The Truth About Mortgage Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I've prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply provide your information below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As a Certified Distressed Property Expert in York, PA I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call me today.

Jerry Pilgrim
717-757-5955

York, PA-In today's market, more and more homeowners are finding themselves in financial distress due to real estate than ever before. If you are a homeowner in danger of losing your home, do not get discouraged-there are many options to get your finances back on the right track. That's why Jerry Pilgrim, broker of Professional Realty Associates in York, recently became a Certified Distressed Property Expert (CDPE) and a member of the Distressed Property Institute.

The CDPE designation is a nationally recognized certification given to agents who have dedicated their time and effort to understanding the issues distressed homeowners are facing. After taking multiple courses and training sessions, the agents are better equipped to deal with entering the distressed property market-REOs, short sales, preforeclosures and working with investors.

Foreclosure is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without help. Homeowners who are in the preforeclosure process need to speak with an agent as quickly as possible. If you are a homeowner in distress, Jerry believes the best solution for homeowners is to seek the guidance, counsel and services of an educated and trained real estate agent. Homeowners no longer have to go it alone. Jerry has received the tools, information and tactics to effectively help homeowners through his certification from the Distressed Property Institute.

One of the first options a homeowner has to avoid foreclosure is a loan modification, or loan restructuring, which is simply a permanent change in one or more of the terms of the mortgage loan. If a homeowner runs into temporary financial hardship, the next option is to negotiate for a loan forbearance, which reduces or delays payments for a short amount of time with the understanding that the account will eventually be brought to a current status.

While these two options do serve as practical alternatives to foreclosure, they still leave homeowners with the same burden of debt. The more favorable option, according to real estate experts, which considerably benefits both the homeowner and lender, is a short sale. A short sale is an agreement wherein the lender allows for the homeowner to sell the home at a price lower than the mortgage-debt amount. The lender will then take the proceeds from the sale as a settlement for the mortgage debt. A short sale becomes a beneficial alternative when the homeowner's mortgage debt is higher than the property's value.

It's a complicated market out there, but Jerry Pilgrim, a CDPE professional, is an agent who understands the full range of solutions and is ready to help. Distressed homeowners need an advocate like Jerry-who chose to set himself apart from other agents by receiving formal training to help homeowners in financial crisis.

If anyone would like more information about this topic or to schedule a meeting with Jerry Pilgrim, please call Professional Realty Associates at (717) 757-5955 or e-mail their request to JPilgrim@PilgrimTeam.com.

by Kaitlin Kraft (interview with Jerry Pilgrim)
Although 2007 may have been a bumpy road for many
markets and real estate agents, the Pilgrim Team of the
Professional Realty Associates has had a different
experience. With so many hyped-up stories about the
lending crisis and the supposed downfall of the real
estate market, how does Jerry Pilgrim, broker/owner,
remain positive?
"We expect to have a great year in 2008. The Pilgrim
Team actually had a positive increase in volume this year,
which we're very pleased about. We expect that trend to
continue in the upcoming year, even though volume may
be down with the competition," says Pilgrim.
Pilgrim continues that not only did his team fare better
in 2007 than the competition, but that the York housing
market has also been holding stable. "There hasn't been
a drastic price reduction here as there has been in other
parts of the country, or even other parts of Pennsylvania.
We have experienced only a slight drop, approximately 5
percent, compared to the 30 - 40 percent decrease some
other area markets are feeling," he says.
Pilgrim emphasizes the importance of knowing when
to snatch up a good deal, and right now the market is
ripe with good deals. "In the current market, buyers are
like kids in a candy store-there are a lot of houses to
choose from and the options are endless. Interest rates
are low again, so that gives buyers opportunities that they
haven't experienced in the past few years," he says.
"There are a lot of good buys out there, but don't wait
because that may change in the new year."
Buyers need not be worried about slightly dipping
home values either, according to Pilgrim. "Traditionally,
home values always go up. The market may have peaks
and valleys, but don't be hesitant to buy. Even if the
market drops slightly, history has proven that home
values will always trend up," he explains.
And now, sellers are working harder than ever to attract
serious buyers, says Pilgrim. "A year and a half ago, you
couldn't find today's properties for the current price,
location and amenities that are being offered," he
explains. "Savvy sellers are reducing their prices, offering
to pay closing costs and making sure their houses are in
excellent, move-in-ready condition for buyers."
Pilgrim adds that with all these buyer perks, 2008
should prove to be the best year yet for motivated buyers.
"We pride ourselves in customer service and do
everything we can to help buyers find their perfect home,"
he says. He and everyone on the Pilgrim Team are always
ready to negotiate a lower price for you and have proven
their dedication to their clients year after year.

It is coming up on Thanksgiving quickly here in York PA. New homes sales and existing home sale inventory continues to rise. Currently there is an avarage of 11 month supply. Big difference from last year at this time! Buyers here in York County seem to be a little reluctant to make a home buying decision. I think that home Sellers are ready and willing to try to negotiate a reasonable house offer with a good solid buyer. (What I mean is that a buyer with good credit and able to close on a house in a short period of time along with a reasonable house inspection.) Sellers of homes in York, Shrewsbury, Stewartstown, New Freedom, Red Lion, Dallastown, Dover or just about anywhere in York County PA are willing to listen to buyers offers.
Mortgage interest rates are low and now is the time to buy!

It's not the same old real estate market anymore. These days, it's faster, more complex and more competitive in every way.

Homebuyers shop the Internet. Offers arrive by cellular phone. On-line mortgage companies make it possible to obtain pre-approved financing right in the privacy of your own living room.

In this supercharged marketplace, you need more than just a REALTOR. You need a professional with the unique training and know-how to create opportunities, identify potential pitfalls up front, and make your home buying or selling experience an unqualified success.

You need a Certified Residential Specialist!

What is a Certified Residential Specialist?

A Certifieid Residential Specialist is a REALTOR who has earned certification from the Council of Residential Specialists by completing a rigorous course of advanced training, and by meeting significant experience requirements.

Relocation

The Pilgrim Team also specialises in relocation to York County. If you are interested in receiving our relocation book, which is full of valuable information about York County, please give us a call at (717) 757-5955 or visit http://www.pilgrimteam.com/