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Garner, NC Home For Sale - Move In Ready - Great Yard! | Garner | eBay Classifieds (Kijiji) | 3807683
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In yet another major move by Fannie Mae, the company has announced that it will cover the closing costs on purchases of its repossessed properties. Basically this means that buyers will receive 3.5% of the final sales price. This money can be used towards closing costs, or for new appliances. (Yes, that Ferrari in my driveway is an appliance!)
Closing on the house must be completed by May 1, 2010. Another incentive they are offering is only requiring 3% down on house purchases through HomePath Mortgage.
Fannie Mae has finally wised up to the fact that the best way to help the market recover is to get those foreclosed properties off the market. They’re hoping that many buyers taking advantage of the federal tax credit, for this additional help may move some of those properties.
This may or may not have something to do with Fannie’s recently released date (though not news to us) that the rate of delinquent loans has escalated. Meaning we’re going to see a flood of new foreclosures. Which means Fannie knows the value of its inventory is going to be worth less than Obama’s Nobel prize soon. So their philosophy is “get ‘em moving now.”
We’ll see how this drama plays out… But we’ve seen it coming since the middle of last year. The key is to keep the properties moving and not let this shadow inventory of foreclosures turn into a nightmare. We’ll keep doing our part, helping honest, decent folks find their way out of debt and into new homes.
Especially in today's economy, thousands of people are struggling to pay the bills. This, unfortunately, includes dealing with the threat of foreclosure on their homes. It is possible; however, to avoid foreclosure. Follow these few guidelines to avoid having your home taken away from you.
The very first thing you should do, when you run into trouble, is call your mortgage company. You will need to, specifically, talk to someone in their Loss Mitigation department. Explain your personal and financial situation to them. Plan to divulge information you may not want to share, and be ready to give them proof.
Mortgage companies are prepared to deal with many different financial hardship situations. Depending on your specific situation there are several different options that the mortgage company can take with you. One of the most common is known as forbearance. This action allows you to repay missed payments.
However, there are many other options available. Dependent upon your history and particular situation mortgage companies will allow you to do anything from take out another loan to adding the existing past due amount onto your existing loan. In certain situations you may find they are even willing to waive a missed payment. Remember, you do not get to pick. This is all based off of predetermined criteria.
As crazy as this may sound, some people up and leave a home that they are in fear of losing. This is one of the worst things you can do. Unless you are forced out of your home, do not leave. Your physical presence, in your house, just might save your home. It is much easier to qualify for assistance when you actually live at the property in question. Assistance is offered by different counseling agencies; look into the ones around you.
In many cases people have already receive a Notice of Default. This is bad, very bad. What this means is there really is not too much help for you. One of the best options, at this point, is to sell your home. After all, you do not have many options. Either you lose the house and ruin your credit, or sell it and have a chance to start over again.
There are a couple other options, at this point, but they will you're your credit almost as bad as the foreclosure would. Just keep in mind that you have options. Acting before things get out of hand is your best option and will be the one that works for you. Do not let things get to the point that there is no return. If you want to avoid foreclosure, work with your mortgage company immediately.
Learn how to avoid foreclosure by using short sales. Head online today and you can learn how a short sale will help you out.
It seems that although the Government has put a law in place to help Americans keep their home by filing for a loan modification they left one of the most important factors out of the equation, THE LOAN PRINCIPLE! In a loan modification the banks are only looking at adjusting your monthly payments. They are not forgiving any of the principle balance regardless of how much your property value has decreased. In most cases the banks are adding on fees to the principle amount. This is why some borrowers have decided to dismiss the hectic loan modification process and take matters into their own hands.
The "Strategic Default" is a term I came across from an article I was reading on the foreclosure crisis. Apparently some homeowners have decided that it is better to walk away from their homes from a financial viewpoint. The example they gave in this article was amazing and I must admit, that in some cases walking away does make financial sense but what about moral sense?
