Listing Courtesy of KELLER WILLIAMS REALTY
With fall newly arrived, it’s a time of year when Leweshomeowners can breathe a sigh of relief; relax and take it easy. With summer behind us, most gardens require less attention. The demands harsh winter weather will make are off in the distant future— or are they?
This year it might be prudent for Leweshomeowners to mentally remove a month or two from their home maintenance timetables. The reason comes in two familiar words (and they aren’t English): El Niño.
According to the government’s NOAA climate forecasters, there is “an approximately 95% chance that El Niño will continue through Northern Hemisphere winter 2015-2016…” Since that is definitely our area’s hemisphere, they’re speaking to us. They answer the question, “How strong is this El Niño now?” with, “it’s pretty strong.” In August, it ranked second all-time (behind August 1997) in the Equatorial Southern Oscillation Index, which is one way of measuring its power. El Niño is the condition where weather shifts occur due to a change in warm ocean currents in the Pacific.
What this means to Leweshomeowners is as unpredictable as…well, as the weather! What is acknowledged is that normal patterns can be disrupted to varying degrees. The reason we can never get much clarity about how it’s going to affect us is that (unsatisfying though this answer may be), winter could be markedly more—or markedly less—stormy than usual. Since the maximum effect is expected in late fall through December (hence the Christmas allusion of the ‘El Niño’ name), Leweshomeowners might consider getting on with their winter maintenance preparations earlier rather than later.
So here—a bit earlier than usual—are some regular fall maintenance heads-ups:
As a check of comments on the weather sites confirms, local homeowners have differing memories of how previous El Niños have affected them. But since we are now officially in an El Niño year—it can’t be a bad idea to prepare ahead of time (and if you have Lewesreal estate plans in the offing, now would also be a good time to give me a call)! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.
Even though national foreclosure rates have continued to drop, the threat of becoming another Sussex County foreclosure statistic is still very real for some homeowners. It’s at least somewhat reassuring to understand that most banks don’t really want a foreclosure — so for homeowners who take an early proactive approach with their lender, losing their home does not have to be inevitable.
For anyone who has fallen behind on payments, Job One is to discuss the situation with your banker. If a mortgage restructuring is possible, you may have an opportunity to refinance at a lower rate with more manageable payment amounts. In some cases, it may be possible to alter other terms of your agreement — for example; you might arrange to postpone any delinquent payments to the end of the loan’s term. You have to ask.
Payment Deferral Options
If payment failure has been caused by losing a job, a medical condition one of the other more common causes, some banks will work out payment deferral options. If you have prepared documentation to back up your hardship claim, it is more likely that the lender will be able to offer an agreement to defer your payments while you get back on track.
If the financial situation is such that you know you can no longer sustain regular payments, it may be best to consider a short sale — the option where the bank agrees to accept sale to a third party for a sum that falls short of the loan’s balance. It means loss of the property, but results in a better credit history than does a Sussex County foreclosure.
A foreclosure in Sussex County becomes inevitable if the reality of a tough financial situation isn’t recognized and addressed. If you take positive steps once you realize you are going to miss a payment, you put yourself in the best position to open options that are less problematic than full foreclosure. If you find you could benefit from a strictly confidential price evaluation on your home, call me — sometimes a property can be worth more than you think!
Savvy shoppers and sellers; don’t sit on the sidelines, call/text 302-228-7871 or email me, Russell Stucki, REALTOR® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.