Tipping the Scales Toward Foreclosure?

Resolve to Face the Facts!

Since 2007, 8.9 million homes have been lost to foreclosure and millions more are headed in that direction.

As a real estate professional who has earned the CertifiedDistressed Property Expert (CDPE) designation, my mission is to ensure that you or anyone you care about does not add to that statistic.

The unfortunate fact is that so many homeowners who have played by the rules and never imagined that they could be facing foreclosure are now in a very tough situation.

More than one in four homeowners owes more on their mortgage than their home is worth. On top of that staggering statistic is the fact that millions of homeowners are unemployed, or underemployed and falling further behind every month.

Sound familiar? Rest assured you are not alone. 

If you feel that you are headed toward foreclosure, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options.

As a CDPE agent, I help distressed homeowners to work through every aspect of the denial and discouragement that accompanies a mortgage which is no longer manageable, and in the process, to move toward financial solvency.

If you or someone you care about is ready to tip the scales back toward financial solvency, contact me today and let’s get started.

Rob Sales
Prudential Southeast Coastal Properties
Associate Broker, CDPE Advance,
DPP, REO Specialist, CIAS
912-655-7674

Real Homeowner Story #3: A Miracle in the Form of a Red Envelope

For homeowners who are in danger of losing their home to foreclosure, it is common to feel like you are alone and that there is no one to help. This simply isn’t true. There are real people who have been in the same situation who have found solutions. Take, for example, Punipuao W. of Hawaii.

Punipuao found herself struggling to keep her home after her husband passed away.  “With only my income, I was no longer able to make my monthly mortgage payment,” she said. Faced with the prospect of losing the home she and her husband had bought together, she began looking for alternatives to help her keep the home.

 She pleaded with the bank for relief, “but their responses gave me little information and even less hope.”

 The prospect of losing the home she and her husband had shared for over 20 years was difficult. “I was so distraught,” she said. “I did not know where to turn.

 “Then, one day, my miracle came through a red envelope in the mail.”

In the envelope was a note from a local real estate agent with the Certified Distressed Property Expert designation (or CDPE). This designation meant that the agent was trained specifically to help people like Punipuao. She called the agent.

“About four hours after I made the call, he was at my door offering help. I told him my story.” In merely two days, she received a call from the bank saying that the president of the bank was reviewing her file. “That was a good sign,” she said.

A few days after that, Punipuao had been approved for a trial loan modification. “There were many tears of gratitude at the miracle that came to me in the form of my agent. I thank god for sending me that miracle.”

Punipuao’s story is just one of many. I have a report entitled “From Foreclosure to Freedom” which tells other stories of real homeowners who faced foreclosure and found relief. Download the report, read the stories, and then contact me for a free, confidential consultation.

Rob Sales
Smart Short Sales-Providing Dignified Solutions

CDPE Advance, DPP, REO Specialist, CIAS
912-655-7674

Prudential Southeast Coastal Properties - Savannah, GA   Associate Broker

 

 

 

 

 

Prudential Great Smokys Realty - Sylva, NC      Broker 

Real Homeowner Stories #2: A Fresh Start

For homeowners who are in danger of losing their home to foreclosure, it is common to feel like you are all alone and that there is no one who can help. This simply isn’t true. There are real people who have been in the same situation who have found solutions. Take, for example, Dan and Jessica M. of Grand Blanc Township, Michigan.

For Dan and Jessica, their homeownership dream always involved building a house on a piece of land. “We build a house on half an acre,” said Dan.

 In order to achieve their dream, they stretched a little beyond what they were comfortable with by getting two adjustable rate mortgages, a common practice at the time. “The introductory rates were 8.5% and 11.5%, but our lender said, ‘Don’t worry, you can refinance after two years.’”

 For a while, they were getting by. Then, a couple of things happened. “We had our first child, and soon afterward, Jessica lost her job,” said Dan. “Soon, bills started piling up.”

Because they believed they’d be able to refinance, they started paying their bills on credit cards. “We hung on for the full two years hoping we could refinance at a lower interest rate, but when the time came, our lender said no because our home’s appreciation was too low.”

 Dan and Jessica needed help. A friend referred them to a real estate agent who was a Certified Distressed Property Expert®. The agent answered their questions. Most importantly, the agent explained the difference between a foreclosure and a short sale. In a short sale, the bank agrees to allow the home to be sold for less than the amount due on the loan.

 “With this information, we were able to decide that a short sale was our best option.”

 It was a stressful process, but the agent helped them tremendously. She even kept a potential buyer from walking when the process was taking longer than expected. “Honestly, if it weren’t for her, the buyer would have left and we’d have been stuck.”

 Dan and Jessica’s story is just one of many. I have a report entitled “From Foreclosure to Freedom” which tells other stories of real homeowners who faced foreclosure and found relief. Download the report, read the stories, and then contact me for a free, confidential consultation.

 

Rob Sales
Smart Short Sales-Providing Dignified Solutions

CDPE Advance, DPP, REO Specialist, CIAS
912-655-7674

Prudential Southeast Coastal Properties - Savannah, GA   Associate Broker

 

 

 

 

 

Prudential Great Smokys Realty - Sylva, NC      Broker 

Real Homeowner Stories: It All Started with a Miscommunication

For homeowners who are in danger of losing their home to foreclosure, it is common to feel like they are alone and that no one can help. This simply isn’t true. There are real people who have been in the same situation who have found solutions. Take Lian S. of Lakewood Ohio, for example.

For Lian, her financial troubles began with a miscommunication.

Lian and her husband had just had triplets who were born extremely premature. “I was on bed rest months before they were born and they had to remain in the hospital for four months afterwards.

