Home Owner's, unfortunately you are the ones bearing the brunt of this falling real estate market. Whether you have endured some personal hardships or been a victim of predatory lending practices, foreclosure is a scary word.
Let me help by first explaining the process of foreclosure. Your lender will have notified you that because of missed payments you are in jeopardy of going into foreclosure. This period is called pre-foreclosure. Then you receive notification from a lawyer that your lender has scheduled a court date at which they are requesting a judgment of foreclosure. This notification is called a Lis Pendance.
When the court issues the judgment of foreclosure you are then actually in foreclosure. But don't panic.
You, by law, have a redemption period. That means that you have time to redeem your foreclosure. The amount of time varies by state. Here in Wisconsin you have 6 months if you live in the property or 3 months if the property is vacant. If you are unable to redeem the foreclosure the property will be sold at "Sheriffs Sale". That means it will be sold at auction to the highest bidder (almost always the lender).
During your redemption period you will be inundated with letters, postcards and phone calls from investors, Realtors and people offering you solutions. Believe me there are solutions! But please make informed and well thought out decisions.
First decide what is in your best interest. I know that this is a scary and emotional time but don't let your feelings guide your decisions. Here are some of the decisions you need to make:
- Do I work with a Loss Mitigation Specialist or Investor to keep my home?
- Is it in my best interest to cut my losses and move on?
- Who out of all these contacts do I work with?
There are alot of very good options open to you. But be careful, there are alot of predators out there. Always check out anyone you are thinking of working with. Call the Better Business Bureau, even if a company isn't a member you can still find out if there have been complaints.
A short sale is a good option whether you are working with a Realtor to sell or an investor to do a buy back. But make sure they are experienced at doing short sales. That's where A Virtual Short Sale Assistant can help. If you are working with a Realtor we can make sure that the short sale is handled properly and the ball doesn't get dropped. If you are working with an investor we can make the whole procedure go much smoother.
Call us and find out what we can do for you. Call us even if all you need is information or help finding someone in your area that is proficient in short sale negotiations. We are here to help!!
A New Dawn Real Estate Services, LLC
Your Virtual Short Sale Assistant
2324 Hwy A
Belgium WI 53004
262-573-6309
Fax 262-285-4273
dawn@virtualshortsaleassistant.com
