During the much debated nationwide foreclosure freeze by Bank of America, homeowners in danger of soon losing their homes to foreclosure have gotten a short reprieve. If you are in this situation, this is an opportunity for you to do something about your situation! Fact: More than 70% of homeowners who have lost their homes to foreclosure did not seek the advice of a Realtor®. So don’t be a statistic.
Now is the time for distressed homeowners to develop a strategy to put themselves back in control, especially through short sales. Bank of America announced today it is in the process of lifting its foreclosure freezes in 23 states that require a judicial foreclosure proceeding. However, Arizona and other non-judicial states may get a reprieve of a few weeks or months longer while the banks sift through their procedures and documents, to ensure that they are taking proper legal steps before finalizing a foreclosure. If you or someone you know is in this situation, there may still be time to get the home sold.
In fact, Bank of America has made short sales a priority in handling distressed properties. The bank has let the Real Estate industry know that they’re pushing heavily for agents to be “proactive” and notify the bank as soon as possible when they interact with a homeowner to list a potential short sale. This shows their willingness to work with agents–especially those who are short-sale-certified with the SFR or CDPE Designations–toward this dignified solution to foreclosure.
Although Bank of America, JPMorgan Chase, and Ally (GMAC) have not entirely reinstated all of their foreclosure proceedings, it is only a matter of time before they do. It is vital that both Agents and distressed homeowners come together quickly to establish a plan and find real solutions. You may know someone in this situation. If you do, please tell them to contact a Realtor for help and advice.
Take the first step and see what your options are.
Visit www.YourOptionsNow.com
Help for Homeowners In the Phoenix East Valley
AUDRY WOLFF - Certified Distressed Property Expert
Phone/Text 480-244-8398 eMail: AudryW@Gmail.com