Foreclosure Freeze: What Does it Mean for Homeowners?

Foreclosure Freeze:  What Does it Mean for Homeowners?

Could the freeze save homeowners...the answer no.  It is just like being stopped in a car at a red light, eventually the light is going to turn green and you will be moving forward.

You may have heard that many banks including Bank of America, Ally Financial (formerly GMAC), and JPMorgan Chase have all temporarily suspended foreclosure proceedings to investigate possible problems with mortgage documentation. Bank of America froze foreclosures in all 50 states, but quickly announced they will move forward in the 23 states that resolve foreclosures through their judicial systems. Ally and Chase have continued to halt proceedings in these states.

For homeowners having problems making mortgage payments, this may seem like tremendous opportunity to stay in their homes. The unfortunate reality is that the foreclosure process will start again, and for those facing foreclosure, the real opportunity lies in the extra time to find better alternatives. The first step to take during this opportunity is to contact an educated real estate agent as soon as possible to learn about options. An agent with a CDPE designation means they have the training, tools and resources to help struggling homeowners make the right decisions. 

For homeowners who owe more on their homes than what they’re worth and don’t what to do, I have the CDPE designation and can help provide options and hope during this time of uncertainty. Together, we can take a proactive approach to a situation millions of Americans are facing every day. We can use this extra time for developing a strategy to get past this time of distress, and move toward a brighter, more stable future.

For more information on this freeze please visit my website, www.ShortSaleOurHouse.com where you can find valuable resources for yourself or can recommend the site to people you care about that may be experiencing difficult times and can’t make their mortgage payments.

When nearly 1 in 6 homeowners facing foreclosure it is obvious no one is in this alone! Homeowners have options please help someone today by sending them this information.