Resources for Avoiding Foreclosure
Home ownership can be a heavy responsibility, especially when times are tough. It can be challenging to find help when times are difficult due to a decrease or loss of income, illness, unexpected disaster or home repairs, or personal crisis such as separation or divorce. Add to that a reduction in home values, and the problem can seem insurmountable. While savings can help alleviate some of the impact of these life events, it is still helpful to be aware of potential programs and alternatives offered to distressed homeowners, too. In fact, in last month’s State of the Union address, President Obama made reference to this struggle in home ownership, saying, “And while Government can’t fix the problem on its own, responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief.”
If you find yourself in a no-win situation regarding your mortgage, it can be helpful to speak with your lender and ask about modifications that can be made in the short term. You can ask about the short sale process, too, to see if that may be a viable option for you. (A short sale is when the lender agrees to accept a lower price than is owed on the property as payment in full.) There is a lot of paperwork that accompanies this type of sale, and it is helpful to use a real estate agent who has experience with short sales. In fact, some real estate agents and home buyers specialize in this type of sale and can be a great help to you!
If you want to stay in your home, rather than sell, programs such as the Home Affordable Refinance Program (HARP), Home Affordable Modification Program (HAMP), or Home Affordable Foreclosure Alternative (HAFA) offered by Freddie Mac may all be options. Fannie Mae and your individual lender may have other programs that can assist you as well. Please click here (and click on the Foreclosure & Alternatives tab) to view a variety of tools on how to avoid foreclosure. Remember that you have options; please explore all of them. Don’t give up!
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All statistics are gathered from the Buffalo Niagara Association of REALTORS®.
For more information – call our J. Philip Real Estate Team at: (716) 650-0051
Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.