Overland Park KS Homes for sale & Johnson County Real Estate Blog: Avoiding foreclosure in Johnson County Kansas

As we all know times have been tough for a lot of us. Here in Johnson County we are pretty fortunate to not have suffered as bad as other areas. But there is much more hardship than we see on a daily basis. There are a lot of home owners who are having a very hard time making ends meet. While Johnson County is not seeing the same kind of foreclosure numbers as Wyanndotte County or Kansas City, we are seeing an increase in foreclosures. I wanted to write this post to help those who are in that tough situation.

First off I want you to know that I am very sympathetic when it comes to the possibility of losing your house. It is not just about losing the place you live. Over the last 2 years we have helped a lot of families in tough situations and want to help you.

Avoiding foreclosure is a decision and it is one that only you can make. Right now over 30% of foreclosures happen without a single contact to the lender or anyone else for help. You have to decide to ask for help, denial is not a river in Egypt. Here are some of the most common ways to avoid foreclosure, none of them are simple but they are better than losing your home without a fight.

Stay in your House-   If you wish to stay in your, then you must act. Your lender does not want to foreclose your home, I repeat, your lender does not want to foreclose your home. But if you ignore their phone calls & letters they will start foreclosing on you. They must hear from you and you must make them understand that you want to keep your home.

Right now, lenders are creating new ways to keep you in your house. Loan modifications are happening every day. Listen to this point very strongly, do not pay anyone to help you get your loan modified. I repeat, do not pay anyone to help you get your loan modified, call 1-800-hope now. That is the free governement website to help troubled home owners. If your lender cannot modify your loan proceed to next step.

Sell it- Yes, sell your home. Not what you want to hear but it beats losing your home to foreclosure. Selling your home will help save your credit and give you the opportunity to be a home owner again in the future. Most foreclosed home owner have to wait 7-10 before being able to buy a home again, if ever. If you owe more on your home than it is worth, move to the next step.

Sell it using a short sale- So your home is worth less than you owe the bank, you are not alone. We have seen a massive loss of equity in the last 2 years. When  I said that banks don't want to foreclose your home, I meant it. They would rather have you sell it for less than is owed them than foreclose. When a back accepts a lower payout than it is owed it is called a Short Sale. Short sales are prevelant and banks are accepting them at a record pace. Short sales are a win, win situation. You avoid foreclosure and the bank has 1 less property to try and sell. While your credit will suffer, it won't suffer as bad as a foreclosure and based on current Fannie Mae guidelines you will be elligible to buy a house again in 2 years.

Ask the bank to voluntarily take it back- If all else fails, ask the bank to take it. It is called a Deed in Lieu of Foreclosure. Under the right circumstances, this option will save you a lot headaches, save your credit and let you walk away from the home on your terms. Many banks will even give you a small cash amount to help you move if you give them the home in clean condition.

Those are some of your options: Remember don't let your home be foreclosed without a fight. Call someone, start with your lender, if that doesn't work call 1-800-Hope-Now and when keeping your home no longer is an option call a qualified Realtor. The clock is ticking, so get started.

For more information call The Russell Home Team @ 913-681-1383

email us at info@RussellHomeTeam.com

or our website www.SearchjocoHomes.com