The Naperville Real Estate Voice - Local Real Estate News and More...: Homeowners should know their options.

I have always been the type of person that wants the facts. I'm really not interested in hearing the drawn-out version - just get straight to the point and tell me what I need.

I find that I'm the same way with my clients. If they ask me a question, they are going to get a straight answer. It might not be what they want to hear, but it will be an honest straightforward answer.

Lately, there has been so much talk about Short Sales that I believe homeowners must feel that it's their only option, but it's not. A Short Sale-one in which the lender allows a property to be sold for less than the amount owed on a mortgage because of a borrower's financial hardship-is a great alternative to a foreclosure, but there are other options available.

One important thing to realize is that nothing will be solved by ignoring the problem. If your situation has changed, nip it in the bud early. I cannot stress that enough, there are more options available if you start early. I have seen it time and again where a property comes on the market as a foreclosure listing and then I look at the history and see it was never listed for sale. Banks do not want to own your home. They would rather work with you than own your home.

So what are your options? First, talk to your lender, explain your situation and find out what options are available to you.

If they cannot help you then:

• Refinance: If your credit is not damaged and your loan-to-value ratios on your property are low, you might be able to refinance your current mortgage into a lower interest rate, making your mortgage more affordable.

•  Loan Modification: If your interest rate has increased or you have less income, you can utilize your existing mortgage company to change the terms of your mortgage. This could include reducing the interest rate and extending the term of the mortgage. You can negotiate with your mortgage company or you can hire a real estate attorney to do the negotiating. There is no need to pay thousands of dollars to have a third party do it for you.

• Short Sale: If you find that a Short Sale is your best option, there are a few things you need to know. Not everyone qualifies for a short sale. In order to qualify you need to prove that you are in a true hardship and can no longer pay your mortgage. It would be like presenting your case to a judge-in this case the lender-with the documentation to make your case and prove your hardship.  

There are also organizations that can give you some financial assistance, which I wrote in:    

            Facing Foreclosure ~ Don't wait...Help is Available.

Just know that there are options to avoid foreclosure, but worst thing you can do is do nothing.

If you would like more information regarding your options in the Naperville or surrounding areas, please contact me by phone/text at (630) 248-6077or eMail at mmastrolonardo@remax.net

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Thanks for reading my Naperville Illinois Real Estate Blog!

Maria Mastrolonardo, Realtor(R)

RE/MAX of Naperville

Cell: (630) 248-6077

Web: Naperville Area Home Search

eMail: mmastrolonardo@remax.net

I can help you purchase a home or sell your home in the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.