We know that saving your home is your top priority. So don’t walk away from your home if you do not need to. There are many foreclosure assistance and mortgage relief programs that can help you save your home. Many homeowners walk away from their home if they have a large amount of negative home equity or have become so late on their mortgage that there seems to be no hope. There is hope and doing nothing to save your home could be the biggest mistake of your life. Homeownership is the key to financial freedom & a stable family. Find out about your options before you walk away from your home.

Short Sale – A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. The downside to a short sale is that it takes time to sell a home even at a bargain in such a defunct housing market. There are foreclosures on every block, housing prices are rock bottom, and selling a short sale property sometimes can be difficult and can leave you with tax obligations. The entire time the home is on the market you are still responsible for your mortgage payment, taxes, and insurance.

Foreclosure numbers are growing daily. Of the one hundred twenty or so million homes in America, more than 4% or roughly 4.8 million of them are facing foreclosure. Some of these homeowners are able to work their way out of foreclosure, however, according to MBA there were about 500,000 homes that went through foreclosure last year. Foreclosure threatens these homeowners because they are late or seriously behind on their mortgage payments.

The Foreclosure process begins when the homeowner fails to make payments of the money due on the mortgage