Is a Bank Foreclosure on its way?

Feb 20 News

One of the saddest things to hear as a realtor is that someone is losing their home to the bank.  What a gut wrenching experience it must be for these families.  I have seen so many good people get into trouble when they start doing renovations that they ultimately cannot pay for.  Alternatively, some home owners get themselves into credit debt from buying through a "don't pay untill" payment plan.  If you find yourself in that situation, the worst thing you can do is to do nothing, or not answer the phone when the bank calls you.  The best way to deal with a missed mortgage payment is to call your bank as soon as possible and see what alternatives are available to you.  Banks do not want to take your home back so make sure you call and do not  let the problem get bigger and out of hand.  If there is no reasonable expectation that you will be able to continue to meet the mortgage payments then you need to contact a local realtor.  Be honest with your realtor that you need to sell sooner rather than later and price your home accordingly.  If your home is taken over by the bank, there are expensive fees that may eat up any equity that you have built up in your home, so...act fast as the longer you wait the worse it will become for you.   The link below is a great article on Foreclosure:

Foreclosure article