The Ticking of the Foreclosure Clock

January 2nd, 2008

Real estate broker Andrew Fitzpatrick from California pointed out in details many options available to the beleaguered foreclosure victim that had not been focused properly.

Andrew has vast experience working with people undergoing non-judicial and judicial foreclosure headaches. Most of the sufferers have a fixed notion that this is only a passing wave with the lender taking on bullying postures. This is a dangerously wrong view to take. The borrowers should realize that once the foreclosure notice has been filed the clock has begun to tick loudly and clearly.

In nine cases out of ten the borrowers do not have the capability nor any equity left on the house to timely halt the process. Therefore without any sort of delay they should considers all – all the options open before them.

The house can be listed with a realtor. It is foolish to try to conduct the sale on one’s own. After all – why are professionals there for? They know the work like the back of their hands.

A second option is to agree to a short sale – or agreeing to sell for less than the loan amount. But there is a danger that the lender can pursue the matter of unpaid dues in court.

There are foreclosure bailout loans that give those with stable income to get a breather – take another loan and rectify the previous one.

A safe way out is to rent out the premises seeing to it that the rent takes care of the monthly mortgage payments – at least a good chunk of it.

The house can be sold to an investor for a quick sale. It will save the pain of being tagged with a foreclosure.

Most of those facing foreclosure think of only one or two of the above listed alternatives and end up with disastrous consequences. Once a foreclosure is reported to the credit bureaus it marks the credit history of the person with a dark black stain that cannot be easily removed. It will hamper the person from obtaining any type of loan in the future – even many years after the foreclosure tragedy.

The majority of the counseling groups will suggest only one or two alternatives with which they are familiar. Knowing this, many owners are knocking for advice on the doors free forums consisting of professional realtors, legal and loss mitigation experts.