Raleigh Real Estate Group

Garner, NC Home For Sale - Move In Ready - Great Yard! | Garner | eBay Classifieds (Kijiji) | 3807683

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In yet another major move by Fannie Mae, the company has announced that it will cover the closing costs on purchases of its repossessed properties. Basically this means that buyers will receive 3.5% of the final sales price. This money can be used towards closing costs, or for new appliances. (Yes, that Ferrari in my driveway is an appliance!)
Closing on the house must be completed by May 1, 2010. Another incentive they are offering is only requiring 3% down on house purchases through HomePath Mortgage.
Fannie Mae has finally wised up to the fact that the best way to help the market recover is to get those foreclosed properties off the market. They’re hoping that many buyers taking advantage of the federal tax credit, for this additional help may move some of those properties.
This may or may not have something to do with Fannie’s recently released date (though not news to us) that the rate of delinquent loans has escalated. Meaning we’re going to see a flood of new foreclosures. Which means Fannie knows the value of its inventory is going to be worth less than Obama’s Nobel prize soon. So their philosophy is “get ‘em moving now.”
We’ll see how this drama plays out… But we’ve seen it coming since the middle of last year. The key is to keep the properties moving and not let this shadow inventory of foreclosures turn into a nightmare. We’ll keep doing our part, helping honest, decent folks find their way out of debt and into new homes.

Especially in today's economy, thousands of people are struggling to pay the bills. This, unfortunately, includes dealing with the threat of foreclosure on their homes. It is possible; however, to avoid foreclosure. Follow these few guidelines to avoid having your home taken away from you.
The very first thing you should do, when you run into trouble, is call your mortgage company. You will need to, specifically, talk to someone in their Loss Mitigation department. Explain your personal and financial situation to them. Plan to divulge information you may not want to share, and be ready to give them proof.
Mortgage companies are prepared to deal with many different financial hardship situations. Depending on your specific situation there are several different options that the mortgage company can take with you. One of the most common is known as forbearance. This action allows you to repay missed payments.
However, there are many other options available. Dependent upon your history and particular situation mortgage companies will allow you to do anything from take out another loan to adding the existing past due amount onto your existing loan. In certain situations you may find they are even willing to waive a missed payment. Remember, you do not get to pick. This is all based off of predetermined criteria.
As crazy as this may sound, some people up and leave a home that they are in fear of losing. This is one of the worst things you can do. Unless you are forced out of your home, do not leave. Your physical presence, in your house, just might save your home. It is much easier to qualify for assistance when you actually live at the property in question. Assistance is offered by different counseling agencies; look into the ones around you.
In many cases people have already receive a Notice of Default. This is bad, very bad. What this means is there really is not too much help for you. One of the best options, at this point, is to sell your home. After all, you do not have many options. Either you lose the house and ruin your credit, or sell it and have a chance to start over again.
There are a couple other options, at this point, but they will you're your credit almost as bad as the foreclosure would. Just keep in mind that you have options. Acting before things get out of hand is your best option and will be the one that works for you. Do not let things get to the point that there is no return. If you want to avoid foreclosure, work with your mortgage company immediately.
Learn how to avoid foreclosure by using short sales. Head online today and you can learn how a short sale will help you out.