This May Help

While it is somewhat dated by subsequent events and new programs, there is a good basic text for creating a program to help avoid foreclosure. Written in late 2008, the book is "Save Your House From Foreclosure!", and is available through many outlets such as Amazon.com, Booksamillion.com and BarnesandNoble.com. It is deliberately short, under 70 pages, but, hey, I figured when I wrote it that someone facing the terrible specter of foreclosure doesn't have either the time or interest in reading War and Peace to possibly find a way to save their home.

Give it a shot--it can't hurt, and may help.

Good luck!

Some Help From The Stagecoach

For those of you with mortgages at Wells Fargo and facing foreclosure, the stagecoach (Wells) has announced a revision of its policies if you're working to avoid foreclosure by doing a short sale. Very specific, these changes stipulate that a foreclosure will be postponed if you meet two conditions:
1.)You must have received and provided to Wells an approved short sale contract with a buyer;
2.) The short sale must close within 30 days of the scheduled foreclosure date.

These rules may help some of you if you and your Realtor can get a contract from a buyer for a short and get Wells to approve it. You and your Realtor should check very closely and without delay with Wells on getting the approval.
Good luck!

Separately, for all of you who find themselves facing possible foreclosure and/or short sale of your home, I extend this Thanksgiving wish. It is that next you can hopefully resolve your present situation successfully, and that next Thanksgiving will find you and yours in a happier more joyful situation. Meanwhile, a sincere heartfelt wish for a happy Thanksgiving.

Good News for D.C.

The DC mayor, Adrian Fenty has just signed an amendment to the District of Columbia Official Code. Among these changes is a requirement that all foreclosure procedures include a very specifically worded 'foreclosure mediation' process. This mediation between bank and homeowner MUST be observed before any foreclosure can proceed. Failure to do so, according to the statute, is grounds for voiding the foreclosure. The steps in this mediation procedure include completing a number of forms to get into the mediation, and payment of a $50 fee. If you have questions, you should contact an attorney and/or your lender. If you cannot afford an attorney, call Legal Aid for advice.

Good luck and a very happy Thanksgiving!
Peter

Hope Down The Road

Today, a brief encouraging note for folks already foreclosed and hoping to someday again qualify for a mortgage to buy a home. The standard wisdom on how long your credit is harmed by going through a foreclosure is a minimum of five years! In other words, get foreclosed, don't even bother trying for a mortgage for at least that long. However, as we move through the current economic crisis, there is some glimmer of light at the tunnel's end--and it's NOT a train coming your way down said tunnel.

If, after three years, all of your credit history EXCEPT said foreclosed mortgage is pristine, and i DO mean pristine--not even a single late on ANY other debt/credit obligation, you may be able to get approval on an FHA loan. Why? Because this type of loan only requires a 3.5% down payment, and thus, you have somewhat easier qualification standards to meet. It won't be easy, but it is a possible slight easing for you. REMEMBER HOWEVER: when I say 'pristine' credit, I REALLY mean exactly that.

Good luck, and a happy thanksgiving to everyone!