BGS3 - Alternatives to Foreclosure

Contrary to public belief, mortgage lenders are in no hurry to send a delinquent mortgage to collections. Foreclosure (which BGS3 fights to prevent) is expensive for mortgage lenders, insurers and investors. In fact, lenders are required to work diligently to help homeowners that are experiencing financial problems find a solution outside of foreclosure. If you fall into this category, there are options, and BGS3 is here to present those options to you. Understanding what option is best for you can, and will, affect your life for years to come.

Fannie Mae recently released new policies relating to the minimum time period that must elapse before a borrower will demonstrate they have reestablished acceptable credit. Foreclosure requires a 5-year time period from the date of completion. A pre-foreclosure sale, also known as a "short sale," requires a 2-year time period from the date of completion. A pre-foreclosure sale is the sale of a property by the borrower to a third party for less than the amount owed to satisfy the delinquent mortgage, as agreed to by the mortgage lender, insurer and investor.

BGS3, a national leader in pre-foreclosure sales, connects Realtors, homeowners, homebuyers and lenders to leverage this type of sale. Charles Cease, Chief Operating Officer at BGS3, stated, “If homeowners would simply acknowledge their need for help, more would receive the assistance or counseling that is available to them. Instead, many are embarrassed and ignore the problem staring them in the face. We are committed to helping every homeowner we can. We would love to see more people begin the healing process and start rebuilding their lives in two years instead of allow pride to hinder their judgment and suffering for another five to seven.”

All homeowners that are experiencing financial problems should contact their lender and a housing counselor to determine what option is best for them. BGS3 can help.

VIDEO: http://www.bgs3.com/realtors.html