I hear so many horible stories regarding Loan Modifications. A woman I talked with over the weekend paid 2500 and has heard nothing. Another family paid 4,000 just to hear that they don't qualify.
My feeling about paying for a loan modification is DON'T Pay for it. You can do a Loan Modification yourself. I will help you. You will need about 4 hours initially, and about 1/2 hour every week or 2 after that. I will guide you through the Paperwork, Loan Modification process, and any questions that you have I will be available to you.
Call me to find out nore. 916-663-6623
Monday, July 20, 2009
Thursday, May 28, 2009
Short Sales with HOA
WARNING - if you have a Homeowners Association (HOA) keep paying.
The Short Sale Lenders do not cover delinquent HOA. HOA is considered an extra ~ a "community fee". They will cover the transfer fees, the renewal fees or anything else as long as you are current. If you are not current, some lenders will not pay those fees either. It will rest on the shoulders of the homeowner or the buyer, and frankly most buyers will move on to the next house and the end result will be a foreclosure.
So here is a suggestion. Pay your HOA and not your Property Taxes. In April send 8 months worth of HOA to your lender and keep the rest, then in November pay the remaining 4 months if it didn't sell. I'm sure you are thinking I am crazy by telling you this information but it is a matter of wanting your short sale to be successful or not. If it comes down to HOA or property taxes - you know what my choice is.
Why is this you may ask, well Property Taxes are associated with your home and are mandatory payments by Government. HOA is considered an extra ~ a "community fee", and is not governed by the Government. So when your short sale gets submitted to the lender and if you have a good agent that knows what they are doing, they will get the short sale accepted and closed.
If you have any questions regarding Short Sales give us a call or send me an email. I'll be happy to help. 916-663-6623 or Lisa@ArdaRealty.com.
The Short Sale Lenders do not cover delinquent HOA. HOA is considered an extra ~ a "community fee". They will cover the transfer fees, the renewal fees or anything else as long as you are current. If you are not current, some lenders will not pay those fees either. It will rest on the shoulders of the homeowner or the buyer, and frankly most buyers will move on to the next house and the end result will be a foreclosure.
So here is a suggestion. Pay your HOA and not your Property Taxes. In April send 8 months worth of HOA to your lender and keep the rest, then in November pay the remaining 4 months if it didn't sell. I'm sure you are thinking I am crazy by telling you this information but it is a matter of wanting your short sale to be successful or not. If it comes down to HOA or property taxes - you know what my choice is.
Why is this you may ask, well Property Taxes are associated with your home and are mandatory payments by Government. HOA is considered an extra ~ a "community fee", and is not governed by the Government. So when your short sale gets submitted to the lender and if you have a good agent that knows what they are doing, they will get the short sale accepted and closed.
If you have any questions regarding Short Sales give us a call or send me an email. I'll be happy to help. 916-663-6623 or Lisa@ArdaRealty.com.
Monday, May 18, 2009
Is It Safe Yet???
You see many upbeat articles and news casts these days, but is it really true? Is it really safe? Should we all believe it?
This is strictly my opinion...
Hope Now reports a 20% increase in initial foreclosure filings during March. But there was a steep drop in bank repossessions. ~ By Les Christie, CNNMoney.com staff writer
This is strictly my opinion...
Hope Now reports a 20% increase in initial foreclosure filings during March. But there was a steep drop in bank repossessions. ~ By Les Christie, CNNMoney.com staff writer
- Government put a moratorium on all foreclosures until March of 2009. Of course there is a drop in bank repossessions and an increase in foreclosure filings.
- Placer County preforeclosure activity for April 2009 - 470 Filings (MLS Tax Records)
- Sacramento County preforeclosure activity for April 2009 - 1000 Filings (MLS Tax Records)
- Vacant homes in Sacramento 24,000
- Shadow Inventory in the Sacramento area - the amount of homes that the lenders are holding approx 16,300 +/-.
- So shortage of inventory, low prices, great interest rates = raising prices...what happens when all this "inventory" gets put on the market? What happens when more people loose their jobs and can't afford their homes?
Friday, April 24, 2009
Top 10 Cities where home prices could still fall
Cities Where Home Prices Could Fall More
With incomes falling and loans remaining hard to get, the best bargains are probably yet to come in some of the nation’s largest housing markets, predicts Forbes magazine.To figure out which housing markets still haven’t hit bottom, Forbes calculated the spending power, unemployment, credit availability and housing stock over the last 27 years in the country’s 50 largest metropolitan statistical areas. The projections determined how much each area’s home prices would have to change to bring that housing market into historical balance. Analysts said the employment rate is the great unknown. The more employment falls, the more likely home prices will follow. Here are the 10 cities where Forbes believes prices are likely to continue to fall the most:
Orlando
Miami
Jacksonville, Fla.
Tampa
Los Angeles
Phoenix
Las Vegas
Oakland, Calif.
San Diego
New YorkSource: Forbes, Matt Woolsey (04/17/2009)
Hmmmm, will Sacramento area be one? Are they right? Did you know that Sacramento has over 20,000 homes in the "Shadow Inventory" and did you know that there are still at least of 3 waves of foreclosures coming. What is the future of Sacramento? Do you know?
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