Wayne and I love to eat out and try new things, but one restaurant we keep finding ourselves back at isNew Orleans Hamburger and Seafood.  The menu is extensive, the food is delicious and service is fantastic!

I usually get the Asian Cajun Chicken Salad (a bit of a tongue twister when ordering, but it's worth the effort).  The Asian Sesame Ginger dressing gives the salad a wonderful flavor, but it's not overpowering, and the honey glazed pecans are such a treat.  My favorite item on the menu, and you cannot dine here without getting an order, are the garlic herb fries.  I am waiting for the day that this garlic herb sauce is bottled so I can cook with it at home - talk about heaven!

If you're not in the mood for a salad, the burgers and po-boys are truly what stand.  They are big, juicy, and I promise you will not leave hungry. 

To complete your dining experience, the restaurant offers gratis soft serve ice cream... a welcome treat to beat the southern Louisiana heat! 

Myth #1 – The Bank Does Not Want to Help Me and Would Rather Foreclose than to be Hassled with a Short Sale

This is probably the most common misconception about foreclosures.  The fact is that your bank truly does not want to foreclose on your property because process is expensive and takes a long time.  Through the HAFA (Home Affordable Foreclosure Alternatives Program) the banks, investors and the federal government have all expressed their willingness to consider a short sale deal if the person qualifies.  

Short Sale Qualifications Include:

1. Financial Hardship - This is a situation causing you difficulties in affording your mortgage.  A hardship can include, but is not limited to: job loss or an out of area transfer, divorce, illness affecting you or someone in your immediate family, being called to active duty in a military unit.

2. Monthly Income Shortfall – “More Month than Money”.  You must show you lender that you currently cannot, or soon will not be able to afford your mortgage.

3. Insolvency – You do not have significant liquid assets that could be used towards paying your mortgage down. 

Myth #2 – You Must Have Missed a Mortgage Payment to Qualify For a Short Sale

This may have been true in the past; however, lenders today want to see a verifiable hardship, current monthly cash flow shortfalls, or approaching shortfalls and insolvency. 

If you meet these three requirements and you think you will become unable to pay your mortgage before long, it is important for you to act immediately. Once the foreclosure stopwatch starts your options become more limited.

Myth #3 – I Do Not Have Enough Time Before My Foreclosure Date to Negotiate a Short Sale

This is probably the most damaging myth to the homeowner.  Foreclosure is a process, and you do have time to make key decisions that could produce a better ending for you and your family. 

The foreclosure can sometimes be stalled up to the day of the foreclosure if you take action.  Most all lenders will stall a foreclosure on a property if there is a legitimate executed sales agreement.  Some lenders will even stall a foreclosure by simply providing information showing you are earnestly trying to sell the property.  Hiring a real estate professional who is educated and experienced in the short sale and foreclosure process is key.

Myth #4 – Listing My Property as a Short Sale is Embarrassing

It is completely understandable to have reservations about letting people know that your home is worth more than you owe.  However, recent estimates show that one in eight homeowners in the United States are currently in the same situation as your family and over 70% never contact a real estate professional for help before losing their property to foreclosure. 

Locally, short sales are not publicly recorded through the Realtors multiple listing service, so many short sales occur with only the parties that are privy to the transaction ever knowing that the homeowner ever faced financial distress and hardship. 

Myth #5 – Short Sales Drag on Endlessly and Never Get Approved

In actuality, since the federal government passed HAFA guidelines, Turner Real Estate Group has been averaging a time frame of approximately 45 days from accepted contract to close.  We employ a full time licensed staff member who handles the closing process, so your transaction runs smoothly and does not miss a step.  

Myth #6 – Banks are Not Accepting Short Sales and are Waiting for Another Bailout

Today, the reality is that the US government and lenders are willing to do anything they can to avoid foreclosing on properties.  More banks are actively and aggressively pursuing short sales and they want to work with Realtors who understand them.  Freddie Mac recently stated their organizational goal of “eliminating distressed assets through modification or short sale”.  Furthermore, banks are working hard to improve the short sale process internally, making it easier for agents and homeowners to work with them and to navigate through the short sale process. 

