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Debtors You are not alone. The number of homeowners who are in default on their mortgage has dramatically increased over the last two years. You do have rights and the ability to choose the option that is best for you in your particular circumstance. Once a mortgage foreclosure starts it is not uncommon for the homeowner to receive numerous mailings, phone calls and even people appearing at their door offering to help. BEWARE OF PREDATORS WHO ONLY CARE ABOUT WHAT IS BEST FOR THEM! If you have equity in your property you need to make sure that you do not lose that equity to the lender or to someone who comes to you with a plan to "save" your property but instead ends up with your property. You need to be realistic about your options - can you refinance or do you need to sell? What is the property truly worth - not what you paid for it, not what it was appraised for a year ago but what you can sell if for today. Do you have equity or do you owe more than the property is worth? Today it is extremely common that you will owe more than the property is worth when you add up all of your mortgages and liens against your property. Even if this is the case you generally can still sell the property and it is to your advantage to do so. The key to selling the property is to get the lenders to agree to reduce how much they will be paid so that you can sell it. This is called a "short-sale". You need an experienced real estate attorney or real estate agent to help you through this process. the lenders will often agree to it but you have to follow their procedures. If you decide to sell, you need to find a reputable real estate agent that can help you properly market the property in the time frame that you have available. If you need a referral we certainly can help you. When making a marketing plan it is vital that you know how much time you have to find a purchaser and be able to close. When looking at potential offers you always have to make sure that you are protecting yourself as much as possible from a purchase agreement that will never close. You cannot afford to completely roll the dice because of the time crunch you are facing. Always consider requiring that the purchase agreement allow you to continue to market the property so that you don't lose marketing time if the first purchase agreement falls through and so you can replace the first purchase agreement with a better subsequent offer. We can help you structure and draft the purchase agreement or can work with your real estate agent to make sure that you are protected. Going through a foreclosure is traumatic whether you have a modest home, an expensive home, a lot of equity or not equity. Don't ignore the problem it will only get worse. Don't listen to people who don't know what they are talking about or how don't have your best interests at heart. Don't fall for a scheme that seems to good to be true or doesn't make sense. Often that scheme is designed to take advantage of your situation. As soon as you are headed to a possible foreclosure you need to create a plan. Contact us and we can explain the process to you, go through your options and help you come up with a plan that will best protect your interests. If you would like to schedule an appointment please call at 763-862-6100 or e-mail us at: creditorremedies@nashandlodge.com