Jacksonville, FL, August 03, 2010 --(PR.com
)-- According to the Mortgage Bankers Association, as many as one in seven home loans are past due or in foreclosure. However, according to Davidson Realty President Sherry Davidson, “Most folks are still confused about the options available for homeowners in distressed financial situations, and the pros and cons of those options.” She explained, “We find that Short Sales are especially misunderstood and yet they are one of the best options for homeowners faced with losing their homes.” Davidson went on to explain, “For example, the new HAFA (Home Affordable Foreclosure Alternatives) rules are a huge help for homeowners who otherwise might be faced with foreclosure. A HAFA short sale can help homeowners protect their credit, gain a $3,000 relocation incentive and not worry about future liability so they can get on with their lives.”
Following are five key things to know about Short Sales and Foreclosures:
1. A Short Sale is proactive process in which a homeowner tries to mitigate a distressed financial situation by working with a Realtor to offer their home for sale at a price that is less than what is owed on the loan but an amount agreed upon by both the homeowner and the mortgage bank.
2. A Foreclosure is when a homeowner is evicted for non-payment of the loan.
3. Both a Short Sale and Foreclosure will damage an individual's credit rating, but a Short Sale will result in less of a rating drop than a Foreclosure.
4. Typically, a new home loan can be obtained within two years after a Short Sale, versus 5 to 7 years after a Foreclosure.
5. For those who qualify, the Home Affordable Foreclosure Alternatives (HAFA) program alleviates any tax burden on the Short Sale of a primary residence and allows for up to $3,000 in relocation assistance. (More information about HAFA and a complete list of eligibility requirements is available on the Treasury Dept.'s website: http://www.makinghomeaffordable.gov/hafa.html.)
Davidson Realty is committed to helping homeowners facing tough economic times. The majority of Davidson Realty Agents hold the Certified Distressed Property Expert (CDPE) designation. A Certified Distressed Property Expert® (CDPE) is a real estate professional with specific understanding of the complex issues confronting the real estate industry. CDPE real estate professionals have trained extensively to understand the options, solutions, and effective methods for dealing with homeowners facing hardships, including foreclosure.
About Davidson Realty, Inc.
Davidson Realty, Inc. is a leader in Florida real estate, specializing in houses in Jacksonville and St. Augustine. The firm has been at the forefront of Jacksonville, Florida realty for 20 years. From its headquarters at the renowned World Golf Village in St. Augustine, Florida, Davidson Realty markets and sells residential and commercial projects in Jacksonville, St. Augustine and the surrounding areas. Davidson's founders are the original developers of World Golf Village and the company remains the hands down experts on golf course homes and golf communities in Florida. Davidson Realty has more than 30 Florida Realtors helping buyers and sellers alike. The majority of Davidson Realty agents hold the Certified Distressed Property Expert (CDPE) designation, providing special expertise for navigating through the changing climate of short sales, foreclosures and distressed properties. In addition, Davidson Property Management handles leasing for Jacksonville and St. Augustine homes. And Davidson Development specializes in large scale development opportunities.
For more information about Davidson Realty, call 904-940-5000 or visit www.DavidsonRealtyinc.com, Fan them on Facebook at www.Facebook.com/DavidsonRealty, follow them on Twitter at http://twitter.com/DavidsonRealty or visit their videos on YouTube at www.youtube.com/user/DavidsonRealtyInc.