Realty Company Helping Homeowners Avoid Foreclosures – on Memphis CW30 – ABC24 Television News

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Reported by: Lacey Crisp


Last Update: 9:43 am


RALEIGH, TN – There were more than 1,200 home foreclosures in Shelby County in the month of November. One realty company is trying to help people out of that situation.


“I like this neighborhood, the quietness, and peaceful. That’s what I really like about the area,” said Dorothy Rayford.


Rayford bought her Raleigh home 6 years ago. Back then her interest rate was 10 percent and she was working full-time. Now she’s retired, and her interest rate has jumped to 12 percent. She says she’s struggling to make her mortgage payments. A program called, “Save the Dream.” may save her from foreclosure.


But Rayford might not be able to stay here. She has been late on mortgage payments, and hasn’t paid three months worth of payments.


“I just got in a situation where my income decreased and my house note increased,” Rayford said. “This is my plight right now. I’m in the process to negotiate to get my interest rate down.”


Now she’s doing all she can to stay in her Raleigh home.


“It’s stressful not knowing and not having a sound matter of what’s happening next. It’s frustrating,” Rayford said.


She called her realtor, James Kincaide with Crye-Leike. He told her about the “Save the Dream” program. He said the biggest mistake homeowners make is that they don’t try to work out a deal with their lender.


“Answer the phone and talk to them,” Kincaide said. “It’s the key thing to talk to them because they would really like to figure out a way to not take this property back.”


Kincaide said there many different ways to prevent a foreclosure. Realtors can help you talk with loss mitigation to cut down your interest rates. That will help people like Rayford cut their monthly payment down.


If you can’t avoid foreclosure, they can help with a “friendly” foreclosure. That’s where you avoid going to court and settle with the bank. They can also reschedule your loan payments, which would add missed payments and penalties to the end of your loan, and extend the length of the loan.


Sometimes they can erase penalties for late or missed payments. They can have a short sale, where you find a buyer. Kincaide said the benefit is many times investors will buy the home, and the original owner can lease the home.


Rayford said, “I’m just thankful they are trying to help.”