When faced with a possible Orange County foreclosure is very tempting to move forward with a short sale or allowing the foreclosure without much thought. This is usually tempting for a homeowner because a short sale can function as a preventative measure on a pending foreclosure. There are a lot of facts about foreclosures and short sales that homeowners need to know about before they ever move forward with either one.
The good news is that there are plenty of companies out there whose business it is to help homeowners keep the homes they’ve work so hard to obtain. The first thing you need to do before letting a foreclosure complete or moving forward with a short sale is to contact a trusted real estate agent. He/she will be able to advise you on the best course of action based on a great number of things such as the length of time in your home, how much is left on the mortgage, and your eligibility for a number of anti-foreclosure programs. You also need to contact your lender to let them know that you’re interested in pursuing a course of action other than foreclosure. If a short sale is what you’re looking at then you’ll want to see if your lender will qualify you for one.
After you’ve spoken with your real estate agent and your lender you’ll need to evaluate everything and consider all possibilities. Those homeowners who have no choice or decide on letting a lender foreclose on their home should still work closely with with a real estate agent to help guide them through the process and make sure that the treated fairly and according to law. Homeowners who are able to take advantage of short sale should also work with a trusted real estate agent for the same reasons. Moreover those homeowners who are eligible for one of the many anti-Orange County foreclosure programs will also need to work with a real estate agent who has experience and extensive knowledge about these programs. This person will be able to help the homeowner makes sense of the complicated processes involved in all these programs and help them navigate the murky waters that surround them.
Whether it’s a foreclosure, short sale, refinance, or some other program that keeps them in their home, it’s extremely important to work with a professional when faced with any of these things. This is because there are some lenders who are less than fair to homeowners and there also numerous scams out there that aim to take advantage of people facing these types of crises.