Your Lender can Help with Foreclosure Short Sale

A foreclosure short sale program is the one in which your current property with a mortgage at a mortgage company is sold for a rate which is less that what you currently owe to the lender. The foreclosure short sale program is going to be a great option for all those property owners that want to keep their credit report fairly clean to avoid any future problems with it. A foreclosure short sale in Phoenix, Arizona is meant to be used by any home owners who find themselves without any other option besides foreclosure.

With a foreclosure short sale home owners can get relief from their mortgage debt and can then go on to have a fresh start. Furthermore, you would not face any trouble trying to get credit from any other lender, but you would if you went to foreclosure. Foreclosure short sale is a better option than a foreclosure because it does not ruin your credit report, where as a foreclosure can stay in the credit report for at least a minimum of ten years.

The foreclosure short sale process:

· You need to contact your lender in Phoenix, AZ and also get help from a foreclosure short sale expert to let them know that you are interested in the foreclosure short sale of your property

· For a foreclosure short sale, you will need to write a letter to the buyer giving the information on your property and the loan on that property. This letter needs to be accurate in its information so as not to inflate the price of your property

· You lend will want to know what the reason is that you need to use the foreclosure short sale process. So, in most cases, the bank requires a hardship letter from you, that will help in explaining the reasons in your argument for needing to use the foreclosure short sale process. Your lender will also want a lot of information like bank statements, pay stubs and other documents needed to understand your reasoning for foreclosure short sale.

· The lender will then look at the letter with the details about the foreclosure short sale are provided and also the rate which has been proposed for the sale of the property.

· With the help of a broker, your lender will then decide the best rate at which the property can be sold to a buyer.

· To ensure that everything is the way it should be, the lender will take one last look at the agreement that has been made after the sale and the payment.

 

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Readiness To Use Foreclosure Short Sale

Readiness is a most important factor that is used all through the world for everything people purchase, sell, crave, create, and invent. Readiness is also known as the key to making a big decision often times. In order for a person to be ready to take action, they must have solid reasoning to do such an action. With respect to your real estate mortgage in Phoenix, Arizona, readiness to move on can mean a move to foreclosure, foreclosure short sale or any other option. Foreclosure short sale has become a popular choice of both the lenders and the home owners in this day and age. What is a foreclosure short sale and why is it so popular these days? When the home owner agrees to sell a mortgage property and Lender also agrees to the sale of that property at a discounted price, that is considered a foreclosure short sale.

In a foreclosure short sale type of sale, readiness of the seller or homeowner and lender (usually a bank or mortgage company) is keenly important. The foreclosure short sale is a popular choice for both seller and lender for many reasons. foreclosure short sale is a good choice for home owner because they are usually behind in mortgage a payment. So, losing a house through foreclosure is never a good option. Foreclosure short sale allows the person to sell the house for less than they currently owe on it. Homeowners in Phoenix, AZ using foreclosure short sale do not need to worry about damaging their credit ratings. They also have little concern about debts and furthermore they avoid foreclosure or worse yet, bankruptcy.

The lender also finds that a foreclosure short sale is a better choice because of the many benefits they enjoy from it. When the lenders have to foreclose, they have to deal with getting rid of the property.  Lenders are in the business of making money rather than managing properties. So they don’t want to have your property. So, if they have to take possession of your property, they have a big liability that they just don’t want. Lenders do think that a foreclosure short sale is a good choice so that they can get money without all of the headaches of a foreclosure.

Foreclosure short sale requires documentation. Find a real estate expert that has experience in foreclosure short sale. They can provide lenders with documentation and you with advice. Lenders are allowing more foreclosure short sale these days. Foreclosure short sale is a great settlement where your rating is not affected as much as with foreclosure.

Foreclosure short sale can be time consuming. It is key to find a foreclosure short sale expert from a local real estate agent to help you in this process. You will find that the foreclosure short sale process can help you and your credit very much.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Smart Home Buyers Look For Foreclosure Short Sale

Buyers in the housing market in Phoenix, Arizona are seeing many more homes for sale today with special circumstances like REO, foreclosure, foreclosure short sale, and others. All these special circumstances have something to do with a bank, but we will explain each briefly below:

-Bank Owner – the bank has taken ownership of the property and the bank is a seller. Not as good for the buyer as a foreclosure short sale.

