A recent Wall Street Journal article quoted figures estimating that 23% of homes have mortgage balances greater than the value of their homes -- a condition referred to as being "under water" in your home. Mortgage troubles are not limited to the unemployed. About 588,000 borrowers defaulted on mortgages last year even though they could afford to pay -- more than double the number in 2007, … [Read more...]
Primer for Distressed Homeowners: Part 3 of 3
December 4, 2009 By
In our first post of this series we covered the foreclosure process and defined some basic real estate terms related to distressed sales. In the second post, we answered questions on preventing foreclosure, negotiating with a mortgage company, and what to do about an adjustable rate mortgage that will soon reset. This post addresses questions on short sales and sifting through the confusing … [Read more...]
Primer for Distressed Homeowners: Part 2 of 3
December 2, 2009 By
In our first post of this series we covered the foreclosure process and defined some basic real estate terms related to distressed sales. In this article we cover questions and answers on preventing foreclosure, negotiating with a mortgage company, and what to do about an adjustable rate mortgage that will soon reset. Q: Can I legally prevent a foreclosure? First, there is very rarely any … [Read more...]
Primer for Distressed Homeowners: Part 1 of 3
November 30, 2009 By
With the jobless recovery hitting the Charlotte region particularly hard, we're getting a steady stream of calls asking for help preventing home foreclosures, forced sales and sheriff's sales, and facilitating short sales. The general news press has gotten sloppy in the language it uses for distressed real estate, so let's start there: Forced sale is not used often, but when it is it would … [Read more...]
Foreclosures and Short Sales: What to do?
August 17, 2009 By
In a New York Times article, a Los Angeles man's battle with his mortgage company rings true for homeowners around the country. The owner hasn't made his mortgage payments in about two years, owing more than $800,000 on a home worth less than $500,000 now. The bank threatened to foreclose six different times, while repeatedly extending the sale date. The owner has brought three offers of a … [Read more...]