Seek Professional Assistance If Your Mortgage Becomes Past Due

Nationally one out every 10 homeowners are past due on their mortgage payment. Nearly 2/3 of these homeowners have not contact their lender nor a foreclosure trained real estate agent to learn about their options that could avoid a short sale, or even worse credit wise, a foreclosure.

If you are past due on your mortgage or about to be, your first step should be to consult with a real estate agent who has taken advanced training in counseling clients who are potentially facing either a short sale or foreclosure action. Not all real estate agents have the knowledge to assist clients facing this difficult time. Be sure to ask any agent you call to outline the specific courses and additional designations they have obtained to assist clients facing a possible foreclosure or short sale. A trained agent has the knowledge to counsel you through the best options available for your specific situation.

It is also interesting to note that over fifty percent of loans modified last year are now back in default. So, this step may not be the best option for someone who is past due on their mortgage.

During the first three quarters of 2009 more than 2,7 million families lost their home to foreclosure. Another million homeowners are facing either a short sale or foreclosure before the end of this year.

According to the National Association of Realtors, more than 75% of the sales transaction in September were Short Sales or REO/foreclosure sales. So, this is still an extensive problem nationally for both buyers and sellers. It is in your best interest to use a highly trained real estate professional to guide you through this very difficult process if you are either buying or selling a short sale or foreclosure property.