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Tuesday, January 25, 2011

Foreclosure….Now What?

Is there life after?

That’s been a question that has been asked of me a lot lately.  People are often inquiring about what a short-sale – or worse – foreclosure does to their ability to buy a home again.  My answer is always, the same – consult an attorney!

In this challenging market, where homeowners are struggling to make their payments on a home that may not be valued at what the currently owe, the decision on what to do is a tough one.  No two scenarios are the same.

If a short-sale or foreclosure is the best option for you, then what?  How does one unbury themselves and get back on track?

I had the pleasure of working with Dean Wegner at WJ Bradley on a transaction a year or so ago – a great lender, with a dynamite staff that went above and beyond to get the job done. One of the smoothest transactions in a long time, too!  That being said, Dean has just published a “must read” book that is creating quite a buzz:  Life After Foreclosure.

Here’s a very real-life guide with practical strategies you can implement to get back on track.  It discusses legal, emotional and even psychological issues that need to be dealt with so you can swim to shore.  I encourage you to check it out – Life After Foreclosure is available at most bookstores and online.

©2011 Tom Weiskopf, PLLC. Tom Weiskopf, PLLC is an AZ licensed real estate agent with John Hall & Associates serving the Phoenix area. For more information, Tom can be reached at (602) 953-4000 or via e-mail at


  1. Yes, that is indeed. Once a foreclosure proceeding has commenced, the next step that the lender will take is to have a foreclosure sale. This is generally a time period in which the debtor can redeem the note. What this means is the debtor will have an opportunity to contact the lender and make some sort of arrangement to get caught up on the note.

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  2. This is great. The loan modification plan has been in the market since a long time and many home owners have tried to benefit from the plan. But because of some reason or the other many home owners have failed to qualify for the plan. Thank you for the learning.

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