Vancouver Wa Real Estate Blog

Every day, more people slip into the foreclosure whirlpool and spiral downward toward the day they may have to leave their home. What should you do if you are on the verge of getting a foreclosure notice?

First and foremost,  face the issue head on and prepare for days and weeks of making phone calls and corresponding with people who may be able to help.  Don’t assume it’s too late to act.   As long as you are residing in the home, you probably have some opportunity to keep your home.

People facing foreclosure have more avenues to pursue than they might realize.

Potential solutions include:

- Negotiating a modification of the loan.
- Refinancing the loan.
- Listing the home through an agent for a possible “short sale.”
- Selling the home to an investor on your own.
- Declaring bankruptcy.

Short sales-in which the lender agrees to take less than is owed on the home, writing off some or all of the loss to avoid the expense of a foreclosure-typically are handled by real estate agents, which at least takes some of the pressure off of  the homeowner.

Yes, it seems the banks are just not moving fast enough. They are sitting on these, and it’s outrageous.  Though the process can be slow and frustrating, many professional real estate agents are working more short sales these days and have buyers lined up looking for bargains, .

Crystal Boldt Foreclosures and Shortsales