A well known statistic, commonly reported on, yet so hard to believe: 70% of all homeowners who had homes foreclosed on in 2010 never even listed their home for sale. WHY? Why oh Why?!
It’s human nature to want to avoid unpleasant circumstances and being faced with foreclosure and wanting to avoid foreclosure is certainly unpleasant. In fact, simply stating that it is unpleasant is an understatement, I’m sure you’d agree. So why did so many distressed Sellers bury their head in the sand?
Who failed in getting the word out that these homeowners had options?
Who said that foreclosure was the best option; did anybody say this?
Where were these homeowners friends and families to offer support and guidance? Or perhaps the distressed homeowner never even told their friend and families.
It was painful for me to hear of this statistic. I wonder what could I have done to let these Sellers know about selling their home as a Short Sale. Selling your home as a Short Sale certainly is the lesser of two evils, particularly if the Short Sale waived their deficiency.
More Lenders now are bringing the idea of a Short Sale to their borrowers attention. Citibank, for one, has teamed up with Keller Williams Realty to refer their borrowers to Keller Williams REALTORS knowledgeable in Short Sales to help them avoid foreclosure. This is great. Even at a minimum, if Lenders would do a strong campaign to stress the option of a Short Sale instead of foreclosure to all delinquent borrowers letting them know to go out and find a qualified REALTOR to list their home for sale as a Short Sale. Just list it!
It seems to be a way of life that we learn what to do after we’ve experienced a disaster. So once we get through this period of so many distressed Sellers and many many years from now we run through this cycle again, we”ll know what do do. Why is it that we always must learn the hard way; from our mistakes?
So how do you handle bad news when it comes to avoid foreclosure?
Don’t bury your head in the sand, talk to your friends and family, as they care, and talk to your Lender about a Short Sale.
Mortgage Assistance Relief Services Disclosure
Keller Williams Partners Realty is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.