U.S. Foreclosure Market Report
ATTOM, parent company to RealtyTrac (www.realtytrac.com), released its July 2021 U.S. Foreclosure Market Report, which shows there were a total of 12,483 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — down 4 percent from a month ago but up 40 percent from a year ago. These numbers reflect the last month before lifting the government moratorium on foreclosures.
“The end of the government’s moratorium won’t result in millions of foreclosures, but we’re likely to see a steady increase in default activity for the balance of the year,” said Rick Sharga, executive vice president of RealtyTrac, an ATTOM company. “Much of the foreclosure volume will come from the reinstatement of foreclosure proceedings on properties that had already been in default before the pandemic, and new foreclosure activity on vacant and abandoned properties.”
U.S. Foreclosure Market Report
Right now, a search of Zillow for Foreclosures Omaha shows only two houses in foreclosure. However, there may be many homes in pre-foreclosure, and many couples are pondering the choices to save the house. Styl Properties, Inc. has many suggestions that may help you avoid foreclosure.
Save House from Foreclosure
- You Can Bring the Loan Current – Believe it or not, your lender wants to work with you to help you get back on track. Foreclosure is no picnic for either party involved. And, frankly, both you and your lender lose in the end
- Work Out a “Forbearance Plan” – a forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period and not to initiate a foreclosure during the forbearance period.
- Ask for a Loan Modification – A loan modification could include a reduction of the interest rate, converting the loan from a variable interest rate to a fixed interest rate, or extending the length of the loan term. A loan modification agreement is a permanent solution to unaffordable monthly payments.
- If there is a temporary hardship due to COVID, you can request a Repayment Plan – Repayment options could include a plan to repay missed payments in addition to making monthly payments.
- Sell Via a Short Sale – You may be able to sell your home with the bank’s permission before the foreclosure process begins. A pre-foreclosure sale, also known as a short sale, allows homeowners to sell their home at current market value and use that money to satisfy their mortgage.
- File for Bankruptcy – You can contact a bankruptcy attorney. You need to know your options so you can make an informed decision. Filing for bankruptcy stops a foreclosure proceeding.
- You may qualify for FHA Programs for Homeowners – Home & Garden writes about the partial claim, a loan modification offered by the U.S. Department of Housing and Urban Development (HUD) for FHA-approved loans [source: HUD]. The FHA provides an interest-free loan to pay off your missed mortgage payments, and it doesn’t need paying off until you sell your home or make your last mortgage payment [source: HUD]. In addition, there are many programs for those with floundering financials.
- A Deed-in-Lieu of Foreclosure – a deed instrument in which the borrower conveys all interest in a real property to the lender to satisfy a loan in default and avoid foreclosure. At the height of the housing crisis in 2007-2008, it was called “jingle mail.” Homeowners put the house keys in an envelope, mailed them to the bank, and then drove away. A deed-in-lieu is a more formal process for jingle mail.
- Sell the Home to a Cash Buyer
• A cash buyer can save your house from foreclosure. Try calling Shawn Simpson, owner of Styl Properties, Inc. It is quick! He can buy your house for cash in Omaha normally in 30 days or less. That is quicker than a traditional sale, which can take several months, and closing takes place after repairs. In most cases, when an investor and a seller can agree on a price immediately, they can close as fast as one to two weeks.
• Shawn Simpson, a real estate investor, will buy as-is. So you don’t need to worry about repairs that you’ll need to fix based on an appraisal? Instead, Shawn will estimate the repairs needed to restore your property, arrive at an offer, and purchase the property in whatever its condition.
• No Fees! A real estate investor like Shawn doesn’t charge a real estate commission and may care for any other nagging financial problems such as back taxes, code violations, or past due water and sewer bills.
FREE information on How to sell your house fast
Styl Properties, Inc. is here to help homeowners out of any distressed situation.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and to answer all of your questions.
You can reach us at 402 999.0577.