How to Avoid Foreclosure

Video Transcript

"Avoiding foreclosure can be a difficult thing to do. I'm Richard Blake and I'm here to discuss the different possibilities. That will allow you to avoid foreclosure. We want to do everything, we can to avoid foreclosure. It's not good for your credit or your situation as a whole. Really, we'd like to do everything that we possibly can. To keep you out of the foreclosure process. If you do find that you are delinquent in your payments. Or falling behind a little bit. Maybe, circumstances in your life have changed. And the mortgages are getting tougher and tougher to make. We want to contact your lender or your banker. Who ever it is, that holds the note to your property. At that time, which is this going to be the person, when you make your mortgage payment. Who's that mortgage payment going to? We sure do contact them, as soon as possible. You know, as soon as you started missing some payments. It's good for them to know upfront. So they can re-negotiate your mortgage terms. Before it gets out of hand. The you know, most mortgage companies are going to re-negotiate their mortgage terms with you, to a certain extent. Right now, it tends to be a problem because there are so many of them. So some lenders are better to deal with or easier to deal with. Than others are at this point. But the most important thing is to contact them. Let them know, what's going on. And that, you are willing to fix the problem or correct the problem. If they are willing to you know, possibly hold your payments for a while. Or lower them or just come up with a payment plan that makes sense for you. So you don't have to default on the mortgaging, any more. If for whatever reason, they're willing to do, they're not willing to negotiate with you. You can consider doing a short sale. Which your local real estate agent can explain to you, in further detail. O.k. I'm Richard Blake. I hope that it helps you a little bit in avoiding a foreclosure. And again, if speaking with your bank trying to re-negotiate your mortgage with them, does not work. Contact your local real estate agent. And ask, ask how to do a short sale. And what that means. Thank you and have a nice day."