[CITY] Real Estate News

It’s hard to miss the news in real estate today: major lenders are investigating issues in their foreclosure processes. To date, GMAC (now Ally Financial), JPMorgan Chase and Bank of America have announced foreclosure freezes to review how their companies are handling the process. While most lenders have stalled foreclosure procedures in roughly half the nation, Bank of America recently extended their freezes to all 50 states.

However, few are talking about what this means for distressed homeowners and the agents who can help them. While these major lenders evaluate their foreclosure processes, delinquent and seriously delinquent homeowners now have more time to evaluate alternatives to foreclosure. Real estate professionals, particularly CDPE-designated agents, have an opportunity to reach out to these homeowners and educate them about their options.

Not every distressed homeowner may qualify for a short sale. But in this economy, the real estate agent has the opportunity – some might say, the responsibility – to find solutions for homeowners in need, even if it does not result in a sale. This will help to stabilize community values and salvage financial futures for those facing true hardships.

It’s important to note that time may be short in these foreclosure freezes. GMAC was even quoted as stating their halt could extend through the end of the year, but may be as short as a few weeks. Take this opportunity to engage homeowners who may feel they have no other options. It’s an opportunity to make a huge difference.

Did you know the market is always changing?  Of course you do. With the market and bank changes it is getting more difficult to find buyers that can qualified for a loan within standard banking guidelines.  It takes more than a "warm body" to get a loan these days. 

Sellers are finding they may be up-side-down in their loan thus making it more difficult to sell their home.  So let me tell you about the Lease to Own program! The LTO company is based right here in the DFW area.  LTO is not like the "old" lease to own programs.  First, the seller gets "market value" for their home.  Second, the seller does not have to make another mortgage payment to the bank.  Third, the seller is guaranteed during the lease if the buyer does default seller still gets paid the entire period of the lease agreement!  There is so much more but I am excited about this program. 

With our industry changing there has to be more options out their for both buyer and seller.  Let me know what you think?