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In The Face Foreclosure, Step Back and Evaluate

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By Mark Allen

It wasn’t long ago that mortgage lenders were passing out home loans like candy on Halloween. If you had a heart beat – congratulations, you get financing!

For the first time in history an unprecedented number of hardworking people had their chance to purchase their dream home. Who knew that the worst market crash since the depression lay right around the corner. Times were so bad school teachers were laid off and in some cases entire schools were shut down for lack of funding to cover overhead costs.

Unfortunately things have yet to totally turn around. Even our great state of Texas, where thousands of people are relocating to everyday, it takes a while to land a decent job and roller coaster gas prices haven’t helped the cause.

So what does one do when facing foreclosure? I would advise don’t panic. Obviously this is easier said than done. However it’s very important to think clearly. First, take a step back and evaluate where you are financially.

For many of us this isn’t fun to do, it’s like stepping on a scale to see how much you weigh after over indulging the culinary delights of the entire holiday season, but, you have to do it in order to move forward. Next, talk to the lender to see what your options are, can you be evaluated for a possible modification or can you be set-up on a repayment plan?

These could be viable options especially if you are still earning sufficient income. Then if neither of those options pan out I suggest contacting an attorney to weigh the bankruptcy options or contacting an experienced real estate professional to discuss other options to avoid foreclosure.

Many people are familiar with Donald Trump’s book The Art of the Deal which is an account of his business dealings in the great bull market of the late 80’s. After taking an unadulterated beating in the early to mid 1990’s, Trump took a step back, evaluated where he was and then tells us about how he bounced back in his follow up book, The Art of the Come Back.

Too often I hear stories of great people that took financial losses and then took their lives. No amount of wealth gained or lost, no property – dream home or not, and for that matter nothing material on this earth is worth your life, nor marriage, or family. Facing foreclosure can be an emotional and stressful time, but remember quitting is not an option, you may take a view hits, and even get knocked down, but you can always bounce back.

Mark Allen, MSRE is an Associate Broker with Sperry Van Ness.

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