Facing Foreclosure in Indianapolis
Losing the American Dream
Buying a home is the 'American Dream' and a huge investment which is normally not taken lightly. I doubt many people who sign their loan documents and open the door to their new home, think 'well, if I can't make it, I'll just let the bank foreclose'. As a matter of fact, I haven't met one homeowner who thought they would be facing foreclosure when they moved into their new home.
Life happens, though and many today are finding themselves at the mercy of 'the next paycheck' or the lack of a paycheck. What I generally find when talking with people who are facing foreclosure are those who have waited too long; struggling to make ends meet, thinking next month will be the month they will get caught up. It's the true definition of a rat race.
Losing one's home is not just about finances, credit ratings or foreclosure. In the face of the overwhelming stress of day to day living lies a real fear - the inborn need for security has been grasped from the hands of those who are behind in their mortgage payments.
Waiting Too Long
Waiting for the bank to foreclose is like living with a time bomb - dreading 'the' day. My clients who choose to try a short sale on their home find being proactive about finding a solution to their circumstances is a better alternative than doing nothing. By continuing to do nothing, homeowners lose valuable time in the foreclosure process and subsequently, the short sale process.
The first thing you should do is contact your bank and see if you qualify for a loan modification. If not, ask if they will cooperate by selling the home by short sale. If so, contact an agent with experience in short sales. If your not sure what is the best option for you, contact your legal and financial advisers.
Inform yourself, so you can make the best decision for yourself.