Comments on: Lose your home without losing your mind

By: Donald Stevens

Donald Stevens — Sat, 15 Nov 2008 17:29:32 +0000

When facing a foreclosure, don’t bury your head in the sand. There are many people out there who have gone through the same thing. The interesting thing I have noticed is most people assume a realtor can help them and advise them to save their credit. Unfortunately most realtors are interested in listing as many properties as possible to get a sale. They are not as keen as short sales as they lead people to believe. Insurance agents, realtors, and mortgage brokers are good people to talk to when you are considering your options. The key factor when talking with these people is if they know people looking to purchase a home on a short sale and if they actually have the funds. Listing a house and waiting for a buyer in this day and time is not a great plan. Find someone who works with investors who have cash ready to buy and who knows how to talk to a bank. A little bit of work for you, but it is easier than spending seven years waiting for the negative items to fall off your credit report.

By: John Karavas

John Karavas — Sat, 15 Nov 2008 16:10:22 +0000

Seniors who are behind in their mortgage, or property tax payments have an advantage over pre-60 year old homeowners. It is called the reverse mortgage (RM). Not to be used when other cash resources are at hand, but when there is no cash liquidity available the RM is an ideal tool to be used. You can pay off your mortgage obligations and not have to make any payments while you continue to live in the house. Credit and income levels are not a qualifing criteria. It is just a great way to go when you want to live in your house but have financial restrictions that threaten your goals. (John from jkaravas.com)

By: Brown Eyes

Brown Eyes — Tue, 11 Nov 2008 05:15:14 +0000

Thanks for writing about this. I too, have just had to do a short sale on my home that was about to be auctioned. Unfortunately I was barraged with the “if’s”, and by my own family no less. “if you hadn’t bought that place like we said, if you hadn’t lost your good paying job” and so on…. It was very hard then to take, and it’s still hard sometimes when they bring it up. But being positive and not looking back is key. Great article.