Avoid Foreclosure in Columbus Ohio

The real estate market in Columbus Ohio and surrounding areas is less than perfect and many home owners who want to sell simply cannot. According to the Columbus Dispatch’s March 28, 2010 edition, virtually all neighborhoods in the central Ohio area have lost value; some areas as much as 30% or more.
Add to the plummeting property values the loss of jobs plaguing Ohio, as well as A.R.M. mortgages adjusting and you have a recipe for mortgage disaster. Some home owners have reached the point of just wanting out of their property and out from under the suffocating debt but the problem is that many home owners are “under water”, meaning they now owe more on their property than it is valued at.
What is a Columbus Ohio home owner to do when they owe $250,000 on a property that is now valued at $199,900? Selling the home simply creates a new problem. Even if the home is sold there is a $50,100 outstanding amount owed on top of the sale price of the home. Most homes cannot even be sold (or close) until the deficiency is paid.
The number of bank owned, foreclosed and homes which the owners have greatly reduced the price on just to get out is growing daily making it even harder to sell a home at a profitable price.
So, what options are available?
• If the home owner can afford to stay put and make the monthly payments that is sometimes the best option. Experts say we may be real estate prices may adjust in 12-17 years.
• Bankruptcy is always an option if one can qualify under the bankruptcy means test which is based on your State’s median income. Under Chapter 13 a homeowner might even be able to keep their home, but it does not solve the problem of owing more than the property is worth.
• Doing nothing might be the easiest option which will eventually lead to foreclosure; however, this option will cause the biggest hit to your credit score and be the most publicly embarrassing.
• THE BEST OPTION is usually to hire a MORTGAGE RELIEF SPECIALIST to execute a short sale. The process is simple. A professional can negotiate with your mortgage company to allow you to sell your home quickly, with no fees and walk away from the property owing nothing, no matter how much it sells for.

AVOID FORECLOSURE article compliments of www.JTBuysHousesOH.com.