Foreclosure Short Sale Resource

With the economy on the brink of recession, job loss at an all time high, foreclosures rising, inventory at still-high levels, and home sales sluggish, many current homeowners are asking for help. If a homeowner can no longer make mortgage payments, they are suffering some kind of hardship, and their home is now worth less than is owed, foreclosure or bankruptcy are not the only options. Call Gloria Benaroch for your options and contacts you can make.

 

A short sale, in real estate terms, is the sale of a house in which the sale price is less than what the owner still owes on the mortgage. It is a procedure sometimes agreed to by lenders, who would rather take a loss and get paid today than go through the lengthy and costly foreclosure process.

 

Without a short sale, if the property is sold, the Seller will have to to pay the difference between what was borrowed and what the property is worth today. This scenario has become very common in recent months as the real estate market adjusts and values declineand will become more prevalent as we enter into the new year 2010. Many homeowners purchased at the peak of the market, refinanced and the properties are no longer worth what was paid for them.

You are NOT ALONE!

Call and speak to Gloria Benaroch and see how she may help you or put you in contact with those that can.

 

A short sale will protect the property from being lost to foreclosure or bankruptcy and provides clients with the opportunity for a fresh start.

 

With the extended tax credit first time home buyers are out there looking. They need to be in contract by April 30, 2010.

 

stay tuned fro more information as I learn, experience and pass it on and ALWAYS consult your attorney, tax accountant etc

The American Recovery Reinvestment Act will help minimize foreclosures, shrink housing inventory stabilize values and hopefully move the country to an economic recovery.

The President's 75 billion Homeowner Affordabiliyt & Stability plan will help struggling homowners by providing incentives to lenders, servicers, mortgage holders and borrowers to help modify mortgage loans. The US Treasury will have specific guidelines that will need to be followed. They will not address jumbo loans, home equity or the extreme Loan to Value problems, however they do provided help.

Fannie Mae and Freddie Mac will help make monthly payments more affordable to homeowners by refinancing mortgages. The plan will help keep mortgage interest rates low for ALL buyers and could lead to lower rates.