Florida Foreclosure Prevention Hotline Helps Homeowners Sell Homes Quickly.
MIAMI -- The Florida Foreclosure Prevention Hotline announced today a solution for those homeowners who are both facing foreclosure and need to help sell their homes quickly. According to the company, they have been able to intervene on behalf of their clients and negotiate directly with the lender to help mitigate losses, preserve credit and allow the homeowner to avoid a situation where the sale of their home results in a zero or negative balance.
Damara Cohn, a Real Estate agent that works with the Hotline considers herself a solution of last resort. If after all avenues have been explored and tried, from refinancing to forbearance, Damara steps in to help the homeowner avoid the worst case scenarios.
"I help those people who are upside down in their loans or have no chance to sell their property. I take the most aggressive position possible with lenders and work with them in order to create a win-win situation for everyone involved," said Ms. Cohn. She added, "What we are talking about is called a Short Sale. This involves the lender taking less dollars than are owed in order to help the borrower. With the recent softness in the real estate market compounded by the rise in foreclosures, most institutions are more than willing to not only discuss the situation, but often take the original balance of the loan, or a workable percentage above it."
Nothing is guaranteed, but it is imperative that borrowers do not procrastinate when they find themselves in a position of being unable to keep up with their payments. The longer the Hotline has to work with the borrower, alternative lenders and the mortgage holder, the better the end situation is for the homeowner. Time, not the lender is the real enemy.
"Most borrowers have no idea the alternatives they have available to them. For some however, they are in a position where the sale of the property is the only choice. When this is the case, that is where an experienced Real Estate Agent, one who specializes in short sales can be of invaluable assistance," said Ms. Cohn. "If the area the homeowner lives in is depressed, or they started with a no money down or even one of those 110% financing loans, or if the home itself is in disrepair, many just give up - and that is the last thing they should do. Act quickly. Once you know you are in an impossible situation with regard to paying the loan, take action. This will protect not only your financial interests, but can keep that foreclosure off of your credit report." According to Ms. Cohn, most people in this situation not only find themselves behind on their mortgage payments, but on their homeowner's assessments, real estate taxes and insurance as well.
