my house is about to foreclosed on in 2 months, I can't afford to live here, what can I do.. It's on the

Asked by Payton, 30044 Wed Feb 27, 2008

market but no bites yet. It's only 1 yr old and is estimated at 350K

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Lorie Gould, Agent, Duluth, GA
Thu Feb 28, 2008
Joshua provided you with a fabulous and complete answer.

Homes are still selling when properly priced. If you have only owned your home for 1 year and your home is priced the same or higher than what you paid for it a year ago then your home is overpriced. Prices are correcting and prices are sliding. For those who purchased in 2004 and 2005 this may mean that are seeing less or no appreciation...for those who purchased a year ago this may mean they are actually going to experience a depreciation.

Communication is this situation is key. Perry is correct that you are not alone in this situation. There are Realtors that can help you by telling you where you home needs to be priced to sell before foreclosure and by communicating with the mortgage company for a short sale. There is also a Deed in Lieu of Foreclosure option; however, a short sale would be the best for your credit and the governement has lifted the taxes on the debt forgiveness of a short sale.

You have options Payton, the key here is that you need to act fast because the clock is ticking and time is running out. There are fabulous Realtors here on Trulia to call and meet with. Click on our profiles and email one us of so we can help you succeed.
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William M "M…, Agent, Suwanee, GA
Wed Feb 27, 2008
Payton - I'm sorry to hear about your situation. First off, you are not in this alone. If you have not done so already, have conversation with your lender to make them totally aware of the situation. If you have the possibility of a bonus or tax refund that may help you get caught up, discuss forbearance with your lender. This may buy you some time until you can get it sold. Of course this is just a temporary remedy. For a permanent remedy you could have the discussion with your lender about a short sale.

If you noticed, each option involved having conversation with your lender. This is really the most important thing you can do. BTW I live in 30044.
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Joshua Jarvis, Agent, Duluth, GA
Wed Feb 27, 2008

As the other two said, first and foremost discuss things with your lender.

However, since you mentioned you can't afford it, there are some other steps you should take.

1. Your home is overpriced! If you have had the home on the market in Lawrenceville for 2 months and no bites, no feedback -- no answers, then you have it overpriced or under marketed.

2. If you can't adjust your price to market then ... You need an agent familiar with Short Sales (if you have no equity to go lower) or your situation. At the very least you need someone who teams up with investors or loss mitigators to help you navigate through the situation to avoid foreclosure (I do both!)

3. Take control of the situation. Who is in your corner? Are they providing the services they said? Who got you into this situation? Did you do this to yourself or was it the economy, divorce... ect. These factor into the things that a lender is willing to do. For example, if you just don't WANT to pay your bill, they will not work with you. However, if you were laid off, they might be able to work something out with you until you sell it.
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Don Lantier, Agent, smyrna, GA
Wed Feb 27, 2008
the very FIRST thing you should do is to call your Lender and discuss it with them...they will be the ones to give you your first line of guidance. If you would like additional guidance feel free to call me, Don Lantier,
Real Estate Broker in Georgia, New York and Florida. You can reach me at 770-434-7302 or 770-309-5297.
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