Article - Certified Homes Rescue Expert
Colonial Beach Realtor
a division of Treck Realty
As a Certified Homes Rescue Expert (CHRE), a designation I earned under the guidance of one of the United States' leading real estate attorneys in 2010, I've been equipped with specialized knowledge to assist homeowners in distress. This expertise is particularly vital in navigating the complex decisions homeowners face when struggling with mortgage payments and the potential of owing more on their home than its worth. My role is not just to facilitate real estate transactions but to educate clients on all their options and, when necessary, refer them to a trustworthy attorney.
Here's a fundamental guideline I share with clients facing financial difficulties with their home:
Evaluate Your Financial Stability: If removing your house payment from your monthly expenses still leaves you unable to manage your debt, it's crucial to consider speaking with a bankruptcy attorney. Opting for a short sale without understanding the broader implications can inadvertently affect your eligibility for bankruptcy relief later on, especially if you're still overwhelmed by debt.
When mortgage payments become unsustainable, you're at a critical juncture with several paths to consider:
Short Sale
: Selling your home for less than the amount owed can be a viable option, but it's essential to understand its impact on your financial future and credit.Foreclosure
: Allowing the bank to take possession of your home is generally the least favorable option, carrying similar long-term credit implications as bankruptcy.Loan Modification or Forbearance
: These options can provide temporary relief but require careful consideration as they might not be sustainable long-term solutions.Regular Sale
: If possible, selling your home traditionally is an option until the property is officially foreclosed upon, despite what lenders may imply.
My responsibility as a CHRE is to provide a comprehensive overview of these choices, highlighting the potential consequences and benefits to empower homeowners to make informed decisions. The path forward varies significantly based on individual circumstances, and professional legal advice is often necessary to navigate these complex situations effectively. My commitment to education and advocacy ensures that clients facing financial distress have the support and information they need to make the best decisions for their future.