You too Could Make a Difference to the Housing Market

You have heard a lot about the upheaval in real estate.  Instead of sitting back and watch the house value fall, The Dreams in USA Team is currently running a campaign to help homeowners across the greater Washington Metro area.  You can help too. 

What is really causing the housing value to drop?  The upheaval all starts when homeowners fall behind on their mortgage payments, especially when they initially signed up for interest-only, low introductory mortgage, or ARMs (adjustable rate mortgages) programs which have expired and required higher rate adjustments.  Because of the higher monthly mortgage obligations, they could no longer afford to pay mortgages on time.  Instead of finding an amiable solution, they just let the payment lapse and eventually cause the house to be foreclosed.

 They are several options that home owners may consider doing before seeing the house foreclosed:

• Work with a bank to refinance at the same rate
• Make alternate payment arrangement while homeowner obtain financial assistance from family, friends or through a new side job to increase income
• Arrange a short sale

What is a short sale?  It is when a mortgage holder is willing to take less than the amount owed.  That’s right.  Most people think because they owe more than the property is worth now that all they can do is let the bank foreclose.  Not true.  Banks are willing to take substantially less because it will cost them tens of thousands of dollars to hold it through the foreclosure process.  This is the message struggling homeowners need to know. 

 Short sales offer solutions to foreclosures when:

• Seller is behind or anticipating being behind in payments
• Seller has little to no equity (10 percent or less)
• Seller has legitimate hardship (illness, loss of job, divorce)
• Prevent seller from a foreclosure that hit the credit score

Though you are not facing the fear or risk of losing your home, there is not one person that does not know a friend, family member or co-worker that is not facing a challenge with keeping their homes in this declining real estate market.  Like a grass roots concept of reaching out and helping someone, the Dreams in USA Team is working hard to extend support and critical information regarding options to these people who believe foreclosure is their only option.  When the housing inventory is under control and the prices do not dropped so dramatically as often found in bank owned properties, the declining market trend shall be curtailed.  So are there people you know that could use some help?

The Dreams in USA Team has beefed up their marketing strategies so if you know anyone that is thinking of relocating or downsizing and just simply “wants to sell” in this “need to sell” market, they would be delighted to share their thoughts with them as well.