws: How to avoid losing your home, Alabama, Alaska, Arizona, Arkansas, California, South Carolina, North Carolina, Colorado, Connecticut, Dakota, DC, Delaware, Florida, Georgia, New Hampshire, Hawaii, Idaho, Illinois, Indiana, Iowa, New Jersey, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, New Mexico, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Virginia, Washington, Wisconsin, Wyoming
    Avoid-Foreclosure-Services.com is a free tool to find foreclosure information when your need it most. Avoid-Foreclosure-Services.com is not a lender, broker, foreclosure mitigation company, or affiliate of any foreclosure financial services. © 2007-2008