A foreclosure? Now what.......

So, you received a letter of Intent to Foreclose - otherwise known as an "acceleration" of your loan. Now what do you do?

First, contact a real estate attorney. I do not propose to be able to offer legal advice to you, but I can tell you that you may have some options.

Will your mortgage company stop the proceedings if your house is listed for sale? This is sometimes the case, especially with VA and FHA loans. It pays to find out. Also, if you do intend to list your house, make sure that the real estate professional you select has experience with pre-foreclosure properties.

If you think foreclosure is eminent, you should contact a real estate professional immediately, BEFORE you receive a notice of foreclosure and get your property listed! Again, this isn't the time to try to MAKE money, but at least pay off your loan to prevent a negative consequence to your credit history.

It's OK. Take a deep breath and do everything one step at a time. Remember that real estate professionals are here to help and hold your hand through the entire process. You're not alone!

Have a great Thursday.