Avoiding the Tragedy of Foreclosure

SCOTTSDALE, Ariz. - March 14, 2013 - PRLog -- The foreclosure of a home or other property occurs when the owner of the property is no longer able to meet the monthly required mortgage payments. At this point, ownership of the property is transferred to the holder of the mortgage loan, typically a bank or other financial institution. Foreclosures can leave families without a place to live, forcing them to relocate on short notice. Professionals familiar with real estate in Scottsdale have a few key planning strategies that can help your family avoid the tragedy of foreclosure.

Step One: Maintain Contact

Foreclosure doesn’t happen immediately; your lender will send repeated notices to you in the mail reminding you of your payments. Don’t throw these away! Banks actually lose money when a property has to be foreclosed on, so they’re usually willing to work with their clients to bring the past-due amount current. Contact your bank’s loss mitigation department and be honest about your difficulty making the required payments. They may be able to help.

Step Two: Stick Around

Your bank won’t be able to help you if you move out before exploring all possible solutions. It may take some time before an arrangement can be made; you’ll need to be available to answer questions regarding your income and expenses, so don’t be in a hurry to leave your home.

Step Three: Talk to a Counseling Agency

There are a number of government agencies, private organizations, and community groups that are available to help people experiencing trouble with their mortgage obligations. Housing counseling agencies have information that can help you avoid foreclosure and remain in your home.

If you’d like to know more about real estate in Scottsdale and the expert planning strategies that a realty agent can offer to help you avoid foreclosure, visit http://www.relocatingtoscottsdale.com.

About Jan Green

Jan Green is a Scottsdale Realtor® providing professional real estate and relocation services to clients. Whether you're interested in relocating, buying a second home or looking for investment property in Scottsdale, Jan Green provides professional assistance, up-to-date real estate listings and advice for a hassle-free transition. If you have a home to sell and need professional assistance, Jan Green can help you with that too. Visit Jan Green's website at http://www.relocatingtoscottsdale.com to learn more about the company, or call (602) 620-2699 to schedule an appointment.