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Homeowners unaware of potential alternatives to foreclosure

Several lenders, including Freddie Mac, report more than half of homeowners who lose their homes to foreclosure never answer their lenders' phone calls or letters. Instead, homeowners feel embarrassed about being in default, don't believe their lender can help, and erroneously assume that contacting their lender will cause them to lose their home more quickly.

 

In a press release announced earlier this week, The Short Sale Association of America (SSAA) shared results of a Freddie Mac survey that reported "6 in 10 homeowners in pre foreclosure aren't even aware of the  programs and services available to help them prevent foreclosure."


The release urges real estate professionals to reach out to distressed homeowners, knowing it is highly unlikely they will seek out assistance on their own. 

 

Note: lenders are still behind the times when it comes to investment properties. They claim to have loan modification and other options for investors, but typically that is not the case.

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Comment by HARRY F. D'ELIA III on February 13, 2011 at 11:03am

I host a weekly real estate talk radio show here in Phoenix, Arizona. This seems to be a hot topic button for many people since it is estimated that more than half the homes are underwater. I have found people do not know who to call after their loan modification fails. They have two choices in their mind-pay the mortgage or not pay the mortgage. The believe there are no other alternatives after they stop paying the mortgage than foreclosure.

 

Now, I have people seek legal and tax advice to become better informed if they wish to conduct a short sale on their home. People must know their consequences before entering into an important decision such as doing a short sale on their home. We need to better educate the consumer that they do have choices other than foreclosure.

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