Despite the difficulties, they were still making their payments. “We had never been late on our mortgage since purchasing the house. Then I called my lender to push back our payment date a week or two to better align with our earning schedule,” she said.

The bank went even further, offering them a trial loan modification to help lessen their payments. “We were placed in the trial program while they processed our application for the program,” said Lian.

Unfortunately, a mixup with the paperwork at the bank caused some issues. Even though the loan modification department was processing their application, all the collections department knew was that they were making payments for less than they owed. “We were getting collections calls, but our bank told us to ignore them.”

 Then, the worst-case scenario happened. After months of processing, the bank told them that they didn’t qualify for the loan modification and that they would have to come up with the $12,000 they missed on their original payments.

 “We couldn’t come up with the money,” she said. “At that point, we realized that even though we loved this house, we’ll unfortunately need to move out.”

They had done their research and knew that a short sale was probably their best option. They sought out an agent who was knowledgeable about short sales. The agent, a CDPE®, got the foreclosure proceedings halted immediately. “She was an expert in the field of short sales and knew all the ins and outs,” said Lian.

The agent sold the house and Lian and her husband feel grateful. “We try and look at the positives,” she said. “We got out of the shadow of the bank and foreclosure, and we have three healthy children. Beyond this, we just let the negative roll off of our backs.”

Lian’s story is just one of many. I have a report entitled “From Foreclosure to Freedom” which tells other stories of real homeowners who faced foreclosure and found relief. Download the report, read the stories, and then contact me for a free, confidential consultation.

Rob Sales
Smart Short Sales-Providing Dignified Solutions

CDPE Advance, DPP, REO Specialist, CIAS
912-655-7674

Prudential Southeast Coastal Properties - Savannah, GA   Associate Broker

 

 

 

 

 

Prudential Great Smokys Realty - Sylva, NC      Broker 

 

   

Chatham County Foreclosure Stats for June 2013

Source: RealtyTrac.com

In June, the number of properties that received a foreclosure filing in Chatham County, GA was 9% lower than the previous month and 24% lower than the same time last year.

Home sales for May 2013 were down 8% compared with the previous month, and up 462% compared with a year ago. The median sales price of a non-distressed home was $168,000. The median sales price of a foreclosure home was $68,000, or 60% lower than non-distressed home sales.

Some Results Indicate Investors are NOT the Dominant Force 2013

A recent trend report from HousingPulse indicates that investors are NOT the driving force in the current housing surge.  Results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey actually show first-time homebuyers and current homeowners are leading the market in 2013.

This presence of non-investor homebuyers is strengthening the market for non-distressed properties.  The spring/summer season of 2013 should prove to be remarkably strong says the report.

HousingPulse's data indicates that the current homebuyers carry a 42.2% market share this past March.  This is down from the fall numbers, but overall up in the year-over-year statistics.

The media continues to gives credit to the investors for driving the recent heightened activity; however, their share according to the report indicates only 21.8% market share in March 2013.  While looking at non-distressed property trends, investor shares are even less at 13.3% for the same time frame.  Current homebuyers had 50% market share and first-time homebuyers 36.8%.

Looking at DISTRESSED property trends for the same report, HousingPulse indicates the share of home purchases fell to 35.6% in March but peaked at 36.2% in March.

*The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey is based on a national survey of about 2000 real estate agents each month and provides up-to-date intelligence on home sales and mortgage usage patterns throughout the country.

Much of the country is seeing a lack of inventory in the non-distressed property segment, but with a strong sale market.  Additional factors contributing to the strength of the market, is the average time-on-market for non-distressed properties.  Numbers fell dramatically to 10.9 weeks on average, recorded the lowest since 2009 by HousingPulse.


Source: HousingPulse Update April 2013

5 Ways to Beat Foreclosure!

In the news, there is talk of a housing recovery. Experts feel more optimistic about the state of housing industry in America. However, if you or someone you know is one of the millions of homeowners who is stuck with a home on which you owe more than the property is worth, the feeling of helplessness can be overwhelming and frustrating.

 

Many people don’t realize that just because they are in danger of losing their home to foreclosure doesn’t mean they have to wait around for it to happen. With help, they can take matters into their own hands.

 

YOU HAVE OPTIONS!

 

As a Certified Distressed Property Expert (CDPE), I make it my business to know all of the ins-and-outs of the options available for people who are in danger of losing their homes and help them meet challenges head-on.

1. Reinstatement

Was the reason you missed your payments temporary and now the issue has been resolved? If you can make a one-time payment that includes all missed payments, legal fees and late fees, you are eligible to be reinstated back into your loan agreement.

2. Mortgage Modification

In some cases, you may be eligible to modify your loan in a way that reduces principle or lowers payments. Some of these programs vary from bank to bank, but there are also government-sponsored programs that are available to help homeowners in distress

 

3. Refinance

 

If you have enough equity in your home, refinancing may help you get back to more affordable payments. This will be determined by whether or not you are current on your loan, how much the property is worth and your credit.

 

4. Bankruptcy

In some cases, bankruptcy is an option. It may stop foreclosure and allow you to reorganize your debt. The stoppage is only temporary, however, and if you are still unable to make payments after the bankruptcy, the foreclosure will go through. It also makes a property much more difficult to sell.

5. Short Sale

You sell your property for less than it is worth and the bank, realizing that some money is better than no money at all, agrees to release you from your obligation to the remainder of the loan. In some cases, you are able to walk away from the loan clear of any obligation.

For more information regarding your options, contact me!

Rob Sales

Smart Short Sales-Providing Dignified Solutions
CDPE Advance, DPP, REO Specialist, CIAS
912-655-7674

Prudential Southeast Coastal Properties - Savannah, GA   Associate Broker

 

 

 

 

 

Prudential Great Smokys Realty - Sylva, NC      Broker