Big Discounts on Foreclosures Fading, Economist Says | Realtor Magazine

Big Discounts on Foreclosures Fading, Economist Says | Realtor Magazine

Where Not to Buy a Foreclosure in 2013

Read the whole story....basic data is correct, but you have to look at the bigger picture if you are looking at investing in real estate. After reviewing the chart and scratching your head about it, read the entire article which explains it best. Some of the hottest rental markets are on this list. Always be weary of information that provides only one side or one specific stat when you are thinking about investing. You could miss out!

Where Not to Buy a Foreclosure in 2013

Short Sale....Why? Why Not?

To short sale or to let your home go into foreclosure....that is the question.

I am not sure why anyone would just let their home go to foreclosure. This should be the last resort after all other avenues have been exhausted. I know that the whole idea of it is stressful and you just want to move on and start again. The problem is that its not really starting again, its more like waiting and just living for many years until you can actually start over again.

Foreclosure does not just affect you and your family. It affects your neighborhoods, the community you live in, county budgets, and all the area property values. It can bring theft and vandalism to a neighborhood that does not normally have this issue, it can bring hardship to your friends that live on your street trying to sell their own houses to better themselves. Financial strain is probably one of the worst stresses that one can face, but you can't give up!

If you have already tried to modify your mortgage and have been unsuccessful, or you have gone thru bankruptcy and you just want to get out of the burden of owning a property, maybe you modified and still are having difficulty with the loan commitment....then SHORT SALE!

The next best thing to a normal sale is a short sale. Does it affect your credit....yes but experts say only by 50 points or so vs foreclosure causing 200 points or more decline in your FICO. Does it affect your ability to get another loan...yes, but again the time frame to which you can qualify for a home significantly decreases with a short sale vs a foreclosure. Not to mention your qualifying interest rates on other purchases.

"But what if I just never want to buy a home again. I don't want to get in the same position." Do not be driven by fear. All home purchases are investments. Treat them as such. A home is an asset that can be leveraged. Just don't buy over your means. Put more money down, pay an extra mortgage here and there when you can. Rent it. It can ultimately be your retirement nest egg if you don't invest in the stock markets or if you want to supplement your benefits. Do not put all your eggs in one basket and your home can just be another basket.

The most important thing when you short sale your home is getting an experienced agent that will do the work for you and is qualified to speak with the banks, negotiate, and has knowledge of the process to help expedite. You don't go to court without the best Attorney you can get, or go to a family doctor to treat a high risk disease. You go to a specialist that you trust to handle it so you don't have to.

The best end result of a short sale? Your agent is able to find a buyer, work with the banks, negotiate the sale, and sell your property. You may even qualify to receive a check at closing just because you decided to short sale which you would have never received if you foreclosed. Consider it a little payment to you for your hardship. Not to mention, you can stay in your home during that time, hoarding your money that you would have otherwise paid to your mortgage. Selling your home does not cost you a penny since your Agent was able to get all the closing costs paid for by your bank! All you had to do is provide the required documents that were asked of you and sign the contract...DONE!

Not only are you happier in the end, with your check in hand, credit still acceptable, but your community is all the better as well. The HOA and/or property taxes have been paid, the home was not left vacant, and there is no foreclosure on the record for this neighborhood. The bank did not have to spend thousands and thousands of dollars to attorneys and employees to process a foreclosure. WIN, WIN, WIN.

This is truly the best case scenario. Should you or someone you know be in a situation where a short sale is a viable option, please contact me so we can discuss your options.

Realty Times - Foreclosures Selling Near, At Traditional Listing Prices

 Truth. Everyone of my REO properties are listed at fair market value.  Asset managers are willing to wait out the 4-6 month market time in order to find that buyer willing to pay market value and occupy REO homes that are in average marketable condition. Utilities are on, pools are being maintained, and repairs are being made.

Realty Times - Foreclosures Selling Near, At Traditional Listing Prices

Great new listing in Uptown Dallas...

(29) 3111 Welborn Street Unit 1308

BofA to Eliminate Some Second Lien Mortgages | Realtor Magazine

 Great News! If you are not sure if you are eligible, contact your 2nd lienholder if it is BoA.

