Ellen and Jim Davis
Offering Proffessional Real Estate Services
On the Outer Banks Of North Carolina
Welcome to our new web-site focusing on helping buyers and sellers navigate todays market, which unfortunately, includes Short Sales, Foreclosures, and Loan Modifications. We can help eliminate the confusion and guide you through the process.
In addition to the usual real estate business of helping individuals buy and sell property, Ellen and Jim have undergone extensive training in helping homeowners with distressed properties. Ellen has earned her certification as a CDPE (certified distressed property expert). This site has been developed to explain what a distressed property is, and what options are available to help homeowners in a distressed situation, and what the consequences of those options may be.
If you own property in Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, Rodanthe, Salvo, Manteo, or Grandy and are struggling to make payments do not panic give us a call today and let us explain how we may be able to help. Ellen and Jim’s original site www.OuterBanksRealEstate4Sale.com is still available and full of useful information, such as, buyer and seller tips, mortgage calculators, a complete MLS search feature, and a very handy referral guide. So, please visit soon, and be sure to contact Ellen or Jim with any questions you may have. ___________________________________________________ TEN WAYS TO AVOID FORECLOSURE Foreclosure Avoidance Options - Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to residents for avoiding foreclosure are many, including but not limited to short sales.
Understanding your options now could make all the difference!
Following is a brief explanation of these solutions: - Reinstatement - The homeowner pays the total amount owed to the mortgage company.
- Forbearance or Repayment Plan - The homeowner negotiates with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.
- Mortgage Modification - This option involves the reduction of the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these.
- Rent the Property - A homeowner can convert their property to a rental and use the rental income to pay the mortgage.
- Deed in Lieu of Foreclosure - Allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.
- Bankruptcy - Many have considered and marketed bankruptcy as a 'foreclosure solution,' but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.
- Refinance - If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.
- Service members Civil Relief Act (military personnel only) -
Ask for further information if this situation applies to you.
- Sell the Property - Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.
- Short Sale - If a homeowner owes more on their property than it is currently worth, then they can consult with a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.
Re/Max Ocean Realty and Ellen and Jim Davis assume no responsibility nor guarantee the accuracy of the above statements. Re/Max Ocean Realty and Ellen and Jim Davis are not engaged in the practice of law nor give legal advice. We strongly recommend you contact an attorney in your state. Each Re/Max office is independently owned and operated |