Gardner Real Estate Question: I was one of the 350 Embarq Employees who lost their job Friday. I'm going to have difficulties making my mortgage and in fact it may go into foreclosure, what do I do?
This is a real estate question that was asked this weekend. First, I'm sorry for your job loss. Through some questioning, you felt that there will be more job losses at Embarq in Gardner by the end of the year. This may have a huge impact in Gardner. Currently, according to MLS stats, Gardner is down by over 40% in sales.
If you think you will be having a hard time making your mortgage payment, first I would contact the mortgage company who has your mortgage note and inform them what is going on. Secondly, I would request a loan modification or forbearance if your mortgage payment starts getting behind. Glen Stockton, a Gardner Kansas Attorney, would help you negotiate a loan modification or forbearance with your mortgage company. Glen also as access to lenders that can help do a foreclosure prevention mortgage.
If you anticipate your mortgage payment getting 60-90 days behind and not having the resources to make your mortgage payment current contact a seasoned Loss Mitigation Consultant. If a loan modification and forbearance isn't accepted by the mortgage company, a Loss Mitigation Consultant, maybe able to negotiate other options.
The real estate market is currently slow in Gardner, Kansas. If there is an infusion of many more homes, home values may decline.
If you have a real estate question, feel free to contact the Dowell Taggart Team. We have Loss Mitigation Consultants who can help you.
Dowell Taggart Team
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