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Troy Ethington

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The current U.S. housing market and financial crisis have caused tremendous stress and heartache for families across America. If you or someone you know is among the millions today affected by the prospect of foreclosure, understand that you are not alone

Unfortunately seven out of ten homeowners in foreclosure proceed without the assistance or advice of real estate professionals. Now more than ever, you need to find an advocate for you and your family's interests, one who is prepared to handle your specific needs.

Real estate professionals with the Certified Distressed Property Expert (CDPE) Designation have trained extensively to understand the options, solutions, and effective methods for dealing with homeowners facing hardships. Don't risk your financial future and the potential sale of your home with an agent who does not have all the solutions.

Certified Distressed Property Experts fully understand that saving a home can save a life, which can save a family, which can save a future.

Whether you intend to keep your property or need to sell,  will determine which of the following options is best for you the homeowner.

 1. Refinance: If you meet the required elligibility critieria, one of the best options is Home Affordable Refinance, a component of the Making Home Affordable initiative launched in early 2009.

 2. Do A Lender Workout: In a Forbearance, the lender spreads the back payments, fees, penalties, etc., over the fixed number of upcoming payments to allow the homeowner to catch up.
     With a Loan Modification, lenders will often work with the homeowner to help them keep the home by reducing or rolling back interest rates, forgiving back payments or adding them to the loan amount or possibly re-casting the entire loan into a fixed rate that wraps all the fees into the new loan

 3. Sell and Bring Cash To Closing: It is critical that sellers speak with their finance and tax professionals about possible tax consequences, e.g., liquidating ones 401 (k) account, before bringing cash to closing.

 4. Offer the Lender a Deed in Lieu of Foreclosure: This is a situation where the borrow offers to trade the property to the lender in exchange for the cancellation of the note. This is more likely to work in states where there is a long foreclosure timeline. The lender will be able to get the property much sooner, which lessens the probability of the property being in disrepair as well as lessens the lenders expenses. Like the workout, a deed in lieu of foreclosure should be done by sellers and/or their attorneys.

 5. Request a short sale: The lender has not yet foreclosed on the property, and there may be a window of opportunity for the seller to put the property on the market and try to sell it in order to at least partially pay the lender what is owed   

Call Troy TODAY for a free consultation!

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