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Montgomery County foreclosures rise

Montgomery County Foreclosure information from RealtyTrac®
Montgomery County Foreclosure information from RealtyTrac®

RealtyTrac(realtytrac.com), the leading online marketplace for foreclosure properties, reported that Montgomery County foreclosure filings were 93 in August, up from 66 in July.  This is the highest monthly number this year.  One in every 691 housing units in the county received a filing notice in August. This is only slightly better than Tennessee with one in every 647 homes receiving a foreclosure filing.

Poor economic conditions and high unemployment have contributed to a Mortgage Bankers Association estimate that more than one in seven homeowners is currently facing foreclosure (or at least one payment past due).

Homeowners facing foreclosure have options.  Some of these options are loan modifications, refinancing, deed-in-lieu of foreclosure, rental, or the short sale.

Short sales are on the rise as mortgage companies learn to deal with the current market.  A Short Sale is when the mortgage company accepts less than the full balance of the loan on the sale of the home at closing. Each of these alternatives has different qualifications and implications for the homeowner.

For the military, there may be additional options for some form of relief under the Service members Civil Relief Act (SCRA) and the Department of Defense Homeowners Assistance Program (HAP).

A short sale can save someone from going through foreclosure and possibly bankruptcy.  For the mortgage company, the short sale is normally less costly than pursuing the foreclosure process. The Federal Housing Finance Agency has reported that short sale volume is up more than 150% from volume in 2nd Quarter 2009.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. Homeowners in distress need to consult experts to adequately evaluate their financial situation. Speaking with a knowledgeable attorney and accountant is critical as is working with a well-informed, qualified real estate professional. They have the tools needed to help homeowners find the best solution for their situation.

Randy Worcester
Randy Worcesterhttp://www.clarksvillehomepros.com/
Randy Worcester is a REALTOR® with Avalar Real Estate. He is a Certified Distressed Property Expert and is e-PRO® internet certified by the National Association of REALTORS®. He utilizes the latest technologies, market research, and business strategies to consistently exceed his clients expectations. More importantly  he listens to his clients, and uses his background in marketing and finance to tailor a custom solution that fills their individual needs. Randy Worcester is the perfect choice to guide you in buying a new home, or creatively selling your current house. Randy is licensed in both Tennessee and Kentucky. Randy's wife, Peggy, is also a member of the team. Together they serve all of Clarksville, Woodlawn, Oak Grove, and Ft. Campbell. Their specialty is relocation, upscaling, new home buyers, senior options, short sales, and luxury home marketing in the Sango, Adams, and Exit 11 areas. Randy strongly believes in giving something back to the community. He is passionate about, and is a devoted public servant with the Clarksville Sunrise Rotary Club and the Boy Scouts of America where he has received numerous honors and awards.

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