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Housing stand it today from realty track and the foreclosure numbers are sending a mixed message for the first half of the year they're down that's great.
But over the second quarter of their up from a year ago and these days -- do have a few places to turn for help.
Like the government's home affordability.
Modification program -- -- The major banks that sign that -- -- -- settlement and that also banks are helping to pay relocation expenses.
I'm Sharon sales that was really interesting but you.
Even -- about these options.
We've triple we've turned to real estate investor Alex -- and CEO sharp an institute to help laid out.
I'm Alex Sink so much for joining us because people ask me this all the time they say they're supposedly out his -- up there I can't finding help -- -- answer the phone.
He's laid out for me what's out there.
-- Melissa there is a time out there so.
You know the one thing that we have to realize when we look at mortgage modification short sales on any of these different programs they were never meant to be a retail product.
You know no big planned for this and certainly -- bank wanted to have a huge loss mitigation department.
But they've reacted quickly and there are options out there but when you asked -- question -- people know about them.
The answer is by and large no.
You know a lot of people who are in foreclosure and that going to foreclosure without ever having to appear that he's doing anything about it what would you do you mean if you were behind your payments are your underwater or you're getting foreclosure notice -- it was who's the first place you call what you do you.
Well you know the first person that you can contact they can be the first line of information is an educated real estate agent.
And I know people are surprised that say that but somebody who's who's earned credentials as understanding the distressed property market.
There's certified as an expert in distressed property market.
Can help a homeowner understand their options because Melissa really if you're behind on payments you have one -- two options you can either.
Get a mortgage modification or you can do a short sale or.
The option that we don't want people to take is to let the property go to foreclosure what about the government programs go to the website -- out of that the minute they help a lot of people -- They have so over a million people had had gotten mortgage modifications to the home affordable modification program or -- And there's about 50000 short sales just recently that have been approved through apple which is -- home affordable foreclosure alternatives program.
Both are helping but here's -- -- -- part about both programs.
They're modeling programs so while the numbers there have been good the numbers outside of those programs has been just -- good so banks are actually.
Modifying and doing short -- they don't comply with those programs are doing them on their own.
Because the losses any foreclosure to a bank are overwhelming OK so most people don't know.
I would sleaze over to Tony I wanna have quit I wanna see are qualified for one of those programs the government -- go to the Internet go to their website what do -- do.
So you can go to you in the making home affordable website you can go to camp website.
Really the easiest thing to do is to start with a real estate agent lay out your your argument for what you know lay out your situation with the -- And they can tell you hey you know you probably should go apply correct a for a modification.
Here's how to do it the first thing to do though if if there's any you know challenge with a homeowner.
Is to call the lender.
The lender can layout options and oftentimes will recommend an option for that homeowner.
And I know that people have called in the past and they haven't gotten answers but it has gotten much better in every major Danbury is doing pro -- out.
-- it's true it is getting better and -- working at trying to streamline the process have you read frustrated the past you should definitely try again.
Those are all is as situations if you want to stay in your home if you're trying to get rid of it your best option is really short sale right.
It absolutely is so let's say you can't afford it you you have lost a job.
You are headed towards foreclosure then a short sale is your best option -- Melissa the banks have gotten incredibly aggressive.
Chase and Bank of America are both paying relocation assistance well in excess of the government programs and back.
-- anywhere from about five to 35000 dollars in Bank of America five to thirty.
That is a ton of cash to keep the person in the home and engaged in the short sale right exactly -- -- that that really is a great option I think a lot of people don't really understand and don't do it out thanks for the great information tonight we appreciate it.
My pleasure thank.
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