Can I prevent a foreclosure on my home?

The best defense in a foreclosure is to prevent it. Whatever the reason – be it lack of employment, medical bills - thousands of people are discovering that they can no longer make their loan / mortgage payments.

This is not the time to fall into a daze of denial. You must remain in a pro-active position. Act while you are still in the bank’s good graces!

You can stop a foreclosure.

First:

• Contact your lender – ask for the loss mitigation department. You will need your loan number. Tell them your situation and what steps you are taking.
• Do not ignore any notices.
• Keep all records of your contacts with the lender – who you spoke to, what day and time, what was the result of your conversation. Even if no one will speak with you – record that note.
• If you need to send anything in writing, send it by certified mail return receipt.
  

A foreclosure defense attorney can intercede on your behalf. I have found that too many people are in such denial that they ignore the proceedings until the auction is scheduled and then that week they call my office for help – and there are few options at that point!

Remain pro-active – many laws have been passed to protect homeowners and you can benefit from them.

Thanksgiving

It seems with all that is happening in our real estate market - there is still much to be thankful for and that includes right now the ability to even complain about it.

Can I just start charging people $1.00 every time I'm asked - "How's the market?" I think it would help offset my bus fare. My favorite response has always been - "which market are you asking about?" Because we certainly have a commercial; residential; rental; sales; uptown; downtown; midtown; etc. set of markets all of which have been performing differently at different times. But we can be really safe saying now -- every one of these markets is essentially just WAITING. But -- the big one here -- if people felt edged out over the past year by prices, please start looking because there are possibilities out there now. For instance, co-op studios have dropped under 300K - and there is more to follow. Of course, many properties were just simply over-priced to begin with but there's no question that prices have dropped from 2007 - to the tune of 30%.

Traditionally everyone waits about 60 days after a Presidential election (Yea Obama!) to make any major decision, and this year is no different.

I'm longing for January 2009.

I loved receiving from Rick Gregory, my main man at Weichert Financial, the first news of the drop in rates today - followed up by his remarks that he will do whatever it takes to get the deal done for us. Now that's a CAN DO type of attitude I love. He's also a rarity in this business.

What is it about most Manhattanites that everyone has to be so cranky, all of the time? Is it because no matter how much money you make, it's never enough? No matter how many sit-ups you do, it's never enough? No matter how many friends you make - or for that matter, enemies, it's never enough? And on that note - it seems I have no end of either friends or enemies. I've been told it's because I speak my opinion -- classic Sagittarius trait I reckon. But for better and often for worse, I have unfortunately spoken my opinion.

So leading with "crankiness" -- we are smack up against Thanksgiving - a time of reflection, draggin' out the old speeches that other people wrote and said. And I'm feeling a wee bit cranky myself.