I’ve noticed that Portland is still seeing foreclosures flood the market. Being in the Real Estate Business, I get a lot of questions about how to stop foreclosure. There are a few options. After you have explored your options with re financing or a loan modification, next would be to understand Short Sales. We offer Short Sale services for free. The Lender will pay us for successfully helping a home owner stop foreclosure. A short sale is basically where You would sell your home for less than what is owed and the Lender will in most cases forgive the remaining debt. Being foreclosed on isn’t the answer from my point of view. Let me tell you why I think this. From my experience a Foreclosure will hurt your credit about 240 points and a short sale will ding you about 80 points. Eventually you will need your credit again, and if you have a family then it’s time to make wise decisions. Losing your home is always hard, but in the Portland Market, nearly one out of 12 homes are behind in payments or in default. The record high unemployment could be to blame but that is another blog for another day. My point is that it’s not the end of the world and you’re not the only in this position. The best thing to do is make it as quick and painless as possible. Explore all your options. Short Sales aren’t the only way to stop foreclosure, but it’s an option for when your Lender will not work with you. This is how it would happen if you wanted to prevent foreclosure:

1. You would email me to set up a FREE consultation.
2. We would aggressively market your home to get a quick offer.
3. We would take that offer to the bank and ask them to forgive the remaining balance.
4. Lender would more than likely approve the short sale and you would have 30 days to move out.

It really is that simple. The beauty of it, is that you would be in control. If your home is going to be foreclosed on then in my opinion it would be better to be involved in the process and have some control. Please contact me directly if you have more questions. Or you can contact me by using the “contact me” form to the right of this blog.

Best of Luck,

Aaron Majors

SEARCH ALL HOMES FOR SALE IN PORTLAND METRO

About the Author | Aaron Majors

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Born and raised in Alaska, Aaron came to Portland after serving in the U.S. Marine Corps. Aaron enjoys the outdoors, volunteering, teaching, learning, and being active in the community. Always loving architecture and buildings, it seemed natural that Aaron's passion became Real Estate. He is a member of the Portland Metropolitan Association of Realtors, National Association of Realtors and is always continuing his Real Estate education. He sells Real Estate in the Portland metro area and specializes in selling Homes and has an extensive background in foreclosures, Home Auctions, Short Sales, Bank Owned homes, and investments.