Myth #7 – Buyers and Buyers-Agents are Avoiding Short Sale Properties

In today’s real estate market, “short sales” are synonymous with “good deals”.  Modern buyers are eager to get the best deal available to them today.  Short sales are increasingly being priced even better than foreclosures, and buyers are taking note.  Listing your property with a Realtor who is educated and experienced in the short sale process will increase your chances of successfully avoiding foreclosure. 

Myth #8 – Once the Lender Forecloses on My Property All My Troubles will be Over

The truth is that the state of Louisiana has a five (5) year redemption period. This gives the lender the right to attempt to collect from you the deficient amount owed on the foreclosed property for up to five years from the date of the foreclosure.  Through a short sale, Turner Real Estate Group has successfully negotiated with lenders to forgive, or waive their right of redemption, on any deficient amount owed on the property.  We can negotiate this for you too! 

Myth #9 - I Don't Have Enough Money to Pay Broker Commissions and Fees to Sell My House

Turner Real Estate Group does not charge the homeowner commissions or fees when we sell your home through a short sale with your mortgage holder.  All commissions and fees are paid by your lender. 

Short Sales are new to many people, including many Realtors, but our team of professionals has taken a proactive approach through our education and experience to help homeowners who may be facing foreclosure.  If you, or someone you know, can benefit from a meeting with us, we can be reached 24 hours a day, 7 days a week at… 985-626-1313.

Also visit www.LouisianaForeclosureRelief.com for more information on selling and buying short sales and foreclosures.

136 Golden Meadow - Covington Meadow Subdivision... $185,000/ 1,652 living area; 3 bdrm/ 2 baths; great location! Click here for more info.

101 St. George Circle - Covington Point Subdivision... $175,000/ 2,399 living area; 4 bdrm/ 2.5 baths; 2 car garage... Click here for more info.

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$239,900- 743 Ave Louis Quatroze- Versailles Subdivision, Covington, LA

$139,900- 3022 N. Palm, Palm Lake Subdivision, Slidell, LA

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136 Holly Dr.- Mandeville, LA

Exquisite New Orleans Style Acadian Located in Historic Lewisberg Estates... Recent Renovations Make Home Like New, Top of the Line Jenn Air Appliances, Gas Cook Top, Ice Maker, Sub-Zero Refrigerator, New Windows, Fresh Paint, Covered Parking + Two Car Attached Garage, Private Guest Quarters w/ Kitchen and Bath, Lush Gardens with Koi Fish Ponds,  Extravagant Outdoor Kitchen, Screened in Porch, Full Irrigation System, Community Boat Launch.

2451 Destin St. - Mandeville, LA

Price Reduced to $212,900

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18763 Clear Creek Ln.- Covington, LA

Price Reduced to $575,000

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39698 John Wild Rd.- Ponchatoula, LA

Price Reduced to $449,900

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17638 Avalon Terrace- Hammond, LA

Price Reduced to $118,500

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74408 Wilkinson St. - Covington, LA

Price Reduced to $119,900

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402 N. Border Dr. - Bogalusa, LA

Price Reduced to $59,900

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Wednesday 6-2-10 from 12:00-2:00 PM !!

829 Tete L'Ours Drive

Beau Chene Subdivision

Click photo to view more information about this property...

10 Stonewood - Crestwood Subdivision, Covington, LA... reduced to $251,900... View pictures HERE.

74408 Wilkinson - Covington, LA... reduced from $150,000 to $129,900!!  View pictures HERE.

70473 B St - Covington, LA...Now priced at $138,900. View pictures HERE.

2900 General Ogden - New Orleans, LA... reduced to $137,000! View pictures HERE.

Over 6 Stunning Acres! Private gated brick entrance leads to beautiful home featuring stately columns, formal dining room, plantation shutters, hardwood floors, recessed lighting, crown molding, 10' & 12' ceilings throughout. Grand gourmet kitchen with island & easy close custom cabinets. Exquisite master suite with 5' wide tiled shower, double vanities, whirlpool bathtub and massive closets. Covered back patio, 30x30 Ludwig Building.

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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.

