On Monday the U.S. Treasury announced new guidelines to streamline short sales and help families facing forclosure. With my special training as a Certified Distressed Property Expert  I can help families avoid foreclosure and get back on the track to financial stability.  

Avoiding forclosure just got easier… is a post from: Andover | North Andover Real Estate & Home Town News

At first glance, the foreclosure and distressed property sales are an appealing opportuntity and yes, at times they can offer the homebuyer or real estate investor a  real value.  Be careful, however, because buying a distressed property has many hidden challenges and is not always a wise choice for the novice homebuyer.  Remember, these homes are on the market as a distressed sale for one reason…the current owner is not able to keep up with payments or must sell at a discount because of a change in job or personal hardship.  That said, many of these homes have fallen into disrepair, are often abandoned or vandalized and may have outstanding title or tax liens in place.  If you’re thinking about buying a distressed propery consider the advice of  the Wall Street Journal .  Whether you’re up to the challenge of owning a distressed property or just searching for a good value in today’s real estate market start your home search here and contact me at RE/MAX Partners in Andover for a free homebuyer consultation.

Buying a foreclosure—is it worth it? is a post from: Andover | North Andover Real Estate & Home Town News

 If you're facing a financial hardship or are at risk for foreclosure on your home in Andover, consider the following alternatives.

1. Reinstatement: This option is extremely simple, but the most difficult. The homeowner asks the mortgage company the total amount owed and pays it all, including fines and fees. It does not require approval, and lenders will allow this up to the day before the final foreclosure sale.
2. Forbearance or Repayment plan: This is when a homeowner negotiates repaying their back payments over a period of time. Usually, the homeowner makes their current payment as well as a portion of the back payments owed. Most lenders require homeowners to be qualified for this option.
3. Mortgage Modification: This plan is when either the interest rate of the loan, the principal balance or the term of the loan is reduced. The result is generally a lower, more affordable payment for the homeowner. Homeowners need to qualify for this option and must supply all necessary documentation, while the lender has to be actively pursuing modifications.
4. Short Sale:  Contact me your Certified Distressed Property Expert to negotiate the sale of your home. In many cases the mortgage company will allow a short sale which includes all realtor and legal fees.

• Rent the Property: If your mortgage payment is low enough that market rent will cover it, this option will allow you to keep your property indefinitely.  
• Deed In Lieu Of Foreclosure: Sometimes known as a “friendly foreclosure”, because it allows the homeowner to return the property to the lender. It does require lender approval, and the homeowner must vacate the property.
• Bankruptcy: If the homeowner has non-mortgage debts whose payments are causing them to fall short of paying their mortgage, a personal bankruptcy will eliminate these debts. Bankruptcy can be very costly.
• Refinance: If homeowner has sufficient equity in the home and their credit is still good, a refinance is a possibility. In some cases it may lower payments, but it is an expensive process.
• Service members Civil Relief Act (Military Personnel Only): If a an active member of the military is experiencing financial distress, they could qualify for lower payments on all their consumer debt as well as mortgage payments.

Certified Distressed Property Expert

If you’re worried that you may be facing foreclosure on your home, there may be a solution for you. Very few realtors have the experience and knowledge to help distressed homeowners through the the complicated maze of procedures, strategies, and yes, paperwork to help the bank help you, the homeowner.  I have the expertise and certification it takes to help homeowners avoid foreclosure whenever possible. Remember that time is critical and the longer you wait the more difficult it will be to avoid foreclosure.  Here are 5 important reasons to avoid foreclosure!

1. The homeowner will ALWAYS have to disclose a foreclosure on a mortgage application.

2.  Credit scores will be lowered by 300+ points affecting the borrowers ability to get car, apartment, credit card and other financing.

3.  A foreclosure is one credit report item that is almost impossible to be “repaired.”

4.  Military and government clearance could be at risk with a foreclosure.

5.  Many employers run credit reports for prospective employers and foreclosure is one of the top items that may put a potential new hire in jeopardy.

If you are worried about a foreclosure on your home, contact me at RE/MAX Partners in Andover, MA for a confidential and complimentary consultation.

Worried you may be facing foreclosure? Talk to me first, your Andover Certified Distressed Propery Expert. is a post from: Andover | North Andover Real Estate & Home Town News

• Refinancing for those current on payments, but have little or no equity in their home
• Plan starts right away and is strictly for primary residences that are not vacant or condemned
• Call your loan servicer for help to see if you qualify
• There are no fees for this type of loan modification 
• To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac
• Modification plan ends on December 31st of 2012
• Loans can be modified one time only