Getting a letter of inquiry or notice ofaudit from the IRAmay be the worst letter you can get but getting anotice of foreclosurehas to be a strong second! I do know if you get either of these notices your first step should be to get professional help. I'm not a lawyer or account soI can't help with the IRSbut I may be able to provide helpful guidance on a potential foreclosures.
First assess if/how you can get back on track by catch up any delinquent payments. Is a temporary second job a solution? Sometimes working just an extra few hours one day a week would do the trick!
If that's not possible, check with relatives early on to see if they can help you to catch up.
Contact the lender as early as possible to discuss alternative solutions.
The last solution may be to sell your home.
If you live in Texas, I can help with analyzing your home's sale. It would be a rare case in this area that your home's value wouldn't cover your mortgage and cost to sell. While this is not the ideal solution it may be the best option rather than ruining your credit for years to come.
I hope this isn't your situation but if it is and you want solid guidance give me a shout.
Morris “Bill” Austin ~ REALTOR® ~ Team Price Real Estate
Austin Texas Metro ~ Serving Sellers & Buyers successfully since 2007
The Greater Austin Area is home to some fantastic schools and school
"Young First-Time Homebuyers - August 2015
We had the good fortune to be recommended Violet's services this summer when we decided to purchase a house in Austin and cannot overstate how helpful, resourceful, and determined she was through the entire process.
We went into our search with high expectations for our intended budget and some less than common requests and Violet was not only unfazed by this, but immediately sought to rise to the challenge. She responded to calls and emails at practically all hours of the day from when we first contacted her until we closed, and even when we became frustrated or discouraged never wavered or slowed down searching for us.
She never hesitated to give us honest opinions even when it wasn't what we wanted to hear, and saved us from more than one serious mistake by doing so. She was unflinching and uncompromising dealing with sellers representatives and always made sure to protect our interests. And she helped us compromise between ourselves on difference we hadn't even thought about before she brought them to our attention.
We've been home owner's for just over a month now thanks to Violet and are incredibly happy with the property she helped us acquire. If you are searching for a realtor who simply will not give up you need look no further."