Lake County Blog
Short Sales and Foreclosures

If you're unsure about how to come up with this month's mortgage, what options do you have? What about next month? If may seem that your options are becoming more difficult and less encouraging. Regrettably, more than 70% of homeowners in foreclosure proceed without visible assistance. Smart homeowners in financial distress are protecting their futures by seeking professional help at the first sign of trouble. If anyone you know is facing financial difficulties and possible foreclosure, be a good friend by suggesting they check out the critical information contained in the following site: http://www.ProtectYourFamilysFuture.com . .

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The purpose of doing a short sale is to avoid foreclosure which can devastate a family's future. Other posting on this blog outline the effects of 'short sale' vs. 'foreclosure'. It's important that a homeowner in default (missed at least one payment) move quickly to take the action necessary to avoid foreclosure. The tradegy is that 7 out of 10 homeowners who go into foreclosure never sought the professional help available from a CDPE, Certified Distressed Property Expert. Here's a quick outline of the process . . .

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In any give real estate market there is always a certain percentage of homeowners who suffer financial difficulties, start missing mortage payments and head towards foreclosure. The reasons for this are many, but most recently, the majority of these are due to variable rate

exotic mortgage payments that are resetting into higher payments. In many cases these resets yield monthly payments that are so high that they are unsustainalbe by the homeowner, resulting in default in a very short period of time. Default is defined as missing just one payment. Properties in default are referred to as distressed properties.

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