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Foreclosure Is Not Something to Ignore and Hope that it goes Away
Foreclosure is one of those problems that can be tempting to avoid. The letters arrive. The phone calls start. Maybe you tell yourself you’ll deal with it next week, or that somehow the situation will improve on its own.
Unfortunately, foreclosure doesn’t stop simply because you don’t respond to it.
If you’re behind on your mortgage payments, the most important thing you can do is understand your situation and your options as early as possible.
Time Matters When Facing Foreclosure
When mortgage payments are missed, there is a process the lender must follow. That process doesn’t necessarily mean you will lose your home immediately, but it does mean there may eventually be deadlines that cannot be ignored.
The earlier you address the situation, the more time you may have to explore possible solutions.
Depending on your circumstances, those possibilities might include working with your lender on a repayment or loss-mitigation option, selling the property before foreclosure, or pursuing a short sale if the home cannot be sold for enough to satisfy the mortgage.
Not every option will work for every homeowner. That is exactly why getting information early is so important.
What If a Trustee Sale Has Already Been Scheduled?
If you have received notice that a trustee sale has been scheduled, you should take the situation seriously.
Waiting until the final days can dramatically limit what can realistically be accomplished. Even if selling the home is the appropriate solution, there needs to be enough time to prepare the property for sale, establish a realistic price, market it, negotiate an offer and work through the transaction.
If a short sale is necessary, additional time may be required because the lender or servicer generally needs to review and approve the transaction.
The clock matters.
Don't Let Embarrassment Stop You
Homeowners can fall behind for many reasons.
A job can disappear. Income can change. A divorce can happen. Unexpected expenses can arise. A business can struggle. Sometimes a homeowner simply reaches the point where the mortgage payment is no longer sustainable.
Whatever brought you to this point, avoiding the situation doesn't create a solution.
You don't need to have all the answers before asking for help. You simply need to start asking the right questions.
Selling May Be One of Your Options
As a REALTOR®, my role isn't to provide legal, tax or financial advice. My role is to help you determine what the property may realistically sell for and whether selling could be part of your solution.
If there is sufficient equity, a traditional sale may allow you to pay off the mortgage and other applicable costs from the proceeds.
If you owe more than the property can reasonably sell for, a short sale may be worth exploring with your lender or servicer. A short sale generally requires lender approval, and approval is not guaranteed.
The important point is this:
Don't assume you have no options until you have investigated them.
Take Action Before Someone Else Makes the Decision
There is a major difference between making a decision about your property while you still have choices and waiting until circumstances make the decision for you.
If you're facing foreclosure in Tucson or Southern Arizona, contact me and let's discuss the real estate side of your situation. I'll give you a straightforward assessment of the property and help you understand what selling the home could look like.
No promises. No judgment. Just information so you can make an informed decision about your next step.
Wes Stolsek
OMNI Homes International
520-404-9773
Don't ignore the problem. Understand your options. Take action early.
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