WHAT ABOUT THE DECLINING MARKET?
Ginger Hopp is a "Certified Foreclosure Specialist" and is offering her services
to Distressed Homeowners to AVOID FORECLOSURE and SAVE THEIR CREDIT.
Ginger is doing her part in this declining real estate market and being a part of the
solution at the same time. Ginger wants to help the borrower before it goes to foreclosure...before it ruins their
Most distressed home sellers don't know that foreclosure is worse than a bankruptcy on their
credit file. Her marketing is educating the families actually in pre-foreclosure, so they know what
their options are.
She negotiates with their lenders
to sell their house for less than they owe and the lender writes off the difference. Of course, the new
H.R. 3648 ruling means that the IRS will not tax them on their personal residence for the amount they have been forgiven
by their lender. (Prior to the 2007 Tax Relief Act, you had to pay Capitol Gains Tax on any loan amount forgiven
by a creditor). It's a win-win for both parties
, the lender and the borrower because they both avoid
foreclosure, but it is especially a big win for our Economy to have one less foreclosure. Often times, this distressed
borrower can then buy another home just as soon as their job situation is remedied; since they don't have a foreclosure on
their credit, they can still be financed when they are ready again.
If they still have a job, but they are having a documentable Hardship, Ginger can negotiate with their current lender
to MODIFY their loan
so they can keep their house and pay a lower payment until they are back on their
feet. This is not a refinance; there are no Escrow Fees, No Title Costs, and No Appraisal Fees. This is a re-negotiation
of their existing loan by lowering the interest rates, extending the number of years, and sometimes even lowering
the loan amount. Ginger gets a lot of satisfaction from doing LOAN MODIFICATION
because it really helps the client stay in their home and usually, they are so grateful, Ginger now has gained
a customer for life in all their future real estate services.