-REO – much the same as a bank owned property

-Corporate Owned – Also like a bank owned property, but the business that owns it is set up differently than a bank.

-Foreclosure – This process is also not as favorable as a foreclosure short sale. The lien holder has acquired the property through a court proceeding. Every state does this a bit differently. It can take several months or years to acquire a property that is foreclosed.

--FORECLOSURE SHORT SALE – when a seller in Phoenix, AZ is in trouble financially and your offer as a buyer does not cover the expenses to sell the home and pay off the existing mortgage the current home owner may ask the lender to take a partial payment and accept it as payment in full. With a foreclosure short sale, the bank will often accept it because they do not want to own the home through foreclosure. This gives you, as a buyer some leverage with a foreclosure short sale. It can be the best situation for you to buy with a home that is available through foreclosure short sale.

We believe that as a buyer or as a seller, the foreclosure short sale is a great opportunity for everyone to get what they want. Also, with the sadf, the bank gets some remedy to a bad situation also. With all parties avoiding foreclosure proceedings, the foreclosure short sale is instantly a better deal for everyone. While the home owner doesn’t want to lose the home, selling to you with a foreclosure short sale will help them keep their credit in tact and get them out from a mortgage that they have already proven they can not make payments on. For the bank, accepting a foreclosure short sale keeps them from having to deal with the court process that gives them possession of the property. It also will net them a smaller loss (since they will be taking a loss from foreclosure sale) if they accept a foreclosure short sale. The buyer getting a home through a foreclosure short sale can take advantage of these to other parties willingness to use the foreclosure short sale process and be in a better financial position because they get a home that is usually in very good condition for a very competitive price. They don’t have to wade through all of the court paperwork that can come with a foreclosure.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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What is a Foreclosure Short Sale?

In the world of real estate, a foreclosure short sale is a process where you sell your home for a price that is lower than what you owe on your mortgage. Why would someone do that? This is certainly a valid question. When you decide to use a foreclosure short sale in Phoenix, Arizona, the difference between what you owe on your mortgage and the sale price you get in your foreclosure short sale is generally forgiven by your bank. The foreclosure short sale is an innovative way to avoid foreclosure when you are not in a position to make mortgage payments anymore.

A foreclosure short sale in Phoenix, AZ is normally allowed when certain economic conditions are met. The foreclosure short sale the opportunity for both the homeowner and the bank to ease the losses they would normally have with a foreclosure. Remember that a mortgage company will only approve of the foreclosure short sale if they will lose less money doing it than they would with a foreclosure. With the abundance for people facing foreclosure because of a poor economy and bad lending practice, foreclosure short sale is becoming a popular move. The benefits of a foreclosure short sale are plenty. Foreclosure short sale can reduce the negative consequence that a foreclosure has on your credit score. It is also quicker, less expensive and less complicated than a foreclosure.

If you are having trouble making your loan payments, you should consider foreclosure short sale on your home. It is much better than allowing your property to go into foreclosure. Also, it has the potential to help improve the poor economy. If your property is worth less than you currently owe on it, take consider whether a foreclosure short sale can get you into a better situation. Talk to your lender about your options. They will appreciate you taking a proactive approach are more likely deal with you. Consider this. It takes as long as five years after a foreclosure to quality for a loan and at least seven years after bankruptcy. In just two years after a foreclosure short sale, you can qualify for a loan.

Lenders are approving foreclosure short sale now more than ever. Here are the basic steps to foreclosure short sale:

1. Contact your lender to inform them of your problems and ask if they would consider allowing a foreclosure short sale.

2. Find a real estate agent with experience handling foreclosure short sale.

3. Find out the value of your home.

4. Put your home up for sale.

5. Find a reliable buyer.

7. Give the deal to your lender for approval.

Keep in mind that the foreclosure short sale is in the best interest of both you and the bank. Good luck with your new option.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Manage Your Credit Score with Foreclosure Short Sale

Finding a way to avoid foreclosure in Phoenix, Arizona should be the focus of any person that finds themselves behind in their mortgage. One of the best ways that people have found to avoid foreclosure is using a foreclosure short sale to keep the bank from sending that dreaded letter. If you are one of the many people that has not heard of a foreclosure short sale, it is a complicated process. So, we will explain the foreclosure short sale to you as simply as we can. A foreclosure short sale is when a mortgage lender decides to accept an offer from a buyer that is less than the needed amount for what is owed on the existing mortgage property.

