In this financial atmosphere so many families across the nation have been dealt hardships and are now facing foreclosures. Here are a few things to do in dealing with your situation:
1. Face your problems early. Call your lender now. See what they can do to help or work with you & your situation.
2. Contact your real estate agent now, not the day before the sheriff’s sale. You will need to submit a letter of authorization to the lender to release your financial information so that they can talk with your agent & try to help.
3. Get an estimated seller’s closing cost estimate for the lender & a Certified Market Analysis (CMA) at expected final sales prices.
4. Write a “hardship letter” to the lender. This is the “triage unit” that decides priority of dealing with your case. You want to gain their empathy…tell them all…the sadder, the better.
5. You’re going to have to show them proof of your assets: savings, checking, investments, etc.
6. They’ll need copies of 90 days of bank statements.
7. Attach the CMA
8. Gather information for contacting the appropriate person in the event of a purchase agreement.
Another resource for information on foreclosures: www.foreclosure.com