Compared to February, March experienced a 277.42% increase in accepted contracts (234 in March compared to 62 in February) and a 50.43% increase in properties that sold (176 in March compared to 117 in February)!  These numbers are indicative that the market is continually growing stronger and I anticipate real estate sales in St. Tammany Parish to remain robust through the summer months. 

In addition to homes sold, our local MLS reports that as of March 31, there were a total of 2049 single family homes actively on the market in all price ranges in St. Tammany Parish.  While our MLS does not track short sales, it does show that only 109 of all active listings are either bank owned (foreclosures) or owned by a third party (this is typically a relocation company), which equals less than 1% of all homes on the market.  I perceive this as positive news because it means that individuals who are behind on their mortgage payments are finding help either by selling through a short sale, bringing their mortgage current, or by possibly renegotiating payments with their mortgage company. 

If you know someone who has experienced a hardship and could be facing a foreclosure, please urge them to contact our team.  Wayne Turner, a Certified Distressed Property Expert (CDPE) can successfully negotiate a short sale, a real alternative to foreclosure, which can have devastating negative affect to their credit rating, future employment, and security clearances.

For weekly updates on Mandeville real estate, Covington real estate, Madisonville real estate, Abita Springs real estate and Slidell real estate visit the “Home Values” section of our website. 

$139,900 - $98/ sq. ft.

This cozy home features 9 & 10 foot ceilings, spacious split floor plan, a master suite with cathedral ceilings, walk in closets & a garden tub. Screened in porch, neutral colors, huge open kitchen with loads of cabinets and double paned windows throughout.

   

Greater New Orleans International Dragon Boat Festival - April 17, 2010

The Greater Madisonville Area Chamber of Commerce is set to host the first annual “Greater New Orleans International Dragon Boat Festival” on April 17, 2010 scheduled to commence on the Tchefuncte River in Madisonville, Louisiana.  Dragon boat racing is a 2500 year old Chinese sport that is rapidly becoming more popular around the world.  Each boat consists of 20 members who paddle in unison in a long and narrow boat with a dragons head fashioned at the bow. 

Entry to viewing the event on Water Street in Madisonville is free.  If you are interested in entering a team to compete… visit GWNDRAGONBOAT.COM. 

For more information about the event visit the Greater Madisonville Chamber of Commerce.

$282,900 - $91 per square foot!!

4 bdrm/ 2.5 bath home located in Covington's prestigious Versailles Subdivision.  Grand foyer entrance, formal living room, formal dining room, huge den/ family room plus bonus playroom.  Open eat-in kitchen, stainless steel appliances, maple countertops and tile floors.  Large master suite located on the lower level with vaulted ceilings, huge walk in closet, garden tub, separate shower and double vanities.

Visit our listings page for more details!

Wayne Turner Earns Prestigious Designation to Help Homeowners in Danger of Foreclosure

Mandeville, LA. 03-29-10  - Wayne Turner, Broker and Certified Residential Specialist of Keller Williams Realty Services in Mandeville has earned the prestigious Certified Distressed Property Expert^® (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales.  At a time when millions of homeowners are struggling with the possibility of foreclosure, the skills and education accumulated by Turner over his 14 years as a Realtor continue to be a huge benefit to St. Tammany area residents and communities.

Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. This process can save many people from foreclosure and even bankruptcy. If a bank forecloses on a property they place the home on the market for sale.  After the home sells, the banks have the right to redeem the difference between what was owed on the home and the actual sales price. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.

“The CDPE Education has been invaluable as I work with homeowners and lenders on complicated short sales,” said Turner. “It is so rewarding to be able to help families save their homes from foreclosure.”

Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that agents such as Wayne Turner with the CDPE Designation have valuable perspective on the market, and training in short sales.  Turner offers homeowners real alternatives to foreclosure, which can be devastating to credit ratings, future employment and security clearances.

“Turner better understands market conditions than the average agent, and can help home owners through the complications of foreclosure avoidance,” he said.

The Distressed Property Institute trains real estate professionals on how to help homeowners in distress, with a particular emphasis on handling short sales.

“Our goal is to help as many homeowners as possible, by educating as many real estate professionals as possible,” Charfen said. “Wayne Turner has demonstrated a commitment to home owner’s challenges in this market, and will provide much-needed assistance in stabilizing the community.”

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