It’s a tough situation.  Decisions need to be made quickly and carefully.  Here are three key items to consider:

1)  If you put your home on the market, STAY IN THE HOUSE!  A vacant home will not show as well or sell as quickly.

2)  Talk to your lender about a repayment plan for the amount that is past due.  The typical grace period is 6 months.  When you speak to the lender, tell them that you are interested in a Forbearance Agreement.

3)  If the options above are not possible, consider giving the property back to the lender BEFORE they foreclose on the property.  You will still lose your house, but this will save your credit from being severely damaged.  The process is called Deed in Lieu of Foreclosure.

** If you have questions and would like to speak to a real estate professional, please contact Kerry Lucasse at 404.432.1844.  I would be happy to help in any way possible.

This entry was posted on Saturday, December 8th, 2007 at 1:46 am and is filed under Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.