Frank Verni – Real Estate Broker, Property Distressed Expert, Short Sale & Foreclosure Resource, and Homeowner Advocate speaks out and offers solutions about the current Housing Market affecting our local community.
Over the last several years the real estate market has significantly increased in value. Over the last year we have seen that direction change due to inflation and mortgage interest rates going up. While the job market is strong, we are heading to a period of recession where businesses will begin to reduce the workforce.
Some of these folks are in arrears of the monthly mortgage payments – having lost their jobs or working reduced hours. In the meantime, the home that was bought several years ago at $500,000 is now worth $400,000 and yet you still have to make the same monthly payments as when the house was worth much more. Currently More than 1 in 10 Homeowners are in a Distress Situation with their mortgage and Looking for Answers.
Many people are draining their bank accounts, maxing out credit cards, or taking IRA/401k withdrawals to keep up with their monthly mortgage payments or just to handle increased prices for gas and food. These situations create a significant amount of emotional stress, frustration, anger and headaches to the family.
While Property Values are continuing to Go Down it is important that the public needs to educate themselves of their options to Avoid Foreclosure. It’s very important for them to know and understand what their options are and become familiar with real estate loan terminology. It’s also important for homeowners to consult with a Tax Professional and/or an Attorney regarding tax ramifications, prior to making decisions pertaining to their homes.
Loan Modification programs are available for those meeting their lenders criteria. In addition, many banks also have additional internal programs to assist homeowners. Unfortunately, many Do Not Qualify for a Loan Modification and approximately 60% those who do qualify result in default once again.
Many of my clients that are faced with the tough decision of losing their homes end up choosing the Short Sale Alternative. Some lenders and Government Programs offer to assist by offering the homeowner Financial Assistance in relocation costs.
Property Values are predicted to continue to go down over the next few years. Clients that choose the Short Sale alternative minimize the impact on their Credit Report and can qualify for a New Home loan usually within 2-3 years and can purchase the same or equivalent home at today’s lower prices.
It is critical that you get answers and deal with someone who is experienced and knowledgeable about the current local real estate market thus allowing you to make the right decisions for you and your family to move forward.
I work along with an experienced team of Real Estate professionals with One Goal in mind: To educate and help our local community to make Informed Decisions today and Benefit Tomorrow.
The Decisions that you make today will affect you and your family for many years to come. It’s important to Have a Plan and come up with Strategies to Overcome and Survive the Current Crisis. Homeowners who are “UPSIDE DOWN” on their Homes need to “TURN IT AROUND” and Take Back Control of Their Lives and I am here to show you how.
Broker / Realtor
Email: [email protected]
CA BRE # 01390255