Well, this morning I got a disappointing call, a friend of mine let me know that they had lost their home to foreclosure. To be honest I was a little shocked. I had no idea that they were having difficulties. I wish they had called me before, when they first found themselves getting into trouble. I could have helped. They could have done a Short Sale. I am not sure why they didn't call. My gut feeling is they were embarrassed, but there is nothing to be embarrassed about and chances are I am going to find out when the property is listed as an REO anyway. There are a lot of good, hardworking people who are falling victim to the economy. I urge you if you start to feel yourself getting in over your head to call me. I will not judge! Do not put your head in the sand and hope it goes away. If you wait too long, I might not be able to stop the foreclosure. Be proactive and call for help as soon as you can, that is what I am here for.
Below is a link that will compare the tax and credit consequences of a short sale vs. a foreclosure. You will also see the wait time to repurchase after a short sale is considerably shorter than with a foreclosure. Please take the time to read the information and see if a short sale is right for you. Of course check with your own tax/legal professionals. If you need more information or you are ready to start the process, please give me a call before it's too late.
http://homebuying.about.com/od/foreclosures/f/072509_Short-Sale-vs-Foreclosure.htm
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