By Glenda Brass, MBA
I am distressed! This is the third time that I’ve written on the topic of foreclosures because it’s an area that gives me considerable heartburn. Listen, this is a SELLERS market. As such, most properties that go on the market sell in record time. That means that there is no way that anyone should end up going through forced sale of their home. Yet in spite of the above, since June Inglewood has had 60+ notices filed with the intent to foreclose and the most recent SALE (foreclosure) was as recent as September. This could equate to potentially millions of thousands of dollars in lost equity. Unbelievable in this market!
I can only imagine what it feels like to be in a situation where you’re losing your home. When I think about the emotional stress associated with this, it breaks my heart. But what breaks my heart even more are the consequences that arise from sticking your head in the sand. It doesn’t go away by itself. You have got to take action – especially if you have equity. If you can’t save your home through efforts with your bank or through the state program, then sell it! You’re going to lose your home one way or the other so why not exit the situation with dignity and proceeds from the sale? IF YOU CAN’T SAVE YOUR HOME, SELL IT!!
Homeowners if you are one of the 60+, or if you anticipate trouble, there may be help for you through the Keep Your Home California initiative. Following is a summary of some of the program specifics. You can also visit www.keepyourhomecalifornia.org or give me a call at 310-345-9707, for additional information.
The Unemployment Mortgage Assistance (UMA) Program
This program provides temporary financial assistance to eligible California homeowners who wish to remain in their homes, but have suffered a loss of income due to unemployment or underemployment. UMA provides mortgage payment assistance equal to the lesser of $3,000 per month or 100% of the principal, interest and any escrowed property taxes, insurance, and homeowner’s association dues or assessments, for up to 18 months.
Mortgage Reinstatement Assistance (MRAP)
The MRAP provides assistance to eligible homeowners who, because of a financial hardship, have fallen behind on their payments and need help to reinstate their past due first mortgage loan.
Benefit assistance through MRAP can be a one–time payment of up to $54,000 to cover principal, interest, taxes and insurance, as well as any homeowner’s association dues.
Principal Reduction Program (PRP)
The PRP provides assistance to eligible homeowners who owe more on their mortgage than their home is worth and/or have an unaffordable payment. Homeowners must have experienced an economic hardship or a severe decline in their home’s value in order to be considered for the PRP. Homeowners who qualify for the PRP could be eligible for up to $100,000 in assistance from Keep Your Home California.
Transition Assistance Program (TAP)
The TAP provides one-time funds to help eligible homeowners relocate into a new housing situation after executing a short sale or deed-in-lieu of foreclosure. The TAP can provide up to $5,000 in transition assistance per household.
If none of these programs work for you, then please don’t allow the bank to sell your home. Exit with the same dignity you had when you purchased the home. Call a real estate professional you trust for advice on the best way to stop the bank sale to give you time to affect the voluntary sale of your home. I’m here for additional advice and support. Please reach out…IF YOU CAN’T SAVE YOUR HOME, SELL IT!
Glenda is a certified short sale and foreclosure specialists, and has over 16 years in the real estate industry. Her offices are located at 2639 W. Manchester Blvd, Inglewood. For additional information on this or other real estate topics, call Glenda at 310-345-9707.