Real Estate Information Archive

First there is no such thing as job security.  Whether you’re a business owner, Insurance Agent, Doctor, Attorney, Realtor, Sales Rep. or Factory Worker; we all face the daily challenge of not being employed or not having a customer base to meet our financial needs.  We still have to carry on and be positive.  Everything in our lives is only temporary unless we allow it to be permanent. Mind over matter!

1.  People are buying houses because they need or want a home.
2. Buying a home is a great investment.
3. Foreclosure properties and Pre-Foreclosure (i.e. short sales) are plentiful
4. Interest rates are at a 57 year low at approx. 4.5%
5. You pay much more towards the principle balance when rates are this low.
6. Family, children, stability having a place to call Home.
7. People who buy homes believe in themselves.

These are just a few of the many reason I have discovered through my observation of selling homes why people buy.  If you stop paying rent the landlord will and can evict you in 30 days.  If you stop paying your mortgage payment it will take 4 to 12 months before the mortgage co. can process a foreclosure.  Even then if you had a hardship you would want to short sale the home and avoid the foreclosure.  Now is an amazing to take head to the positive opportunities our real estate has to offer.  Call me with any questions. 

The Home Affordable Foreclosure Alternative (HAFA), which helps eligible homeowners by pre-approving the short sale prior to listing their property, takes effect today, April 5, 2010.  The new guidelines set limits on a lenders response time, the lender forfeits the ability to pursue any deficiency judgment and it caps claims of subordinate lenders. 

In order to be eligible the loan must meet the following criteria: the property must be the borrower’s principle residence, the loan is a first mortgage, the loan originated before January 1, 2009, the mortgage is delinquent or default is reasonably foreseeable, the current unpaid balance is equal to or less than $729,750 and the borrower’s total monthly mortgage payment exceeds 31% of their gross income. 

Servicers/ lenders must consider Home Affordable Mortgage Program (HAMP) eligible borrowers for HAFA within 30 days once the borrower does on of the following: does not qualify for a trial period plan, does not successfully complete a trial period plan, is delinquent on HAMP modification by missing at least two consecutive payments, or the borrower requests a short sale or deed-in-lieu. 

The servicer must proactively notify the borrower in writing of the availability of a short sale and deed-in-lieu.  The borrower then has 14 days to contact the servicer with interest in these options, after which the servicer has no further obligation to extend the HAFA offer.  After this, the servicer will issue a short sale agreement (SSA) and request approval of a short sale (RASS) documents to the borrower in one of two ways: by request of the borrower (or their listing agent) or proactively by servicer/ lender.  If the borrower is not already working with a listing agent, they must find one at this point in order to proceed forward.  Within 14 days of the SSA’s effective date the borrower must sign and return the SSA with their listing agreement and information on any existing subordinate liens.  Within three business days of receiving an offer to purchase, the RASS must be submitted to the servicer/ lender.  Within 10 days of the RASS receipt, the lender must accept or deny the short sale request (RASS).  If it is accepted the listing agent will initialize the approval process and the sale of the house will proceed to a closing.  If it is denied, the servicer/ lender must send notification detailing the reasons for denial to the borrower and the borrower should consult with their listing agent for other foreclosure avoidance options.

These new guidelines will help homeowners and Realtors alike better navigate the short sale process.  Wayne Turner is continually expanding his education in the field of short sales and foreclosures.  In fact, he is among only three Realtors in the New Orleans metropolitan area to obtain the prestigious Certified Distressed Property Expert (CDPE certification).  If you know someone who is facing a foreclosure, please urge them to contact our team today. 

To view the step-by-step HAFA process, click here.

Purchase a home in the next 30 days to get the tax credit closed before November 30th.  REO properties which means they are owned by the bank and yes it is a foreclosed home.  If you have an interest in these types of homes and would like to be added to the coming soon list of REO and Short Sale properties, shoot me an email.

Do you know someone behind in their mortgage?  They are not alone.  One out of every ten home owners are behind in their mortgage payments.  There is a better way.  Please give me a call if you or someone you know is behind in their mortgage payments and or facing a hardship.  There is a better way!

It's hard to know the bottom of the market.  Funny how when deals are hard to find the buyers are everywhere buying homes.  Now that it's a home buyers market it seems buyers are reluctant to make a home purchase.  This is when buyers should be buying homes. 

Weather you are looking for investment property or your just going to living in the home it's time to get a great buy.  That's when you make your money. . .When you buy!  One thing for sure is that rates are the lowest they have been in over 40 years. 

For a list of Bank Owned properties shoot me an email or give me a call.  1-985-674-1111I have access to every Foreclosure in Mandeville, Slidell, Covington and Madisonville.