Nancy Bowerbank

Trapped! This best describes my feelings this morning as I helplessly sit at my desk going over my schedule. My trusty steed is in for some major repairs today, and no rental cars were available this morning...........so I am car-less! How long has it been since you've been without a car? I have the shakes and it has only been about an hour.

I went over my schedule yesterday to ensure that I didn't have any appointments so I could survive without my vehicle.........but everything I seem to think of today involves it.

1. I have a new property assignment that needs a lockbox installed

2. I need to get a picture of a home in a neighboring city.

3. I need to go to lunch................o.k. it is only 9:40am......but the stress of no car makes me want to eat!

We Realtors have control issues. I can get someone else to do items 1 and 2 for me today, but it just isn't the same. You know what I mean............the thrill of the open road, the excitement of driving by a new for sale by owner and stopping to talk........the checking of riders and feature sheets............we live for this don't we?

My car is suppose to be ready by 6pm tonight...........here's hoping I don't go stir crazy waiting for it!

Need to move and can't sell? Getting divorced and can't get refinanced? Lost your job and need to downsize? All of these situations and more create a "distressed" situation for home and condo owners throughout the Ann Arbor and Ypsilanti areas. In the past, many homeowners have simply buried their heads in the sand hoping the situation would get better, or simply pack up their households and move. Now, more than ever before, lenders are making it possible to work out a solution to an unforeseen distress situation.

What should you do if you find yourself underwater and needing to sell or refinace?

Step 1. Call your lender. Lenders can not help you if you don't let them know there is a problem. If you are current on your payment it may be difficult to get someone to listen initially, but recently many lenders have developed teams of customer service representatives who have aggressive turnaround times for helping homeowners navigate a distress situation.

Step 2. Call your Realtor. Although not every situation will require you to sell your home, It is a good idea for you to know what your home is likely to be worth in today's market. Your Realtor can do a CMA, also known as a Competitive Market Analysis which will tell you what it is likely to sell for in its current condition. Additionally your Realtor can give you information on what your home would rent for if you have to move before it can sell.

Step 3. DO NOT pay anyone who promises to take over payments, do a short sale or facilitate a lower payment without checking with the better business bureau or an attorney, as there are many scams which have cropped up to take advantage of distressed homeowners.

Step 4. Educate yourself on the credit score implications of any plan of action. Your local credit bureau or attorney can give you an idea of what a Deed in Lieu ( giving the home back to the bank before foreclosure); Short sale (selling the home for less than what the home is worth with the banks permission) or Foreclosure (losing the home to the bank at sheriffs sale) will do to your credit. Knowing this can help you make a good decision.

Never before have so many people been around to help distressed homeowners. Don't lose sleep over the situation, take action and get help!