Albuquerque Short Sale Specialist
What is a Short Sale? In a short sale, an Albuquerque short sale specialist works mortgage lenders to accept a price that’s less than the amount owed, in order to avoid foreclosing on the home. Major banks have staffed up in recent months to process short salesÂ more efficiently than they ever had in the past. As an incentive to encourage home owners to pursue a short sale, major lenders, along with the HAFA (Home Affordable Foreclosure Alternatives) program areÂ offering home owners cash incentives. As an Albuquerque short sale specialist, I can help you through the short sale process.
Albuquerque Home Owners Are At a Crossroads Due to the massive economic downturn, the most significant financial asset that many Americans assumed they could always fall back on has turned into a financial liability for a large percentage of the population. Second quarter 2011 statistics from Corelogic show that 10.9 million, or 22.5 percent, of all residential properties with a mortgage were underwater, meaning they owed more on their mortgage than they could sell their home for today’s market. Add to that an unemployment rate that’s above 9 percent coupled, with widespread underemployment, and you have a situation where millions of home owners are more than 30 days behind in their mortgage payments.
Albuquerque Home Owners Face Foreclosure Only a small percentage of the 6.3 million home owners in America who are in some stage of foreclosureÂ reach out for help. Various combinations of fear, frustration, anxiety and mistrust cause financially strapped Albuquerque home owners to dig in their heels and avoid taking action. And that’s exactly what leads to foreclosure, as an Albuquerque short sale specialist I can help.
Albuquerque Short Sale Specialist Can Help My mission as an Albuquerque real estate agent who has achieved the Certified Distressed Property Expert Designation (CDPE) is to reach out to financially challenged Albuquerque home owners and help them to avoid foreclosure. The long-term financial impact of foreclosure cannot be underestimated. Foreclosure can:
Become a part of the public record and remain on a person’s credit history for 7-10 years
Drastically lower your credit score
Deem you ineligible for a mortgage for up to seven years
- Challenge current and future employment
- Put you at risk of a high deficiency judgment, which is the lender’s ability to pursue any debts you owe them for an indefinite period of time
- Become an issue against security clearance if applicable
Now is the time to reach out for help from an Albuquerque short sale specialist. We’ve all heard about scams, shysters, the frustrations of working with people who don’t really know their stuff, so it’s important to ensure that you identify a trustworthy Albuquerque short sale specialist who is tapped into major lenders and is current on the kind of help available from all sectors. As a CDPE-designated real estate agent, it is my mission and my passion to help financially stressed Albuquerque home owners to get on a path of financial solvency and in the process, move the nation’s housing crisis one step closer to recovery.
Avoid Foreclosure! Contrary to what some may have you believe, your mortgage lender does not want to foreclose on your home! Foreclosure is a disaster for all concerned. The current inventory of bank owned properties is creating a significant strain on bank operations and entire real estate market. On the local level, a single foreclosure in a neighborhood lowers the value of surrounding properties by 9 percent.
What are Other Foreclosure Avoidance Options? Foreclosure is one of the most devastating financial challenges that Albuquerque home owners can face and many times, it can be avoided. A short sale is not the only alternative to foreclosure. Here are others:
Refinance. Albuquerque home owners, you may be able to refinance your mortgage at today’s historically low interest rates, even if your loan is under water.
Mortgage Modification. A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. Be sure to never work with a mortgage modification company that requires an upfront fee.
Reinstatement. A reinstatement is the simplest alternative to a foreclosure’swhen it’s possible. Following a period of nonpayment, the homeowner simply pays the mortgage company the total amount due to date, and the mortgage is reinstated.
Sell the Property. Home owners with sufficient equity can list their property with a qualified agent who understands the local foreclosure processes and is able to close a deal prior to bank foreclosing on the home.
Forbearance. A forebearance is repayment plan that involves a negotiation with the mortgage company to make additional payments over a period of time in order to become current on the mortgage.
Rent the Property. If your local market conditions will allow you to rent your home at or above the cost of your mortgage, renting the property and using the income to pay your mortgage could be an option.
Deed-in-Lieu of Foreclosure. Also known as a friendly foreclosure is a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the contentious foreclosure process. Lender approval is required for this option, and the homeowner must vacate the property at a designated time.
Service Members Civil Relief Act (military personnel only). If a member of the military is experiencing financial distress due to deployment, and that can show that their debt was entered into prior to deployment, they may qualify for relief under the Service Members Civil Relief Act.
What Albuqueruqe Home Owners Need to Know Now. The highest ranks of the U.S. Government, along with major banks and local agencies, have retooled and increased staff to help home owners to avoid foreclosure. As a CDPE real estate agent, my mission is to work closely with you, drawing upon all of my expertise and resources throughout our community to navigate the best possible solution for you and to help you make a fresh start on your life.