Two sides to foreclosure

Of course you know we are seeing a pretty active market in foreclosed and short sale properties this year. So far this year, roughly 40 percent of our residential sales have been of foreclosed properties. All indications are that we will continue to see these foreclosures as prices for essentials rise and unemployment stays high.

We often talk to people who need to sell to avoid becoming a part of this sobering statistic. If you are one of those people you may have already experienced the frustration of trying to reason with your mortgage holder to get help. Help that was promised with the oft-touted, Home Affordable Modification Program (HAMP) under the Obama administration's Making Home Affordable plan.

Since its inception this plan has confounded property owners in distress as they muddle through the process, getting the runaround from lenders who don't have enough staff to effectively manage the process. The stories have many similarities. The first action is typically, "You don't qualify." Followed by, "We didn't receive your paperwork," or requests for overlooked or newly introduced forms as the distressed owners and under-trained staff try to piece together a compromise that makes sense.

If you are one of the folks that are seriously concerned you may lose your home you need to know about a free service available here. As we reported a couple weeks ago, Idaho is one of five states to receive special funds to help those in hardship with payment relief. Community Action Partnership's Sarah Pelton is here to help administer those funds. In addition to loan modification services, CAP helps people apply for payment assistance.

At a meeting last Thursday, Pelton discussed the difficulties most people have in navigating the process. Her advice? "Persist." As she repeated the comments shared by those in attendance with regard to the challenges, she displayed her expertise in getting the job done. "We're surprised when things happen as they're supposed to," she said of her experiences.

She had words of caution too; don't pay anyone who claims to have a solution to your problem. There are a number of free counselors who specialize in the process. Make sure the person you enlist to help you is HUD certified as Pelton is. They don't charge a fee.

Make your home the No. 1 thing you pay on time. She explained that your unsecured creditors, credit cards, rent to own appliances, etc. are the ones who employ the most persistent collectors so it is easy to pay them to make them go away. Your mortgage servicer has a valuable asset to take, so doesn't need to be as aggressive with their collection efforts. That asset is the same reason you should pay them first, because it is where you live.

Any adversity brings opportunity. Unfortunately the opportunists are often scam artists who are out to make a quick buck by taking your last dime, making it even harder for you to make the payments on your home.

To avoid becoming a victim and to get an agenda-free appraisal of your situation and your options for assistance, call Sarah at 770-3005. Although she is booked with appointments for about three weeks, she assured us she will take on the most dire situations first. Let us assure you, she will do that with vigor.

Trust an expert... call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.

Kim Cooper is a real estate broker, Realtor and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the Association invite your commentary and feedback. You may contact them by calling 667-0664 or by writing to them at 409 W. Neider, Coeur d'Alene, 83814.