If you are having trouble making payments on your home these days, you are not alone. A recent report from RealtyTrac, Inc. says foreclosure filings are up 48% from a year ago. States which have been hardest hit by foreclosures in 2008 include Nevada, California, Arizona, Michigan, Florida, and Colorado. Adding to these concerns, a new study released by Harvard University says the U.S. housing market is the worst in 50 years. The study notes themortgage market meltdown, steep rise in foreclosures, the decline of new home construction, falling home prices, and mounting job losses have all converged to make recovery from the current real estate climate more difficult in the days ahead. You should know that there are some options out there for a refinance in Nevada.
If you are looking to buy a home, you may want to explore these 5 states to find house prices lower than they have been in the past. Arizona - Home prices may be down 13% in the Grand Canyon State, but there are a lot of other great things that this state has going for it. The weather is beautiful and the state offers diverse living options. If you are young and looking for a hip, urban environment, check out Tempe - home of Arizona State University. If you are looking for a more rural setting but still want the convenience of being near the city, look for homes in Casa Grande, referred to as "The Heart of Arizona".
As soon as you realize you can't make a payment, contact your lender directly and discuss and weigh all options with them. It might be possible to refinance or modify the terms of your payment schedule. Check to see if your lender offers and if you qualify for a forbearance agreement. This would enable you to temporarily postpone payments for a certain period of time without your lender filing a notice of default and initiating foreclosure proceedings against you. If your situation is dire and you realize you won't be able to make payments for an extended period of time, see if your lender will accept a deed in lieu of foreclosure. Through this process, you will basically deed your home over to your bank or lien holder and can avoid a lengthy foreclosure proceeding.
Talk with counselors of national programs such as HOPE NOW. It is an alliance between lenders, credit and mortgagecounselors, and investors. HOPE NOW can assist distressed homeowners by providing streamline measures and options to prevent foreclosure.
Homeowners with FHA loans might qualify for the Streamline Refinance program. Borrowers who qualify under the Federal Housing Administration guidelines can refinance mortgages without undergoing the credit qualification process. So don't delay, look for a refinance in Nevada today!
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