| Foreclosure Alternatives |
|
It is an unfortunate reality in America that many homeowners are having trouble making their mortgage payments. While the details on how they got there and what options they have to move forward differ for each family based on their situation, loan servicer and loan investor, the process to be followed is largely the same.
Borrowers in trouble should first figure out if there’s any way for them to continue to own their home. If the answer turns out to be ‘no’, then borrowers should evaluate the potential benefits of foreclosure alternatives such as short sales, with is an area of expertise for HausAngeles. In any event, we believe borrowers should take a proactive role in resolving their financial issues…because not being proactive can and typically does result in a foreclosure that could have possibly been avoided.
Some borrowers who are unable to continue to afford their monthly mortgage expenses due to an unforeseen financial hardship choose to avoid the foreclosure process by working with their Mortgage Servicer to sell their property for less than the amount they owe on the property. This process is called a short sale (“short” because the proceeds received by the Servicer/Investor are less than the amounts owed).
There are an increasing number of short sales listed in the market currently due to the high level of unemployment and financial hardship being faced by many homeowners across the nation and because short sales can be an attractive alternative to foreclosure from a credit and future home ownership timing standpoint.
HausAngeles is a short sale specialist and is heavily involved in the short sale process and industry. We work directly with Servicers and Consumers (i.e., troubled borrowers) to list and sell short sale properties. In addition, our consulting team works to influence key policy and decision makers – in the public and private sectors – on short sale policy.
For example, our co-founder Ray Mathoda recently participated in a panel at the Spring 2009 REOMAC conference on the Future of Short Sales. Click here for a link to the blog she wrote after participating in the panel: http://raymathoda.com/2009/04/09/reomac-update-reo-brokers-are-hungry-for-a-better-way.
If you are a homeowner who is considering listing your property as a short sale, or a buyer interested in purchasing a short sale for living or for investment, contact us at 323.463.0910.
Before listing and selling your home and coordinating the entire process with your Mortgage Servicer, we will point you in the right direction on the key issues you should explore to evaluate whether a short sale is the right answer for you such as:
If you’re a consumer having trouble making your mortgage payments and you don’t yet know what the best available alternative is for your situation, we recommend you work with your lender or a HUD approved housing counselor. Call us and we’ll provide you with contact at the two major Los Angeles HUD approved foreclosure prevention counseling agencies where HausAngeles has contacts.
Government Resources:
|
