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In 2008, US foreclosures numbered more than 1 million, a dramatic increase of 64% (www.foreclosure.com). And in December ’08, the Federal Reserve Board reported that levels for Delinquency Rates and Charge Off Rates for mortgages for single family homes and commercial properties hit its highest level for the decade.
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CONTACT:RE Acquisitions
[email protected]://www.sellhomeowner.com
US Foreclosures Number More Than
1 Million
In 2008, US foreclosures numbered more than 1 million, a dramatic increase of 64% (www.foreclosure.com). And in December ’08, the Federal Reserve Board reported that levels for Delinquency Rates and Charge Off Rates for mortgages for single family homes and commercial properties hit its highest level for the decade.
The current administration has proposed a housing bailout, of sorts. However, it will only help homeowners who owe no more than 105% of house value and have those loans with Fannie Mae and Freddie Mac. This leaves those who have suffered the greatest loss in house value and everyone who isn’t financed by these two agencies, without the benefit of government support.
There may still be a better alternative to walking away from your mortgage. Consider the short sale or sale of your home for less than the value of the note. Short sales should be negotiated by licensed and bonded mortgage brokers and attorneys, a fact that is mandated by law in some states. And, the stark picture painted by the Federal Reserve suggests that accepting a negotiated price is better than the income generated from foreclosure and auction.
Consumers should know that banks have the option to discharge the remaining debt or require the consumer to pay the balance. This is a factor that must be discussed in negotiations. Further, if the bank discharges the debt, the homeowner may need to pay taxes on the amount.
“These types of potential legal ramifications are exactly why we work with seasoned, licensed professionals”, reports a representative from www.sellhomeowner.com. “We are encouraging homeowners to really make sure they work with an experienced, ethical company.’ ” Sellhomeowner.com is a Portland, Oregon based debt negotiations and short sale services company.
If you find yourself in the unenviable position of facing foreclosure, explore all of your options before walking away from your home. In most situations a short sale is a much better alternative than a complete foreclosure. Current economic trends are likely to tip the scale in your favor, as well as mitigate the negative impact on your credit rating. Seek counsel from a trained professional in order to find the option that is best for you and your family.
CONTACT:RE Acquisitions [email protected]://www.sellhomeowner.com
