We are in a crisis with an overwhelming number of homeowners "Walking Away" and letting their homes go into foreclosure in our market area (Sarasota, Florida). In some cases, homeowners are stripping their homes of anything that could have value, destroying the home in the process, while abandoning their home and letting the lender foreclose. This action hurts a lot of innocent people, especially the next door neighbors of the homes in foreclosure. With a vacant home, the burden of liability now becomes a burden to the neighbors and neighborhood. As a home goes through the foreclosure process it deteriorates and becomes an eyesore to the neighborhood, inviting criminals to steal from the property, and devaluing the property values in the area. As a result, a bad situation becomes worse. However, I have seen some neighborhoods ban together to help lessen the impact of foreclosure homes in their community in the following ways:
1. BECOMING A RESOURCE FOR HELP. - This is your chance to shine and be a light in the darkness. In this generation, it's not uncommon to live next door to someone, never getting to know their names, who they are, or if they are in need of help. Communities could greatly benefit by getting back to the values of our grandparents' generation of "helping" your neighbors who need help. Being a resource to help others will not only enrich the lives of others, it will enrich your own life as well. How could a property owner help his neighbor if they are in financial trouble? (Read the next point.)
2. FIND SOLUTIONS - Even though your home may not be facing foreclosure, it is wise to understand what the options to foreclosure are so that you might help direct those facing foreclosure to resources which may assist them. Foreclosure is rarely the best option for someone facing financially difficulty. However, given the stress of facing foreclosure, many homeowners do not seek solutions or wait until it is too late for those solutions to benefit them. Sometimes a homeowner is too embarrassed to ask for help from their family or friends, however the neighbor is usually the first to see signs of a property owner in need of help. Knowing some possible solutions and resources for homeowners to consider could help them, given it is offered in a spirit of trying to help and not judge them. One of these possible solutions could be a Short Sale. In a Short Sale, a homeowner gets to stay in their home until the property is sold, and is usually relieved of the debt of their mortgage (even if it more than what their house is worth). The best part of a Short Sale is that it could enable the homeowner to restore their credit in 2 years, allowing them to purchase another home. Short Sale Real Estate Specialists are normally willing to talk with homeowners in distress for free to help them learn of their possible options to foreclosure and how a Short Sale could help them. Knowing a Short Sale Real Estate Specialist in your area could be a valuable resource.
3. BE PROACTIVE - If your neighbor decides to walk away from their home, allowing it to go into foreclosure, confirm with them if it OK if you maintain the house and keep it up after they leave. Yes, this means mowing their yard and keeping the exterior of their home up and possibly parking your car in their driveway to give the perception the home is occupied. This could have a huge positive impact by decreasing crime in your neighborhood and helping maintain the quality of life you enjoy.
For information on the possible solutions to foreclosure, I have developed a website, www.TroyFunk.com to help educate the public on possible options to foreclosure. Too often, we see homeowners realize too late that they had options which could have helped them avoid foreclosure. Knowing the options to foreclosure is not only important to those who are facing foreclosure, it is worthwhile to those who are willing to help others.
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