Real Estate Information Archive

The possibility of losing your home to foreclosure is frightening. You likely feel a sense of helplessness and hopelessness. Not only do you have to worry about where you are going to live, but your future credit rating can be ruined as well. However, if you act quickly after getting a foreclosure notice, you can possibly avoid losing your home.

Here are some tips to help you deal with this crucial situation quickly and efficiently:

• If you can, pay the total amount past due on your loan. The lender would much rather have your money than your house, so this should prevent foreclosure if there are no mitigating circumstances. Of course, chances are that if you have received a foreclosure notice it is due to the fact that you don’t have the funds available to get current on your loan. But don’t despair…there are other options.
   
• If making your monthly mortgage payment is beyond your ability, you can attempt to modify the terms of your loan. Depending upon the circumstances, this could mean reducing your monthly payments or interest rate.  You can seek guidance from your lender, or you may be eligible for the government assistance through the Homeowner Affordability and Sustainability Plan (HASP), which will allow you to restructure your mortgage.  The purpose of HASP is to help people who owe more than their home is worth or have more debt on their home than income. Homeowner Affordability and Sustainability Plan
   
• While the goal is to keep your home, foreclosure may be unavoidable. You may want to consider attempting a short sale on your home. This requires permission from your lender. The purpose of the short sale is to sell the home for the amount of money needed to pay what you owe to your lender. If you can’t sell the home for the needed amount, you may be responsible for paying back the remaining balance of the loan.  Short Sale
  
• As a last resort, you may want to consider declaring bankruptcy. It is a huge decision that should not be made lightly because it can have some harsh consequences.  In addition, it may not allow to keep your home, so it is definitely risky. Filing bankruptcy means that all lenders and creditors you have are given a stay on your loans, meaning they cannot collect until your bankruptcy case is settled. However, this stay is temporary. If the foreclosure process has already been started by your lender, they will not be able to repossess your home until all issues have been worked out. You may be able to restructure your debts and create a payment plan that will allow you to keep your home, depending on the type of bankruptcy you file for. But there is also a chance that you might have to sell your home as part of the liquidation of your assets. It is vital that you speak to a financial advisor before going this route.

If you are in the market to buy or sell a home (or both), let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs! Call them today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information!

Photo Credits: facebook, fool.com, moveinphilly.com

In May, the number of properties that received a foreclosure filing in Montgomery, AL was 1% higher than the previous month and 16% higher than the same time last year, according to RealtyTrac.com.

Montgomery AL Foreclosure Status Distribution

The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.

Auctions accounted for 38.9% of foreclosure activity in May 2015, Pre-foreclosures accounted for 25.7 and Bank-owned properties accounted for 35.4%.

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties decreased 0.6% compared to the previous month and increased 58.2% from the previous year in May. The number of Auctions increased 5.6% compared to the previous month and 4.9% from the previous year. Pre-foreclosures dropped 4.0% from the previous month and 5.2% from the previous year.

Foreclosure Rates For the US in May 2015

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

In April, the number of properties that received a foreclosure filing in Montgomery, AL was 86% higher than the previous month and 36% lower than the same time last year, according to RealtyTrac.com.

Montgomery AL Foreclosure Status Distribution

The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.

Auctions accounted for 76.1% of foreclosure activity in April 2015 and Bank-owned properties accounted for 23.9%.

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties decreased 33.3% compared to the previous month and decreased 56.8% from the previous year in April. The number of Auctions increased 325.0% compared to the previous month and dropped 23.9% from the previous year.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.02% lower than national statistics, the same as Alabama numbers and Montgomery County statistics in April 2015.

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

In February, the number of properties that received a foreclosure filing in Montgomery, AL was 90% higher than the previous month and 27% higher than the same time last year, according to RealtyTrac.com.

Montgomery AL Foreclosure Status Distribution

The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.

Auctions accounted for 78.9% of foreclosure activity in February 2015 and Bank-owned properties accounted for 21.1%.

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties decreased 9.1% compared to the previous month and increased 33.3% from the previous year in February. The number of Auctions increased 167.9% compared to the previous month and 25.0% from the previous year.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.02% higher than national statistics,0.02% higher than Alabama numbers and the same as Montgomery County statistics in February 2015.

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

In January, the number of properties that received a foreclosure filing in Montgomery, AL was 2% higher than the previous month and 55% lower than the same time last year, according to RealtyTrac.com.

Montgomery AL Foreclosure Status Distribution

The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.

Auctions accounted for 39.6% of foreclosure activity in January 2015 and Bank-owned properties accounted for 60.4%.

