Well – you would be silly not to! A Certified Distressed Property Expert (CDPE) is a Real Estate Agent who has had extensive and specialized education in the current foreclosure crisis situation our nation faces today. A CPDE can inform and guide you through either a short sale/foreclosure purchase or counsel you in a potential foreclosure position to share the options with you in regards to avoiding foreclosure, whether that be to refinance, lease or sell your home.
Foreclosure and short sale properties can represent fifty percent of a market in some areas. There are many reasons for the current foreclosure housing market. Besides the obvious financial situations that may face any one at any time such as job loss, divorce, medical expenses, business failure, death or unforeseen relocation – there is the lending dilemma.
The lending dilemma – which can also be referred to as the Subprime Lending Crisis – started in the early 2000′s. At this time, there were more lenient lending practices. A variety of loan programs were granted. Some loans included ”no document” loans which did not require proof of income or “stated income” loans which did not verify either income or assets of a potential homeowner. In addition, some “no income and no asset” loans were given based on a potential buyer’s credit score alone. Even some buyers with good credit, were given loans with adjustable rate mortgages that allowed them to get into a more expensive home than they could otherwise afford. This scenario would start with a low payment which would eventually increase because the interest rate would vary upward during a specified length of time – causing higher monthly payments or balloon at the end with a huge payoff demand. These buyers found themselves in unaffordable homes and stressful situations.
What is important to know as a homeowner today, is that there is help for you if you find you are in a situation where you can no longer afford to make your house payment. There are many options available to you other than to have your home foreclosed.
Foreclosure will stay with you in many ways. It is possible that a job application may ask if you have ever foreclosed on a property or that it will come up on a credit check prior to hiring in an employment situation. There are also long lasting credit score implications which can include reducing your scores by 50% or 300 points on average impeding your future credit availability. Even military, law enforcement or security clearance personnel can risk jobs by enduring a foreclosure.
The good news is – there are many options to explore. Reach me today, so I can help you or anyone you may know who is at risk of foreclosure! As a Certified Distressed Property Expert (CDPE) I can counsel with you in regards to your particular situation and help you weigh your options saving you, your credit or possibly your home.