I Don't Want To Lose My House!

Many people across the country, especially in Las Vegas, are saying this every day. And I have good news and bad news. The good news is .... you may be able to. The bad news is, be careful who you choose to help you.

There are lots of companies out there that help you negotiate with your lender to save your house. Some don't charge you unless they can help you. Others charge you regardless and also may have you sign some documents that allow them to take over your house.

I have a better suggestion. Find a Realtor in your area who specializes in short sales. My reasons are these:

• They already know how to talk to your lender
• They understand lender guidelines to see if you'd qualify for a loan workout
• If you don't qualify to keep your home, they can work with the lender to get you more time while you try to sell your home
  
• If you owe more than the house will sell for, they can help you short sale your home (The banks require a Realtor to market the property)
• And they may also help you find a new place to live

Foreclosures are complicated and lenders are overwhelmed. I will repeat what everyone is telling you -- LENDER'S DON'T WANT YOUR HOUSE! Lenders make money by lending money. If they take back your house which, for example, was worth $100,000, by law they must hold 5-6X that amount or $500,000 to $600,000 in reserves which is money they can't loan. So believe that the bank does NOT want your house.

If you're behind on your payments, or you think you're going to fall behind, don't wait. No one will judge you. Pick up the phone and call someone, if not your lender, then call an experienced Realtor who may be able to help you keep your house.

Why would a Realtor help you keep your house? If they can help you save your house, you'll refer anyone you know to the great person who didn't try to steal your house. If they can't, they will negotiate with the bank and help keep a foreclosure off your credit by helping you sell so you have the chance to buy another house sooner than you would if they bank did foreclose. If they keep the foreclosure off your credit, in a couple years when you're ready to buy again, wouldn't you want to go back to the same Realtor who helped you keep your credit?

The key is use an experience Realtor who knows about short sales. Don't hesitate to ask them how much experience they have. If they can't answer your questions, call another Realtor. A good experience Realtor will do what it takes to help you accomplish your goal of keeping or selling your house.

And if you're in Las Vegas, please don't hesitate to call me. You can reach me through my website at www.HeatherSellsVegas.com.