Wade Kawahara

If you are struggling to pay your mortgage every month or have a mountain of debt, the stress may be overwhelming. Please do not let that stress cloud your judgement when it comes to exploring your options. Many people either block out the problem or pretend that if they don't do anything, it will go away. Instead, this is the time to be proactive. By facing your problem, you will be able to find the best option available and have the least damage to your financial future.

The reasons to avoid foreclosure are many. The stigma of a foreclosure on your credit will inhibit you from buying a house later. It will also limit your ability to obtain credit for other future purchases. Even if you get credit for other purchases, your interest rate will most likely be higher than if you had a better credit score, so it will cost you more money in the future.

The first thing to do when faced with falling behind on yuor mortgage is to see if you qualify for a loan modification or can refinance your home. If that option is not available to you, then it is time to see if you are able to do a short sale on your home. Another option is to get your lender to grant you a Deed in Lieu.

I urge you to please contact a realtor to help you sort through all of these options and see what is best for you and your financial future. If you are in Maricopa county, my team and I will be happy to assist you in making the correct decision.

The city of Phoenix offers a homeownership assistance program providing $15,000 for down payment and closing cost assistance. Eligible buyers must be FHA creditworthy and have completed the required eight-hour Homeownership Education Class and Credit/Budget Assessment counseling course. Buyers must maintain the property as their principal residence and the total household income must be below 120% of area median income. For example, a household of four earning $79,100 or less has the potential to become eligible to participate. Program participants must contribute a minimum of $1,000 of personal funds for down payment or closing costs. The program targets foreclosed single-family homes, townhomes and condominiums (condominium conversions are not eligible) that meet HUD Housing Quality Standards (HQS). The purchased home must be a foreclosed home anywhere within the city of Phoenix limits and meet other eligibility requirements. The $15,000 is paid back to the city when the homebuyer sells the home or refinances.

Please contact me for more information on this program.

Wade Kawahara

Dominion Real Estate Partners

Office: 623-326-7316

Email: kawahara@q.com

Blog: wadesarblog.com

Website: searchingphoenixhomes-az.com

If you or anyone you know is thinking of buying or selling a home, please contact me for a free, no obligation consultation.

My business is the result of the support and referrals from people like you...Thank You!

It seems that lately, the sales data points to Short Sale and REO transactions as dominant in our market. I have heard figures as high as 74% of the current market is distressed property sales and that Short Sale closings are up by 248% from 2008.

Rather than trying to compete against distressed transactions, I choose to embrace them. If you are a real estate agent in Arizona and choose to embrace them too and need the support of a good team, please let me know. Or if you are a a buyer or seller in need of assistance in understanding the process, please contact me and my team and I will be happy to assist you.

If you purchased your home less than 3 years ago, you might be a victim of a declining market. If you have also experienced a change in your economic situation and are falling behind on your mortgage payments, there are options for you. Please don't "put your head in the sand" and think it will either all go away or somehow get better. I know this is a stressful time, but don't prolong it or make it worse. Exlore all of your options.

Making Home Affordable includes opportunities for homeowners to modify or refinance their mortgage to make their payments more affordable. The program has recently been expanded to help homeowners who are unemployed or "underwater" (they owe more on their mortgage than their home is worth). It also provides options for homeowners who can no longer afford their home and are interested in a short sale or deed-in-lieu of foreclosure.

If you have any questions about your options, I am available to answer questions or meet with you for a free, personal consultation.