Can I, or Should I Keep My Home?

By
Real Estate Agent with Century 21 Masters/Lic. #01353034 DRE#01353034

                                                       

                                                

Many Homeowners have been struggling to decide what to do with regards to their home. I have spoken with many families who have tried countless times to try to modify their homes Trust Deed with no success. I'm sure this is not breaking news to those who are reading this. However, due to upcoming changes in the Modification process it will become even more difficult to modify your homes Trust Deed. Where will that leave the Homeowner? Banks are beginning to see that it is more beneficial financially for them to accept a Short Sale rather than Foreclose on the home. Infact, I have already begun to see fewer Foreclosures and more Short Sales in my market. That being said, when is a Modification right for the Homeowner? Do I or will I qualify for a Modification? Will the Short Sale process actually be the better option for your family? That is where the professionals at the Non-Profit H.E.L.P. (Homeownership Education Learning Program) come into the picture. Their goal is to educate the public and to help them determine what is right for them and their families! Here are some Tips that H.E.L.P. has made available to the public. 

1. Try to Modify. If no avail, short sale. NEVER WALK AWAY

2. Always do your best to keep accurate and detailed records of your attempts to reach out to your lender.

This may come in handy in the future.

3. A short sale is when a lender agrees to take a lesser payoff than the existing balance of the mortgage.

4. Discuss with a CPA the tax consequences of a Short Sale or Foreclosure BEFORE they actually happen.

5. Important questions to ask your tax consultant or CPA: Was the loan recourse or non-recourse? Will the loan forgiveness take place inside BK?, and Are you insolvent at the time of the debt forgiveness?

6. Non-profit, HUD approved housing counselors can be trusted to assist you with your housing concerns and needs.

7. Beware of foreclosure scams! Ads that read. "Stop Foreclosure Now!", "We guarantee to stop your foreclosure.", and "We have special relationships within many banks that can speed up case approvals. We can save your home. Guaranteed. Free consultation!" These companies should be treated with extreme caution.

8. Don't take your Lender's word that your sale has been postponed. GET IT IN WRITING!

9. You do not have to fall behind to request a loan modification. AND YOU DO NOT HAVE TO PAY UPFRONT.

If you are unsure, contact H.E.L.P. (Homeownership Education, Learning Program)! You can Email them at info@freehomeownershiphelp.org or visit their website at www.freehomeownershiphelp.org.

 

                                                

                                                 www.matthewbartlettrealestate.com 

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Matthew A. Bartlett

Realtor

140 S. Grand Ave., Ste. H

Glendora, CA 91741

(626) 221-8252 - Cell

(626) 498-2284 - Efax

Email: mbartlettrealestate1@earthlink.net

   

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Topic:
ActiveRain Community
Location:
California Los Angeles County Glendora
Groups:
Mortgages
Southern California Real Estate Forum
California Short Sales, REO's, and Foreclosures
Local Expert
Tags:
short sales
san gabriel valley real estate
home modifications
glendora california real estate
glendora school district
glendora california

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Rainmaker
456,506
Stanley Stepak
Howard Hanna - Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

Great advise to listing agents to stick to the drive and not walk away

Jul 19, 2010 02:57 PM #1
Rainmaker
156,304
Carolyn Kolba
Serving Mentor, and all of Lake County, Ohio - Mentor, OH
Keller Williams Realty- Mentor, Ohio

There are so many things to watch out for regarding short sales and foreclosures.  It is of great importance that the listing agent be extremely well-versed with short sales.  Critically important.

Jul 19, 2010 03:02 PM #2
Rainmaker
374,999
Gina Chirico
Lattimer Realty - Fairfield, NJ
Real Estate Agent - Essex County, New Jersey

Matthew, it is so unfortunate to many homeowners that the banks are not willing to modify their loans and almost forcing them into a short sale or worse, foreclosure.  What a helpful list you've post here to help homeowners facing modification denial, short sale and/or foreclosure.

Jul 19, 2010 03:34 PM #3
Rainmaker
374,999
Gina Chirico
Lattimer Realty - Fairfield, NJ
Real Estate Agent - Essex County, New Jersey

Matthew, it is so unfortunate to many homeowners that the banks are not willing to modify their loans and almost forcing them into a short sale or worse, foreclosure.  What a helpful list you've post here to help homeowners facing modification denial, short sale and/or foreclosure.

Jul 19, 2010 03:34 PM #4
Rainer
308,319
Matthew Bartlett
Century 21 Masters/Lic. #01353034 - Glendora, CA

That is why I connected with Chris and his non-profit. Chris has been in every aspect of our profession which is great for the Consumer because he can explain to them why the banks have been taking the position they have so far. And best of all it will give the consumer the information they have been looking for. Thanks for the comments!

Aug 02, 2010 09:30 AM #5
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Rainer
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Matthew Bartlett

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