Struggling Home Owners Have Options

Dec. 12, 2011 - PRLog -- According to Zillow.com nearly 85% of Las Vegas Valley homeowners with mortgages are underwater.

A short sale can often provide relief for homeowners that are experiencing hardships and might otherwise face foreclosure.

“Many homeowners that are underwater don’t realize there are a lot of options that can help them.  Unfortunately, many wait for the inevitable and eventually lose their home to foreclosure” says Shane Blocker, owner of REALPROS.  

“A lot of clients tell us they didn’t think they would qualify for a program and it gives us the opportunity to let them know there are numerous programs available.  For example, owner occupants that qualify for SHARP (Stabilization Home Affordability Revitalization Program) or AHP (American Homeowner Preservation) actually have the opportunity to sell their home to one of the non-profit organizations, lease it back from the non-profit for a few years until the owner can get back on their feet and then turn around and buy back their home, without ever having to move….these really are great programs”

“Additionally, owner occupants that qualify for Nevada’s Hardest Hit Funds can get assistance with their short sale such as attorney’s fees and up to $2,575 toward rent after the short sale is complete if the seller remains in Nevada.”  

Blocker stresses there are other programs for non-owner occupants as well including Walk Away Today and others.

Homeowners who are struggling should keep several points in mind:

1.    You are not alone, almost 85% of the Las Vegas Valley is underwater
2.   There are assistance programs and other short sale options that may prevent you from facing foreclosure and even if you do not qualify for one of the programs a short sale may still be a great option
3.   The earlier you investigate the options, the more likely you are to qualify for the available programs

“Because we have seen a flood of people needing help, REALPROS has started offering classes to educate owners of their options and to help them decide what program is best for them on an individual basis” Blocker said.

Look for future articles where we will investigate SHARP, AHP, Nevada’s Hardest Hit Funds, Walk Away Today and others to provide additional insight into how they work.  If you would like additional information on any of these programs or short sales please go to: http://www.shanesrealpros.com/custom10.shtml or call (702) 625-1250

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