I have recently received my Short Sale Foreclosure Resource (SFR) designation through the NAR. Part of the requirement was to take a core course, 3 webinars and pass an exam. There are many great tools, resources and advice available for those upside down on their mortgage. An important point most advised was for distressed homeowners to contact their bank even before missed payments.
It is estimated 50% who are going into foreclosure never call their loan servicer. That means about half never find out other options available. It is worth the effort to speak with a bank representative. Lenders have been responding to the word “immanent” when homeowners contact them. If at all possible seek a loan modification or refinance a.s.a.p.
I strongly urge any homeowner approaching trouble with their mortgage to contact their lender. It is important to find out all your options. As always I strongly advise to seek legal counsel as well as credit counseling. You can find valuable resources at www.HUD.gov
Michael Collins – Broker
Rock Solid Real Estate Strategies
PO Box 2444
Janesville, WI 53547-2444