You hear it on the news every day: this is a difficult economy. Due to high unemployment rates and a poor economy, more and more homeowners in the Wilmington, DE area are falling behind on mortgage payments. This has led to a higher amount of delinquent mortgages and an increase in the number of homes going into foreclosure. This has caused a huge and stressful burden for many Wilmington, DE homeowners. The fear of one's home going into foreclosure can be overwhelming and cause high anxiety levels for those who are behind on their mortgage payments each month.

As a Wilmington, DE real estate agent, part of my job is helping those who are in danger of losing their homes avoid foreclosure. Foreclosure is a painful, lengthy process where the party involved loses their home and typically can’t get another one for several years afterwards. As a real estate agent who specializes in distressed properties, I offer the clients who come to me with advice on how they can avoid the foreclosure process. My years of experience in the Wilmington, DE real estate market allow me to ease the stress for several homeowners who are in danger of losing their homes by offering them viable and better options to foreclosure.

Get a loan modification. Load modifications benefit homeowners because it means that they get to keep their home. The lender agrees to modify any or some of the terms of the mortgage, whether it be by extending the term of the loan, changing monthly payments so that they are more affordable or changing the interest rate. The result is that the mortgage becomes more affordable and they can get their home out delinquent status. This option is viable for those who have both proof of hardship AND sufficient income for the re-calculated monthly mortgage payment. This is the best alternative to foreclosure, however in this economy; it is much more difficult for Wilmington, DE’s homeowners to get through this process. Many might be rejected by their lenders for a loan modification. That is where the next option comes into play.  

Go through the short sale process. When a Wilmington, DE homeowner is facing foreclosure and can’t get a loan modification, the next option that they will want to explore is the short sale. A short sale occurs when the lender gives the homeowner permission to sell their home for less that the outstanding balance owed on the mortgage, producing a quick sale. This helps distressed homeowners avoid foreclosure. While this does put a damper on the homeowner’s credit rating, it’s a lot less stressful than a foreclosure, and you can buy a home much faster after the process is over. Many homeowners in the current economic climate are eligible for a short sale, so this could be a very viable option for you! Contact your Wilmington, DE real estate agent with questions about short sales and see if you qualify for one.

The foreclosure process is trying, stressful and lengthy for all involved. As an expert on Wilmington, DE foreclosures and short sales, I do the best I can to give all of my clients alternative options that are both viable for their financial situation and will cause the least stress or anxiety. I make it my responsibility to make sure that all of my clients are aware of all of their options. If you feel like you’re in danger of losing your Wilmington, DE home, or you have questions about the local real estate market, don’t hesitate to contact me. I’m here to help you through this difficult time, even if it’s only to lend a few words of advice. I hope to hear from you soon!

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team
Wilmington Real Estate
Wilmington Homes for Sale
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