Even though Birmingham’s real estate market has risen by 7.8% in the past year, 33.5% of the households in Birmingham still have negative equity, according to data obtained from Zillow and released by Jeffery Akins, founder of Truth Time Homes LLC on www.SellMyBirminghamHomeFast.com.
Negative equity occurs when a homeowner owes more on the mortgage than the house is worth. Many homeowners in negative equity situations feel stuck in their homes, but experts say there are many options.
While the housing market seems to be gaining some steam, many homeowners are under water around the country. According to Zillow 6.4% of households in Birmingham are delinquent on their home mortgages, compared to 7.2% across the US.
“When your property has no equity in it and you are getting behind on your mortgage the situation can seem hopeless,” said Akins. “The good news is there are still many options available to help Birmingham homeowners to avoid foreclosure. Time is of the essence when behind on a mortgage. Many people procrastinate and end up losing their home.”
When homeowners act quickly, they can often negotiate a short sale with a bank, and in certain circumstances may even be able to get cash for the sale of a property, even when the property is sold for less than what is owed.
Homeowners in dire straights have many options, including temporary mortgage payment assistance for unemployed or underemployed homeowners from Hardest Hit Alabama, who received federal funding to assist homeowners in avoiding foreclosure.
Homeowners looking for help keeping their homes should be wary of predatory behavior from loan modification scam artists, says the US Department of Housing and Urban Development, and talk to HUD-approved counseling specialists who can help them explore ways to modify their loans without giving away their property or being ripped off.
Akins founded Truth Time Homes to help homeowners solve difficult real estate problems.
“I get a lot of calls from sellers who need to sell their house fast,” said Akins. “Often they’re surprised by the cash offer we can give them for their home.”
Listing a property with a real estate agent is often a good option for sellers who have the luxury of time and can wait for a property to sell.
However, the Birmingham Association of Realtors reports a 4% decrease in the average price in June 2014 compared to June 2013 – down to $220,469 from $230,349 at the same time last year.
“In certain situations, many homeowners can’t afford to wait,” says Akins. “Sometimes listing the property with a realtor and hoping that it sells will lead you to losing your property if you can no longer make the payments. We buy houses fast all across Birmingham and can often help sellers in these situations – or point them to the right solution.”
“Truth Time Homes has special programs for many situations,” says Akins. “There is no reason for a homeowner to loose their house to foreclosure in Birmingham, Alabama without exploring the options. The majority of the time there is a solution to the situation.”
Home owners who want to sell their properties fast should sign up to get a no-obligation all-cash offer at www.SellMyBirminghamHomeFast.com.
Visit http://www.sellmybirminghamhomefast.com for more information.
Name: Jeffery Akins
Organization: Truth Time Homes LLC
Phone: (205) 547-0042