Can’t afford your home? Foreclosures is not your best option!

By
Real Estate Agent with L.A. Property Solutions BE# 01342428

There is a tendency for people in financial straits to ignore their problem until it is too late.  Don’t sit back and do nothing when there are options out there that will do much less damage to your credit and might even allow you to keep your home. If you simply let the bank take your home without trying a workout alternative, you may not be eligible for a new Fannie Mae-backed mortgage for seven years from the date of foreclosure.

ar12814034458892 Cant afford your home? Letting the bank foreclose is not your best course of action!

Not enough has been written about the Home Affordable Modification Program (HAMP) and the Home Affordable Foreclosure Alternatives Program (HAFA) so many people who might qualify are missing out on the advantages.

HAMP is designed to help people modify their mortgage and stay in their home. If they don’t qualify for a HAMP modification, they may still be able to qualify for a HAFA short sale. A HAFA short sale is a much smoother process than a non-HAFA program and actually provides some cash to the seller at the end of the transaction.

There are different qualifications for the programs depending on whether or not your home loan is held by a government entity (Fannie/Freddie) or not, the rules of which would be too complicated to put in a single post. If you are having trouble making ends meet, don’t let the bank foreclose on you! I urge you to contact me directly at 213-215-4758 and I will go over the specifics of your situation with you and help you determine your best course of action.

For more information on short sales in Los Angeles County and buying or selling property in Silver LakeEcho ParkLos Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com
ar126379313767466 Cant afford your home? Letting the bank foreclose is not your best course of action!
Jenny Durling
Broker Associate
L.A. Property Solutions
213-215-4758
info@LApropertySolutions.com
LApropertySolutions.com

Copyright Jenny Durling 2012 *Can’t afford your home? Letting the bank foreclose is not your best course of action!*
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Rainer
205,520
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h
I hope that folks take advantage of the information that you share to help them through a tough time.
Aug 05, 2012 03:05 AM #1
Rainmaker
616,091
Mike Young
203kOnLine.com, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Yes, I agree with Mark. It is a shame that people have  a tendancy to pull in like a turtle and they should be looking for a solution, it can work in their favor for sure.

Aug 05, 2012 11:20 AM #2
Rainmaker
242,126
Jenny Durling
L.A. Property Solutions - Los Angeles, CA
For Los Angeles real estate help 213-215-4758

Mark  - me too!

Mike, it's a shame that it tends to work that way. I'm dealing with a couple that seem too paralyzed to do anything right now.

Aug 06, 2012 02:30 AM #3
Rainmaker
1,229,216
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Jenny, excellent post. Love the graphic you chose.  I agree with use of paralyzed to describe how people react in this situation.

Aug 15, 2012 06:27 AM #4
Rainmaker
525,202
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

Jenny, I'm glad you posted this article.  Home owners who encounter the same problems will be encouraged and know that there's still a solution to their problem if they act on it immediately.

Aug 15, 2012 10:36 AM #5
Rainmaker
242,126
Jenny Durling
L.A. Property Solutions - Los Angeles, CA
For Los Angeles real estate help 213-215-4758

Mary  - agreed, Paralyzed seems to be the write word.

Regina- thank you. I just hope people will read it before it's too late. BTW- I'm totally jealous that you live on the central coast!

Aug 15, 2012 11:16 AM #6
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Rainmaker
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Jenny Durling

For Los Angeles real estate help 213-215-4758
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