Portland Homes Hope to Avoid Foreclosure’s Winter Shadow

Just like we hope Punxsutawney Phil avoids his shadow on Groundhog Day, across the country, homeowners hope to avoid the long winter of foreclosure madness and finally see the light of spring.

For the past three years, the economy has forced more and more Portland homes into foreclosure. With layoffs, hiring freezes and pay cuts, owners’ once-secure Portland homes can be put into a precarious predicament. If you find yourself in a place where you can’t pay your mortgage, know that there are options other than just letting foreclosure take hold. Here are a few strategies for holding on to your house or getting the most from it

o Refinance your loan – Talk to your lender to find out if you can refinance your loan at a lower rate — your monthly mortgage payments could become much more manageable. If you need a referal I can help.

o Sell the property – While your home might not have appreciated as much as you’d hoped, at least you’ll get your finances under control and reduce your stress.

o File for bankruptcy – You can halt an imminent foreclosure by filing for bankruptcy. An automatic stay will be granted, and while this doesn’t guarantee that homes are safe, it does give owners precious time.

o Discuss a deed in lieu of foreclosure – Make a trade with your bank — it gets the deed to your property if you’re absolved of all debt owed on the home. This is especially advantageous if you owe more than what your house is worth.

o Ask for forbearance – If your lender agrees to forbearance, they are giving you a grace period to catch up on all your bills without threatening foreclosure.

If you receive a notice of default, don’t immediately give up! There’s still time for you to get your finances under control or at least reclaim some of your equity.

Hopefully, spring will bring brighter prospects for Portland and surrounding area homes.

If you need to sell your home, I can help. Give me a call today at 503-686-5375 or email me at lakeorealtor@gmail.com for more information.

Keyword/Tag: Portland, Lake Oswego homes

Links:

Groundhog Day

http://www.groundhog.org/.

Automatic Stay

http://bankruptcy-law.freeadvice.com/consumer_bankruptcy/what_is_automatic_stay.htm

Deed in Lieu of Foreclosure

http://www.mortgagefit.com/deed-lieu.html#dil

About Francesca

Francesca is a native Oregonian, born and raised in Portland and living in Lake Oswego for the past 28 years. Attending both public and private schools, she graduated from Portland State University with a Bachelors Degree in Business. Twenty-five years of experience in Technology as a Regional Senior Sales Executive. During those sales years, Francesca continued to receive multiple awards for helping customers by providing solutions and caring about the end result. Francesca brings years of negotiating skills and the persistence to get the job done. She is both supportive and active in the community on a variety of levels, which prepare her to offer accurate and helpful information and advice to potential home buyers. Francesca specializies in First Time Buyers and Short Sales but works with all phases of the real estate market on regular basis. Serving the geographic areas of Lake Oswego, Tualatin, Tigard, Sherwood, Beaverton , Wilsonville and West Linn areas. Licensed in the State of Oregon. • Member of the National Association of Realtors • Member of the Portland Metropolitan Assoc. of REALTORS • Accredited Buyers Representative (ABR) • Volunteer and Supporter of CAT Adoption Team • Volunteer and Supporter of Feral Cat Coalition of Portland • Supporter of the Oregon Humane Society • Member of the Waluga Neighborhood Association
This entry was posted in 2011 Forecast, Foreclosure, Foreclosures. Bookmark the permalink.

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