Foreclosure - the end?

Foreclosure - what can we do?

Unfortunately, there many of our fellow Americans who are faced with foreclosure ... but it isn't necessarily an inevitability.

A homeowner usually is 4 months or more behind in payments before the foreclosure pricess is initiated.  Once they receive a Notice of Election and Demand from the Public Trustee, they still have the opportunity to sell the property prior to the foreclosure date.

Banks don't want to own homes and the Trustee really doesn't want to foreclose homes.   They both will work with the homeowner if there is a chance that the home can be sold.

If the homeowner has equity in the home, it may be possible to sell the property without bank intervention.  If the mortgage(s) and expenses of the sale create a deficit for the homeowner, then many times the bank will consider a short sale (where the bank takes a loss on the sale).  A short sale will still create a negative impact on the homeowner's credit, may have income tax consequences and does not necessarily mean the deficit is forgiven by the bank ... but it is an alternative to the stigma of having a foreclosure on your record.

If you would like more information on how to avoid foreclosure your are welcome to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .