Thursday, March 24, 2011

Stopping Foreclosures One Home Owner at a Time

FOR IMMEDIATE RELEASE For more information, please contact:

Jerry Pilgrim
717-757-5955
jpilgrim@pilgrimteam.com

Local Agent Takes a Stance Against Strategic Default Online report outlines the realities of “strategic default”—or walking away from a mortgage—and provides solutions for homeowners struggling to make mortgage payments in York County, PA.

York, PA - Local CDPE-designated agent, Jerry Pilgrim of Professional Realty Associates, has developed a website report providing information regarding the truth about a mortgage trend called “strategic default,” where homeowners walk away from their mortgages.
“There is a growing trend of distressed homeowners who have heard that a strategic default may be their best option,” Pilgrim said. “With this report, I’m showing homeowners that there are alternatives to foreclosure that can actually help them move on to a more stable financial future, rather than further damaging their credit, security clearance, or current or future employment.”

This community resource is available at www.YorkShortSales.com and explains the benefits of short sales, or selling a property for less than the current mortgage amount owed. Benefits include less damage to credit scores, and the ability to qualify for a future mortgage more quickly.

In a recent study, the Chicago Booth/Kellogg School Financial Trust Index estimated that 36 percent of Americans would consider walking away from their mortgage if they were “underwater,” or owed more than the property was worth. Now that one in four Americans is currently underwater, Pilgrim sees the need for greater education.

“Individual homeowners as well as our entire community would suffer the consequences of strategic default,” Pilgrim said. “I can share solutions and alternatives that can help preserve the financial stability of distressed homeowners and the values of our neighborhoods.”

The CDPE Designation Pilgrim has acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

To learn more, visit www.YorkShortSales.com.
For more information about the CDPE Designation, visit www. CDPE.com.

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Bring your horses and a Contractor!

4 acres in the country! Located in Red Lion School District. 3 stall barn and over 2 acres fenced pasture. Bring your horses! Priced at only $225,000, this property has unlimited potential and is a perfect location for the Maryland commuter. Could go FHA 203K so you can bring this home back to like new condition.






203K Loan - Rehab Program Overview


The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer's credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.

The FHA 203k loan program is the Department's primary program for the rehabilitation and repair of single family properties. Basically a home improvement loan. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that FHA 203k loan is an important program and they intend to continue to strongly support the program and the lenders that participate in it.



Lenders have successfully used the FHA 203k loan program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. These lenders, along with state and local government agencies, have found ways to combine the FHA 203k loan with other financial resources, such as HUD's HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Several state housing finance agencies have designed programs, specifically for use with FHA 203k loan and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the rehabilitation processing.



HUD also believes that the FHA 203k loan program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). HUD is committed to increasing homeownership opportunities for families in these communities and Section 203(k) is an excellent product for use with CRA-type lending programs.





FHA 203K Loan - How the Program Can Be Used:



This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:

• To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.

• To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.

• To refinance existing indebtedness and rehabilitate a dwelling;

To purchase a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property and the loan proceeds (other than rehabilitation funds) must be available before the rehabilitation begins.



To purchase a dwelling on another site, move it onto a new foundation and rehabilitate it, the mortgage must be a first lien on the property; however, loan proceeds for the moving of the house cannot be made available until the unit is attached to the new foundation.