Facing Foreclosure or Negotiating a Short-Sale? Watch this Video

If you're facing foreclosure or trying to negotiate a short-sale, this video clip is a "must-see".

(If you don't see the video below, click here)

Hat tip to zsaw.com (aka @zsaw on Twitter)

Trying To Avoid Going Into Foreclosure?

If you're trying to avoid going into foreclosure, you should check out some of the possible options available to you. One is Hope for Homeowners and the other is Hope Now.

Hope for Homeowners offers assistance to those who bought their home prior to 2008 and have a monthly payment that is over 31% of their income. It allows for banks to write the mortgage down to 90% of the home's current value. To learn more, check out the Hope for Homeowners FAQ page on HUD's web site and the Hope for Homeowners Fact Sheet.

Hope Now is a program that is offered by select lenders and mortgages providers that helps homeowners renegotiate their mortgages, and or defer or reschedule monthly loan payments. For more information, check Hope Now's web site. To contact Hope Now, call (888) 995-HOPE (4673).

Another option is to try and negotiate a short-sale. Though they say that short-sales are not as bad on your credit as a foreclosure, there are a lot of strings attached to short-sales and the chance of them being approved is pretty slim.

In my opinion, trying one of the first two options first as well as speaking with a tax professional and a financial planner for guidance would be a good place to start.

Related Articles

"Guide To Avoiding Foreclosure" - HUD

"Home Seller Needs Serious Help To Avoid Foreclosure - Short-Sale or Deed in Lieu" - Trulia Voices

"How much foreclosure relief will homeowners get from the bailout plan?" - Peter Y. Hong, LA Times