Expert Says Facing Up With Pre-foreclosures Do Not Necessarily Lead To Nightmare Situations For Most Homeowners

Posted on September 5, 2010 by IC N in Residential
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He added that by simply starting on pre-foreclosure subjects, a great majority of homeowners were immediately seized by uneasy fears of non-payment obligations and the subsequent worries of eventually losing their properties, which many experts agreed were the usual initial reactions for many homeowners.

However, Spohn said that all the troubles brought by the nightmare of pre-foreclosure proceedings could be easily dodged by doing away with the problem to begin with as he noted that lenders should be the last party in a property mess that would want to go through eventual foreclosures.

As most bankers would immediately affirm, industry experts said that in any foreclosure proceedings, all involved parties tend to lose on their respective ends, stressing that while homeowners would painfully lose their cherished homes, lenders inevitably lose considerable amounts of money especially when dealing with series of loan defaults.

Spohn asserted that all these hassles could be avoided once owners of distressed properties would opt to initiate negotiations with their lenders, which he said could lead to some form of loan modification that would benefit the interests of both partiesHe assured that no matter the severity of the loan issues, the likelihood of some adjustments to be made by the lender was not too remote in order to get the homeowners back on their feet and maybe resolve the problem the easier way.

Yet when pre-foreclosure has already advanced into the next level, simply giving up on the property must be ruled out by troubled homeowners as Spohn suggested that the wisest thing to do is to weigh all options that were still available for the property owners, which of course involved eventual selling.

Spohn reminded homeowners that pre-foreclosure is only the initial step of repossession procedures and their properties still enjoy some leverage at that point and one of those is the possibility of selling to obtain the necessary cash that would fund back payments and maybe even settle the remaining balance of the property.

The foreclosure specialist, however, noted that in reality, the onset of pre-foreclosure episodes had effectively pushed homeowners in a corner, which means their options were not really that much and selling their properties in a relatively lower value could prove to be their best bargain at the moment.

In the end, Spohn said that while pre-foreclosure is not a welcome situation for many homeowners, they could at least exert realistic efforts in effectively dealing with the problem and arrive at a resolution with considerable ease and less trouble.

Spohn also runs a website to help troubled home owner sell their home quickly. They can post their property for free and has the potential to be seen by millions.