{"id":2027,"date":"2021-09-08T16:18:26","date_gmt":"2021-09-08T16:18:26","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=2027"},"modified":"2021-09-08T16:18:26","modified_gmt":"2021-09-08T16:18:26","slug":"understand-options-avoid-foreclosure","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/understand-options-avoid-foreclosure\/","title":{"rendered":"Understand Your Options To Avoid Foreclosure"},"content":{"rendered":"<div id=\"attachment_2028\" style=\"width: 760px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2028\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-2028\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/20210908-KCM-Share.jpeg\" alt=\"\" width=\"750\" height=\"410\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/20210908-KCM-Share.jpeg 750w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/20210908-KCM-Share-300x164.jpeg 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><p id=\"caption-attachment-2028\" class=\"wp-caption-text\">Understand Your Options To Avoid Foreclosure<\/p><\/div>\n<p>Even though experts agree\u00a0<a title=\"there\u2019s no chance\" href=\"https:\/\/www.mykcm.com\/2021\/07\/28\/4-reasons-why-the-end-of-forbearance-will-not-lead-to-a-wave-of-foreclosures\/\">there\u2019s no chance<\/a>\u00a0of a large-scale foreclosure crisis, there are a number of homeowners who may be coming face-to-face with foreclosure as a possibility. And while the overall percentage of homeowners at risk is decreasing with time (<em>see graph below<\/em>), that\u2019s little comfort to those individuals who are facing challenges today.<\/p>\n<div id=\"attachment_2029\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2029\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-2029\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/kcm-infographic-1631115597.png\" alt=\"\" width=\"1000\" height=\"870\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/kcm-infographic-1631115597.png 1000w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/kcm-infographic-1631115597-300x261.png 300w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/kcm-infographic-1631115597-768x668.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><p id=\"caption-attachment-2029\" class=\"wp-caption-text\">Percentage of Mortgages in Forbearance is Decreasing<\/p><\/div>\n<p>If you haven\u2019t taken advantage of the\u00a0<a title=\"forbearance period\" href=\"https:\/\/www.hud.gov\/sites\/dfiles\/SFH\/documents\/IACOVID19FBFactSheetConsumer.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">forbearance period<\/a>, it may be time to research and understand your\u00a0<a title=\"options\" href=\"https:\/\/www.mykcm.com\/2021\/05\/12\/its-not-too-late-to-apply-for-forbearance\/\">options<\/a>. It starts with knowing what foreclosure is.\u00a0<a title=\"Investopedia\" href=\"https:\/\/www.investopedia.com\/terms\/f\/foreclosure.asp\" target=\"_blank\" rel=\"noopener noreferrer\">Investopedia<\/a>\u00a0defines it like this:<\/p>\n<blockquote><p><em>\u201c<strong>Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property<\/strong>. Typically, default is triggered when a borrower misses a specific number of\u00a0monthly payments . . .\u201d\u00a0<\/em><\/p><\/blockquote>\n<p>The good news is, there are\u00a0<a title=\"alternatives available\" href=\"https:\/\/www.nerdwallet.com\/article\/mortgages\/what-is-foreclosure\" target=\"_blank\" rel=\"noopener noreferrer\">alternatives available<\/a>\u00a0to help you avoid having to go through the foreclosure process, including:<\/p>\n<ul>\n<li>Reinstatement<\/li>\n<li>Loan modification<\/li>\n<li>Deed-in-lieu of foreclosure<\/li>\n<li>Short sale<\/li>\n<\/ul>\n<p>But before you go down any of those paths, it\u2019s worth seeing if you have enough\u00a0<a title=\"equity\" href=\"https:\/\/www.mykcm.com\/2021\/07\/23\/pop-quiz-can-you-define-these-key-terms-in-todays-housing-market-infographic\/\">equity<\/a>\u00a0in your home to sell it and protect your investment.<\/p>\n<h4><strong>Understand Your Options: Sell Your House<\/strong><\/h4>\n<p><strong>Equity<\/strong>\u00a0is the difference between what you owe on the home and its market value based on factors like price appreciation.<\/p>\n<p>In today\u2019s real estate market, many homeowners have far\u00a0<a title=\"more equity\" href=\"https:\/\/www.mykcm.com\/2021\/06\/23\/homeowner-wealth-increases-through-growing-equity-this-year\/\">more equity<\/a>\u00a0in their homes than they realize. Over the last year, buyer demand has been high, but\u00a0<a title=\"housing supply\" href=\"https:\/\/www.mykcm.com\/2021\/08\/17\/what-does-being-in-a-sellers-market-mean\/\">housing supply<\/a>\u00a0has been low. That\u2019s led to a substantial increase in home values. When\u00a0<a title=\"prices rise\" href=\"https:\/\/www.mykcm.com\/2021\/08\/16\/a-look-at-home-price-appreciation-and-what-it-means-for-sellers\/\">prices rise<\/a>, so does the amount of equity you have in your house.