I have been doing BPOs (Broker Price Opinion) for a long while. I noticed 9 out of 10 homes are not on the market or have not been on the market since the last sale. I do not know why but it is a mistake. I understand times are  hard right now but they will get better one day. Then if you want to purchase another home,  would it better to be able to say you made every effort to sell before you lose it? On the hand, you did not try to sell your home which will come across as not being a responsible person, now you are asking the lenders to give you another chance but they refuse due your past history of walking away when time are hard.

Facing losing your home, please make sincere effort to do the following:

1.     Look at your Budget – realistically exam your expenses against your income and saving. Seriously give cut out the Wants (eating out, movies, reduce your cable and satellite bill, combine trips when out, pay cash or wait, etc).

2.     Apply for loan modification – personally I will not pay anyone to loan modification because the amount you have to pay someone can get you started with your negotiation.

3.     Get A CMA (Comparative Market Analysis) – you want a CMA done by an honest broker. Honest mean a broker who will be straight with you and knows the market trend. Based on his findings you have a quick decision to make:

A.   Regular sale not concern about getting any funds back.

B.   Short Sale- if you are upside down on your loan and you think it is too much for you to carry the property, and then consider it. Please have your real estate attorney and accountant review the all paperwork.

C.   Renting Room out- this is usually good in an area that have a basement

D.   In lieu of Foreclosure- I will recommend you consult a real estate attorney for this choice.

Why all this going, please continue to make payments if can  and give up and any Want that only give you pleasure but do not contribute to keeping your home.

I strongly believe that it is a good advice to be responsible regardless of your situation or whatever is going on around you. Your responses to present situations always affect your future. And taking the steps above will make a different in your life. Remember your home is the only durable and dependable investment you have, regardless of the present deprecation. Real estate is a cycle.