If you are
facing foreclosure…
or want to purchase pre-foreclosure property…
I CAN HELP!
Today, up to 1 in 5 homeowners are facing the possibility of losing their homes to foreclosure due to a hardship, they are delinquent in paying their mortgage payments, they are upside down in what they owe to their mortgage lender due to economic and market conditions, and they are financially insolvent. Additionally, many buyers have less buying power than they did in years’ past.
If you, or someone you know, is in this situation, please call me ; There ARE Options!
Of the approximately 1.4 million Realtors® nationwide, there are less than 1 percent who are a Certified Distressed Property Expert (CDPE). Of about 3,400 Realtors® in the Pikes Peak region, less than 300 hold the CDPE designation.
Short sale sellers and buyers absolutely require the assistance from someone who has the knowledge, experience, and materials necessary to properly assess their needs and aggressively negotiate and close a short sale on their behalf.
When I became a licensed Realtor®, I chose to become one of the leading experts on the challenges homeowners and buyers face. I offer sincere, high quality service, and my goals are to provide the best full-service Real Estate attention to every single client.
Call me today...don’t delay...I want to help!!!
NYLA YOUNG (719) 660-2811
IRS answers your questions about the "Home Foreclosure and Debt Cancellation"
Distressed Property Defined:
The definition of a distressed property:
• Property that is in poor physical condition.
• Property that is or will soon be in some stage of the foreclosure process.
• Property owned by a person or persons who is or are experiencing a period of financial instability.
• Property on which the mortgages total an amount higher that the current value and an owner must sell.
What is a Short Sale?
A short sale can be an excellent
solution for homeowners who need to sell, and who owe more on their
homes than they are worth. In the past, it was rare for a bank or lender
to accept a short sale. Today, however, due to overwhelming market
changes, banks and lenders have become much more negotiable when it
comes to these transactions. Recent changes in corporate policy and the
Obama administration have also improved the chances of getting a short
sale approved.
But to be technical, here's a more official definition:
- A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. Find a CDPE in your area by clicking here. Together, you can identify all possible options and, when possible, a CDPE can assist you in the quick execution of a short sale transaction.
• Must be financially insolvent.What is an Acceptable Hardship: A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage. Examples of a hardship are:
• Payment increase or mortgage adjustment
• Loss of job
• Business failure
• Damage to property
• Death of a spouse
• Death of family members
• Severe illness
• Inheritance
• Divorce
• Separation
• Relocation
• Military service
• Insurance or tax increase
• Reduced income
• Too much debt
• IncarcerationWhat is the Insolvency Requirement? A homeowner must not be able to pay down the mortgage. A short sale client has to befinancially insolvent, meaning that they have to owe more than he/she has or that the client does not have liquid cash or assets that could be used to buy-down their mortgage.How can I, as a CDPE, help you?imperative that they begin this process before it’s too late. It is possible to stall a foreclosure if the lenders know that a homeowner is actively and
aggressively marketing their property for sale. Once an offer is received from a uyer on the property, the lender will negotiate the acceptance, and the buyer will purchase this property short.Top reasons to avoid foreclosure:
• Many employers run credit checks on prospective employees, and foreclosure is one of the top items that will put apotential new hire in jeopardy.Nyla Young Realtor, CDPE, QSC, ABR, LHP (719) 660-2811• A hardship situation that must be approved by the lender(s).
• Delinquent in monthly mortgage payments (approximately 3 months).
• “Upside down” in what is owed to the lender(s) due to economic / market conditions.
If a homeowner qualifies to sell their property short, then it is • The client will always have to disclose a foreclosure on any mortgage application and many job applications they submit in the future, and this can have an adverse affect on future mortgage rates.
• Credit scores will be lowered by 300+ points, and a foreclosure is the most devastating credit issue someone can have in relation to future credit availability.
• Security clearances and government positions, including but not limited to military and law enforcement, can bejeopardized by a foreclosure.
