The Elephant in the Room.  We all know there are many folks out there struggling these days.  My favorite line is you ought to be a Realtor – yikes.  I hate to even bring it up, but if you or someone you know are bearing the weight of having difficulty making your mortgage payments, please reach out to someone for help.  There are a lot of free resources out there to get you through this difficult time.  If you decide that owning your current home is too much of a financial burden then a skilled Realtor can assist you with “Short Sale” negotiations to sell your home and help preserve and rebuild your credit.  Unfortunately, sifting through the dodgy creeps out there can be tough and at a time when you are most vulnerable.  Don’t get hooked by the “Professional Short Sale Company”, some are less then professional and others are as swamped as the “Work Out Departments” at your lender.  Loan Modification experts are the latest craze – again this is a big buyer beware.  There should not be any money out of your pocket.  Look for someone that really will keep your best interests at heart, have the skills to get you through the Short Sale process and has the time & tenacity to devote to you.  It can take months and there is a lot of sensitive data and information you will need to produce and discuss. A short sale will not always work, but a skilled Realtor can help assess your best options.  Of course, they cannot provide legal or accounting advise, so you will need to contact a lawyer or accountant for that.

Start early.  Do not wait until you are far down the path and have received a Notice of Default and the potential auction of your home. Losing a home to Foreclosure can be one of the most devastating financial and emotional processes you will go through. Begin with your lender, but at the same time get some outside guidance from a local resource approved by HUD – www.hud.gov/offices/hsg/sfh/hcc/hcs.cfmwebListAction=search&searchstate=OR.  These are FREE, so no one should be asking you for a fee. Contact the Department of Consumer & Business Services 1-800-SAFENET (723-3638) or www.211info.org.  Other local agencies that can help:  www.acornhousing.org 503-788-9989; www.aaah.org 503-595-3517;  www.catholiccharitiesoregon.org 503-231-4866; www.haciendadc.org 503-595-2111; www.housinghelpnow.org 1-800-388-2227; www.portlandhousingcenter.org 503-282-7744.

I will talk later about the Short Sale process and how this can benefit a seller versus a Foreclosure, but for now, know that there is help out there.  Let someone know so they can try to get you to the right resource.  It’s messy out there and we’ve got to stick together to get through this serious downturn.