Foreclosure. The very term strikes fear into the heart of any homeowner. Would you believe that two in every 100 homes in the U.S. were in the process of foreclosure at the end of 2008? If you're facing such circumstances, first understand that you are not alone.
Most people got into this position by taking advantage of ridiculously low introductory rates on adjustable rate mortgages (ARMs). Now that those loans are resetting, consumers face dramatic increases in the interest rate, and consequently, the monthly payment. Even a reasonable rate like 7% becomes a burden to those who have grown accustomed to the 1 or 2 percent introductory rates.
Ideally, a short sale coordinated by a real estate professional provides the opportunity to satisfy all the motivated parties - seller, buyer, and lender. The seller wins by liquidating the property before foreclosure proceedings begin. The buyer benefits by securing property at a good value. Finally, the lender benefits by not having to initiate the foreclosure or take the property back.
A real estate agent may even have suggestions to help keep you in your home. Granted, it isn't a sale, but agents appreciate the subtleties of building good relationships with loyal clients who will refer business to them in the future. Trust a professional to guide you through this difficult time with experience, courtesy and respect.
Paul Gruber CRS, e-Pro, REALTOR
Broker/ SR Partner
Metro Brokers - The Edge Group, Inc.
7400 W Jefferson Ave
Lakewood, CO 80235
303-886-5991
Comments(0)