In my experience working with buyers and buyer agents they tend to not understand the process of buying foreclosures and get stubborn and in the end they loose. In the end its all about your attitude and what you bring to the table when negotiating  with Asset Managers and foreclosure properties. 

If you get your offer in first, continue to negotiate, and keep your emotions in balance then you will be successful. If not then ” If you Dont Succeed Try and Try Again”

     La reciente sacudida económica ha sido responsable por un sinnúmero de victimas.  Mirando hacia el 2012 es imposible saber lo que nos espera. Tampoco podemos predicar el impacto en las finanzas de su familia que pueda traer una ascendencia o otra descendencia económica a nivel nacional.

     Aparte de lo que suceda en Washington o en Wall Street hay dos cosas que son bien claras: usted no es el único que se encuentra en esta situación y el tiempo para prepararse y normalizar sus finanzas es ahora.

     Por la epidemia nacional de desempleo y con 25% de dueños de casa debiendo mas en su propiedad de lo que vale; ser dueño de casa se ha convertido en un riesgo económico para muchos. La inhabilidad de hacer pagos de una casa, que tampoco se puede vender, es como tener una cuerda al cuello. Pero la realidad es que hay soluciones-solo que una de ellas, no debe ser, que usted permita que el banco reposee su casa.

     Una modificación de su préstamo es la opción de algunos; pero ahora los bancos están mas dispuestos a negociar un venta corta (short sale). En muchos casos están ofreciendo incentivos financieros, para ayudar a dueños de casa que se encuentran atados financieramente, y puedan tener un nuevo comienzo al quitarse la deuda de su hipoteca.

     Como profesional en bienes raíces, quien ha adquirido la designación de CDPE, es mi misión ayudar a todo dueño de casa obtener el  don de un nuevo comienzo. Envíeme un correo electrónico o llame por teléfono para a hacer contacto conmigo hoy; debemos empezar lo antes posible.

Carlos (Charlie) Martínez

Real Estate Broker-CDPE

email: cmartinezkwbroker@gmail.com / tel. 847-901-3141 / website: www.helpmesellnow.info

A Banker is a fellow who lends you his umbrella  when the sun is shining but wants it back when it begings to rain

Its kind of scary the banks are actually thinking logically here with a program that might actually help the housing market. As a realtor involved in the distressed market I have been consistent with my feelings that the only way to solve the houseing crisis is too look at the whole picture.

I support this concept of Principal reduction as I feel it is a WIN WIN WIN situation for all homeowners whether you are in distress or not.  If principal reduction is done properly then the housing crisis will begin to correct itself.

First Principal reductions should not be automatic. It should be based on current market values. Anyone could be eligible to refinance their home at the current market value with one stipulation. The amount reduced is not forgiven but just a forebearance until the property is sold. So inother words homeowners will become equity partners with the bank on the forebearance amount of the new loan and will share in the future benefits when sold. This is a paper transaction so banks show no loss on their books and preserve their capital requirements, continue to get stream of payments on the new loan, and can start lending on new loans. Win for Banks.

For the homeowner it is also a win. Those who are struggling will now be able to afford a new mortgage since it is based on Principal reduction, lower interest rates, and longer terms thus keeping mortgage payments affordable. This is what is needed to keep people in their homes. Win for Struggling homeowners.

Finally those homeowners not struggling will also benefit by this because as more homeowners struggling are able to refinance and keep their homes less homes will be foreclosed and home values will begin to stabalize. This is a Win for homeowners in general.

I wish Fannie Mae and Freddie Mac would embrace this Principal Reduction Plan and see it as a way to stabalize the housing market.

Well I do because I just completed my own Short Sale and am happy to share those thoughts.

It feels like all the weight I have been carrying has finally been lifted.

The constant burden one feels waiting, anticipating, felling helpless during the Short Sale process has been totally lifted off my shoulders. I can stand straight and tall now that the Short Sale has closed.

Texana Hollis was evicted Monday and her belongings were placed outside the home. Her son, Warren Hollis, said he didn’t pay the bill for several years and disregarded eviction notices.

“I kept it from her because I didn’t want to worry her,” Warren Hollis told WXYZ-TV for a report that aired Monday night. “I was just so sure it wasn’t going to happen.”

Wayne County Chief Deputy Treasurer David Szymanski told The Associated Press on Tuesday that the Hollises took out an adjustable-rate mortgage in 2002. A default and foreclosure notice was filed in November.

