128,980 New Listings - Last update: February 09, 2010 - 08:02 AM EST
A foreclosure does not spare the lender – they too lose money and added to that their public image takes a beating.
According to The Distressed Property Institute of Boca Raton, Florida five realtors from Bell County have got the training to help the homeowners at risk to steer through short-sales when their houses have gone underwater and there is no equity on it. These consultants have been certified as ‘Distressed Property Experts’. The focus of their training has been on short-sale.
Apart from short-sale there are other alternatives. Matt Heaton of First State Bank’s State Home Loans of Harker Heights said, “The first rule is to do something before a mortgage reaches delinquency status. And the people to call are the servicing lenders – the people the loan originators, like us, sell the loans to. We’ll help any of our customers we’ve originated mortgages for and welcome their calls with any concern, but these are the people that homeowners need to deal with to explore all their options. They can usually be reached by a 1-800 number on a payment coupon.”
The other alternatives may be modification or refinancing of loans. The government is offering many incentives for their implementation. Then there is forbearance when the lender allows for a grace period during which time the borrower gets a chance to stabilize finances. The due payments are usually transferred to the tail end of the loan period.
A good option is to put the house in the market. For senior citizens there is the option of reverse mortgage if they have equity on their property.
Last but not least one can take loans from near and dear ones.
Realtors suggest that one can move out of the house and then rent it out so that the rent covers the monthly mortgage amount. This is especially recommended as recently the rental market has become very strong.
Related Posts
- No Foreclosure Hope For Countrywide Clients
- The Careful Cultivation of a Loan Culture at the Root of Foreclosure Troubles Today
- Increase In Foreclosures And Decrease In Income Compels
- In the Foreclosure Climate Shore Mortgage Is Not Doing Badly
- Fixing Foreclosures Is Keeping Georgia Firm Busy
3 Responses
[...] of foreclosure in 40 counties of USA that are far removed from areas with concentrations of toxic mortgages are now showing 50% increases according to RealtyTrac. Boise and Green Bay in Wisconsin are some of [...]
[...] to opt for another home because they were unable to sell their present one. 8% feared that the real estate market would continue to [...]
[...] even after two years has lapsed since the debut of the economic mayhem many perpetrators of the foreclosure crisis continue to roam at large without accountability. The lenders who nearly blew up the economy have [...]