We spent yesterday in Ocala, Florida dealing with several homeowners who are facing foreclosure. Dealing with Foreclosure isn`t the greatest idea.

Banks are unforgiving as anyone who has dealt with foreclosure will tell you. Many Homeowners are faced with this dilemma each day. There are hundreds of people seeking alternatives, but many Realtors have no idea what they can do to help.

It`s not an easy decision to deal with, it`s a hard situation to be placed in.

There are alternatives in dealing with these issues.

Homeowner #1:


A young couple who purchased a home 9 months ago. They have an 80/20 loan and the monthly mortgage payments jumped almost 35%. They can`t afford to continue taking from their savings account to subsidize the mortgage. We`ve contacted the lenders and started the proceeding of "Hardship". We`ll be placing the home on the market and hopefully receive offers. They purchased a home for $145,000 and based on appraised value the home is probably worth $128-$129K.

Homeowner/Investor #2:


Thought that he could make huge profits by purchasing "SIGHT UNSEEN" Preconstruction Investments.

He met a Realtor who explained, all the research was taken care of in advance and it was easy as 1,2,3 to pick a lot via the net and watch his investment grow!

He took the plunge 12 months ago believing, he could simply "Flip" a property in a few short weeks after closing.

The Investment Specialist introduced him to a builder who told them they can purchase a Single Family home roll all the costs into the closing and pay only $3000 out of pocket. They used his equity of $200K from the home that he resides in located in South Florida. He purchased a home in Marion Oaks.

The builders advised they`ll structure a C/P loan ( construction to permanent loan) to roll everything into one neat and tidy package. His Realtor thought it was a tremendous idea almost convinced him to obtain two other properties using the same "Sight Unseen" method!

Thankfully his spouse talked him out of it. C/P loans are based on the value of the land going up during the construction period, it makes no provisions or guarantees that the land will move higher, the "Investment Specialist" never mentioned what could occur nor did the builder, the Investor did no Due Diligence either, which is a problem.

The lot he purchased for $42,000 is worth $25,000 today, the home purchased from the builders for $275,000 is worth $249,000 today. The lender will not honor the original loan amount and this person had to scurry around for an new lender who is requiring the "Investor" bring $22,000 to closing.

His Realtor refuses to return his telephone calls, but keeps sending him emails sometimes 3-4 a week on new outlandish investment opportunities.

The "Investor" can`t afford the mortgage payments, he understands that we`re going to have to apply for a "Short Sale" after closing.

Many Banks realize dealing with "hardships" rather than foreclosures are a better alternative.

It costs them less in the long run, which is why their willing to work with these homeowners.

If you`re faced with the possibility of losing you`re home, there are experienced professionals who can help.

Remember you`re not alone!

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