You may or may not consider Realtors essential to your real estate transaction. But consider this – would you dare go to trial without an attorney? Or would you take your car to an ice cream parlor for repairs? That would be crazy, right? Because you realize that there is special knowledge and skill required in order to be effective in getting some tasks done correctly. That applies to real estate, too. Real estate is complicated and it’s not that hard to get into a mess.
Your bank will require documentation. A hardship letter explaining why you are unable to make payments, 2 years tax returns, 2 recent bank statements, 2 recent pay stubs & a financial worksheet.
What about the “due on sale” clause? This is where there is probably more flexibility than in the past. Almost all of the loans of today have a clause that allows the lender to accelerate the loan and demand payment in full if the homeowner transfers their ownership. In the past, when City Garden was selling more quickly, lenders were more likely to exercise the “due on sale” clause. However, with so many foreclosures already on their books in many areas today, it is probable that this isn’t something they want to do now. Mortgage lenders don’t want to hold physical real estate.
If your business is not that well established you may want to be careful about signing yourself up for a long0term lease. As time goes on your business may expand and the property you have may not be adequate for what you need. Having a long0term lease will hold you back for a while.
People across the country are dealing with more financial difficulties than ever before. Thankfully, the IRS is doing its part to help struggling taxpayers.
The next step will be to list your home for sale. Make sure your agent does a CMA and lists the home near market value. This will show your bank you are trying to get top dollar and not creating a fire sale or blind auction.
Similarly, with a home improvement grant, you can get the cash you need to upgrade, restore or expand your home. That increases home values for the entire neighborhood, which increases taxes and attracts a higher class of buyers. While real estate grants may be $20,000 in free money for you, it’s just a drop in the bucket for the government who wins in the end.