Programs Still Available For Distressed Homeowners
Despite our real estate rebound, there are those who are still in need of help to avoid foreclosure.
We’ve had a lot of good news in regard to the real estate industry in the past couple of years. Prices have rebounded, interest rates have remained low, and the national economy is rolling along. These three things have done some pretty good things for homeowners and home buyers alike.
Many homeowners are happy to see their equity head back into the plus side after a few years of being “upside down.” For those who faced the possibility of foreclosure, last year they were able to sell and pocket the equity without losing their home to the bank. That being said, there are still others who, despite all the good news, are still staring down a possible Notice of Default (NOD), or are at the very least, behind on their mortgage.
For the most part, anyone who purchased a home after 2008 are seeing positive equity in their property. However, for those who bought just a couple of years earlier, they may still be experiencing negative equity. Let’s take a look at the median price of a single family home in Santa Clarita in April 2006, when they reached $643,000. If you bought your home then, and have not, or have been unable to, modify your loan, you may be looking at a negative equity of almost $160,000. Currently, median single family home prices in the SCV are inching toward $500K, but it may be a while before we see them go over $600K.
Still others have not yet benefited from the recovery and rebound of our economy. Some who lost their job during the recession are still out of work, or are working at less pay.
If this is you, and you’re struggling to hold onto your home, are behind on your mortgage, or are facing foreclosure, there are still programs available to keep the bank from taking your home.
Making Home Affordable
The Federal Government’s series of programs to help distressed homeowners is still up and running. However, it’s slated to end on December 31, 2015. If you’re up against the wall and are looking for help, you can still check out their programs by clicking here.
Keep Your Home California
California residents who are behind on their mortgage have options through the state’s program that can provide assistance. Keep Your Home California offers programs such as:
- Unemployment mortgage assistance
- Mortgage reinstatement assistance
- Principal reduction
- Transition assistance
The Elgin and Pilar Walker Team are here to help you as well.
We are still helping distressed homeowners avoid foreclosure. Contact us for a discreet, no obligation pre-foreclosure consultation to see how we can help keep the bank from taking your home.
Elgin & Pilar Walker
Keller Williams VIP Properties
25124 Springfield Court Suite 100
Valencia CA 91355
Office: (661) 290-3781
Mobile: (661) 347-6248