Many recent news stories have stated there are an increasing number of home foreclosures nationally and to some degree in this area of the country. I know I am seeing more bank owned and foreclosed homes on the market now than I did just a few years ago. A weaker national economy, adjustable rate loans and subprime mortgages are the major factors contributing to this trend.
Sadly, some of these foreclosures could be averted, but many homeowners are often unaware of their options. Sometimes lenders will work with borrowers to defer some portion of payments until their economic situation improves. In other circumstances a lender may accept less than a full payoff of the loan to allow the home to be SOLD rather than being foreclosed – called a short sale.
If you are behind on house payments and/or facing a possible foreclosure, I can help! Contact me at slaunchbaugh@cbtulsa.com. Of course, all inquires are confidential!
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