Too often, the anxiety associated with missed mortgage payments and the fear of putting trust into the wrong hands, causes homeowners who are heading toward foreclosure to avoid seeking help
Portland, Oregon (PRWEB) October 14, 2011
“Nationwide, 10.9 million or 22.5 percent of all homeowners with a mortgage owe more on their property than it’s worth in the current market, and another 6.3 million are in some stage of foreclosure,” noted John Bacon of Keller Williams Realty.
A Certified Distressed Property Expert (CDPE), Mr. Bacon pointed out that the long-term implications of foreclosure cannot be underestimated, and has developed a report entitled, “Need a Helping Hand?” This report can be accessed from AvoidForeclosureInOregon.com and gives important information and alternatives to those who are a victim of today’s economic crisis.
“Too often, the anxiety associated with missed mortgage payments and the fear of putting trust into the wrong hands, causes homeowners who are heading toward foreclosure to avoid seeking help or pursuing a short sale because the stress of their situation has many barely coping,” Bacon said. “According to national statistics, 50% of those foreclosed never sought help or alternatives.”
Currently, several programs are being rolled out by lenders to assist homeowners with loan modifications or alternatively help borrowers transition out of their home in a way which avoids a foreclosure on a borrower’s credit report.
Most people by now have heard of a short sale and according to economists, this will be the new reality for many years to come. A short sale occurs when the current market value of a home is worth less than what is owed on a mortgage and a real estate agent negotiates with the lender on behalf a financially strapped homeowner to accept a loan payoff that is less than the amount owed. “While lenders were once reluctant to negotiate short sales, the current glut of foreclosed properties on their books has prompted an aggressive push to mitigate losses, and some are even paying homeowners significant cash incentives to make a fresh start on their lives after the close of the short sale,” Bacon explained.
Real estate agents who have received the Certified Distressed Property Expert (CDPE) designation have proactively sought out the real estate industry’s best training for serving clients within the complicated and highly charged distressed property arena. CDPE agents are required to complete two days of intensive training and are held to a high standard of expertise, efficiency and ethics.