It's painful, isn't it, turning on the evening news and learning about another round of layoffs, with numbers not in the thousands but the tens of thousands. Among the pain and suffering to follow will be more and more foreclosures.
What if you can't make your house payments? First, contact your lender. It's not easy these days. Lenders are busy lobbying Congress to stop the proposed foreclosure relief measure that would allow bankruptcy judge to adjust what borrowers owe on their mortgages. But be persistent. Call and fax and write. Get legal help if you can.
If you decide to sell your house, be up front with your Realtor. Bound by confidentiality, your financial distress will not go public in the sales process unless you authorize your Realtor to share it. Your Realtor can help you work with the lender to arrange a short sale. But Realtors need all the facts, and that starts with you being forthright.
I read recently that Lance Davis of Les Bailey and Associates became the first Alaskan Realtor to earn the Certified Distressed Property Expert Designation. Unfortunately, it will probably be a good niche for awhile.
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