According to the Atlanta Business Chronicle "Georgia ranked 8th in foreclosures in the United States during the third quarter and estimates are, it is only going to get worst". Hundreds of Thousand of homeowners are losing their home. These numbers are not meant to cause panic but to let those out there facing this issue understand, they are not alone. Do not Panic, there are steps you can take to keep your home or get out from the debt of your home without the stigma of a Foreclosure. An excellent web site to get detailed information on steps to take to save your home is www.fha.gov/foreclosure/index.cfm I have taken a few points to mention here. If you need additional information please call/email me or visit the site. Your loan need not be an FHA loan to benefit from the advice given. This advice is universal regardless of what type of loan you have.

The first step: If your family is facing financial issues because of any of the following (Job loss, cut in work hours or overtime, retirement, illness, injury, or death of a family member, divorce or separation) look closely at what you owe and what you earn. Eliminate unnecessary spending and reach out for help if you still can not make ends meet. Taking action right away can help you save your home. 1. Contact your lender as soon as you have a problem. The worst thing you can do is avoid conversation with the lender. They are there to help. It typically cost the bank/ lender when they have to foreclose on your home. They want to avoid this as much as you. Information you need to have when you call: a. Your loan number b. A brief explanation of your circumstances c. Recent income documents (pay stubs, a list of household expenses and benefits statements such as social security, disability, unemployment etc.) 2. Talk to a housing counselor- if you do not feel comfortable taking to your lender, contact a housing counselor. Most FHA counselors are free or cost very little. Avoid scams do not sign anything until you find out what the total cost will be. 3. Prioritize your debts (rank them by importance: food, utilities, housing) 4. If the situation is temporary - call your lender to discuss these possibilities: -Reinstatement -Forbearance -Repayment Plans -Loan Modification 5. If the situation is long term or permanently and keeping your home is not an option - call your lender or a Realtor to discuss placing your home up for sale. Failure to make your monthly mortgage payment will affect your credit having a foreclosure on your credit will affect your credit even more. Your credit rating can also affect your ability to rent or find employment.

The best advice you need to take from here is contact someone who is there to listen to your particular situation and help you meet your goal. Be honest, disclose completely about your situation and work with this person. If you would like additional assistance please call or email me, I will be happy to refer you to credit counselors, or assist you with taking to your lender. If selling is the only option I can assist with obtaining a Short Sale. What is a Short Sale and how is it beneficial? A real estate Short Sale transaction allows you to sell your home on the market even if you have no equity. This benefits the homeowner because it allows them to get out from under the debt, walk away with your head held high, and save credit scores from incredible damage of a "foreclosure" rating. A Realtor, trained in short sale transactions, can list your home on the MLS, price it accordingly and negotiate directly with the lender to accept a purchase offer for less than the principal, interest, and impound account balance. This cost you nothing. No out of pocket cost to the homeowner.