Real Estate Today
Is a foreclosure in your future? The bad news is that in the last three months there have been 6500 properties in Utah which have undergone a foreclosure filing. One in every 145 homes has received a notice of default. Is yours one of them?
The good news is that foreclosure notices are 18% lower than a comparable period from last year and they are 39% lower than the third quarter of 2010. These are encouraging statistics. We are headed in the right direction, but that does not give much relief to those unlucky ones who have received that dreadful notice of “pay up” or your home will be sold at the courthouse steps.
There are many resources available to Utah homeowners who are about to lose their homes. Non-profit entities and agencies approved by the Dept. of HUD will give free advice, information and credit counseling to those who are in need. If there are fees involved, they are very low. Be cautious of those scams preying upon the anxious homeowner who wants to avoid foreclosure. Never give an upfront fee, with a lot of promises, only to lose your money and your home, both.
Utah has a 211 phone number that accesses a trained professional willing to give you an approved referral to an agency that may assist you with your problem. While Utah has one of the highest foreclosure rates in the country, it has fallen significantly. We are not out of the woods yet. It will take several more years to return to a normal rate of foreclosures. You can do a lot to mitigate the probability of losing your home.
Before you get more than a month or two behind, try to negotiate with your lender. Many times they will take the delinquent payments and put them at the end of the loan, particularly if you have had a good payment record before you fell on tough times.
As a worst case scenario, it is better to do a “short sale” than to have foreclosure on your credit record. Your lender will require that you have a Realtor to assist you in a short sale. Until next week, keep smiling. Email your questions to email@example.com