That is what many homeowners feel like screaming regarding their home situation.

What can be done?

Step 1. Meet with someone that will explain the options available. Most real estate agents want to simply steer homeowners into a short sale. But that may not be the best answer. If a bank wants to pursue a deficiency judgment after the sale, that judgment will be hanging over the head of the homeowner for years. Some deficiencies are in the $100’s of thousands!

Step 2. Look at all options strategically. Think about the future. Some options may cost now but save money, or even the home, down the road – such as getting a loan audit or loan modification. Run the numbers. What makes sense? Other options may not cost anything now, but could potentially keep one out of the housing market for a longer period of time – such as walking away and letting the bank foreclose.
Step 3. Act now! There are timeline strategies that should be considered. However, the longer a homeowner waits, the fewer the options available.

Many have left their homes far before they needed. It’s worth most homeowner’s time to do a little investigation to see what can be done. If a homeowner is considering a loan audit – which I would encourage most everyone to do - simply because if the bank or loan originator did something wrong or deceitful on a loan the homeowner will have more clout behind a request of the bank. It isn’t a guarantee, but find a company that will look over loan papers for a few specific infractions before charging anything. This could save hundreds of dollars.

I am a “Pre-Foreclosure Coach.” I don’t tell homeowners what to do. I simply help educate homeowners in regards to their timelines, strategies and options. My seminars and services are free to homeowners. Some options a homeowner may choose do incur a cost, but others won’t cost anything.

At our seminars, homeowners will generally hear options laid out from a bankruptcy attorney, litigation attorney, loan audit specialist, living trust attorneys and myself and give you an opportunity to make a more educated decision. I highly recommend that homeowners look at as many options as possible before a decision is made. These seminars are free, so why not take advantage of them?
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Gil Hodges is a Certified Pre-Foreclosure Coach. He has been a licensed Real Estate and Mortgage Broker (DRE LIC# 01343083) since 2004. For more information or for coaching, please call (888) 248-1155.
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The information presented above is of a general nature and is not intended for any particular situation. This does not constitute a guarantee on the outcome of a particular case, and does not establish a client-coach relationship with any reader.