Ok? Your home is either under foreclosure or is pretty damn close to facing foreclosure. Just because you may have received a ?Notice of Default? does not mean that it is time for you to push the old panic button just yet. Trust me I have been in your shows more times than I care to mention. Although simplistic my first piece of advice to you is to ?NOT RUSH INTO MAKING ANY DECISIONS.? Once reality has began to sit in and you are a little grounded you can move on to the next step. That step is you must be realistic with yourself, by asking, ?Do you have the resources to contractually enter in to an agreement to save your home??



Keep in mind that I am in no way an expert, however I am simply sharing my personal experiences with you. As I began my struggle with foreclosure I stumbled upon a technique known as a sale lease back which simply put is a transaction in which you sell real estate, in this case it was my personal home. Although a simple transaction is should be done with the same formality as any sale of real estate. By that I mean you should have a sales contract, power of attorney to represent you as far as working out the pay off of your debt. You then leaseback the house, this encumbrance a lease agreement, in my case a residential lease. The ?back? part of the sale leaseback is just me as the seller in this example who is the person leasing the property back to myself.

I know all of this may seem a little complicated at first glance. However after inspecting it a little closer all of the pieces will fall into place. Just keep in mind that in any sale-leaseback the fact that the seller is leasing the property means that you are on both sides of the transaction. This means that you will continue to live in your house. You can also take a little time and finance the home by paying off your buyer.

Another important item that I would like to point out is - in a residential sale leaseback the contract of sale should be the type of document that would be used if the seller were selling their house with a real estate agency. You can use whatever the standard form is for your state. The lease document should be the type of residential real estate lease would use to rent property to tenant. There are commonly standard forms used by lawyers in most parts of the country (every state has its own forms) that might be a good starting point. However, as with any standard form, be sure to review them carefully with a local real estate lawyer to tailor them to your situation.

I hate to keep sounding like a verbal vomiting robot, however I want to drive the point home that I understand how difficult it can be for any homeowner when they are facing foreclosure. In times like these, the options available to homeowners are very limited, some are unrealistic and many can be un-affordable. Most homeowners do not know their options. Many mortgage companies do not offer realistic options to assist homeowners that have suffered a hardship, and thus many homeowners lose hope.