Let us say you bought a home in 2005 when home prices were moderately high. Now that same home has gone down in value by 40% but your principle balance does not reflect that. Do you still have the obligation to the bank to pay what you originally agreed to pay? The borrowers that walk away say, "no." Their opinion is the real estate market was inflated with dishonest values making their loan principle invalid. Do you agree?
The borrowers that choose to walk away assume some very negative consequences. In most cases their credit profile will show a foreclosure and their scores tank. They are subject to being sued and having judgments against them. They are in most cases forced to become renters. Now their bad credit scores are under scrutiny and evaluated before they can get utilities, insurance and a host of other services. Will walking away really be worth it in the end?
****You May Contact the Specialists for more options concerning your current situation****
Why is now a good time to buy a home? One reason would be that current market conditions are ideal for home buyers. Another reason would be the $8,000 tax credit to first time home buyers.
This is just a quick informational post. If you are thinking about purchasing your first home, you should make sure to find out if you are eligible for this $8,000 tax credit.
If you don't want to read all the dry details on the official site, here's the quick version. To get the credit, there are some income limits, $75,000 annually for a single individual, or $150,000 for couples filing a joint tax return. Even if your income exceeds these numbers, you can still get a partial tax credit adjusted by how far your annual income exceeds these numbers.
The house must be purchased between January 2009 and the end of December 2009. Properties are supposed to be in new or like new condition. There is a lot of lee way for this criteria, so a property needing a few repairs shouldn't prevent you from getting the property and claiming the tax credit.
If you do have any questions or need more information about this program, you can read about it on the official tax credit website here. You can also contact someone from Raleigh Real Estate Group. Good hunting!
This post is primarily for buyers. A lot of potential buyers in today's market are enticed by the low prices of properties but are unsure of whether to buy a house because of the turbulent economy.
I hope that this blog isn't the first time you've heard of the Making Homes Affordable program, but if not, let me give you a quick run down of what this program is and how it can help you.
The Making Homes Affordable program was introduced by President Obama and commits funds to help homeowners refinance their homes and reduce their monthly payments.
This isn't a small scale program. It is projected to help as many as 3-5 million homeowners. If your monthly house payments are beginning to strain your budget, then now is a good time to see if this program can relive some of that financial stress.
Check out the eligibility page of the Making Homes Affordable program's website. If you aren't eligible for this program, don't worry! There are still refinancing options available to you. You can start this process by calling your lender and inquiring about refinancing options available through individual lenders.
For more information, visit our website, Raleigh Real Estate Group. You can sign up for our 27 day course, delivered via e-mail, plus other goodies like a free eBook. To speak with a real person about options like refinancing, loan modifications, and other foreclosure prevention tools, contact us at (919) 772-1222.
The first thing to do is don't panic. In today's economy everyone is struggling. It's OK to miss a payment.
The second thing to do is evaluate whether this was a one-time hiccup or if you're struggling every month to make that payment. Even if it missing the payment was a one time deal, there are still steps you can take and options open to you to better prepare yourself should you run into harder times.
Make sure to talk to your lender. They hate foreclosures almost as much as homeowners. In today's economy, homeowners have tremendous more leverage over lenders than in the past. Talk with your lender about options to reduce your rate.
Sometimes lender will be difficult. Taking that first step can be difficult. However, at Raleigh Real Estate Group, we have a team of professionals trained in how to deal with lenders and get results. Give us a call at (919) 772-1222, and we can talk with you about some options to help.
The most important thing to do in this situation is to act. It's always better to be prepared now for a situation they may never happen than to wait around while the situation deteriorates. If you want more information about how to stop the foreclosure process, check out our website, where you can get a free eBook and other information about foreclosures.
Welcome to the Official blog of the Raleigh Real Estate Group. From time to time the members of Raleigh Real Estate Group will post here. Topics include information about avoiding foreclosure, dealing with preforeclosure, selling your home, as well as new properties that we are selling.
So whether you are interested in buying a home, selling your home, or just curious about the day-to-day workings of the Raleigh real estate market, then you are in the perfect spot. Stick around for more articles, properties, and exciting information to come!