Be proactive. Before it’s too late

March 22, 2010 · Filed Under Real Estate 

The time is now to be proactive, more than ever before. If you’re having trouble making your mortgage payments, then contact your bank (if they haven’t already contacted you) to make “arrangements”. The government has given the banks the directive to work with their borrowers and not just skip to the final step (foreclosure). These directives have come in the form of “loan modifications” and “short sales”. I know I know, you’ve all heard the stories that these take for ever and they never get closed. That was true in the past but most (not all) of the banks have actually hired and trained people to handle these transactions now. And the banks are calling on their delinquent borrowers and getting the process started so when you do get a buyer for your home (should you decide to sell), the process is well under way. The one thing I caution homeowners about is using one of the banks “suggested” real estate agents. You have no history with them and this is where you need to say “thanks” but “no thanks”. Call your REALTOR and keep control of the process. Someone you know and trust. If you don’t know a real estate professional personally, ask a friend, relative, or neighbor. It’s good to get a referral so you can rely on their knowledge and expertise. Don’t go into the short sale process blindly. Please contact either one of us if you have any questions on this complex subject.

wallace…

Comments

5 Responses to “Be proactive. Before it’s too late”

  1. Tony Orlando on March 22nd, 2010 6:44 am

    Hello.

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  2. Tony Orlando on March 22nd, 2010 7:00 am

    Just wanted to say HI. I found your blog a few days ago on Technorati and have been reading it over the past few days.

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