Pinetop White Mountain Blog

Good Afternoon Everyone,

Are you thinking about letting your home got to foreclosure?  Perhaps you have decided to try Short Selling the property!  STOP right now and don't do anything until you do the following: 

FIRST:  Get on the phone to your lender.  Don't hesitate because someone on the other end of the line might be nasty to you or because you are embarrassed.  You are not alone and no one on the other end of that line has any right to judge you.  Just make the call and insist that you speak to someone in the Loss Mitigation Department immediately.  Don't hang up until you get there. 

SECOND: Contact an Attorney.  A Bankruptcy Attorney might be the best call since that may be the only way you can protect yourself if you do loose that home in the end.  They will be able to advise you on the steps you need to take to try and work through the mess you find yourself in.  It isn't the end of the world, it just feels like it.

THIRD:  Call your Tax professional.  Find out what the tax consequences might be if you do lose the home or sell it at a Short Sale.  There may be tax consequences for you and you need to be prepared for that possibility.

FOURTH: Now that you have talked to everyone and you have decided to try and Short Sale the house, call me.  I can serve as a resource for you in determining when and how to file the necessary paperwork with your lender to try and Short Sale the house.  I can't advise you, that is why I told you to call everyone else first.  But I can help you price the home so it will sell and get it on the market so potential buyers can find it. 

Foreclosure and Short Sales carry baggage for you as a seller.  You need to know the risks associated with them before you make any decisions.  You must know where you stand and then you can move forward. 

Let me know if you need assistance in these areas, I will be happy to guide you through the process and help you find the professionals you need to make educated decisions about your option.  Don't do anything rash until you have explored all your option.

Have a great Tuesday afternoon, until next time.

Sandra Paulow, Associate Broker, GRI

Your High Country REALTOR®  (928) 242-0300