Avoiding Foreclosure

We have helped many people avoid foreclosure through successful short sales.

If you think that you may be heading to foreclosure, contact us early.  In most cases, we can help.

What is a Foreclosure?

When you borrow money to purchase a home or take out a loan and use your home as collateral, the lender has the right to take the property from you if you fail to pay your loan back.  The process that the bank uses to take the home is known as foreclosure.

Banks DO NOT want to take your home. This is a lose, lose situation.  The foreclosure costs the bank a lot of money.  They have to pay an attorney to conduct the foreclosure.  Then the bank usually hires a Realtor to sell the home for them.  The bank must pay all past due taxes and tax liens against the property before they can resell the property.  The bank may have to do significant improvements to the home to make it sellable.  

The process is horrible for the seller.  The bank will make frequent disturbing collection calls.  The sheriff may show up at home owner's door to evict the home owner and their family.  The home owner loses their home.  The home owner's credit is destroyed for seven years.

What is a Short Sale?

A short sale occurs when a home owner owns more money on their home than it is currently worth but would still like to sell their home.   The home owner presents a package of information about their current financial situation to the bank and the bank can be convinced to allow the sale even though the sale of the home will not fully pay of the lien against the property. 

While short sales effect a client's credit negatively, HUD has issued guidelines that allow for a new mortgage in just two years after a short sale.  Compared to the seven years damage to credit for a foreclosure, it is puzzling why anyone wouldn't pursue this option.

Who can help?

We can!  Call us as soon as you think that you may be heading to foreclosure.  The sooner that you call, the more likely that we can help. 

I have been very successful in getting the banks to allow the short sale AND pay me for my services.  I have NEVER had a client required to pay Weichert Realtors or the bank any money at settlement.  There is never any upfront fee required. 

For 2009 listings in Fairfax County, VA, there were 4538 short sale listings and only 2167 sold (less than 48%).  We have been doing successful short sales since 2006.  We use a professional short sale negotiator.  For all of our short sale listings, we have only had 1 (one) home that received a contract that didn't close.

Be Careful!

There are a lot of disreputable people in the world.  If someone asks you for money before they will help you, don't walk, run away!  Do not sign over your property to a third party who said that they can help you if you do so.

When you contact us, we will give you free information and let you make the decision as to the best course of action for your situation.