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Want To Avoid Foreclosure? Use A Short Sale!

by Charlie Allred

Look. I’ll be real honest with you. There are no guarantees. Period. Especially in this market.

I certainly don’t mean to scare you. I know you are most likely experiencing enough fear and worry already. What I do want to do is dispel a few myths in regard to “avoiding foreclosure”.

Maybe myth is too strong a word… But let’s go with it anyway because the odds are against you in a big way with all but one of these methods I plan to share with you.

Myth #1 is known as loan reinstatement. Now, call me crazy but I would love to know how an individual who is facing foreclosure and standing behind a mountain of past due notices will have the ability to take advantage of a loan reinstatement. Here’s why: In most cases, if you can not pay your bills you will not be able to come up with or borrow money to come up with a big chunk of money to bring your mortgage current. And, that is generally what this type of arrangement will require.

Myth #2 is called loan modification. While there are some lenders who are open to performing a loan modification, the vast majority would much rather toss you out on the street and sell the property at the courthouse steps! Think about it… would it be better for the lender to get a small amount of money from you for the next 50 years on a month by month basis or would the lender rather have a large chunk of money paid to them today which they then could either re-lend to someone else or invest in interest producing vehicles. My money is on the second one… What about you?

Myth #3 is called a FSBO or (fizz-bo) or For Sale By Owner. This one is a true last desperate grasping the proverbial straw! In this scenario the homeowner assumes that he or she can command a better price and find a qualified buyer better than a real estate agent can! Now, for those who have vast marketing experience this may be true, yet for the average person this is equivalent to going down with the ship. In most cases you will not sell the home for enough to cover your mortgage or make a profit.

The real “best way” is to use a short sale. Contact a qualified short sale expert or look into getting short sale help as quick as possible in many cases time is a factor and can affect your outcome.

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