Saving Your Home From Foreclosure

How do I save my home from foreclosure? That's a huge question on alot of people's minds. Everyone heard the Obama administration say that they would be helping homeowners stay in their homes, but what resource is actually available to help? I'm happy to report I have that info to share with you:

The Making Home Affordable Program is part of the President's broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. The plan can help responsible homeowners who are at risk of default or are facing foreclosure. For more information about this awesome program, visit www.makinghomeaffordable.gov.

Another fantastic resource that I've recently learned about is HopeNow, a private sector alliance of mortgage servicers, counselors and non-profits who want to assist homeowners who could potentially retain the ownership of their home. The program launched in late 2008 and was substantially modified in May of 2009. For more information on HopeNow, visit www.hopenow.com.

If you feel like you're in too deep and would like to try to sell you home BEFORE it goes to foreclosure, give me a call. That process is called a short sale and typically your lender will end up paying the majority of your closing fees, commissions and other fees generally associated with selling your home. The process can be long and there are lots of steps, but we can walk through it together.

Many Blessings in saving your home from foreclosure,

Sajata

Buyers Don't Pay Realtor Commissions!

Today I called a prospect that I've been checking in on for a couple of months and she told me that she found a house, called the Listing Agent, put in an offer and was suppose to close last Friday. "Suppose to close?" I said. Yes! At the very last minute, her loan officer said her loan wasn't approved, even though he hadn't said anything like that up until like the day before closing. I said "Didn't your Realtor call the loan officer throughout the process to check on your loan for you?" Then she admitted the obvious..."I didn't use a Realtor. I thought it would cost me more. Is there any way you can help me?"

Wow. Let me help YOU by sharing some home buying wisdom that she would have done well to know. Here's the deal: If you are a buyer, generally you DO NOT PAY COMMISSIONS! There are so many misconceptions about using a real estate agent and though I'm so thankful that HGTV has dispelled alot of them, there are still many that are worth mentioning. Bless her heart, this sweet woman said that her friend told her (famous last words) that since the Listing Agent was "getting paid on both sides", he should have checked to make sure her loan was good throughout the process. The truth is, unless the Listing Agent was representing the buyer's best interest AND his seller's best interest (highly unlikely), he actually had NO OBLIGATION to represent her best interests at all. It's kind of like asking the "other side's" attorney to represent you since he has some extra time...well he COULD but since he's not being paid to represent YOUR best interest, it probably won't do you ANY good!

The Bottom Line: When you're buying a home, ALWAYS get your OWN Realtor. NEVER use the same Realtor whose name in on the sign. Generally, you won't pay for his/her services and he/she has an obligation to do what's best for you. You won't hear that from alot of Realtors, but I love BUYERS and it's all about doing what best for YOU! Blessings in your house hunt!