In some cases, a foreclosure short sale in Phoenix, AZ can take as long as six months to close on. There are several reasons for the foreclosure short sale taking so long. Don’t worry about how long it takes to close a foreclosure short sale. However, you should consider why it is important to use a foreclosure short sale and avoid foreclosure completely. The biggest reason to decide on a foreclosure short sale is to keep your credit in relatively unscathed. If you plan to own a home again in the future, it is important to avoid foreclosure through foreclosure short sale.

If you now understand that the foreclosure short sale is right for you, get help. You will be better served in a foreclosure short sale to have a knowledgeable real estate agent with experience in the foreclosure short sale process. Sit down and speak with the real estate agent to gage just how experienced they are with negotiating a foreclosure short sale with lenders and banks. An agent with experience in foreclosure short sale will understand that it takes a lot of patience to negotiate with a bank. Many real estate agents do not have people with experience in foreclosure short sale and will struggle through the process. They could probably still handle a foreclosure short sale, but you will be better served to find someone with experience.

Many times, the best choice you can make when executing a foreclosure short sale is to find an investment group who will be willing to offer you an all cash payment for your property. You will want to avoid contingencies when you execute a foreclosure short sale and try to find a buyer that is willing to close on the property as soon as the mortgage company agrees the offer from your investors. Once again, it is mildly important to find an investor who has some experience in dealing with a foreclosure short sale and is an expert in dealing with bank negotiations.

The most important thing to remember is that a foreclosure short sale will help you keep your credit in a manageable condition. Because you are already in a tough spot, a foreclosure short sale will be the best solution for you.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Foreclosure Short Sale a Win-Win Situation

About five years to one decade ago, score of people in Phoenix, Arizona decided that it was time for them to buy a home. These people were under the impression that their new home purchase would quickly appreciate in value. Much to their surprise, the exact opposite has happened with the crash of the housing market. The housing market has depreciated enormously. As a result, many of those same home owners are staring at something commonly referred to as an upside-down mortgage. An upside down mortgage means that the home owner owes a lot more money on their existing mortgage loan than the property is actually worth. Many people think that it really isn’t a good idea to continue to pay money on a mortgage such as this. So, they are faced with a couple of different options, bankruptcy or foreclosure?

There is another little known option in Phoenix, AZ that has proved to be successful for many people, the foreclosure short sale. Reallly, the term explains it well. With an foreclosure short sale, the owner of the house or property and the bank or mortgage lender reach an agreement on the repayment status of the home loan. Also, in a foreclosure short sale, the property owner refuses to continue paying the loan payments on a house that, in today's current real estate market, has now lost enough value to be worth only a fraction of that loan value. The property owner knows that he or she can sell the home on a down market, but with a foreclosure short sale he or she would be getting a smaller offer than what they paid for the house and would basically have to agree to take a loss on the foreclosure short sale.

The lending company, usually a bank, also realizes the difficult position that they are in. However, they will often give in to the fact that the current market conditions will make reselling a house in foreclosure a very difficult thing to do. So, with a foreclosure short sale, the bank will still have to take a loss, but the loss will not be nearly as much as if they have to foreclose on the home and sell it at auction. There is also a substantial savings with a foreclosure short sale because, with the alternative, foreclosure has many fees and legal hurdles to deal with.

So, the foreclosure short sale is a good solution for both parties. The bank, in a foreclosure short sale, has the ability to cut costs and reduce the size of the loss that they take. The home owner, using a foreclosure short sale, gets out of a upside mortgage as the bank accepts the lower offer as a payment in full on the mortgage and takes the loss. Foreclosure short sale is a win-win situation.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Foreclosure Prevention Part III; The Best Way to Keep Your Home

To keep your home from foreclosure as long as possible, we are a proponent of a fairly unknown foreclosure prevention method to the uninformed public in Chandler, Arizona. This method of foreclosure prevention has been brought to the forefront with the abundance of people seeking foreclosure prevention in an economy that just keeps sinking. With home owners losing their jobs left and right of you and property values shrinking today and shrinking tomorrow, one foreclosure prevention tactic has been very successful for the American people.

