Peter Tamura recently completed the Certified Distressed Property Expert Designation and training and has pledged to help homeowners struggling with payments to make good informed decisions and move forward with their lives.
"The thing that was shocking to me was the knowledge that as many as seven out of ten foreclosures happen with little or no active intervention. People don't know where to turn and are at a time in their lives where it is difficult to make good decisions. Even with the help of an agent, depending on the area, as few as two out of ten attempts to do a short sale are successful! It is therefore critical that the agent involved has the specialized training that a CDPE goes through to maximize the probability that a short sale will be successful," Tamura says.
In the Tulsa, market, homeowners may have options not available in other areas.
1) Rent the house. In certain neighborhoods and depending on when one has bought a house, renting the home may cover the entire mortgage and associated homeownership costs. Tulsa is a strong rental market, to find out what a home might rent for, try logging onto www.RentTulsa.com or www.VickiBerg.com to get an idea.
2) Loan Modification. Some lenders have their act together better than others in this area, but if one is still gainfully employed but struggling with the amount of the payment due to recent resets, this may be an option. Call your lender and ask to speak to the workout specialist.
3) Short sale. In certain cases, lenders will approve a short sale of a home, the homeowner will have to write a hardship letter and put the home on the market. Sometimes, lenders will discharge the difference between the sales price and the balance owed, sometimes they won't. If one is late on payments during this process the credit ratings will be adversely affected but it is usually preferable to a foreclosure which stays on your credit record for seven years plus the 180 day period beginning with the delinquency.
Call today for a consultation to discuss your various options.
Peter Tamura e-PRO, GRI, CDPE
RE/MAX Executives
918) 770-6999
*Realtor Consultant-Residential Purchase, Listing & Investment *Bannochie Team-Team Members Margaret Bannochie CRS-23 years in the Tulsa Market & Peter Tamura GRI
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