Some homeowners in foreclosure fail to qualify, or the financial burden and the emotional pain is so high, they prefer to start over. Selling the home is one of the last choices a homeowner has. Often there isn't much time before the Sheriff's sale, and with commission, back payments, interest, and legal fees, this can make the price of your home to high to sell quickly. The foreclosure process will continue.

If you would like to sell now, I will pay your attorney fee during the months of Oct. and Nov. 2008 up to $ 500.00 and transaction must close.

Want to sell prior to foreclosure?
You must list your home with a Realtor, FSBO will not work. We have the knowledge of the foreclosure process and experience and getting the property sold. Even though it may be the least desirable option, you should consider it early in the foreclosure process. This may help you avoid losing all your equity (if any) to the lender or even leaving you owing money.

No equity-owe more than the present value of your home?
A SHORT SALE is a useful solution for those who have no equity in their property. A 'short sale' is when the bank takes less than what is currently owed to satisfy the mortgage. Many lenders will postpone or delay the foreclosure sale and give you some time to sell your house, if you initiate the workout process with them as far in advance of the sale date as possible. Typically lenders will consider short sales from their borrowers who can no longer afford to keep the payments current and are experiencing financial hardship. An additional benefit to this option is the assistance you will receive with the seller-paid closing costs. It is better to sell your home and pay off the mortgage than have a foreclosure on your credit report. Future lenders will prefer to work with a borrower who has a 'paid' rather than an 'unpaid' foreclosure on their credit report.

Sell to a private investor?
If you are facing foreclosure, sometimes the best, fastest and easiest way to avoid foreclosure is to find a buyer that will reinstate your loan for you (seller beware), quickly getting your loan back in good standing with your mortgage company. 

Deed-In-Lieu of foreclosure?
As a last resort, you may be able to vountarily 'give back' your property (if there is equity) to the mortgage company, although they are not obligated to accept it. Most will not even talk about that.

Ultimately, protecting your credit must be your number one goal. Your bad credit report will be with you the rest of your life. Take steps now to keep your credit as best as possible.

Any further questions please contact me at 630-835-7003 or george@georgemagdanz.com