Short sale and Loan Modification information
Since the fall of the financial markets in 2008 we’ve seen a drastic reduction in home values nationwide. The mortgage lending and housing markets have deteriorated beyond anything we’ve seen in recent history. It is now 2012 (4 years after the financial meltdown) and we’re still sifting through the remnants of what had taken place. There have been countless books, articles, blogs, and even movies outlining the events that created the most significant financial disaster of our era. Looking back it’s almost unimaginable how far we’ve come in such a short period of time. I personally recall the days when my very own home was increasing at about $10,000 per month, and wondering when home values would ever level-off. However, year after year it continued to go up in value, and the housing market continued to thrive. The area I was living had the lowest unemployment rate in the nation at below 4% for a long time. New construction was taking place all over town, and practically everyone was finally realizing the American dream of homeownership. It was a really good time on the surface, but there was a mounting financial storm lurking beneath all the prosperity that was taking place.
We are now all very familiar with the financial storm that passed through like a hurricane wiping away home values, jobs, retirements, and overall way of life for many of us. However, just like the aftermath of any hurricane; some people are hit harder than others, some recovered sooner, and some may never recover at all. We cannot go back and change the events that took place to cause the crash, but we do have the choice of how we decide to rebuild from this point forward.
It’s hard for some of us to let go of the past and realize that we cannot hold on to a home that we can no longer afford. Whether we face that reality now and begin the rebuilding process, or face it later is completely up to each of us. At this moment in time there are some exceptional programs to help with the transition of letting go of your property without having to face foreclosure and/or massive tax implications. Most of these programs are only temporary, so once they are gone you will not be able to go back and utilize them if you wait too long. It can be a tough decision, but after helping a numerous families through the process over the years I haven’t had anyone regret their decision. Many of them have already regained homeownership again, and this time they’re in a home that they can afford now & in the future.
The Home has always been regarded as a place of security and comfort for a family. It should never become a place of burden & uncertainty, which has been the case for so many in recent years. It can be an emotional journey when you go through the process of letting go of a home, but in the end you will have a very heavy burden lifted from you, and finally a chance to release the financial & emotional strain that often overwhelms homeowners who have been through this unfortunate situation.
Please do not hesitate to contact me personally to confidentially review your options and help you find a program that is right for you.
Here are some help links involving short sales
Short Sale Flow Chart
Short Sale vs Foreclosure
Fannie Mae Loan Look-up
Freddie Mac Loan Look-up
Bank Contact info Directory