West Chester & Liberty Township OH Real Estate: Avoid Foreclosure – You Have Options!

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Today, nearly 1 out of every 6 homeowners in America is behind on mortgage payments. The last thing a homeowner wants to face is the possibility of foreclosure, but troubles with finances can happen suddenly and without warning, leaving a homeowner desperate. But foreclosure can be avoided, credit can be saved, and financial futures can be salvaged. First, identify the options.

There are a number of alternatives homeowners can consider. An experienced professional can steer you in the proper direction, so you can find your financial solution quickly and handle any mortgage and loan issues with care. Here are just a few suggestions how one can avoid foreclosure:

Modification – A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan the term of the loan or all or any of the above. This typically results in a lower payment to the homeowner and a more affordable mortgage. With the modification plan, delinquent interest, taxes, and /or insurance payments are added to your unpaid balance on your mortgage. Homeowners who qualify for this program may be able to extend repayment of their past due bills over the remaining term of the loan.

Government Loans & Assistance Programs – Homeowners who can make the monthly payments on the mortgage may qualify for special government loans that create a second lien on their property for the unpaid amount. This money is then made payable to the US Government.

Pre-Foreclosure Sale – Foreclosure can wreak havoc on your credit rating. If you are in danger of losing your home and are unable to make payments, you have the option of selling before any marks can be made against your credit.

 Short-Sale – While this may be the best solution for some, it is important to understand that there are 3 “must-have” criteria to qualify:

1.    Financial Hardship – a verifiable issue that has or will cause you to miss payments or have financial difficulties

2.    Monthly Shortfall – When your total Monthly Income minus your Total Monthly Expense = Negative amount

3.    Insolvency – You must not have the means to pay down your mortgage.

You do not however have to be completely broke–this is a common misconception, the lender will want to see that over time you will not be able to pay your mortgage obligation. Having money in the bank for living expenses is common and will not disqualify you.

Temporary Forbearance

Another less common way to avoid a home foreclosure is to get a temporary forbearance on your mortgage, which means that you repay the back amount that you owe on your loan over a certain amount of time. This is good if you can afford to make your monthly payments, but had a crisis which forced you to miss a payment. When you choose to do a temporary forbearance to avoid a home foreclosure, you should know that your payments will usually increase slightly, but you will be able to get back on track with your lender and resume making your regular payments when you have repaid the back amount.

Different homeowners will qualify for different options to avoid foreclosure. Seeking the advice of a professional is a good step in preserving your property and your credit rating.

In my over-12-years in the real estate industry, I have witnessed many clients and friends lose their homes through foreclosure. That is why I specifically designed a department of this company to help other people avoid the foreclosure nightmares that I’ve witnessed. We know that good people sometimes have a few bad breaks.

No matter what, the worst option is to…
Do Nothing – Absolutely the worst.

Take action Now!

Call or email us, we can help.

Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Visit My YouTube channel at: www.youtube.com/LowryTeam

West Chester, OH Real Estate: Selling Your Home? Choose the Right Realtor

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Take time to choose the right broker when selling your home

When preparing to sell your home it is important to find a real estate professional that will best suit your needs.  A warm handshake and a friendly smile is all well and good but if you want to sell your home pick a Realtor that is experienced and knowledgeable, someone that will do the best job for you.  When selecting your real estate agent here are a few things to keep in mind:

Choose someone with experience.  In today’s market, experience  and the knowledge of what it takes to get the job done are more important than ever.

Get references from your potential Realtor and get in touch with them.  Find out what other people’s experience with a particular Realtor has been.

Have your Realtor do a detailed market analysis of your home.  A top selling real estate agent will be able to detail for you what has been selling and for what price.  They will be able to evaluate your home, it’s condition and your location, giving you a value for your home that will help sell it not deter people from looking at it.

What does your Realtor plan to do for you in terms of marketing?  Do they take a large number of interior and exterior photos of your home, do they post a virtual tour of it, do they distribute the listing to all of the major real estate websites on the internet?  Do they even have a website of their own or just a bio page on their company’s website?  And do they have a strategy for capturing incoming calls of the listing from potential buyers?

Do you need to sell your home as a short sale?  If you do, make sure to select someone with extensive training in this process, such as a Realtor with the CDPE designation.  This is a complicated process and you need someone that has the training and experience to help you navigate this process.

Your home may be your most valuable asset.  Do your legwork and choose the best Realtor for your home.  They should be a salesperson, they should have experience and they should know your market area very, very well.  If they can sell themselves to you perhaps they are halfway to selling your home for you as well.

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

Search the entire MLS here! Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

Visit My YouTube channel at:  www.youtube.com/LowryTeam

 Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

 

West Chester OH Real Estate: Anatomy of a Short Sale

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A short sale can be time consuming and complex

A short sale is the selling of property to avoid foreclosure, the catch being that the property is being sold for less than the amount owed on it.  What makes a short sale tricky is that the sale price is not up to the seller, the lender has to agree to the purchase price.  The home owner isn’t walking away with any money at closing in the case of a short sale so he doesn’t care if the home sells for a dollar, the bank’s involvement is to reduce their loss as much as possible and the buyer just wants a bargain.

The basic process of a short sale is:

  • Although many believe that a borrower must be in arrears on loan payments this is not necessarily true
  • Borrower or broker contacts lender to discuss the possibility of a short sale
  • Potential buyer makes offer, knowing what is owed by borrower/owner of property
  • Lender reviews loan and offer
  • Borrower has to show/prove financial hardship
  • Lender and broker discuss value and condition of property and examine any offers
  • Lender makes final call

The short sale process looks easy on paper, follow the steps and the deal is done, short sale completed.  However, in reality the communication between the borrower, lender, Realtor and potential buyer is complex and time consuming.  Simply wanting a short sale won’t make it happen.  Using a CDPE (Certified Distressed Property Expert) eases the pain and insures you better success when trying to complete a short sale.  “Being in financial stress is not easy on anyone and and having received the CDPE designation will help me get the job accomplished in a more timely manner and help create a successful real estate transaction for my clients” said Eric Lowry.

West Chester, Ohio Real Estate: Certified Distressed Property Expert

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ERIC LOWRY EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

 

Eric Lowry of Keller Williams Realty, West Chester, Ohio has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Cincinnati, Ohio area, an increasing number of homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Eric Lowry. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Eric with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information about CDPE designation or to find a certified distressed Realtor in your area, please call 1-800-482-0335.