While the % of homeowners in Foreclosure status dropped from October to November, it is still way compare to this time last year. 8% of homeowners are in Foreclosure status right now, and that does not include the number who may only be one or two months behind. In the Germantown home market, many homeowners have opted to attempt to modify their loans through the Hope Now program. If this is an option you are looking at, please remember that your final payment will be 31% of your GROSS income -- not your net income. If this figure is feasible within your budget, and your job is stable, then this is your best option.

However, 70% of all loan modifications are ending in foreclosure -- 70%!! This is because homeowners in Germantown and surrounding areas are not getting the straight scoop from their lender. The Making Home Affordable program is an excellent option, but only fits a small amount of people. The other option, a Short Sale, is always worth a discussion to understand the effects of both choices.

Please call us if you have any questions, we're happy to help!