| p>In today's market, more and more homeowners are | | | | from the Distressed Property Institute. |
| finding themselves in financial distress due to real | | | | One of the first options a homeowner has to avoid |
| estate than ever before. If you are a homeowner in | | | | foreclosure is a loan modification, or loan restructuring, |
| danger of losing your home, do not get | | | | which is simply a permanent change in one or more of |
| discouraged-there are many options to get your | | | | the terms of the mortgage loan. If a homeowner runs |
| finances back on the right track. That's why Jerry | | | | into temporary financial hardship, the next option is to |
| Pilgrim, broker of Professional Realty Associates in | | | | negotiate for a loan forbearance, which reduces or |
| York, recently became a Certified Distressed Property | | | | delays payments for a short amount of time with the |
| Expert (CDPE) and a member of the Distressed | | | | understanding that the account will eventually be |
| Property Institute. | | | | brought to a current status. |
| The CDPE designation is a nationally recognized | | | | While these two options do serve as practical |
| certification given to agents who have dedicated their | | | | alternatives to foreclosure, they still leave homeowners |
| time and effort to understanding the issues distressed | | | | with the same burden of debt. The more favorable |
| homeowners are facing. After taking multiple courses | | | | option, according to real estate experts, which |
| and training sessions, the agents are better equipped | | | | considerably benefits both the homeowner and lender, |
| to deal with entering the distressed property | | | | is a short sale. A short sale is an agreement wherein |
| market-REOs, short sales, preforeclosures and | | | | the lender allows for the homeowner to sell the home |
| working with investors. | | | | at a price lower than the mortgage-debt amount. The |
| Foreclosure is a devastating financial and emotional | | | | lender will then take the proceeds from the sale as a |
| process for a homeowner to go through, and in many | | | | settlement for the mortgage debt. A short sale |
| cases they do so alone and without help. | | | | becomes a beneficial alternative when the |
| Homeowners who are in the preforeclosure process | | | | homeowner's mortgage debt is higher than the |
| need to speak with an agent as quickly as possible. If | | | | property's value. |
| you are a homeowner in distress, the best solution for | | | | It's a complicated market out there, a CDPE |
| homeowners is to seek the guidance, counsel and | | | | professional, is an agent who understands the full |
| services of an educated and trained real estate agent. | | | | range of solutions and is ready to help. Distressed |
| Homeowners no longer have to go it alone. A CDPE | | | | homeowners need an advocate who chose to set |
| has received the tools, information and tactics to | | | | himself apart from other agents by receiving formal |
| effectively help homeowners through his certification | | | | training to help homeowners in financial crisis. |