Foreclosures may have become a norm that we all are used to seeing, but it doesn’t have to be that way. There are options available to homeowners that many are unaware of. Foreclosure is not the only option if a homeowner is behind on payments or anticipates falling behind.
Some foreclosure stats I recently read from July 2011 stated, “4.1 million loans are 90 or more days delinquent or in foreclosure, foreclosures outnumber sales 3:1 and only 25% of new 30 day delinquencies are first time.”
An experienced Realtor can help homeowners identify the problems with their mortgage and help them find alternatives and/or solutions by educating the homeowners on programs and help that is available to them or by referring them to competent professionals in the mortgage and banking fields. Helping homeowners who may be in a bad situation can help the real estate market across the board.
One of the alternatives to foreclosure that may help homeowners is a short sale. Short sales can be a positive alternative to foreclosure that can allow the homeowner to get out from under a home and payment they cannot afford without as hard of a hit to their credit. While short sales are not a perfect solution, they are a viable option for many and should be considered if a homeowner is in a position with their lender where a short sale is possible. Other alternatives include loan modification and agreeing to a deed in lieu of foreclosure.
Judy and I have spent the past few years learning about alternatives to foreclosure and how we can help people. If you are a homeowner who would like to learn about your options, give us a call at 615-337-6000 or visit our website http://www.judyrockensock.com/
-written by Maggie Claprood, Buyer’s agent working with Judy Rockensock-
Statistical data from the LAMCO network