I felt the need to write a few words concerning real estate options in hopes that I may offer assistance to those who may not know where to go for advice.
I have been selling homes as a Real Estate agent for 8 years. A little over a year ago as property values began to plummet I became aware of my past clients, friends and family struggling in a difficult economy to make their mortgage payments.
I have spent the last year obtaining specialized training and experience including receiving the Certified Short Sale Professional Designation. I recently opened a Real Estate company dedicated in part to helping families avoid foreclosure and we have partnered with a local mortgage company who specializes in facilitating loan modifications.
In a loan mod, we work with your bank to show them you can afford your home with a little help. (often times resulting in a reduction in interest, extending the term of the loan and/or in some cases a principle reduction). I will be honest and say there are homeowners with mortgages they should never have been given. For example, if your mortgage is more than 5 times your gross income, or you are spending more than 2/3 of your net monthly income on your mortgage, the best thing is probably to get out of your home and into something more affordable. The reality is if you are struggling now times will probably get worse and you will dig deeper into debt. In these situations a loan modification is unlikely to help.
If your home is not worth what you currently owe (you have “negative equity”) then a Short Sale may be the best alternative to foreclosure. A short sale is done when your mortgage company agrees to let you sell your home and in turn agrees to take a reduced amount than what is owed at closing. The silver lining to this situation is you can stop the downward spiral of debt and start over. Your credit is repairable in as little as a year and you can begin again to build wealth.
It is important to note, everyone’s situation is different and every mortgage company is different. It is also important not to wait until it is too late as foreclosure can be detrimental to your credit. There are options and I am available anytime to go over your specific situation. I would not charge you for this advice.
Laura Higginbotham
RE Options, llc
480-570-6800
480-570-6800
1 comment:
Hello Laura,
I just wanted to offer any assistance I can to you or share some tips with you on short sale negotiations.
Like you, I know that every negotiation with a bank or lender is different. They all have they're own ideas on how to proceed with their systems and management of a sale. Some are good and others...well, let's just say they're a bit challenging. I've discovered some tips on negotiating the second mortgages.
If you ever want to run something by me, or see how I face some of these challenges, please do not hesitate to call or write. The more we share the more we grow.
I can be reached at 602-647-9222 or by email at JoelScheller@KW.com.
My office is located at the beautiful Red Mountain/Las Sendas Market Center at the NW corner of McDowell & Power Rd in the lovely Mesa Uplands. Remember, I'm here to help.
My wife Stacey and I met up with Jason Hales on Sunday the 21st of December for an hour or so and we caught up on children and careers and life in general. He came by our house and dropped off some really good nut brittle that his wife made (I'll assume...I didn't ask). He wished our family a Merry Christmas and invited us to church. Jason lives in our neighborhood (Estates at Desert Shadows) and we run into each other now and again. Anyway, we all had a comfortable conversation and we appreciate his, and his families kindness.
I'd also like to extend an invitation to all the families and businesses that blog on this site to drop off their business cards to me so that I can promote their businesses. We all know the value of a referral from a friend, family member or neighbor.
My family wishes you all a very Merry Christmas and a very PROSPEROUS Happy New Year. We could all use a little prosperity in these trying times.
Take Care All,
Joel, Stacey, Kaley (10) & Rylee
(3).
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