I am very excited to have completed the short sales and foreclosure course and will be certified by January 1, 2010. I am about to begin my first short sale and have decided to keep everyone up to date with the process. This will either discourage anyone from trying it or it will at least educate people in the process. What I know so far is that you need a lot of patience and perseverance. So far I have been hung up on by an un-named lawyer who started the conversation by "I don't mean to be rude..." and then finished by hanging up on me. However, I am a hardened real estate agent that can take rejection. Tomorrow I begin with the banks. I can already tell this is not a job for the faint of heart.
What really gets me, is how complicated it is. If the powers that be want to stimulate sales and get the economy moving they should mandate that the banks streamline this process for all concerned. There have been certain acts put in place, such as the " Home Affordable Foreclosure Alienation Act" (HAFA) that do help those about to go into foreclosure. There really is not enough information out there in the public eye. Over 50% of the people that are about to face foreclosure have no idea where to turn. Most of these people ignore all of the notices and just wait until the eleventh hour. A foreclosure will affect your credit score by 200 points while a short sale will affect it by 50. If more people knew this they would seek professional help to accomplish this. My best suggestion is if there are people out there that are experiencing impending foreclosure that they consult with a lawyer, and an account who specializes in foreclosures, bankruptcy, and short sales. Secondly I would contact a real estate agent in your area who is knowledgable in foreclosures and short sales. Above all do not ignore the notices. There is help and solutions out there.