Facing foreclosure? What are your options?

It is a difficult time, stressful and almost unbearable at times. First of all, I want to share with you a Word of Encouragement. This "season" in your life will pass and you will come out of it. It may not be easy but you will make it somehow. People always do.

So, you may have an extenuating financial hardship right now... You may have lost your job, and it has been difficult to find a new one. You may be going through a divorce and it is challenging to lose that income. You could be facing bankruptcy, have medical debt, IRS liens, or significant debts that are taking your financial household down.

Your financial troubles on your home begins when you miss your 1st mortgage payment. However, it may be the 2nd or 3rd payment before the lender makes an effort to contact you. My advice is to contact the Lender as soon as you can to document this hardship in your file.

Each person's financial situation is different. Each person's circumstances and solutions are different. Hence, contact me as soon as you can to discuss all possible options for you.

Some of the possible options may be:

• Make up late payments
• Loan modification (to include late payments)
• Short sale (Selling the property for less than the mortgage balance. Requires lender's approval)
• Deed in lieu of foreclosure (Giving back the property to the lender instead of the foreclosure process. May be liable to deficit.)
• Renting the home

After losing a home is devastating. But the sooner you seek options available to you, the sooner we can resolve this. If you imagine that the options are "fender bender" collision in your credit, foreclosure would be like a head-on collision.

Contact me for your possible options on your greater Frisco TX home today. We will work this together. I have real estate experiences on both sides of the fences, working with both buyers and sellers in this process. Thus, I am able to assist.