Knowledge is Power! Facing foreclosure? Can't afford to make your payment? Looking to sell quickly? We can help.
Crystal Coast Home Realty Help has been established to help homeowners like you find a way out of foreclosure. Whether it is selling your home quickly as a "Short Sale", finding a investor to buy your property, or working with your current lender or government agencies, Crystal Coast Home Realty Help is here for you.
It is not a secret that, nationally, many property owners are experiencing serious financial difficulties in meeting their mortgage obligations in order to retain ownership and possession of their homes. The hardships may arise for numerous reasons, whether loss of employment or escalating monthly payments due to an adjustable rate mortgage, or the inability to refinance due to stricter credit guidelines, incursion of a prepayment penalty or a myraid of other circumstances such as divorce or a death of a spouse.
The government of North Carolina is currently working on several efforts to assist Homeowners, however, these bills are pending and will not help those who need help now.
There are Alternatives to Foreclosure and here are a handful of options:
Loan Work-Outs; usually involves documentation of hardship
Forebearance by the Lender; usually helps only those that have experienced a "temporary" financial Hardship
Repayment Plan; Borrower is now able to make his regular montly payments
Loan Modification
Partial Claim: involves government backed loans such as FHA or Fannie Mae loans. These partical claims need to be repaid, however.
Pre-Foreclosure Sale or "Short Sale"
The Home Affordable Modification Program (HAMP) is a key component of the Obama Administration's Making Home AffordableSM Program announced on March 4, 2009. HAMP creates a defined loan modification process through which borrowers who are in default, at risk of imminent default, or in foreclosure can have their loans modified to a more affordable monthly payment targeted at 31 percent of their monthly gross income. Keep in mind - this program expires at the end of December of 2012.
Click here to read about President Obama's Foreclosure Plan to help homeowners who are unemployed or underwater with their homes.
Pre-Foreclosure Sale or "Short Sale".
Crystal Coast Home Realty, LLC can help you sell your home as a "Short Sale." Many home owners are now opting to sell their home as a "Short Sale". A short sale is when the bank will take less then what is owned on the property and they allow the seller to sell. A short sale home usually sells at 80% of the market value, but this may vary based on location and condition of the home.
Who benefits from a "Short Sale"? Basically both the bank and the seller. Here's why: putting the home on the market as a short sale saves the property from going into Foreclosure. The bank does not have to go into the real estate business and try to sell the home through public auction. The seller benefits as their credit will reflect a "settlement" vs "foreclosure" on their credit report.
The process to get the home approved as a short sale can take three to six weeks, depending on the lender. However the new HAFA Guidelines outline below may help to speed up the Short Sale Process.
Home Affordable Foreclosure Alternatives Program (HAFA)
To help homeowners who are unable to keep their homes under the Home Affordable Modification Program, the HAFA program may make a short sale or a deed-in-lieu of foreclosure a viable option to help them avoid foreclosure. The HAFA Program, which took effect April 5, 2010, provides servicer, seller and junior lien holder incentives for these transactions and is designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure.
NAR has created a document that outlines escalation options when involved in a HAFA transaction. Click here to download a free brochure.
Need help understanding this crazy market?Let our Home Team help you find the best solution in todays market - whether facing foreclosure, thinking about a "Short Sale" or selling your home for the best price in today's market. All information shared with us is confidential.
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