In my last post, I introduced myself as a Change Agent, a pre-foreclosure specialist on a mission to save as many Georgians from foreclosure as I can, and a partner with our president-elect in effecting positive change in America's economy.
So how am I personally and positively affecting the economic recovery?
Well, I figure the economy won't recover before the real estate market corrects. And every time I help a seller sell before the bank takes their house, I'm helping that correction happen instead of allowing another foreclosed property to drag on the market. Foreclosures hurt the whole community and economy. Boarded up homes become a blight on the neighborhood, driving prices down, reducing the tax base and inviting crime.
To that end I've prepared myself with Alex and Cadey Charfen's systems and information, and I've postioned myself for 2009 as an agent who specializes in foreclosure prevention and short sales. Tne Certified Distressed Property Expert (CDPE) designation has equipped me for increased success with short sales. To date, there are only three agents in the state of Georgia to have earned the CDPE designation, which requires a significant investment of time and money and in-depth foreclosure prevention training.
In a short sale, the lender agrees to accept less than the entire amount due on a seller's mortgage as "payment as agreed." The lender becomes the de facto seller in the transaction, and the defaulting borrower gets to avoid the stain of foreclosure. Short sales are are a far better option for most home owners than foreclosure - repercussions are substantially less and of lesser duration. While a person with a short sale may qualify for a new FHA loan in as little as two years, a foreclosure could follow a borrower forever, particularly when applying for another mortgage.
When I'm successful in helping a homeowner avoid foreclosure with a short sale or loan modification, everybody wins. The homeowner is spared the emotional and economic trauma that comes with foreclosure and eviction. Also, it saves the lender the legal fees, processing fees and marketing costs to foreclose on a home and put it back on the market, which can amount to many thousands of dollars. And a new buyer gets a home at an affordable price and becomes part of the local property tax base.
Get an informative free e-Book on How to Avoid Foreclosure in Georgia at http://AvoidGeorgiaForeclosure.com
As always, I welcome comments, tips and suggestions from other pre-foreclosure professionals. The more information we can get into the hands of stressed homeowners, the more foreclosures we can prevent.