WHAT ARE YOUR OPTIONS TO KEEP OR SAVE YOUR HOME?
On May 2nd from 10:00am to 7:00pm at the Portland Memorial Coliseum there is a FREE event that will answer that question.
The Oregon Home Ownership Preservation Event (HOPE), offers Counseling, Workshops, and a wealth of information. You can get answers from government agencies, non-profit counselors, and lenders about refinancing or modifying your loan, new government housing programs, and avoiding foreclosure scams. CLICK HERE for the agenda.
For more information or to register for the event CLICK HERE. You may also call 503-947-7854 or in Salem call 503-947-7068.
If you are struggling with mortgage payments, this is the event for you!
I hope this helps. All my best,
Kevin Gorman www.KevinGormanSells.com www.ItsaMatterofTrust.com
Too many people struggling to make their mortgage payment are under the impression that the best thing to do is to “walk away” from the home and let the bank foreclose. In my opinion, I can’t think of ANY instance where this is advisable. The negative repercussions of a foreclosure on a person’s record are significant. A foreclosure is reported to and stays on the credit bureau records for at least 7-10 years and is similar to a bankruptcy in the reduction of points. A foreclosure also remains on public records forever. Therefore, a foreclosure can negatively affect an application for a job, loan, and even insurance qualification and rates. In addition, foreclosure can result in placing a person’s security clearance at risk. If your job requires you to maintain a security clearance, (government jobs, military, etc) a foreclosure could possibly be detrimental to your career. When security clearance is damaged a job loss can occur.
My advice would be to never willingly allow your home to be foreclosed upon. Do not walk away! Talk to your bank immediately about all the other options. Also, talk to a Realtor and/or a real estate attorney about putting the home on the market as soon as possible, even if the result is a going to be a short sale.
Here’s why; a short sale is not reported to credit bureaus. Late or missed payments will certainly be reported, but they will not affect your credit scores anywhere near that of a foreclosure. Job applications, insurance and security clearance are not affected by short sales. Did you know that banks will encourage a short sale over a foreclosure as they stand to lose less money? They will often grant an extension of time in order to get the property sold vs. foreclosure.
I have experience and advanced real estate training regarding distressed properties. Contact me if you or someone you know could use my guidance. I’m happy to help.
All my best,
Kevin Gorman Broker, GRI www.KevinGormanSells.com www.ItsaMatterofTrust.com
By the way…not this is not what I mean by short sale!