This is the biggest homeowner question when I attended a Foreclosure Help Clinic this last weekend.  There’s no magic answer to this…it’s a case by case basis and really depends who the lender is or are when there’s more than one loan.  Each lender is different.

Refinance – when you owe more than today’s fair market value of your property or if your income status has changed for the worst then refinancing may not be an option for you.

Loan Modification – when you want to keep your property because it makes more sense to stay than rent; when your income status has changed for the worst due to illness, job lost or decrease income, death, divorce… to name a few…then working with your lender on a loan modification is a very good idea.  Each lender is different when it comes to loan modifications…the best thing to do is to check with your lender directly on what their requirements are.  Make sure you check all your options & don’t despair.  Don’t fall into a scam either…there’s plenty of companies who promises to do your loan modification for a fee but again there are FREE help out there too.

Short Sale – when refinance or loan modification is not possible then you may consider selling your property for less than what you owe, subject to your lender’s approval of course.  Short sale is definitely better than letting your property foreclose.  A professional Realtor could help in this case.  Foreclosure is the worst option of all.

A consumer should consult with their lender, accountant and/or attorney for the possible ramifications of these options.  It is very good to know an experienced Realtor who can give you an advice that is best for your interest.

“No,” “not yet,” or “not really” or would you know the name of a trusted real estate advisor and share that with the other person.

Are you aware that it may be possible to lower your property tax bill?

Does a family member need to relocate? Do you know a trusted Realtor at the new location or are they picking someone from the phone book or internet?

Is it time to refinance your home…do you know a reputable lender?

One can think of many reasons why we all need professionals on our team, just like we need a doctor, dentist, accountant, attorney, etc. A Realtor is an asset!

Your Realtor will:

• 1. Keep you informed of the sold properties in your area.
• 2. Assist you in buying, selling, refinancing real estate.
• 3. Mail or e/mail you a list of active properties in the area of your choice.
• 4. Be a good source of contacts i.e., handyman, gardener, painter, accountant, lawyer, lender, etc.
• 5. Refer you to another trusted, professional Realtor when it’s time to relocate.
• 6. Give you helpful & profitable ideas in remodeling your house.
• 7. Provide you with marketing ideas
• 8. Give your real estate needs immediate attention.

So…call and interview a professional Realtor today! You surely will benefit from it!

I surely hope home buyers will take advantage of today’s market…because just like every good things in life, this homebuyer’s heaven will not be forever.