I had a phone call not too long ago from an individual that is facing a foreclosure 1 month from the phone call. He asked me, "Dan, how do I avoid this foreclosure?"

First of all, you have to understand what a foreclosure is.

Foreclosure is when the bank takes your home. Your home is a collateral to your mortgage. If you fail to pay your mortgage then the bank is going to take your home.

For temporary situations wherein you just lost our job and you can't pay your mortgage, you may give the bank's mitigation department a call to let them know about your financial situation. The bank may be able to work around with it.

For longer situations wherein you haven't paid your mortgage in years, they may have difficulty working with you so you may need to do a Short Sale.

A Short Sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.

If you want to know more, I’m happy to help you out. Send me an email at Dan@greetingsvirginia.com or call me at 703-562-1788 and I’ll be glad to answer specific questions for you.

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