Allow us to introduce to you the short sale as a method of foreclosure prevention. While the details are better explained by a real estate expert in Chandler, AZ that is familiar with the short sale process, we will do our best to give you some insight as to the nuances of the short sale as a foreclosure prevention method.

The short sale as a method of foreclosure prevention takes in to account that you can not pay your mortgage any longer or you do not want to pay your mortgage as it is worth far more than the value of your home. Foreclosure prevention with the use of a short sale is open to virtually anyone and can apply to businesses, residencies, rental properties, investment properties and even vacant land. This foreclosure prevention method is called a short sale because you are offering your house on the market even though the offer you receive will, more than likely, be short of covering the payoff of your existing mortgage.

So how do you win with a short sale as a method of foreclosure prevention? Because the banks only want to recoup as much money as they can, the short sale leverages the banks against their bargaining chip, the foreclosure. That is why we consider it foreclosure prevention to use a short sale.

Basically (bear in mind that we are speaking in general terms, all of this should be verified with a real estate expert), you will put your home on the market as a tool of foreclosure prevention. When you receive an offer, which will more than likely be less than the value of the loan, you tell the bank that they should accept the offer in lieu of foreclosure on your home because it is far more than they will get if they have to sell the home at foreclosure. For this fact, the bank will allow this method of foreclosure prevention to minimize their losses. In many instances, they will be willing to forgive the remaining balance of the mortgage that the offer price didn’t cover. The bank wins because they do not incur the fees and legal proceedings that go along with a foreclosure and you get out from your mortgage.

You can wait around for the newest foreclosure prevention act from congress and hope that it will apply to you or use the newest tool in foreclosure prevention, the short sale. Given how Congress handled the last foreclosure prevention act, which would you prefer?

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Foreclosure Prevention, Where to Turn in this Difficult Time

It is tough to not notice all the foreclosure prevention advertisements popping up in Phoenix, Arizona these days. Foreclosure in the United States are at record highs, so too, in turn, are people seeking foreclosure prevention help. Thousands of people are searching for foreclosure prevention to stay in their homes. A look at recent history shows that the foreclosure epidemic was inevitable. The easy credit and financing of the last decade led millions to sign on to home loans that were headed for problems from the start. Many of those millions are now searching for foreclosure prevention help. Many of the loans available came with a convenient adjustable rate. Those that took advantage now find themselves among the largest group that is searching for foreclosure prevention help. In only a few short years, the interest increased on these loans and the payments went up. This left many home owners without the funds to pay for their mortgage and led them to seek foreclosure prevention.

Although many people in Phoenix, AZ have already lost their homes, there is good news. Foreclosure prevention is possible. However, you need to get started right away. The most important thing in foreclosure prevention is to respond to the correspondence you get from your mortgage lender when you find yourself behind on your payments. Far to many people ignore these requests from lenders and that is no way to find foreclosure prevention. The longer you ignore the lender without responding the further you will get from foreclosure prevention.

When speaking with your lender, give them some insight into your financial situation let them know that you intend to make the payments as soon as possible. Many lenders will help you with foreclosure prevention by working out payment arrangements with you in arrears to help you out a bit.

If an arrangement with your lender doesn’t work for you as a means of foreclosure prevention, perhaps refinancing is an option. Refinancing as a means of foreclosure prevention can lower your monthly payments to a more comfortable number. However, if you have damaged credit from missing payments, many lenders will not allow this.

If you find that most of the foreclosure prevention options won’t work for you, consider a short sale. A real estate expert can give you insight as to how a short sale works as a method of foreclosure prevention. As is noted in the term, you will have to sell your home. However, using this process as a means of foreclosure prevention can and is probably the best option for you. There are real estate agents in your area that work specifically with short sales. Take advantage of their knowledge of foreclosure prevention and the short sale process to get yourself on the right track for your future.

The short sale will make the best of a bad situation. If you are one of millions looking for foreclosure prevention help, contact a real estate agent today regarding short sale of your property.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Foreclosure Short Sale is A Way Out

Ten percent of all home owners in Phoenix, Arizona are currently facing foreclosure in the United Sates. Within the other ninety percent there exists a large group that will soon find themselves in the sale predicament. With unemployment on the rise and businesses failing on every street corner, many people can not afford to pay their mortgage payments on a monthly basis. The number of people missing mortgage payments on a monthly basis is astounding. So, how do you go about saving your home from impending foreclosure? There are some clever ways to go about doing this.

