If you've gone through any part of the pre-foreclosure process, had a lis pendens filed against you (a notice of default - you promised to pay a mortgage, and secured that promise with the deed to the house you mortgaged), or have been harassed by the bank as their interest rates reset on your home loan, trust me, you are not alone. Millions of homeowners who have gone through or are about to go through the untimely process of having the bank try to recall a loan are probably feeling just as lost as you are right now. Here are some helpful resources to open up tons of options for you, after all, YOU are still the homeowner

Bring it on! -

Seriously, for whatever financial straits you are in, know that home ownership is the golden key to creating wealth for you and your family. 99.99% of the world's millionaires have one thing in common: The are owners! Giving up that right is not in your best future interest. Your best interest is to sack up and deal with whatever reason it is that you came to this point. If you've lost your job or had an unexpected emergency, consider yourself lucky (yes, lucky), for these things are temporary and can be overcome. As it relates to your impending foreclosure, know that these are the best situation to deal with and the recovery rates for homeowners are extremely high who have only had temporary setbacks. It's here also, that a short sale professional is most effective, that in a bit.

Why not rent? -

OK, this one deals with moving out of your home, but it relates to my last commentary about being an owner. Loss mitigators and banks who are willing to restructure the loan will still want to be paid eventually. Everything short of selling the property means you are still responsible for it. With the rental market on the rise and so many options available, renting is a plausible end-game for those who have the will to do it. First, it shows up as a performing asset on your credit report, something the banks love to see (however, typically they will depreciate around 25% your rental income as debt, they assume you'll spend that much to maintain the property) so you'll need to make that money as income. This will make your credit skyrocket.

How to do it? Well, one small trick that has helped me is to break down market rates by the room and rent them that way. College students, grad students, etc are a great market because typically they have roommates. Charging them by the room makes sense. So instead of taking market rate for rent for a family of 3 (lets say $900/mo in some areas), you'll rent a 3 BR/2 BA for $400 a bedroom, giving you $1,200. If you mortgage was around $1,000/mo, you could theoretically make $200/mo which would be applied to the outstanding part of the loan. Being indebted to the bank for only a few months can cost a lot, but can be paid off quickly with $200/mo. Also, you have bought yourself a lot of time and now a short sale negotiator can help. Oh and by the way, you've also started the path to greater credit and you are keeping the house and MAKING IT PAY YOU. You see?

Investors -

Want to know one thing: Do you have equity in the house? There are 2 types of investors in this market, the bad and the worse (just kidding!). Investors can take the financial burden off you long enough to straighten up your finances. They can do this through many options, but they all will want a piece of ownership in your property. It's my prediction the most popular will be leasebacks, in which an investor buys the house on a markdown from you (i.e. - takes a piece of your equity), lets you lease it from them, and then sells it back to you at a set "option" price. In this situation, buyer beware. Work with a trusted source with lots of referrals and testimonials. Most short sale negotiators are investors themselves or have a whole line of them that they feed deals to. Notice, I've never once said this will be free. People will make money, it's up to you to decide if they money you are losing working with an investor is work the black credit later, the fees the bank will charge, and the financial gridlock you may be in later. Investors are full of creative options, and the most financially freeing deals I have seen are with investors. Trust a good one, and they'll be able to work out other debt, such as car payments, medical bills, etc.

There are many ways to dealing with the bank in the event you become behind in your payments. Banks are institutions, and are governed by many rules. Trying to buck those rules (IE - ignoring the bank) will only result in more of a mess. Your best bet is to work with creative solutions such as these suggested above. Remember, I'm not a lawyer, or a bank, and I can never give you the kind of advice they may be able to, so take this as such, but know that with an acknowledgment of the rules that you've agreed to abide by in purchasing the home, there are creative and empowering solutions out there to help you keep your most precious investment

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