We Buy Houses!

Times are tough, and some homeowners feel defeated by impending foreclosure.  Some try to work out a solution with their bank.  Others try to do a short sale.  Terry Hoskins of Moscow, OH, tried another approach.  After years of arguing with the River Hills Bank of New Richmond, OH, as well as the IRS, Hoskins bulldozed his house rather than let the bank take it away.

He had paid over $200,000 on his $350,000 home, as well as numerous attorney fees and thought the threats from the bank and IRS were unfair.  Rather than being victimized, he powered up the dozer.   Hoskins, also in trouble with his commercial property that he built from the ground up, threatens to leave the land in the same barren condition he found it.

Fearing foreclosure?  Don’t take drastic action!  Help is available in DC. The Department of Housing and Community Development or the District of Columbia Housing Finance Agency can provide assistance if you face these drastic circumstances.

Express Homebuyers buys homes from homeowners.  A simple call could yield you a $2,500 advance and a way out of your housing debt in about two weeks.  Contact us today for all the details.

“You can prevent foreclosure” is the manta of most people who want to help troubled families. Yet, many people at risk of losing their homes do not seek help until it is too late.  Why is this?

The Consumer Credit Counseling Service (CCCS) of Greater Atlanta attributes this reluctance to get help to fear or confusion, which leads to inaction at the very point when they still have time to get help. What are some of these common fears?

If I let the mortgage company know I am having trouble, they will foreclosure more quickly.

Wrong!  Letting your mortgage company know that there is a problem is the first step to getting help.  If the bank sees you are taking steps to catch up, they may be more willing to help you.

If my bank has already turned me down for a loan modification, there is no point in contacting a counseling agency.

Wrong!  If you were turned down, here might have been a processing error or your lender might not have been willing to comply with the terms of the Making Home Affordable program.  Your income might not have proved sufficient or your paperwork may not have been completed correctly.  A counselor could check this out for you and find other alternatives.

Other people will judge me for seeking help.

Wrong.  Well, some people will always judge, but in these times, many people need help.  If you seek help when you need it, you may avoid foreclosure and serve as an example to others.

I can’t get help till I’m down to my last dime.

Wrong!  If you have more resources, you have more options.  It’s best to seek help as soon as you know you’re headed for trouble,

My situation is hopeless.

Many people facing foreclosure feel like this.  Even if your home cannot be saved from foreclosure, a housing counselor can help you get your finances together so you can move on.

I will have to pay a large upfront fee.

Wrong!  Some companies do charge fees, but many are scams.  There are plenty of non-profit housing agencies out here who will help you at no charge.

Unfortunately, not all homes can be saved.  However, early contact with a housing counselor could help you evaluate your situation.  Sometimes, moving on can be the best choice, but even that should not be done out of fear.

Need an area housing counselor?  Looking for a stress free alternative?    The DC-area HUD-approved counselors can help you.

Express Homebuyers can buy your home for cash.  Check our list of frequently asked questions to see how this can help you, and then call 877-804-3252 to get started.

After 10 months,  how is the effort to modify loans going?

President Obama promised that nearly 4 million homeowners would be helped through modification, but the initial efforts went slowly as lenders moved slowly.  In July, the President and his staff called lender representatives to Washington and told them to pick up the pace.  The most recent report released December 10 indicated that the program is not only on target but ahead of schedule in terms of people who are at some point in the process.

• 728,000 modifications have been made – 25,318 of them in the Washington, DC metro area
• Borrowers with modified loans are saving an average of $550 per month
• Only 31,382 borrowers have moved from the trial phase of the program to the permanent phase
• So far, most borrowers are keeping up with their payments

The Administration met with lenders and loans servicers in Washington this week to ascertain if they are doing all they can to make the trial conversions permanent.  Meanwhile, the push is on for people in their trial period to sign the paperwork to make the modification permanent.

As noted by Chief of Treasury’s Homeownership Preservation Office (HPO) Phyllis Caldwell, the report proves that “struggling homeowners across the country continue to receive immediate relief in the form of reduced monthly payments and a second chance to stay in their homes.”

These facts contradict a study by a watchdog group that came out the same day as the government report.  The study claims only 10,000 permanent modifications have been completed and echoes Treasury department fears that 40% of people with modified home loans will re-default within 5 years.

For many homeowners, loan modification is a solution that can work long term if the reduction is substantial enough and if the other expenses associated with the home fit within the budget.  For others, who have a home too pricey for them, other debt, or a faltering job, the process may only prolong the agony before they either lose the home or make the decision to move on.

If you are debating whether you should modify your loan or go another route, Express Homebuyers offers an alternative.  We will buy your home for cash and guarantee completion of the process within a couple weeks.  We tell you up front what we will pay; if you agree, you are on the way to a quick resolution.  We even offer you a $2,500 upfront advance so you can plan your fresh start.  Call us at 1-877-804-5252 or check out our Express Homebuyers website for more details.