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.
Saint Louis, MO (PRWEB) November 25, 2011
Joe LoPiccolo, Broker/Owner of American Realty Group, a real estate brokerage based out of St. Louis County, today announced the availability of a free, educational report for St. Louis homeowners which will help area residents understand their options when facing foreclosure. The report, which was launched earlier today on their website, will allow homeowners to become more knowledgeable about the various alternatives to foreclosure.
A Certified Distressed Property Expert (CDPE), LoPiccolo pointed out that the long-term implications of foreclosure cannot be underestimated, and has developed a report entitled, “Need a Helping Hand?”
“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 Joe LoPiccolo of American Realty Group.
The downloadable report, which can be accessed from http://www.stlshortsaleexperts.com, offers St. Louis area homeowners an easy to understand, yet detailed informative list of frequently asked questions and solutions for those who are facing foreclosure and are exploring additional options. Any local homeowner in pre-foreclosure can benefit from reading the report and at the very least, begin making important decisions on how they want to proceed with their lenders.
“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,” LoPiccolo said.
This community resource defines foreclosure alternatives, including short sales, loan modifications and forbearance.
“The holidays are a time of joy and family, but for many in St. Louis, this is also a time of increased financial strain,” LoPiccolo said. “With this report, I’m helping homeowners in my community learn more about their options so they can have hope to carry them through the holidays.”
The report highlights the benefits of a short sale, which 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,” LoPiccolo explained.
The report also details other foreclosure alternatives such as mortgage modifications—which is another process that the federal government and trade organizations are pushing to be streamlined— and how it has become a viable solution for both struggling homeowners and lenders to find common ground in this challenging housing environment.
The CDPE Designation LoPiccolo has acquired provides real estate professionals with specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.
"Taking twenty minutes of your time and reading this report should be the first step", LoPiccolo stated.
About American Realty Group
American Realty Group is a full service residential real estate company representing both buyers and sellers in the Saint Louis and Surrounding Metropolitan areas with a specialization in St. Louis short sales.
Learn more at: http://argrealestate.com