Here are a few ways to consider…· Do not wait for the lender to send you a foreclosure letter or even a notice of default. Communicate to your lender with a hardship letter as soon as you see that you won’t be able to make payments.

· Timing is critical in the process to save your house from foreclosure in Phoenix, AZ. A delay in your decision making process can cost you time, money, and most importantly, your home.

Here are some options available to you…

· Contact the HUD to visit with a counselors. They can help you sort out your finances. Also, they have a better means of proving your hardship case to your lender. The service is also free to use.

- Loan modification—get the bank to change the terms on your loan

- Loan mitigation – negotiate with the bank on paying overdue payments

- Refinance – totally redo your mortgage loan (lots of fees with this and tough to do if you missed payments already)

- - Getting a personal loan to pay the mortgage amount – this just gets you deeper in debt

AND FINALLY, THE REAL SOLUTION….FORECLOSURE SHORT SALE

A foreclosure short sale is the best option to consider. The foreclosure short sale is the only option that will help you rid yourself of a burdening mortgage and may get some money into your pocket too (if you are lucky). The foreclosure short sale is not an option that banks will agree to without hassle. With a foreclosure short sale it can be tough to find a buyer quickly. Also, the offer amount that you generally get from a foreclosure short sale is a great benefit to the borrower (like a discount on your mortgage). The foreclosure short sale process appears to be a bad choice for your lender, but when you find a real estate expert that is experienced in the foreclosure short sale, he can explain why it is not a bad deal for you or for them. You should consider a foreclosure short sale if you are in the following situations among others…

- You don’t mind moving out of the home to live someplace else.

- You can’t afford the home in the future and it will be a long time before its value is as much as the mortgage loan is now.

- You want to avoid foreclosure and do as little damage to your credit as possible.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Foreclosure Prevention Part II: More Qualifiers

Part two of the amendments is as follows…

Under the American Housing Rescue and Foreclosure Prevention Act each loan considered for foreclosure prevention will have to be taken on by an FHA lender reviewed on an individual basis. So the banks in Chandler, Arizona still hold the power as they can help or hurt you in your search for foreclosure prevention by reviewing your credit scores, pay stubs, tax returns and other relevant data. This is really no different than applying for a new mortgage! You will be required to meet much of the same criteria to qualify for the foreclosure prevention act.

Does that make sense? While we are not mortgage lenders, it would appear that foreclosure prevention is not in your future if you do not have a near perfect credit score. Isn’t this really just a cruel joke, rather than an act of congress to help thousands of Americans? It stands to reason that just one percent of the people seeking foreclosure prevention can qualify for this program.

Another interesting note from this program…

American Housing Rescue and Foreclosure Prevention Act GSE Reform (H.R. 1427) borrowers are responsible for paying a lifetime insurance premium to the FHA, which your government decided will be a robust one and a half percent of the annual principal. Users of this foreclosure prevention act must also agree that if they sell their home for a profit in the future, they will share that profit with the FHA. In order to facilitate this, home owners will pay a three percent “exit fee” of the mortgage when they sell or refinance their property if they chose to use the foreclosure prevention act.

How useful are these amendments to the people in Chandler, AZ looking for foreclosure prevention help? From the outside looking in, it would appear that the foreclosure prevention act is aimed at helping the FHA be more stable in the future, rather than helping the home owners that are looking for foreclosure prevention and trying to save their families homes.

To sum it all up, with the deep recession that this country is in right now and considering the gross negligence of our Government with their ridiculous programs like the American Housing Rescue and Foreclosure Prevention Act, they have failed the American people. There is really no offer of real foreclosure prevention help to the people who need it most. There is very little likelihood that this foreclosure prevention program will ever get to the people that can actually benefit from using it.