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties increased 88.2% compared to the previous month and decreased 22.0% from the previous year in January. The number of Auctions decreased 40.0% compared to the previous month and 72.4% from the previous year.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.03% lower than national statistics,0.03% higher than Alabama numbers and 0.01% higher than Montgomery County statistics in January 2015.

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

In December, the number of properties that received a foreclosure filing in Montgomery, AL was 39% lower than the previous month and 56% lower than the same time last year, according to RealtyTrac.com.

Montgomery AL Foreclosure Status Distribution

The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.

Auctions accounted for 67.3% of foreclosure activity in December 2014 and Bank-owned properties accounted for 32.7%.

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties increased 88.9% compared to the previous month and decreased 66.0% from the previous year in December. The number of Auctions decreased 53.9% compared to the previous month and 49.3% from the previous year.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.04% lower than national statistics, the same as Alabama numbers and the same as Montgomery County statistics in December 2014.

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

In October, the number of properties that received a foreclosure filing in Montgomery, AL was 16% higher than the previous month and 5% higher than the same time last year, according to RealtyTrac.com.

Montgomery AL Foreclosure Status Distribution

The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.

Auctions accounted for 66.7% of foreclosure activity in October 2014 and Bank-owned properties accounted for 33.3%.

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties increased 575.0% compared to the previous month and decreased 37.2% from the previous year in October. The number of Auctions decreased 18.2% compared to the previous month and increased 58.8% from the previous year.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.01% lower than national statistics, 0.01% higher than Alabama numbers and the same as Montgomery County statistics in October 2014.

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

In September, the number of properties that received a foreclosure filing in Montgomery, AL was 9% lower than the previous month and 8% lower than the same time last year, according to RealtyTrac.com.

Montgomery AL Foreclosure Status Distribution

The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.

Auctions accounted for 94.3% of foreclosure activity in September 2014 and Bank-owned properties accounted for 5.728.6%.

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties decreased 81.8% compared to the previous month and 88.2% from the previous year in September. The number of Auctions increased 20.0% compared to the previous month and 57.1% from the previous year.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.01% lower than national statistics, 0.02% higher than Alabama numbers and the same as Montgomery County statistics in September 2014.

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

In August, the number of properties that received a foreclosure filing in Montgomery, AL was 43% higher than the previous month and 22% lower than the same time last year, according to RealtyTrac.com.

Montgomery AL Foreclosure Status Distribution

The current distribution of foreclosures based on the number of active foreclosure homes in Montgomery, AL.

Auctions accounted for 71.4% of foreclosure activity in August 2014 and Bank-owned properties accounted for 28.6%.

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties decreased 4.3% compared to the previous month and 42.1% from the previous year in August. The number of Auctions increased 77.4% compared to the previous month and dropped 9.8% from the previous year.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.01% lower than national statistics, 0.03% higher than Alabama numbers and the same as Montgomery County statistics in August 2014.

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

Buying a property through a short sale can be financially beneficial. But you need to go into the process understanding your market! That means having a knowledgeable realtor and attorney.

A homeowner is “underwater” with their mortgage when they owe more than the value of their home. The term “short sale” comes from the situation where the proceeds from a sale are less than, or “short” of, the amount of debt.

Lenders are motivated to allow a short sale when they perceive it will create more net income than a foreclosure. Sellers are motivated because it puts them in more control of timing, and causes less damage to their credit than foreclosure.

For the buyer, a short sale means a purchase price that is discounted from the normal sale price. However, the market situation with short sales is very specific to your state and your market. Here are some trends across the country…

25% of US homeowners with a mortgage are underwater. That is 10.7 million homes! That percentage is down from 28% in September 2012. It is important to note that 8.3 million of those homes are on the edge of being underwater with a LTV ratio of 90%-110%. The other 2.4 million have an average LTV ratio of 125%.

A primary factor helping that downward trend is a decline in investors’ interest in short sales. A decline in investors buying at discount means prices are moving upward. Increasing prices means increases in value, which means increases in equity for the homeowners.

However, according to RealtyTrac.com it will take years, not months, for the 125% LTV owners to recover enough equity to allow them to sell. That means the short sale opportunities are available for a while.

As a buyer of a short sale, be aware the process takes time. All parties have many more documents to review and approve. Your due diligence will take longer. And the process leading to a closing will take longer.

Make sure you are working with a Realtor and an attorney who have experience with short sales in your market. One way to qualify a Realtor is to know they are trained as a Certified Distressed Property Expert (CDPE). That means they have specific training in streamlining short sales. It is not mandatory, but it is a valuable credential.

At least, make sure your Realtor and attorney have actual experience with short sales. Go into the process with a lot of patience.

Information courtesy of Montgomery AL Realtor Sandra Nickel, Sandra Nickel Hat Team.