With all the news and reports about the housing market I want everyone who is in trouble to know there is a way out. If you have been affected by a job loss or a declining real estate market and can not sell your house, there are options for you to avoid a foreclosure.

In different parts of the country and for different reasons people are facing foreclosure in alarming numbers. Here in south Florida our real estate market has been brought to a stand still and home prices as well as home sales have been declining for over a year. People who bought there home in the last year or 2 at the top of the market boom may currently owe more than the house is worth and need to sell, what do you do?

As a Real Estate Broker and Mortgage Broker for the last 6 years I have seen many people pass up this option only to have there home go into foreclosure. The bank will then put a judgment on them for the amount they lose on the loan plus any other expenses they incurred. If you have two mortgages then both banks will do that, plus a foreclosure stays on your credit for about 7 years. It may be possible to sell your house and have the bank accept less than is owed for the loan if the sale price is truly what the house is worth. You can negotiate with them and give them information on your local real estate market showing what other homes have recently sold for in your area.

It is always best to use a local real estate professional to help you sell your home and gather the information you need to give the bank. It will not cost you anything to have a professional realtor help you and since this is a very stressful process it is good to have someone else take some of the responsibility. Most realtors are not familiar with this process and may not be willing to help you, find someone who is.

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