Salem Oregon Acreage Owners Have Options When Facing Foreclosure
Are you behind on your mortgage payment? Or maybe you or your spouse just lost a job and unemployment doesn’t quite cover all of your expenses? The utility bills still roll in and the horses keep eating, how long can you live off of your savings?
Salem Oregon acreage owners have a resource! Fannie Mae just rolled out a new website to help property owners
just like you. The site is full of resources, including a Financial Checklist that helps you organize the necessary information as you explore your options, links to check if your mortgage is backed by Fannie Mae, directories to contact a Housing Counselor and calculators that show what your payments will be depending on the option you choose. In fact speaking with their Housing Counselors doesn’t cost you anything, so what do you have to lose?
The site offers explanations for both horse property owners that want to stay and those that would prefer to leave their property. Options for staying include refinance, repayment, modification, forbearance and a deed-for-lease. For owners that are ready to leave, short sales or deed-in-lieu are discussed. If you are exploring a short sale option, I can give you local, accurate market data for the greater Salem Oregon area, to determine a likely selling price in today’s market, just let me know by completing the Questions Box.
Another great feature of the site is an entire section devoted to protecting Oregon property owners from loan scams. The give you a list of several “red flags” to look out for when dealing with agencies promising to help with mortgages or avoiding foreclosure.
The earlier you start to address your situation, the more options you have. Waiting until the last day, hoping the issues will simply disappear is not going to help you.
For Oregon horse owners that are facing lean times, consider the following:
- Lease your horses out (screen the applicants of course) while you won’t collect a monthly fee, someone else can relieve your debt burden by paying for the horse’s feed, vet and farrier expenses. This is no small amount!
- If you just can’t bring yourself to lease out your favorite equine, consider a partial lease
- Rent pasture or board to pre-screened clients for additional income. Be sure to do your home work on this one, you will likely need a new insurance policy and it may not be worth it
- Sell your horse trailer or other large ticket items
- Sell half-interests in your trailer or higher-priced horses. This option usually only works as a band-aid and not a permanent fix
- Barter for any services or supplies that you do need to purchase
- Consider “renting” out your trailer occasionally for a few extra bucks. Again, check your insurance policies.