Short Sales Save Homeowners From Foreclosure
on: April 9, 2009, 2:51 am
Author: Patty Da Silva, CDPE
Shouldn't foreclosure always
be the homeowner's last resort?
families are in financial trouble because of a declining economy
and an unstable real estate market. Numerous families are finding
it increasingly difficult to pay for their mortgages and are in
jeopardy of losing their homes to foreclosure*. Unfortunately,
homeowners are not aware of the options that are available to
them, or whom they can turn to for help.
and foremost, a homeowner who is about to be or already is in
financial distress should contact their current lender(s) to find
out if there are options available for their particular situation.
In some cases, a loan modification can be arranged directly with
the lender, at no cost.
a significant number of home loans were poorly written; therefore,
loan modification is not an option for a large portion of borrowers
in distress. Homeowners may seek counseling; counseling is offered
free of charge, by calling the U.S. Department of Housing and
Urban Development, HUD, toll free at: (800) 569-4287.
should stay away from and beware of paying any fees to ANYONE,
including so called, "counseling agencies", as they
are not regulated and offer little to no help. Most states have
also set up toll free numbers to counsel their residents, so check
with with your State of residency.
and more homeowners, who have been unsuccessful in getting any
assistance from their lenders and/or government agencies, are
turning to a CERTIFIED DISTRESSED PROPERTY EXPERT© (CDPE©),
a Licensed REALTOR® who specializes in helping distressed
homeowners who are “upside down” on their equity,
late on their mortgage payments or who are already in the foreclosure
process. A CERTIFIED DISTRESSED PROPERTY EXPERT© will see
the homeowner through their distressed situation by successfully
negotiating a short sale with their lender(s).
are now more willing to accept a short sale offer for a property's
true value, even if it is less than the amount owed. However,
lenders are receiving thousands of short sale offers per month
(most of the offers are incomplete packages that get tossed away
or to the side) so a complete and well-prepared short sale offer
package, sent by a CERTIFIED DISTRESSED PROPERTY EXPERT©,
has the highest chance to be expedited quickly through a lender's
end result of a short sale is minor when compared to the consequences
of a foreclosure. Foreclosures have a devastating effect on credit
history, job security, employment opportunities, security clearances,
military and law enforcement careers, and the ability to purchase
a home in the future; these are just a few examples of the damaging
consequences of a foreclosure. Additionally, a foreclosure becomes
public record, which is searchable by anyone, and can NEVER be
have all been bombarded lately with new creative ads, mailers,
door hangers, TV and radio commercials promoting "foreclosure
delay experts". These ads are an example of how advertising
is being misused to confuse vulnerable homeowners. Some ads claim
to provide a service whereby they guarantee a homeowner will stay
in their home for one year. Another example of how deceitful information
targets already distressed homeowners. The average time for a
foreclosure proceeding in Florida is in excess of 200 days, free
of charge; so these less-than-forthcoming advertisers are charging
money, when people need it the most, for a service that homeowners,
in essence, already have.
do not pay, or let anyone you know pay money to anybody claiming
they can stop foreclosures, including attorneys. Attorneys cannot
stop foreclosures! The new "fighting foreclosures" and
"foreclosure defense" ads attorneys are now broadcasting
are an additional example of how the manipulation of information
is being used to confuse and mislead the targeted distressed homeowner.
Attorneys will "fight" a foreclosure until the homeowner
is out of money. The only "defense" to a foreclosure
is payment. The attorney, however, for a considerable fee, can
prolong the legal process of a foreclosure until the homeowner
is completely broke or all legal extensions have been exhausted.
Nevertheless, in the end, the homeowner will still lose their
home to a foreclosure and and face all the disastrous consequences
that a foreclosure brings.
a homeowner has the available money to pay for these deceitful
services, he/she should use that money to make their mortgage
the borrower can pay the total amount owed to the lender, even
up to the sale date, the lender will stop foreclosure. No one
but the lender can stop the foreclosure process, and they will
do so when either the homeowner pays the mortgage, bringing the
loan payments up to date, or there is a successful negotiation
of a short sale. These are the ONLY two ways for a foreclosure
process to end. The homeowner will then be able to move on with
his/her life, and in many cases, be eligible to own a new home
in two years.
you (or anyone you know) are about to miss a mortgage payment,
have already defaulted on a home loan, or have been served foreclosure
papers, a CERTIFIED DISTRESSED PROPERTY EXPERT© is able to
help. The sooner you seek help the better but help is available
even up to the last phase of a foreclosure, so please do not refrain
from seeking help, because you might think it is "too late".
A CDPE© will not charge the homeowner. The CDPE© gets
paid by the lender, at the end of the foreclosure proceedings,
due to the successful sale of the home.
cannot emphasize enough that no money should ever leave a distressed
homeowner's hands, ever.
information barely scratches the surface. Mortgage delinquency
and foreclosures are complex issues. Each and every case has its
own unique set of facts and challenges. In most cases, homeowners
are experiencing this overwhelming stress alone, without help
of any kind, from anyone. It does not have to be that way. Families
all around the country are in desperate need of proper guidance.
only do homeowners feel uncomfortable seeking the help of strangers,
but a good amount of distressed homeowners might not feel comfortable
asking delicate, private financial questions to people they do
know. As a result, they do not ask anyone, falling deeper in trouble
and are more vulnerable to scams. The Short Sales Message Board
is a venue that was created specifically for distressed homeowners
to ask Experienced Real Estate professionals questions, while
maintaining total privacy.
foreclosure is a devastating financial and emotional process for
any family to endure and recover from and it should hardly ever
happen. Foreclosure IS the last resort.
In Florida, a Judicial State, a foreclosure happens when a lender
files a lawsuit in State court against a borrower.
Contact Details: Patty Dasilva, CDPE
Certified Distressed Property Expert©
Licensed REALTOR® & Mortgage Broker