As a Lake Nacimiento Real Estate agent, I’m constantly aware of what’s going on in the Lake NacimientoReal Estate market as well as the national housing market. Because of the economic downturn over the past few years, I saw homeowners struggle through job loss and other financial hardship and knew that I wanted to take action to help them deal with the toll it took owning a Lake Nacimiento home.
To help those facing foreclosure and those dealing with an underwater home (owing more money than the home is worth), I earned a designation as a Certified Distressed Property Expert, and have been able to guide clients to take the best course of action with their Oak Shores or Heritage Ranch home.
Recently, a $25 billion foreclosure settlement was announced in which the federal government and five of the largest mortgage lenders and services will team up to reduce the principle balance on many loans, as well as refinancing loans for many with underwater homes. The 49 states that are participating (Oklahoma opting out) will receive funds to help consumers and to create new processes to better protect borrowers.
So, what does this mean for you? If your loan is through Ally Financial (formerly GMAC), Citi, Bank of America, JPMorgan Chase or Wells Fargo, you could be eligible for help from the settlement. Below are a few of the factors that may qualify you for assistance.
– You’re underwater on your mortgage and delinquent on the payments.
– You’re current on your mortgage payments but have a high-interest loan.
– You lost your home to foreclosure between January 1, 2008, and December 31, 2011.
– You took an FHA mortgage from Countrywide.
– You’re underwater and you want to sell your home.
– You’re a service member and must sell your home at a loss because of a “permanent change in station” order.
– You’re unemployed.
– You’ve lost your home and need financial help to move.
To view more information on the settlement, visit NationalMortgageSettlement.com. Your mortgage statement will display which company services your loan, so you can determine if you can move forward with seeing if you qualify for help.
While this settlement can be helpful if you qualify; there are also other ways to deal with your distressed property. As a Certified Distressed Property Expert, I am here to answer any questions you have. I know this can be a stressful time, but there are ways to navigate through it and having a Lake Nacimiento Real Estate agent who is experienced with distressed properties can make the process run smoothly.
Please feel free to contact me anytime!
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
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