As a Certified Distressed Property Expert; I see the direct effects of our nations’ economy on our housing market. Working in the communities of Oak Shores and Heritage Ranch on Lake Nacimiento as a Real Estate agent; it is hard to see homes go into foreclosure. It’s heartbreaking because most homeowners who are struggling with their finances feel that foreclosure is the answer; however, it can be avoided!
Knowing your financial burden and understanding the many different options available are key to side stepping the devastation of foreclosure. Please take a few minutes to review the various options you have!
1. Reinstatement- While being the most simple answer to foreclosure; it is also the most difficult to attain. This option allows a Lake Nacimiento home owner to contact the mortgage company and request the amount owed to date. They can then pay off the remaining amount. You can be reinstated up to a day before the foreclosure sale is finalized and the lender does not have to approve this process.
2. Forbearance or Repayment Plan- This option sets up a payment plan between the homeowner and the mortgage company to pay back the amount owed over a time. The monthly payment on the Lake Nacimiento home will still be paid each month in addition to a portion of the back payments that are owed.
3. Mortgage Modification- Modifying the mortgage allows the loan to be reduced in some way. Whether the interest rate, principle balance, term of the loan or a combination of the three; there is some type of reduction that will take place. This usually helps in lowering the monthly payment so that the mortgage becomes affordable again to the homeowner.
4. Rent the Property- This can be an especially good option for those living on Lake Nacimiento! Many people are looking for a great vacation home to rent out during the summer months or on the weekend. You can talk with your Lake Nacimiento Real Estate agent about the option of renting your home on a permanent basis or renting it out at certain points of the year to help with payments.
5. Deed-in-Lieu of Foreclosure- Lender approval is required for this option that’s referred to as the “friendly foreclosure.” Homeowners are required to vacate the home, but are able to simply return the property to the lender and avoid going through the foreclosure process.
6. Bankruptcy- This option only works as an answer to foreclosure in some states and circumstances. If there are non-mortgage debts that the homeowner has that has caused them to miss their payments; bankruptcy may be an option.
7. Refinance- Refinancing could be a great solution to avoid foreclosure. Doing so can lower the monthly payments if the homeowners has good credit and they have enough equity in their Lake Nacimiento home.
8. Servicemembers Civil Relief Act (military personnel only)- Due to being deployed, some members of the military come under financial distress and so may qualify for the Servicememebers Civil Relief Act. This process will go through the an attorney that is qualified to work with service members who need relief.
9. Sell the Property- If you need to sell your home to avoid going into foreclosure; please let me know. As a Lake Nacimiento Real Estate agent; I have worked for years with buyers and sellers on Lake Nacimiento and know what it takes to get your home sold in an effective and timely manner!
10. Short Sale- As a Certified Distressed Property Expert; I have experience working with homeowners to avoid foreclosure. I know the ins and outs of conducting a short sale; which has been a viable option for many. Basically, a short sale involves your Lake Nacimiento Real Estate agent negotiation with the lender to allow the home to go into a short sale. The agent will verify the homeowner’s hardship that occurred after the purchase and the request for the short sale. Hardships can include things such as a job loss, divorce, forced or unplanned relation or mortgage payment increase.
If you are facing foreclosure; please contact me to discuss which option is best for you. Again, being a Certified Distressed Property Expert has given me the experience and knowledge to deal with these types of situations. Please feel free to contact me anytime!
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!