According to the Center for Responsible Lending, 35,439 foreclosures are projected in Arkansas from 2009 – 2012 and it is a known statistic that a foreclosure in your neighborhood affects the market value of your home. Statewide, this lost home equity wealth due to nearby foreclosures is projected to be $607.9 million for the same time period. That’s why it is to every home owner’s benefit to drive that foreclosure rate down! Don’t make the mistake of thinking these foreclosures are all occurring somewhere else, either. I recently went over to the Pope County Courthouse and researched scheduled foreclosure sales for Pope County. I came up with an astounding 35 foreclosure sales scheduled in the next 60 days right here in our county!
There are many contributors to the current foreclosure situation and many reasons why a homeowner might fall behind on their mortgage payments:
An Interest Rate Jump on an Adjustable Rate Mortgage (ARM)
An Increase in Property Taxes
A Separation or Divorce
A Medical Hardship
A Reduction in Pay or Loss of Job
Declining Property Values
High Credit Card Debt
Sometimes the answer is to sell the home, even if it results in a short sale. You may wonder, just what is a short sale? The simple explanation is that a short sale occurs when the homeowner needs to sell, cannot afford to bring dollars to the closing, and the amount owed on the property exceeds the current market value. This seems simple enough, but it involves a complicated process that takes the expertise of experienced professionals.
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
Financial Hardship – There is a situation causing you to have trouble affording the mortgage payment
Monthly Income Shortfall – In other words, you have more month than money.
Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
If you have questions or feel you or someone you know may qualify for a short sale, or if you just want more information, contact Judy Southard of Moore and Co., Realtors for a free, private and confidential consultation. Judy holds the CDRS (Certified Default Resolution Specialist) designation and has had extensive training and hands on experience in closing these complex transactions.
Judy’s goal is to reach out, educate and help every homeowner who might be in this unfortunate predicament and put them in a position to move on with their life! She is able to do this in many cases by facilitating a short sale with their mortgage lender. 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.
Understanding your options now could mean all the difference in the world.Judy Southard, GRI, CDRS * Private Line - 479.567.7377 * http://www.judyhomeseller.com/
Judy Southard, GRI, CDRS
Certified Default Resolution Specialist
The right REALTOR® when you expect the best!
Associate Broker
Moore and Company, Realtors ®
479-567-7377 Ph
866-709-5998 Fax
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