Perhaps, with the new administration, the American public can find a foreclosure prevention program that will really work FOR them. However, between now and the advent of any government program that can really help us, you are very much standing alone in your search for a foreclosure prevention method that will truly work for you.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

Technorati Tags: short sale,loss mitigation,foreclosure,avoid foreclosure

Foreclosure Prevention Part I: Congress Tries to Help

A current bill making its way through the halls of Congress, the American Housing Rescue And Foreclosure Prevention Act was passed a few years ago by the Senate and House of this nation and signed into law by President George Bush. Many of the people in Chandler, AZ who are seeking information on foreclosure prevention have been asking for an explanation of this act of congress in terms that they can understand. People, quite simply, want a general idea if this foreclosure prevention is something that they can take advantage of. Here is what we have found out about the foreclosure prevention act.

The House of Representatives worked diligently several months ago to passed what they referred to as “the most comprehensive response to the American mortgage crisis” that the country has ever seen. At least that is their claim. The act is called The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) and was created to help out with the current crisis facing many middle class Americans that own homes while at the same time providing them with the needed help with foreclosure prevention that they have been asking for.

The act includes a variety of bills including actions to bring up to date the FHA and reform the GSEs, which could help with crucial liquidity to our real estate markets immediately while also supporting foreclosure prevention with better regulation and oversight.

The American Housing Rescue and Foreclosure Prevention Act was created to aid property owners in Chandler, Arizona facing who are foreclosure keep their properties. It is supposed to help a growing number of families with foreclosure prevention in the future, and spur the economy in places that have been hit hardest by foreclosures.

However, keep this in mind, after the American Housing Rescue and Foreclosure Prevention Act was signed into law, dozens of amendments were immediately made to it until it was so exclusive with its provisions that it only helped roughly one percent of the home owners that were looking for foreclosure prevention.

Some of those amendments include…

Amendment 1: FHA American Housing Rescue and Foreclosure Prevention Act (H.R. 5830). Only primary residences are eligible for foreclosure prevention. NO speculators or investment properties qualify. second or third Mortgages loan in the same property will not be refinanced and will not have any means of foreclosure prevention. So, if you have a second mortgage, which many home owners do, foreclosure prevention through this act will not be available.

The raw facts show that almost seventy five percent of current homeowners seeking foreclosure prevention today have a second or third mortgage. That is an enormous group of people that can not get any foreclosure prevention help.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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Arizona Government Helps Foreclosure Prevention

More than a thousand home owners in Phoenix, Arizona area were able to use foreclosure prevention techniques to keep their homes from being foreclosed on. Because of a variety of foreclosure prevention projects, millions of Americans across the country have been able to avoid foreclosure. Contrary to popular belief, the banks and lenders that hold these mortgages want to help you with foreclosure prevention just as much as you want to help yourself.

The government in Phoenix, AZ understands that foreclosure prevention programs are important to the families of this great state. And they are doing everything that they can to help with foreclosure prevention for all of those home owners that need it. There have been exhaustive efforts with respect to foreclosure prevention to help people stay in their homes.

The foreclosure prevention program that the federal government unrolled was enacted by President Obama. He also had the intentions of helping foreclosure prevention of homes that were purchased with sub prime mortgages. The foreclosure prevention program is set up and can be used until at least 2012.

Under the foreclosure prevention program, many people that face foreclosure or the potential of foreclosure can have the opportunity to use something like a loan modification. Loan modification is a great method of foreclosure prevention as it gets the home owner into a situation that they can feel comfortable with. However, because the government is involved, they are in control of who can use the program. That is a good thing for people trying to find a method of foreclosure prevention. Without the government involved, a loan modification can only happen if the lender agrees to it, and they only care about there money.

The foreclosure prevention program is useful for many, but its criteria can make it difficult for some to qualify. Also, if you are one of those individuals that can’t make the payments at all, modifying the loan may not help at all. Therefore, some of you need to consider another foreclosure prevention option.

Consider for your foreclosure prevention prevention method the short sale of your home. The short sale offers the home owner the opportunity to get out from under their mortgage by selling the home.

Because of current state of the housing market, with home values plummeting, people don’t think that they can sell their homes for enough money to pay off the mortgage. While this is true, the short sale remedies that, which is why it is a very nice method of foreclosure prevention.

With a short sale, you are able to sell your home for less than the value of the mortgage and the bank accepts that money along with other terms that include either forgiving the remainder of the loan or working out a payment schedule for the remainder of the loan. Either way, it is a great way of foreclosure prevention.

Do you have questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com

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