In this short video, I’m gonna share with you immediate steps you can take to a avoid foreclosure, ways to stop the process that has already started and lastly, when all else fails, I will compare and contrast short selling in foreclosures so you are provided with the best game plan. The current circumstances number one if you’ve been paying on time and you get to skip a payment but you know it’s calming US circumstances that tied you up financially short term simply call your lender immediately and let them know you a very high percentage opportunity that they will coordinate with you a plan that will roll the missed payment into a short term pay back plan that works for you now that will also protect your credit but if you wait too long you’ll be much more difficult to resolve that with your lender saw act immediately number two is ask what’s called forbearance providing you with a delayed period of time and game plan to get your mortgage current number three ask for repayment plan and this is where you have missed payments that will roll into the next two payments giving you some breathing room and helping you avoid the beginning phases on the foreclosure process now if you missed a few payments and you’re communicating with the bag bill typically will allow you to pay author happen with all in the balance paid off for them the rest of the year so let’s say r6 89 12 months or even more to let a great scenario for now that covers ruin the game plan are when you look at short term financial difficulties no help you corny that will protect your credit and banks one understand banks don’t want to go through foreclosures bank so wanna go through short sales if they don’t have to soap will work with you now when I call the mid-range problem is when you anticipated based on your circumstance 2i happy man issues in the foreseeable future meaning it’s not just a one or two week thing where you at your just ran out of some vines it more mid-range a longer term problem which case I recommend a loan modification approach the stark and this is where the lender just the term to the loan to make it more affordable be a change in the amortization schedule interest rate or ball to cut down the month a mortgage payment for EOC another mid-range solution is what’s called a short refinance where by the lender agrees to forgive some appeared at and refinance what’s left into a new long now if nethn all else fails and no strategy still don’t fix your situation because your situation is a bit more dire short selling your home which means you sell your home short of what is actually all and the lender accepted as payment in fall meaning they don’t come after you after the short sales done and money that was still all that’s called a deficiency judgment when that happens short selling is by far better option for anyone that’s facing foreclosure when you consider a couple things number one your ability to obtain a mortgage in the future its seven-year to the foreclosure and its two years with the short sale in fact resale always just pack past where you can actually get back in your mortgage just one year after a short sale make sure you check when you watch this video did make sure you get updated information but as in January 2015 you can get back in your mortgage within one year under certain criteria as long as it’s Matt number two is the impact on your credit it’s much worse when you for clothes purses a short sale in factors many scenarios we’re credit really is in that heavily impacted when you do a short sale over foreclosure which is a humongous jump in your credit for the worse as well as seven years on your credit report as well as are many years obviously to permanent Racker so are those are two great reasons why short sale certainly is a much better option than foreclosing a couple other ones as employment security clearance are employers typically check people’s credit so when it comes to getting a job even sometimes when you’re in the job and naked a cost you a job if some employers are turned off by the fact that are their employees or something that they’re interviewing is gone through a foreclosure I will never appear on the credit our report are when you when you do a short sale so are number four is a deficiency judgment with the foreclosure it’s bad enough having to go through a foreclosure but even worse knowing at the bank and still come after you and that’s what’s called a deficiency judgment and money that still folded out when a short sales Don it’s done the bank cannot go back after your for money that’s all now there’s a lot you really need to understand regarding short sales to really determine if that’s the right thing for you I’d be more than happy to help you in fact when I’m gonna do is send you an automated video when the listed commonly asked questions as it relates to short sale immediately simply put your first last name email address and soon as you hit the send bond it look in your inbox ima send you a follow up video to this one they will cover more details regarding a short sale if there’s anything I can do to help you if you wanna pick up the phone and call me my information the block thanks for watching this video and have a great day