About Financial Distress

The current economic condition worldwide is tough and according to a United Nations study on World Economic and Prospects 2016, global growth will remain subdued at 2.9 percent in 2016 and 3.2 percent in 2017. It further predicts that uncertainties will continue to plague the global economy and unemployment challenges will persist. This will translate to higher interest rates and the cost of living will be on the rise. Many may find themselves in financial distress. This is not a good place to be since those who are in dire financial circumstances might hide the fact until the situation gets out of control.

If you think you are in financial distress as a homeowner, don’t keep it a secret. Ask for assistance while something can still be done about it.

Take Stock Of Your Situation

 

Be honest and evaluate your circumstances. Determine if you are still able to pay your mortgage. If you can’t, be upfront with your lender or bank—they also want you to keep the property and avoid the foreclosure process whenever possible. They will try to offer solutions like loan modification or rescheduling debt.

Seek Professional Advice

 

If you think the circumstances have gotten beyond your control, seek the advice of professionals. The staff of Helpful Realty can provide guidance. We will let you know that foreclosure is not the only option for you. Some of these options are:

  • Refinancing – this can be done through the Making Home Affordable initiative via its Home Affordable Refinance. For more details, go to the Making Home Affordable website.
  • Lender Workout – as mentioned earlier, lenders prefer that you keep the property so they might consider reducing the interest rate and terms of the loan, the principal balance of the loan or a combination of both. The goal is to make the mortgage payment for more affordable. Click here to learn more.
  • Rent the property – you can try to rent out the property for an amount to cover the mortgage payment. However, this option has its own pitfalls since you would be responsible for the repair and maintenance costs on top of the mortgage payments.
  • Sell the distressed property – This is where we can help you! You don’t have to worry about commissions or fees as you would if you sell through a real estate agent. We’ll buy your house outright saving you time and money.

How You As a Homeowner Can Bounce Back From Financial Distress

Our home buying process starts with a confidential discussion about your situation. We’ll do our best to answer any questions you may have. Next, we’ll gather all information about the property to come up with a detailed valuation so we can make a formal offer for the property that is mutually beneficial. If you accept our offer, we can pay you in cash or we can come up with some other creative financing solution.

Have a distressed real estate expert do a complete analysis of your property to find solutions to your financial difficulty.  Call us today!

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