Archive for the 'Foreclosures' Category
Short Sales – What Kind Of Affect Will It Have On Me Now And In The Future
November 23rd, 2011 categories: Foreclosures, Short Sales
If you are living in an area that has many "Short Sale" home sales occurring (and foreclosures) this is certainly affecting the value of your Real Estate. When there is a "Short Sale" the lien holders allow the owners to sell their home for less than what is owed and in many cases for less than current market value. As you can imagine this lowers the market value. During this process the market value will be driven lower. This will continue until the Foreclosure Sales and Short Sales taper off. If you own a home and have made a decision to go through with a "Short Sale" there are some important things you need to know. What is my future debt responsibility? What are my tax implications? How will this affect my credit now and in the future? These are all questions that can be answered by me or I will direct you on. Another issue is the credit that is affected during a "Short Sale". If a "Short Sale" is negotiated but a delinquency is reported, the credit would be affected approximately 50-140 points. The score will also depend on the amount of late or non-payments made before the close of escrow. When a home is foreclosed...| Discussion: Your Comments Please »
After a Foreclosure How Long Do I Have to Wait to Purchase Again?
November 22nd, 2011 categories: Foreclosures, Short Sales
After a foreclosure in Bryan/College Station, Tx how long do you have to wait before you buy another home using Fannie Mae's money? Wait.... did you ever borrow money from Fannie Mae in the beginning? Who is this Fannie Mae? After a foreclosure Fannie Mae is telling us that you will normally have to wait 7 years before you can purchase another home using money from Fannie Mae. (See chart) Of course if there are extenuating circumstances (who knows what those could be) you could possibly get another loan in 3 years with additional requirements. With a Short Sale the wait is substantially shorter! Fannie Mae is a private institution that is federally backed. (seems kind of screwed up doesn't it!) They are the LARGEST originator of home loans in the country so you really don't want to rule them out as potential lenders. If you have questions about which is better for you - Short Sale or Foreclosure or if you are behind in your house payments or just need to sell - CALL ME! 97-764-2100 Short Sale or Foreclosure in Bryan College Station Does it Really Matter? Short Sale or Foreclosure in Bryan College Station Part 2 Certified Distressed Property Expert in Bryan College Station Texas Do...| Discussion: Your Comments Please »
Short Sale or Foreclosure in Bryan College Station Tx Does It Really Matter to Me Part 2
November 22nd, 2011 categories: Foreclosures, Short Sales
In the previous post Short Sale or Foreclosure in Bryan College Station - Does It Really Matter Part 1 short sales and foreclosures were defined and many future issues were discussed. Part 2 is a continuation of that post. What else needs to be considered when deciding whether to let a house go back to the bank through foreclosure or if a short sale is the best option. Future Employment - Credit checks are often done by employers. Remember the foreclosure will show up on the credit report while a short sale will not! Deficiency Judgment - This is almost always a surprise to owners whose home is foreclosed. Yes, the bank has the right to go after you for the difference between what they are owed and what they get when the sell it after expenses. And, yes this can be a lot of money!!! In a short sale this issue is usually resolved PRIOR to the sale so you don't have a surprise debt later on. One last issue that should be investigated with an attorney and/or tax accountant prior to the foreclosure or short sale is the "phantom tax." The phantom tax being referenced is the forgiveness of debt...| Discussion: Your Comments Please »
Bryan College Station Foreclosure Specialist Helping Homeowners Avoid Foreclosures CDPE
November 18th, 2011 categories: Foreclosures
SUSAN HILTON Earns Real Estate, Short Sale Designation to Help Homeowners in Danger of Foreclosure College Station, Tx – November 16, 2011 – SUSAN HILTON of CENTURY 21 BEAL, Inc. of College Station, Tx 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 amassed by HILTON will help benefit Bryan and College Station -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. With plummeting property values, this can save many people from foreclosure and even bankruptcy. 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 designation has been invaluable as I work with homeowners and lenders on complicated...| Discussion: Your Comments Please »
Short Sale or Foreclosure in Bryan College Station Does It Really Matter?
November 18th, 2011 categories: Foreclosures
Short Sale vs. Foreclosure Which is Better for the Homeowner? So if you know someone who is behind on their home mortgage loan in the Bryan College Station area and you want to give them advice on which is better - a Short Sale or a Foreclosure. Hate to say it but there is a HUGE difference long term. Over the next few posts we will compare the two and see how much a difference they really make. First, lets talk about the definitions of Short Sale and Foreclosure. A Short Sale is when a homeowner sells the house but the bank does not get enough money from the sale to pay off the outstanding loan. When a property is foreclosed the bank takes the property back at the Court House Sale due to a breach of the agreement to pay. There are many many issues to consider - Future home purchases - With a foreclosure you are not eligible for a Fannie Mae backed mortgage (which is a HUGE portion of the housing loans) for up to 7 years. (efanniemae.com) With a short sale, you are eligible in about 2 years. Future investor purchases - With a foreclosure the investor is not eligible for...| Discussion: Your Comments Please »
Certified Distressed Property Expert in Bryan College Station Texas
November 18th, 2011 categories: Foreclosures
Susan Hilton - CDPE Certificate YEA I did it! I completed the Certified Distressed Property Expert course so Century 21 Beal, Inc. can do an even better job helping the homeowners of Bryan College Station, Texas not have to go through the process of a Foreclosure and having a Foreclosure haunt them for life. Even though I have been working with sellers avoid foreclosures for decades I had never taken the time to "get the certificate". Now it is OFFICIAL! More about Foreclosures in Bryan & College Station Texas Don't Let Them Foreclose! We Buy HOMES but Lose Houses Behind on Your House Payment in Bryan College Station| Discussion: Your Comments Please »