<\/p>\n<p>According to\u00a0<a title=\"CoreLogic\" href=\"https:\/\/www.corelogic.com\/intelligence\/homeowner-equity-insights\/\" target=\"_blank\" rel=\"noopener noreferrer\"><em>CoreLogic<\/em><\/a>, on average, homeowners gained $33,400 in equity over the last 12 months, and the average equity on mortgaged homes is now $216,000 (<em>see map below<\/em>):<\/p>\n<div id=\"attachment_2031\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2031\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-2031\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/kcm-infographic-1631115578.png\" alt=\"\" width=\"1000\" height=\"870\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/kcm-infographic-1631115578.png 1000w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/kcm-infographic-1631115578-300x261.png 300w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2021\/09\/kcm-infographic-1631115578-768x668.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><p id=\"caption-attachment-2031\" class=\"wp-caption-text\">Equity Gains Across the US over the Past Year<\/p><\/div>\n<p><strong>So, what does that mean for you?<\/strong>\u00a0Over the past year, chances are your home\u2019s value and therefore your equity has risen dramatically. If you\u2019ve been in your home for a while, the mortgage payments you\u2019ve made over time chipped away at the balance of your loan. If your home\u2019s current value is higher than what you still owe on your loan, you may be able to use that increase to your advantage.<\/p>\n<p>Frank Martell, President and CEO of\u00a0<em>CoreLogic,<\/em>\u00a0<a title=\"elaborates\" href=\"https:\/\/www.corelogic.com\/insights-download\/homeowner-equity-report.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">elaborates<\/a>\u00a0on how equity can help:<\/p>\n<blockquote><p><em>\u201c<strong>Homeowner equity has more than doubled over the past decade and become a crucial buffer for many weathering the challenges of the pandemic.<\/strong>\u00a0These gains have become an important financial tool and boosted consumer confidence in the U.S. housing market.\u201d<\/em><\/p><\/blockquote>\n<h4><strong>Don\u2019t Go at It Alone \u2013 Lean on Experts for Advice<\/strong><\/h4>\n<p>To find out what your house is worth in\u00a0<a title=\"today\u2019s market\" href=\"https:\/\/www.mykcm.com\/2021\/07\/22\/todays-real-estate-market-explained-through-4-key-trends\/\">today\u2019s market<\/a>, work with a local\u00a0<a title=\"real estate professional\" href=\"https:\/\/www.mykcm.com\/2021\/06\/14\/the-right-expert-will-guide-you-through-this-unprecedented-market\/\">real estate professional<\/a>. We\u2019ll be able to give you an estimate of what your house could sell for based on recent sales of similar homes in your area. Since home prices are still appreciating, you may be able to sell your house to avoid foreclosure.<\/p>\n<p>If you find out that you have to pursue other options, your agent can help with that too. We\u2019ll be able to connect you with other professionals in the industry, like\u00a0<a title=\"housing counselors\" href=\"https:\/\/myhome.freddiemac.com\/buying\/finding-your-team.html\" target=\"_blank\" rel=\"noopener noreferrer\">housing counselors<\/a>\u00a0who can look into your unique situation and offer\u00a0<a title=\"advice on next steps\" href=\"https:\/\/www.hud.gov\/topics\/avoiding_foreclosure\/foreclosureprocess\" target=\"_blank\" rel=\"noopener noreferrer\">advice on next steps<\/a>\u00a0if selling isn\u2019t the best alternative.<\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>If you\u2019re a homeowner facing hardship, let\u2019s connect to explore your options and see if you can sell your house to avoid foreclosure.<\/p>\n<p><strong>Contact us:<\/strong><br \/>\nPHP Houses<br \/>\n142 W Lakeview Ave<br \/>\nUnit 1030<br \/>\nLake Mary, FL 32746<br \/>\nPh:\u00a0<span id=\"gc-number-1\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 519-0719<\/span><br \/>\nFax:\u00a0<span id=\"gc-number-2\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 205-1951<\/span><br \/>\nemail:\u00a0info@phphouses.com<\/p>\n<p><strong>Let\u2019s Connect:<\/strong><br \/>\n<a href=\"https:\/\/www.facebook.com\/WeBuyHousesCentralFlorida\/\">Facebook<\/a><br \/>\n<a href=\"https:\/\/www.linkedin.com\/in\/walter-diloreto-25403710\/\">Linkedin<\/a><br \/>\n<a href=\"https:\/\/twitter.com\/WalterDiLoreto\">Twitter<\/a><br \/>\n<a href=\"https:\/\/www.instagram.com\/wdiloreto\/\">Instagram<\/a><\/p>\n<h5><em>THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>If you haven\u2019t taken advantage of the\u00a0forbearance period, it may be time to research and understand your\u00a0options. It starts with knowing what foreclosure is. <a class=\"continue\" href=\"https:\/\/phphouses.com\/blog\/understand-options-avoid-foreclosure\/\">Finish Reading<span> Understand Your Options To Avoid Foreclosure<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,15,306,129,10,231,18,27,91,128,52,25,9,42,40,63,20,375,48,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2027"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=2027"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2027\/revisions"}],"predecessor-version":[{"id":2032,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2027\/revisions\/2032"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=2027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=2027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=2027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}