Foreclosure Is Not the Best Alternative
-Article offered by Julie Maeda, Ideal Homes, LLC
 4.5 Million home owners now owe more
on their home than it is worth. That is
according to a recent article in the New York
Times. That number is believed to rise to 5.1
million by June of 2010. If those numbers
scare you, you are not alone.With housing
prices now down about 30%, overleveraged
borrowers generally fall into two groups,
home owners who have borrowed all of
their equity and then some from their home,
or home owners who bought their property
during the crest of the so called “boom”.
One Miami condo owner says “There is
no financial sense in staying”. He paid
$215,000 for his condo in 2006, but today
the same condo just a few doors down is
selling in foreclosure for $90,000. But
walking away and letting the condo go
into foreclosure should not be an option
when there are alternatives. Foreclosure
not only ruins your credit, it has long
lasting emotional and financial repercussions.
More and more home owners who have gone
through foreclosure are now seeing banks
pursue them for the difference. Whether
it is in the form of a deficiency judgement
or the garnishing of pay checks, the
lenders are ensuring they are being repaid.
The question then becomes,” What are my
options?” The most logical answer to that
question is a short sale. A short sale occurs
when lenders accept less for your home than
what is owed on it. Ideal Homes has been in
the short sale industry since 2004. “We are
a company that takes pride in working with
integrity & honesty. Our home owners know
all of the facts about the short sale process
from the start. Our main goal is to have the
home owner come to the closing table paying
no money out of pocket.” says Julie Maeda
from Ideal Homes. “Our in-house negotiator
puts the home owner first, by always asking
that they not be pursued for the difference.”
“Whatever you do, don’t just walk. away.
There are too many repercussions.
I believe the home owner should exhaust all
options, and a short sale is definitely the better
alternative. Not only do we facilitate the short
sale, we buy the property” explains Maeda.
Ideal Homes has helped hundreds of
home owners avoid foreclosure. If you
are considering a short sale or have
questions about the process, please call
Ideal Homes at 720-457-2000.
*Excerpts of this article were taken from
The New York Times article “No Hope
in Sight, Home owners Walk Away.”
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