“They ended up owing $80,000 on the home,” Szymanski said. “Warren indicates he did not make the payments. He got the notices, but threw them away.”

Eligibility to the program is expected to help up to 15,000 families who have been rejected by other assistance programs.

Illinois residents whose income has fallen  at least 25% or are currently unemployed can seek up to $25,000 in mortgage help.

The purpose of the program is to give temporary relief to homeowners who have fallen behind in their mortgage payments. 

Program Highlights:

• For Illinois residents whose incomes have fallen 25% or are temporarily unemployed.
• Provides up to a maximum of $25,000 to bring delinquent loans current and keep them current for up to 18 months.
• This loan is for 10 years and may be forgiven if homeowner meets all program criteria.
• Homeowner must participate in making payments of 31% of income toward their mortgage.
• If unemployed the program will pay 100% of the mortgage until homeowner gets a job.

For more details on this program please contact your local Illinois Housing Development (HUD or CEDA) offices. The program is a FREE PROGRAM. http://www.ihda.org/

Many people do not understand that Fannie Mae has a program that is called “First Look” that allows “First Time Home Buyers” the option to make offers on their homes over “Investors” offers.

“First Look” is a way Fannie Mae encourage more homeownership and let’s be frank a real estate market driven by homeownership vs investor driven market is a healthier real estate market.

So for the first 15 days a Fannie Mae Property is on the market it can only receive offers from buyers who want to occupy the home. Investors are not permitted to make offers during this 15 day “First Look” period.

So if you are a first time home buyer then I would consider buying a Fannie Mae owned property.

When your income falls short to cover your debts and expenses, it means bankruptcy and foreclosure are not far away and you should take immediate steps to get your finances back on track. However, by preparing an effective budget and working with your mortgage lender for a convenient and affordable repayment plan, you may be able to pay back your debts and can manage to stay in your home. Read on to know how debt consolidation can be a possible solution to your worries and foreclosure issues.

 Debt Consolidation

If you are a homeowner, who is struggling with unmanageable debt obligations, consolidation may be your greatest tool to keep bankruptcy and foreclosure at bay. By consolidating your existing debts and replacing them with a home equity loan, you can simplify your repayment procedure. You can use the equity in your home to pay down the high-interest debts at low second mortgage interest rates. This savings on interest often provides more breathing room in your monthly budget, allow you to pay down your debts and most importantly help you to stay current on your mortgage. However, stay alert and keep in mind that a default on a second mortgage loan can result in foreclosure, as your home serves as collateral for the second mortgage.

  Foreclosure Solutions

As soon as you realize that you can’t make your mortgage payments, contact your lenders and confide you current financial impediment in them. Mortgage lenders can certainly help you to pay back your missed payments or to modify your current mortgage terms. Lenders have several tools at their disposal to make your monthly payments more affordable. For expert guidance, you can seek help from the U.S. Department of Housing and Urban Development, or HUD, which offers free or low-cost mortgage counseling in every U.S. state. HUD-approved counselors can assist you to explore your viable debt relief options, as well as teach you to cut back unnecessary expenses. 

 Bankruptcy

If you have no other way but filing bankruptcy, it could also resolve your debt and foreclosure issues to some extent. Under the Chapter 13 bankruptcy, you can reorganize your debts and can repay them over the course of three to five years.  Once you file a petition for Chapter 13 bankruptcy, the bankruptcy court put a halt to foreclosure proceedings and allows you to stay in your home. However, if you can not catch up the past-due mortgage payments over the stipulated period of time, you may lose your home.

Warning

Last but not the least, if you are looking for a third party to negotiate your debts or mortgage, make sure they are reputable and reliable concerns and not shady companies, blowing their own trumpets. According to the Federal Trade Commission, the companies which claim to be nonprofit, yet charge steep up-front fees, and may even require you to stop making monthly payments on your loans and credit card accounts, should be strictly avoided. Make sure you check the reputation and reliability of the third-party debt negotiation companies with the Better Business Bureau, your state’s Attorney General and your local consumer protection agency, before making the final deal.

Regina King is a financial writer and currently associated with Oak View Law Group. She has been consistently providing people with unique advice on investment,budgeting and debt settlement since 2007. You can reach me at: regina.king85(at)gmail(dot)com.