I've had many calls as of late from prospective sellers/clients and friends wanting more information on what are their options when they are struggling and only weeks away from losing their home!
I have received several calls from frustrated homeowners that are either embarrassed or overwhelmed, angry or all of the above and it appears these emotions have one side effect on them, frozen-itis. Can you blame them?
I know the feeling all too well when things get lean and financially tight I want to crawl under a rug and forget the world is revolving. We all do!
Don't Give Up, There are Options!
There are options for ever situation, depending on where you are at with your finances, hardships and lean days!
Don't give up hope, find the strength to reach out to either some organization or professional, attorney or someone that can guide you in the right direction. The one thing that will hurt or hinder your situation is to hide under a rock as if nothing is wrong. I know this is saying a lot but somehow, someway you have to find the strength! I know this doesn't sound like the best advice and even might contradict your current feelings but reaching out to others you just might find that they understand!
Sometimes Patience Is A Virtue!
I've had clients call me with total frustrations with wanting to give up and not deal with loan modifications and throw their hands up in the air and want to walk away, I say, "hang in there." Just this past month a little gal with her first time home purchase (she bought high two years ago) and was struggling with her mortgage payment rising to an all time high and she was overwhelmed. She had had enough. She kept petitioning to her bank and supplying all that they demanded and it just seemed they weren't listening and she came to me to list her home and hang in the towel.
The day I was going to list her property, the bank that had previously turned her down had agreed to modifiy her loan, her payments almost dropped in half!! I'm so happy for her and appreciate her patience's! I know it wasn't easy for her, but I know there is a brightness around her now! There is HOPE!
Beware of the Bad Ones!
For those of you that are seeking alternatives, please keep in mind there is good and bad in everything! There are foreclosure scammers that want to take advantage of you and hurt you while you are vulnerable and down. Be sure to check all the credentials of any entity that approaches you to help you in her dire situation.
There are attorneys and professionals that are legit and will be able to provide any kind of proof if they are not scammers. Ask around, ask your friends, neighbors if they know of someone that they have worked with. You might find this alarming but I would bet at least every third house in your neighborhood is experiencing the same thing you are.
NID-Housing Counseling Agency
Here is a great article that a local lender, Ted Canto, a Senior Loan Officer with Academy Mortgage shared a great tip for those seeking some kind of help, best of all it's FREE.
There is a HUD Sponsored “Not for Profit” Agency that dedicates their time and efforts to assisting homeowners on their loan modification for “FREE”.
Who, what, where and how?
NID-Housing Counseling Agency (NID-HCA), program is designed to offer the myriad of housing related issues to our clients, nationwide. The function of the agency is to provide housing related counseling to all persons/entities with housing needs, FREE OF CHARGE. The agency is staffed by a network of fully training counselors/real estate professionals with extensive multi-choice knowledge of the real estate industry, in general and within their areas, specifically. The agency also has an extensive referral system for all of your real estate related needs.
They offer counseling to consumers, as well as non-profits, public agencies and faith-based organizations in each of the following areas:
- Default/Foreclosure (loss mitigation)
- Delinquency/Default Counseling
- Predatory Lending Counseling
Be sure to read the entire article by Ted and get the information on how to contact the NID-Housing Counseling Agency and learn more about the program, this might be the right option for you.
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