Wednesday, 24 October 2007

Short Sale alternative to Foreclosure

When people talk real estate these days, there’s a whole bunch of ominous terms being bandied about. With some northern US states hit so hard by the housing downturn that over 30% of their houses are empty, and south Florida leading the state , if not the country in foreclosures, the increase in anxiety is to be expected. But homeowners need not panic, there are alternatives to foreclosure.

Getting in over your head financially doesn’t have to mean losing your home investment. You should always try to work things out with your bank first. Contact them as soon as you’re having trouble making your payments. Banks don’t like foreclosures and you may be able to make a deal that will make your payments bearable and allow you to keep your home. There are also some programs though HUD that can help you stay put until the market balances out.

Once you’ve exhausted your options, you may want to try and negotiate a short sale. read the rest.

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