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.

Credit Card Debt Negotiator would like to thank Sharell Crawford for contributing the following article to our blog.


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When Is It Time to Walk Away From A Mortgage?

The San Francisco Chronicle recently posted a story on their website that is a true sign of the times; “Your Mortgage: When It’s Time to Walk Away.” This isn’t the first time I’ve come across articles covering this topic and it seems to be a question which is more and more feasible for American property owners. At the start of 2010 it is estimated that 25% of homeowners are “underwater” meaning they owe more on their mortgage than they home is worth. Of those who are underwater, many have a value deficit of 25% or more. Do in part to these unique circumstances, for the first time in history homeowners are just walking away from their homes, whether it is a primary residence or rental property.

When a homeowner can rent a similar property for less than their monthly mortgage payment, many experts suggest doing just that. When equity is at zero (or even negative) and the monthly payment is a struggle with no benefit to hanging on any longer, why continue the struggle? Yes, the home is where the heart is, but let’s face it, it’s also an investment and when they investment is sinking and dragging down not only your finances but your mental health and stress level, cutting the ties and getting out can be the best decision for any homeowner.

There are basically three ways to walk away from a mortgage that is suffocating:
Short Sale: A short sale is a proactive approach whereby the homeowner (or a short sale expert) approaches the mortgage company lender and gets them to agree to sell the home for a reduced amount, which is lower than the actual amount the homeowner owes on the home and forgives the remaining amount. A short sale expert can make this process quick, easy and relatively painless. If you have a home you are interested in short selling, contact the expert in the business at www.JTBuysHousesOH.com or call Tom at (614) 453-5963 or JTBuysHousesOH@gmail.com.

Voluntary Foreclosure: A voluntary foreclosure is whereby the homeowner turns the house over the lender, usually via a Deed in Lieu of Foreclosure.

Involuntary Foreclosure: An involuntary foreclosure is whereby the lender uses the legal system to take back control of the property and may use the police department to remove the occupants if necessary.

Any of the three options will put a ding in one’s credit score as will late or missed payments of any debt. If deciding to walk away from a mortgage it is wise to locate a new residence whether it be a smaller, less expensive home to purchase or a rental property/unit, make any large purchases, such as a vehicle prior to, so as it set up a new living situation before one’s credit report takes a hit.

If your home is being foreclosed on, you can no longer make house payments or you simply want to discuss your options, we highly suggest www.JTBuysHousesOH.com where their Mortgage Relief Specialist will talk you through your options.