Every time I get asked how business is this year, I have to add that I have actually turned away quite a bit of it. This surprises people. The fact is, there are so many houses in foreclosure, sometimes you really have to talk to clients and tell them that if you don’t have to sell your home right now, do not put in on the market. Hang on to it for a little while longer, if you can.

The sad part is some of them cannot. So what should you do if your home is in foreclosure or headed there?

For the first part, call the mortgage company. Don’t ignore the late notices – that is worst thing you can do. If there is no communication between them and you, the mortgage company has no choice but to foreclose. At the first sign that you sense financial distress, call the mortgage company and ask them if they would be willing to rewrite your loan, or restructure your loan.

They just might. Banks don’t really want your home unless you leave them no choice.

If that doesn’t work, call a Realtor for a potential short sale. More on that tomorrow. Today, call the mortgage company.

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