Timely Handling Of Foreclosure Problems By Experts Ban Often Save The Situation

One of the victims of the foreclosure crisis is Brenda Macmaster

. Her troubles started when she separated from her husband in the previous year and could not manage the mortgage payment of $1,500 per month from her own income. The lenders refused to refinance the penalty had gone up to $6,000. She tried to hang on but was losing ground with each passing day. Her house on Registry Ridge remained forgotten in the market for two years until one of the certified realtors, Taylor Grant, came to the rescue.

Grant laid out before some options. His opinion was to go for a short sale rather than surrendering to foreclosure. The plan worked with the bank agreeing to a loss of $30,000 after mulling over the fact that a foreclosure would have cost the bank more. Macmaster said, It was better than foreclosing and the bank not getting anything. That's one reason Taylor expressed a short sale would be better than letting it foreclose.

After the sale Macmaster has moved in as a tenant in Loveland and concentrating on repairing her damaged credit. She thanks Grant for navigating her through financial and mental turbulence. She gratefully added, He helped me face what I needed to face ... and he held my hand through it so I wouldn't have to face as many emotions and frustration. It didn't matter what the economy was going through or what other people were going through," Macmaster said. "It was just me and my pride, and the beautiful house we were losing and losing my marriage. It was no fun.

Like any other realtor Grant go a commission after the sale of the house but Macmaster did not have to give him anything as the understanding on commission was between the lender and Grant.

In a short sale the lender agrees to accept less amount than what it is due to it but for the bank it is a cheaper option than the option of foreclosure. It is advantageous to the borrower because of having less impact on the credit score as compared to a foreclosure. Moreover the homeowner becomes eligible to take out a mortgage backed by Fannie Mae within the short period of two years.

Grant has had to walk through localities several times to mature a deal. The residents are seeing more realtors knocking on their doors and more for-sale signs than foreclosure notices. His colleague Jimmy Stewart uses fliers to advertise their expertise and availability hoping borrowers will come out of their retreat and face the problem instead of running away.

by: Julie Thompson

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