Canton Ohio Realtor

August 22, 2009

Canton, Ohio is a great community with lots to offer. There are many wonderful neighborhoods in and around this city. Canton is located in the center of Stark County and is the largest city in Stark. The home of the Football Hall of Fame, our city and surrounding areas have high school sports teams that are the envy of the nation. Many successful businesses are headquartered here and this is a great place to conduct business. Conveniently located near Akron, Cleveland, Columbus, Youngstown, and Pittsburg you are always a short car trip from many other metropolitan areas. There are terrific parks and amusement venues all over, so you can always find something to do. Our schools are nationally ranked and provide the nation with an excellent work force. No matter what your tastes are, there is bound to be a restaurant you will love nearby. Canton boasts a large number of food and drink establishments so you’ll never go hungry. Our cost of living is low, and our pride is high. Canton is an great place to live!

My family and I have been serving this community for almost half a decade. If you are looking for the best real estate team in Canton, look no further. We know the area unlike any other. We can help you discover Canton and help Canton discover you.

Buy Canton Property <~ ~ ~> Sell Canton Property

Posted by joeymarino | Filed Under Canton | Leave a Comment

Deed in Lieu or Short Sale?

May 22, 2009

When trying to avoid an imminent foreclosure, the borrowers should be aware of their options. I have found that currently there are two options to eliminate the loan, short sale or deed in lieu of foreclosure. The difference between the two really depends on the current market value of the home and the remaining amount owed on the mortgage note.

3/25/10 – Update: A new program from the treasury department may allow you to sell your home quickly at short sale and receive $1500 for relocation costs. Find out the details of this program and see if you qualify.

SHORT SALE
A short sale is an agreement between the bank and the borrower to sell the property for less than what is owed. The borrower will need to be in hardship for the bank to agree to discount the loan.

Short sales may or may not affect the borrowers credit somewhat, but not as bad as a foreclosure. A short sale may be recorded as a type of settlement on the borrower’s credit. So, if they keep up on the payments and the bank doesn’t record any settlement on the borrower’s credit, it may not affect their credit at all. The borrower’s might have to wait a few years to get a mortgage again, but there’s a chance their credit won’t get ruined.

One thing to note is that every bank is different. Most banks will eliminate the debt completely. One bank held my short sale sellers responsible for the remainder of the debt.

You will want to know your note holder’s policies on short sales.

An experienced short-sale agent can help you sell your home in short sale and get you out from under your expensive mortgage and over-inflated property. Email or call today to get a free short sale analysis and determine if your situation is right for a short sale in Stark County.

joey@whippleauction.com <- ~ – ~ -> (330)412.2221

DEED IN LIEU
A deed in lieu is a deed instrument that allows the borrower to sign over the deed to the bank to satisfy a loan in default. Most likely, a bank will only agree to a deed in lieu if the amount owed is less or equal to the value of the real property. This may be different now that the market has decreased, so anyone will want to consult a professional on deeds in their market.

It is my understanding this will most likely decrease your credit just as much as a foreclosure.

There are other options if the loan payment amount is just out of reach but you wish to stay in your home, such as loan modification, special forebearance, refinance, etc. Talk with your bank’s loss mitigation deptartment (if you can get through), and see what options are available.

*Contact your bank’s loss mitigation department for correct information.