There is a simple "2 STEP" Answer to solving the Foreclosure crisis. It does not take a Rocket Scientist, a Economist or the President to solve the problem. According to Realtytrac 1 in every 846 homes is in Foreclosure here in New Hampshire. Manchester NH shows about 1/3 of people who HAVE to sell their homes owe more than their house is worth in today's market. Some owners can no longer afford their payments and think foreclosure is their only option. Other home owners need to sell due to being transferred, marriage, divorce or illness and just owe too much also assume they can not sell.
SO WHAT DOES IT TAKE? When someone gets behind in their mortgage, they either have no ability to make any payment or have the ability to make reduced payments but can not catch up.
THE RIGHT WAY:
1. YOU CAN MAKE SOME SORT OF MONTHLY PAYMENT
a. The first step is contacting your bank without hesitation and asking for the HOME RETENTION Department. They are not collectors but tasked to go over the options to keep you in your home.
b. You have to be patient and level headed. You need them to help you. Yelling at them will not help you.
c. There are many different types of options such as Forbearance which can bring you current despite owing many months in back mortgage payments and re-writing your loan that lowers your interest rate as low as 0 and therefore lowers your monthly payments so you can make your payments.
d. If the person you get is not helpful ask for a manager. not all customer service people are created equal. Getting one "having a good day" and is willing to explore your options is key.
e. Do not give up. If the first call is not helpfull call back the next day and the next day. All banks are not equal in how quick they work, but PERSISTANCE can pay off.
2. IF YOU HAVE NO ABILITY TO MAKE ANY PAYMENTS
a. If you have no abaility to make any payments your options of staying in your house are slim, but all hope is not lost. There are options to help you move on and recover quicker than Foreclosure.
b. The first choice you have is selling your home through a SHORT SALE. The process is easier than it was even a year ago. The KEY is using a Local, full time and well experienced agent to list with. In NH that agent is ME. If you live elsewhere, there are great agents that can help. Do not just list with the biggest or the one with the best TV commerical. Choose based on experience and results. Please see my blog THE "SECRETS" to getting a SHORT SALE approved
c. Time is your enemy, do not wait to call your bank. The home retention department can also help you with your options if you can not pay. If you have no time for a short sale becuase they have set a Foreclosure Auction date, you always have deed in Lieu of Foreclosure.
d. With a short sale or deed in lieu your bank can pay you to help you relocate.
THE WRONG WAY
1. Abandoning your home by moving out is the WORST choice you can make. You lose your rights and negotiating power for anything.
2. Listing your home with an out of town or out of state company or listing agent is the next worse thing you can do.
3. Not maintaining the home any longer is not reccomended. You are still repsonsible for maintenance until the bank takes ownership and can be held liable for any damages or non maintained items.
4. Stripping the house to bare walls is not only not wise, it is against the law. Banks are prosecuting and going after former owners for damages.
5. Doing nothing is also not a wise option. There is help, you just have to reach out and ask for it. Do not pay anyone for help. Call your bank direct, Hire a local agent or use a non profit to help you through these tough times.
IN CONCLUSION contact your Bank, do not give up and reach out for the help that is out there. If you choose to sell use an agent who is local and well experienced in listing, neogtiating and selling short sales. A Short Sale will allow you to sell your home at the current market value and asks your bank or mortgage company to accept this lower amount. A Short sale often costs the seller no out of pocket expenses.
Having a professional, local, full time agent who is well experienced in short sales makes all the difference in the world. I strive to be that agent by offering the best in personal and professional service while guiding you through each step of the short sale process.Here in NH you can call on us for results. We are locally owned and operated and are well experienced with short sales in NH. We will guide you through each step of the short sale selling process.
It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.
* WE NEED HOMES TO SELL!!!! IF YOU ARE THINKING ABOUT SELLING YOUR HOME? NOW IS THE TIME!!!!!
* WE OFFER A FREE MARKET ANALYSIS to let you know what your home is worth in Today's Market.
If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.
Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!
We stand by you through every step in selling your home.
PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME
PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME
ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...
If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.
If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.
Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.
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