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The economy has affected many people differently. There are still a lot of people that this down-turn has not affected, but still there are a lot that this down-turn in the economy has had a devastating toll on their lives. The news talks about bail-outs and debt relief, but to most Americans this is nothing but talk. To let us know how the economy has effected your life join us on facebook on our discussions tab to tell us your story.
A very real side of this down turn in the economy is foreclosure. The dreaded "F" word that is avoided in conversation like the plauge. People who are facing foreclosure go through stages of foreclosure almost like they go through stages of greif. After all, losing your house is almost like It is very easy to deny that there is anything wrong when you have first missed some payments on your property. There are stories on the news, and people are talking about it, but for now it is easier to ignore the problem than to do anything about it. Some people choose to isolate themselves and do not turn on the news for fear of hearing more bad news, more people mentioning foreclosure, bail outs, debt relief, bad, bad, and more bad news.
It is inevitable that people will find out about your pending foreclosure. After all, it is public record and not only will the bank be calling but so will countless other people - these other people will say they want to help, and some of them do, but you must be careful of the people that want you to sign over your deed, or to give them money. So all these people are starting to contact you, and let's face it - you get angry. It's hard not to have this reaction because some of these people will be very persistant, especially the bank. Sometimes people will even knock on your door, sometimes investors, sometimes real estate agents, all saying they want to help you.
After a while you will contact someone. It may be the bank. Hopefully you just had a run of bad luck and they will be able to help you straighten out your payments to get back on track. Sometimes the bank can agree to add the payments you missed onto the end of your loan and you just start paying your mortgage again. Other times the bank may offer you a re-finance deal where if you can make the payments, they will help you to get into a loan for as low as 3% through the government. Please do not pay anyone to do this for you. If this is an option for you you should contact your mortgage company and ask them to send you information on the program. There is no need for you to pay any money out of pocket for something your mortgage company can do for free.
What if you can not afford to keep your house? You may have tried everything you can think of and still there does not seem to be a solution. Sometimes it may seem easier to give up and just let the house go to sheriff's sale instead of letting someone else profit off of your loss. This option, however, will only hurt you more in the end than help you. The bank will still want their money, and if the property is sold for less at sheriff's sale they can still come after the deliquency.
Hopefully somewhere in the foreclosure process there is acceptance. The house is either going to be sold by you or the bank. If you sell the house you have more control over walking away from the debt instead of having it follow you for years, in some cases, before the bank finally sells the property and figures out how much money they lost.
At Metrovisions Realty, Inc. we assist families in foreclosure to sell their property before the courts sell it at sheriff's sale. When a homeowner owes more than their property is worth, we short sale their mortgage and sell the property before the bank is able to. If you have no other option but to leave your house, the only logical solution is to take control of the situation and sell the property. Leaving the house vacant causes everyone problems, and you don't want to see the house you've spent so much time in deteriorate.
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