BofA to Eliminate Some Second Lien Mortgages | Realtor Magazine

Banks using short sales to meet robo-signing obligations | Inman News

 Is your mortgage with any of these banks:  Bank of America, Citi, JPMorgan Chase, Wells Fargo and Ally Financial...Considering a short sale? Now is the time. these banks are being required to give relief due to settlement and you can still qualify for the Tax Mortgage relief Act thru DEC.

Banks using short sales to meet robo-signing obligations | Inman News

Realty Times - Sort Sale Market Could Get Sidetracked Unless Congress Acts

 If you have been considering a short sale, here is some information as to why you need to do it now and not later!

Realty Times - Sort Sale Market Could Get Sidetracked Unless Congress Acts

Home Prices Show Strongest Gain in 6 Years!

DSNews - Default Servicing In Print and Online

LPS: Home Prices Increased, but We've Been Down This Road Before

LPS: Home Prices Increased, but We've Been Down This Road Before

California Home Prices Going Up, Inventory Down, C.A.R. Reports

What happens in CA usually trickles across the country. Good news!

California Home Prices Going Up, Inventory Down, C.A.R. Reports

Short Sale Update!

On Friday, March 9, the Obama Administration announced updates to the Home Affordable Foreclosure Alternative (HAFA) program. Created in 2009, HAFA is a government-sponsored initiative assisting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure through short sales and deed-in-lieus.

The HAFA updates will go into effect on June 1, 2012, and will allow more distressed homeowners to seek assistance. Most importantly, the deadline for submitting for HAFA eligibility will be extended a full year, from December 31, 2012, to December 31, 2013.

Other major changes include:

• The removal of occupancy requirements. Previously, HAFA required homeowners to have lived in the property within the last 12 months.
• $3,000 relocation incentives will be limited to properties occupied by an owner or tenant at the time of the short sale.
• Mortgage payments will be allowed to exceed 31% of the homeowner's gross monthly income. This update will allow a homeowner to stay current on her mortgage and still qualify, minimizing the overall impact to her credit.
• Secondary lienholders may receive up to a maximum of $8,500, up from $6,000 previously.
• And one of the most dramatic changes: The Credit Bureau Reporting will be Account Status Code 13 (paid or closed account/zero balance) or 65 (account paid in full/a foreclosure was started), as applicable.

With these updates, a homeowner can be current on their mortgage, qualify for HAFA, continue to make their payments, and execute a short sale with minimum impact on their credit! 

According to:  CDPE Newsletter: April Issue

When Excluding Distressed Sales, Home Prices Continue to Rise

 This article gives you some great market value facts. Interesting to see how SS/REO properties affect markets.

When Excluding Distressed Sales, Home Prices Continue to Rise

What You Need to Know about Cancellation of Mortgage Debt | RISMedia

 Good information about debt forgiveness...

What You Need to Know about Cancellation of Mortgage Debt | RISMedia

Short Sales Get Shorter: New Deadlines to go into Effect | Realtor Magazine

Good News!

Short Sales Get Shorter: New Deadlines to go into Effect | Realtor Magazine

Short Sales: Answers for First-Time Buyers | Trulia Pro

Short Sales: Answers for First-Time Buyers | Trulia Pro

Short Sales Rise, More Banks View it as a Better Option | Realtor Magazine

Did you know that I specialize in Short Sales? Did you know that I know how the foreclosure process works on both ends? Not sure what to do and not getting answers from your lender? Contact me for a free consultation. I can help.

www.CollinCountyTxHomes.com


Short Sales Rise, More Banks View it as a Better Option | Realtor Magazine

Dallas TX Homes and Real Estate - Rogers Healy and Associates

Check out my new website for all your property searches!

Dallas TX Homes and Real Estate - Rogers Healy and Associates

Realty Times - Should I Accept This Offer?

Realty Times - Should I Accept This Offer?

Nearly 1 in 4 Households Use Over 1/2 of Income for Housing Costs

Encourage your friends and family in these hard hit areas to move to TX!

Nearly 1 in 4 Households Use Over 1/2 of Income for Housing Costs