Foreclosure May Not Be Your Only Option
By Brian Thomas
(Innovative Real Estate)
I get it. I have been there. You are dangerously behind in your mortgage payments and you can't seem to catch up. You're getting the letters and phone calls that lead you to believe that you have no other option. Foreclosure seems eminent. That's not necessarily the case.The mortgage company doesn't want to own your home anymore than you want to lose it. In the current Real Estate market, (definitely here in the Denver Colorado area) it seems that this scenario is more common than believable. The home prices dropped; an A.R.M. (adjustable rate mortgage) adjusts to a higher rate; the new payment is now unaffordable; refinancing is out of the question because of credit status changes; the owner finds that they owe more than they can realistically sell it for. What now? Walk away? Not a go...