Avoid Foreclosure: Get Help with your Distressed Property

Are you having trouble making your mortgage payments? You are not alone. The statistics are staggering. The Mortgage Bankers Association numbers as of August 20, 2009 show nationally 4.3% of all mortgages are in foreclosure and 8.22% are in default (30+ days late). That means 13.16% of 45 million mortgages are in distress.

A scarier statistic to me is that more than 7 out of 10 homeowners go into foreclosure without visible intervention. There are options for people facing foreclosure and there are people trained to help, specifically Realtors with the Certified Distressed Property Expert (CDPE) designation. Northeast Florida’s Davidson Realty has 19 agents with this designation able to help you.

Five major reasons why you want to avoid foreclosure:

1. You will always have to disclose a foreclosure on any mortgage application and many job applications. A foreclosure is the most devastating credit issue you can have in relation to future credit availability.
2. You will be ineligible for a government insured loan for 5 to 7 years (only 2 years in a short sale).
3. Many current or prospective employers run credit checks. Foreclosure can put a current or potential position in jeopardy.
4. Foreclosure can affect your security clearance which can cause problems for government, military, law enforcement positions and many more.
5. Your tax liability in a foreclosure may be much higher than in a properly negotiated short sale since in most cases cancelled debt will be higher.

Please get help from one of our agents or from another CDPE agent and find a way to avoid foreclosure.