And navigate away from an unmanageable
Millions of homeowners
in the United States 6.3 million in factare
more than 30 days late on their mortgage payments and
are in some stage of foreclosure.
If you are among them,
you are in good company.
This is not the first
time that our country has experienced a financial downturn,
but it is the first time most of us can remember that
weve experienced a sustained downturn in real
Nearly one fourth of all
U.S. homeowners are underwater on their
mortgagemeaning they owe more on their home than
they could net from selling it in todays market.
What this means for the financially strapped homeowner:
selling their home is no longer the obvious, short-term
solution to raise cash and cut expenses.
Talk about a dilemma:
Cant afford to stay in your home and cant
afford to sell it.
Far too often, homeowners
in this situation become frozen in action, and thats
understandable. On the surface, it can appear that the
only option is to let their home slip into foreclosure.
Its happened so
many times over the past few years that banks now have
more foreclosed properties on their books than they
can expect to sell in an entire year.
Banks arent in the
real estate business. They dont want to own homes
and if theres one word that describes how banks
feel about foreclosures right now its:
As a result, banks are
now offering significant financial incentives to pursue
short sales and theyve tightened their processes
to ensure efficient turnaround of short sale applications.
Loan modification options have also been expanded, and
are among a host of alternatives to avoid foreclosure.
The federal government,
along with many state and local agencies, have stepped
up their foreclosure prevention initiatives as well,
because the bottom line: foreclosures are a disaster
for all concerned.
What to do NOW
Begin by aligning yourself
with a trusted professional who has the knowledge and
integrity to determine the best solution for you and
is committed to seeing you through every step of the
way. As anyone with an unaffordable, underwater mortgage
knows, the situation is complicated and the stakes are
Real estate agents
who have achieved the Certified Distressed Property
Expert (CDPE) designation have proactively sought the
best expertise and insights within the distressed properties
They are required to complete
an intensive training curriculum, and remain on top
of constantly evolving developments. CDPE agents close
four times as many transactions every year as the average
agent, and as such, can be counted on to negotiate the
best foreclosure-avoidance options for their clients
with unsurpassed expertise, efficiency and ethics.