Helping homeowners avoid forclosure

Our jobs go beyond helping people buy and sell homes. It doesn't make sense to help a person purchase a home that will eventually end in foreclosure. Which is why it's also our job to help homeowners and future home buyers avoid facing foreclosure, or a mortgage payment they just can't afford. By educating yourself and your clients about the risks and benefits of different loan programs, you will be able to help guide them in their financial decisions. Granted, by know means should you present yourself as a mortgage professional. However, with more and more mortgage professionals struggling to make a living in today's market, you may find that your clients aren't being made aware of all the risks involved, and all the different loans available.

Many of the factors that have created the declining market we are currently experiencing is due to many subprime loans. However, this doesn't mean that every subprime loan is bad. I personally believe that every loan is a good loan, for the right person. For those who can't qualify under conventional standards, subprime products are a great alternative for people trying to own a home. However, when buyers aren't made aware or don't fully understand all the terms of their agreement, they may find themselves in a devastating foreclosure down the road.

In order to thwart future foreclosures, we as Realtors can help future buyers avoid finding themselves in the same predicament. This can be accomplished by:

- Working with buyers to ensure they understand the terms of their mortgage

- Keeping up with what the government and non profits are doing to help borrowers facing foreclosure

- Understanding how your different lenders handle delinquent mortgages
Letting people in your community know about the different resources that are available to them

The NAR and some of it's partners have put together a series of brochures as a valuable resource to help consumers avoid having to ever experience foreclosure. You can find these brochures at www.Realtor.org, along with other helpful information.

Failure to Close

Should you have any questions or need further information, please don't hesitate to contact me,(775) 220-1630
Or visit my website at www.SellingNorthernNV.com




Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521



Source of information:
Realtor Magazine
NAR President
Pat V. Combs

failure to close

In August, an estimated 33% of loans which were originated by mortgage brokers failed to close, and 57% of their customers were unable to refinance. The major reasons for these canceled transactions were due to home buyers and homeowners having sub prime credit. Sub prime homeowners found they could no longer refinance under their original term since many of the sub prime programs are no longer being offered. Those few homeowners that met loan qualifications, more often then not found that they were still unable to refinance due to a high loan-to-value ratio.

In an effort to find loans for their clients, many brokers are submitting applications to multiple lenders simultaneously in the event that not all of their applications will be approved. Still, even with multiple applications, many homeowners and home buyers just can't seem to meet underwriting guidelines for one reason or another.

Related posts
Increasing Forclosures

Should you have any questions or need further information, please don't hesitate to contact me,(775) 220-1630
Or visit my website at www.SellingNorthernNV.com




Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521



Source:
National Realty News
Staff Writer