Who should I contact when facing foreclosure?

If you are facing foreclosure or you think you may have difficult time paying for your mortgage. You should not wait, start now. There are many options available out there to help you.

Call your lender!

You must first contact your lender, you may call any of the following departments of your lender: "Loss Mitigation" "Work-Out" "Asset Recovery" "Loan Modification" "Loan Reinstatement" In some instance, the appropriate department may even be called the "Foreclosure Department" Generally, the department responsible for sending the mortgage default notices is not the department to contact to approve a short sale.

Typically, a negotiator is assigned and he or she will be the decision maker on a short sale. If there are first and second mortgages or a home equity line of credit, you may need to speak with more than one lender to obtain short-sale approval. In some instances, the primary lien holder will contact the other lien holders.

If you stop paying your mortgage, you could lose your home and damage your credit rating!

In other situations, the real estate agent will contact the junior lien holders. The primary lien holder should be consulted on specific protocol.

You can also contact me at (928) 814-2014 as I am here to help.

Important Note to Prospective Seller for Short Sale Your Home

Russ Lyon Sotheby's International Realty and its agents are not associated with the government, and our service is not approved by the government or your lender and even if you accept this offer and use our service, your lender may not agree to change your loan

More Information:

Price your home to sell     Seller's Info     Short Sale      Avoiding Foreclosure     Who Should I Contact When Facing Foreclosure?     Tax and Debt Relief