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If you are facing financial challenges with your mortgage, you are not alone. According to a December 5, 2008 article by the Associated Press on MSNBC.com entitled, 1 in 10 homeowners in mortgage trouble, “A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of the housing market pressure shifted from risky loans to the crumbling U.S. economy.” Here in California, 3.9 percent of all home loans are in foreclosure, compared with about three percent nationally, reports the MSNBC.com article. If you are among the 3.9 percent of Californians facing financial challenges with your mortgage, you do have options. According to a January 27, 2009 RISMEDIA article entitled, Foreclosure Moratorium Spurs New Interest in Short Sales, “The national foreclosure moratorium imposed by Fannie Mae and Freddie Mac, major banks such as Citibank and Bank of America, and a host of state governments has created a ‘breather’ for homeowners in default. By working with loan servicers, some homeowners will be able to modify their loan terms and stay in their homes. But many won’t.” In addition to loan modification, options for struggling homeowners may include foreclosure, deed in lieu of foreclosure, short sale and bankruptcy. Among these options, the one growing in popularity is the short sale, according to RISMEDIA’s article, especially since foreclosures can be so pricey for the banks involved. Before you make a final decision as to which option is best for you, however, please consult with your legal and tax advisors. What is a short sale and what is the benefit? “Short sales are when the lender allows a distressed property to be sold at a price lower than the homeowner’s mortgage indebtedness, with the difference forgiven,” says RISMEDIA. The article went on to report that a short sale “also typically allows the new purchaser to buy into the neighborhood at a substantial discount, much more in line with the property’s true, current market value. In other words, short sales facilitate efficient clearing of the market.” If you are currently a homeowner facing financial challenges with your mortgage, is a short sale your solution? Only you and your legal and tax advisors can determine the right course of action for you. If you do decide to proceed with a short sale, Coldwell Banker Residential Brokerage can help. As a trusted real estate advisor for our clients since 1906, we at Coldwell Banker Residential Brokerage stand behind a century of experience, strength and expertise in the local housing market. To that end, we are committed to helping our clients with their real estate needs by continually evolving our resources, tools and strategies so that we may provide the best service possible in good times and bad. ©2009 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned And Operated by NRT LLC. DRE License # 00313415 YOU HAVE OPTIONS Homeowner Resources In addition to a short sale, there are other options to consider if you are facing financial challenges with your mortgage. It’s important to research all of your available options and then consult with your legal and tax advisors as to which option is best for you. Coldwell Banker has compiled a list of useful links to government and community based nonprofit organization websites which include information on foreclosure prevention, loan modification, no cost HUD approved counseling services and other important information. U.S. Department of Housing and Urban Development http://www.hud.gov U.S. Department of Housing and Urban Development Guide to Avoiding Foreclosure http://www.hud.gov/foreclosure/ index.cfm *Talk to counselor Federal Housing Administration http://www.fha.gov Hope Now http://www.hopenow.com Internal Revenue Service http://www.irs.gov Search for: Mortgage Debt Relief Bill Click on: Home Foreclosure Debt Cancellation MORTGAGE CHALLENGES?
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