Renaissance Realty Group’s Blog: Eric Reid (Renaissance Realty Group )

Foreclosure is not inevitable. Their are other options.

Foreclosure is not inevitable.  Their are other options.

  • Sell your home and move to a more affordable living situation.  (a good option for those who know they may soon run into difficulties)
  • Rent out a room to help cover expenses ( a good option for those with extra room and a short to medium term financial problem)
  • Talk to the bank who services your mortgage.  If you are falling behind in your payments don't ignore the issue, call the bank, setup a appointment to talk with them.  The last thing they want is to take your home from you, they know they will get less that way than if they make it possible for you to keep your home.
  • Seek Housing Counseling.  There are a number of .

     

    As stated in the continuing series HUD approved housing counseling agencies out their for you to call upon.

  • If your home is worth less than you own on it, many times you can still sell it.  Talk to the bank who services your mortgage, Many times they will agree to allow a short sale.  A short sale means that the bank will accept less than is owed on your mortgage as payment in full.  Your credit rating will be much less severely impacted than if your home is foreclosed on, and you will be able to rebuild your credit life much more quickly
15 comments • Eric Reid • September 07 2007 07:36AM

Cost to Lenders For Short Sale Write OFFs

Second-quarter net charge-offs of $9.2 billion were 51 percent higher than the year before, with charge-offs for residential mortgage loans up 144 percent to $715 million. The 1.26 percent of all residential mortgage loans 90 days or more past due was the highest rate since 1994,

If the housing downturn continues, some institutions that are currently in good shape could face capital challenges resulting from losses in mortgage-related assets,"

7 comments • Eric Reid • September 07 2007 07:25AM

Short Sales / Forclosure Here to help

Our team of local Realtors is here to provide assistance to those who are in need of help in preventing and avoiding foreclosure.  We understand that hard working people sometimes encounter unforeseen circumstances and fall behind on their financial obligations.  Frequently, these financial difficulties are the result of medical bills, divorce, changes in income, and a variety of other unavoidable circumstances.  Regardless of the reasons, we will not make judgments on why you are behind, but will work on the solutions to solve the problem and protect your financial well being.

One of the most effective and least known methods of avoiding foreclosure is called a Short Sale.  This is when your mortgage lender agrees to allow you to sell your home and forgive the balance of your debt.   By negotiating a Short Sale your mortgage lender agrees to accept a reduced loan pay off, allowing you can avoid foreclosure and minimize the damage to your credit history.

As soon as you miss your first loan payment the foreclosure clock starts ticking; so time is of the essence. And, unfortunately, most real estate agents lack both the knowledge and experience to successfully negotiate a Short Sale with your lender.

So,if you are behind on your home payments, don't give up.  Your situation is NOT impossible, even if others have told you so.  Most home owners are not aware of all their options, we invite you to take a few minutes by phone to call us and allow us to assess you situation. We can explain to you our Short Sale program and its advantages, along with other options available to you.

Most important, our assistance in this process will not cost you anything out-of-pocket since our fees will be paid by the mortgage lenders.  And your call will be kept strictly confidential.

TIME IS VERY, VERY CRITICAL TO ASSURE BEST RESULTS and protect you and your family's financial future!

Confidentially information line 1-800-214-4994  ext/ 2121

 

0 comments • Eric Reid • September 06 2007 12:51PM