HELP FOR FINANCIALLY DISTRESSED PROPERTY OWNERS
While the present level of properties on Hatteras Island entering the foreclosure process is relatively low compared to other places around the country, the number of owners facing financial hardship can be expected to increase over the next three years when a substantial wave of Adjustable Rate Mortgages (ARMs) and exotic loans are forecast to reset. In fact, many loans are defaulting before their reset dates. As time passes, the problem of distressed properties is becoming more widespread, cutting across all categories of loans and expanding outside the borders of the United States.
One troubling aspect of this situation is that as many as 70 percent of homeowners are estimated to be going into foreclosure without taking any visible action to prevent or delay this outcome. Many believe that recently enacted federal legislation will rescue them. The unfortunate fact is that this is probably not going to happen, especially where second homes and investment properties are involved.
The good news is that there are often options available to prevent or delay foreclosure for homeowners who find themselves in a financially stressful position. Misinformation and lack of knowledge cause homeowners to make the wrong decisions which, in turn, can make their situations worse. Distressed homeowners need an advocate who will act in their best interest and help them explore every possible solution to the financial crisis that they are facing.
We want you to know that, in addition to our traditional real estate practice, we also focus on helping property owners who face foreclosure or whose mortgage balances exceed the current market value of their properties (short sales). Tom was recently awarded the professional designation of Certified Distressed Property Expert (CDPE). We have the tools, the specific knowledge, and the tactics to effectively assist homeowners who find themselves in financial distress. We understand the processes of short sales and foreclosures, and we will work as a liaison between the borrower and the lender toward resolution of a difficult set of circumstances. Equally important, we are empathetic to the fact that distressed homeowners are experiencing one of the most painful financial challenges that they have ever encountered.
If you or someone you know is experiencing a financial struggle related to home ownership, please feel comfortable contacting us for a confidential, no-cost consultation. We are available to answer your questions and to offer essential guidance at a critical time. We may be reached by phone at 252.305.1556 or by e-mail at hranicka@hatterasisland.com. We understand the depth of personal concerns, and we will make every effort to provide the information needed to make intelligent, informed decisions.