Finding the Right Foreclosure Alternative

By
Real Estate Agent with RE/MAX Realty Group

Finding the right foreclosure alternative - Gaithersburg MD real estateUnfortunately, many people in today's economy have been forced into foreclosure due to a variety of reasons.  However, the government has recognized the hardships that many homeowners face and have created programs to help stem the tide of foreclosures in the real estate market.  Nowadays, it's all about finding the right foreclosure alternative.  That's where I can help.  If you are a homeowner facing a foreclosure, here are a few of the programs that might be able to help you out:

Home Affordable Foreclosure Alternatives Program (HAFA) - Through HAFA, lenders and homeowners are given incentives to try selling the home in question through a short sale or deed-in-lieu of foreclosure as an alternative to foreclosure.  A short sale is when a home is worth less than is owed on it, the owner is facing foreclosure and the bank agrees to allow the homeowner to sell their home for less than what is owed on it.  This saves the bank the time and money involved in acquiring the home back through foreclosure and trying to sell it on the open market again.  A deed-in-lieu of foreclosure is when the homeowner gives up all interest in the property back to a bankto satisfy the debt owed on the property.  Right now, homeowners receive $3000 through HAFA once a short sale or deed-in-lieu of foreclosure is completed on a property.

Home Affordable Modification Program (HAMP)- HAMP is perfect for homeowners who believe that they would be able to continue paying their mortgage if their loan was simply modified with a lower interest rate.  This would decrease the monthly payment and make it more workable in a homeowner's budget.  This is a perfect alternative for homeowners who have a steady income but find that their monthly mortgage payment has put them just outside their budget.

Home Affordable Refinance Program (HARP) - If you are a homeowner who is current with their monthly mortgage payments but find that your home is worth less than is owed, you may still be eligible to refinance your home under HARP.  This is true even if you have tried to lower your interest rate but were unable to before.

These are just three of the many programs available to homeowners facing the possibility of foreclosure.  With so many different programs available, it really is about finding the right foreclosure alternative for you.  If one doesn't work, another one might.  Don't give up.  Contact me to find out which foreclosure alternative program may be right for you!

Jane Taylor, your expert in everything Gaithersburg MD real estate

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Contact Jane Taylor for all your Gaithersburg MD area real estate needs.

 

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Rainmaker
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Jane,

Good advice for sellers and agents.  I was not aware of the details of these programs.  Thanks for clearing things up for me.

Nice to see you again.

Mary

Aug 09, 2010 06:21 AM #1
Rainmaker
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Carra Riley & Declan Kenyon
Brokers Guild Cherry Creek Ltd - Westminster, CO
Helping people Transition at all ages!

Jane....Thanks for summarizing these three foreclosure alternatives.  It is nice for the distressed homeowner to have some choices to help avoid foreclosure.

Aug 09, 2010 06:27 AM #2
Rainmaker
320,835
Carra Riley & Declan Kenyon
Brokers Guild Cherry Creek Ltd - Westminster, CO
Helping people Transition at all ages!

Jane....Thanks for summarizing these three foreclosure alternatives.  It is nice for the distressed homeowner to have some choices to help avoid foreclosure.

Aug 09, 2010 06:27 AM #3
Rainmaker
320,835
Carra Riley & Declan Kenyon
Brokers Guild Cherry Creek Ltd - Westminster, CO
Helping people Transition at all ages!

Jane....Thanks for summarizing these three foreclosure alternatives.  It is nice for the distressed homeowner to have some choices to help avoid foreclosure.

Aug 09, 2010 06:27 AM #4
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