Foreclosure Rates Continue to RisePrevent Foreclosure with a Short Sale

The Triangle Business Journal reported yesterday that foreclosure rates continue to rise, even as lenders continue to aid mortgage borrowers to become current on their payments.

“In February, nearly 250,000 homeowners received either mortgage modifications or repayment plans from their lenders, according to Hope Now, a coalition of lenders, investors and community advocacy groups targeting the foreclosure crisis. About 134,000 of those workouts were mortgage modifications, which typically involve lowering interest rates, lengthening mortgage terms or reducing the principal owed. Despite that aid, the number of foreclo-sures processes begun rose to 243,000 in February from 217,000 in January, Hope Now says. Banks repossessed about 87,000 homes during February, a 28 percent jump from 68,000 in January.”

This is discouraging news to the thousands of homeowners facing foreclosure, prompting many of them to begin the process for a short sale of their home. A short sale is where the bank allows the homeowner to sell their house for less than what remains on the mortgage. The homeowner is not responsible for paying the difference, and this option is much easier on your credit score than a bank auction or lieu in deed.

To help guide them through this confusing process, many of these homeowners are turning to short sale negotiation firms, and finding the market riddled with potential scams. “If you are re-searching short sales in Portland, you’ll quickly discover that everyone is a short sale expert. Most of these “experts” are real estate agents who have turned to short sales out of sheer ne-cessity. They may have taken a class in short sales, but that’s not the same thing as real short sale expertise,” says a representative from www.sellhomeowner.com, a short sale specialist company that helps stop foreclosure in Portland, Oregon.

If you are in the market for a short sale negotiation firm make sure that the company you choose has over 10 years of experience in the short sale negotiation market, with lawyers and mortgage professionals on staff to help you make decisions and facilitate your sale.

You also want to look for a company that does not charge fees to the seller. The only short sale companies that charge fees to the seller are scam artists who want to take your money and run. These companies ask for a fee, because they want a “guarantee” that they will make a money off of your account, regardless of whether or not your home sells. True short sale com-panies will not charge you a fee for your business, and instead work off of a commission struc-ture based on their sales. This means that they do not get paid unless they obtain a successful short sale of your home.

Lastly, look for a company that pays its employees with a percentage of your sale. This means that the employees are going to work as hard as possible to get you the best price. How long have you been working with short sales or foreclosure prevention? If the answer is a short time, this can indicate someone who has recently joined this market in order to make a quick profit.

Remember, if you are stuck in a house you can’t afford, there are thousands of people just like you. Don’t let shame or embarrassment keep you from taking steps to prevent foreclosure. Find a solid company to represent you and move forward.

For additional information on short sale options, or preventing foreclosure on your home, please visit: http://www.SellHomeOwner.com.

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