Elk Grove Real Estate - Sacramento Real Estate - Short Sales - Distressed Property Solutions, Stacey Wilson Realtor CRS

Release: FHA Launches Short-Refi Opportunity for Underwater Homeowners – September 7, 2010

Stacey — Sat, 04 Sep 2010 20:04:22 +0000

In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth.

Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.

Read the full HUD press release here. For more information on the FHA Short Refinance option, read FHA’s mortgagee letter.

Strategic Default?

Stacey — Tue, 10 Aug 2010 07:30:13 +0000

Foreclosure activity increases nationwide

Stacey — Thu, 05 Aug 2010 05:58:55 +0000

A new report shows 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity. The report by RealtyTrac® also showed nine of the 10 metro areas with the highest foreclosure rates experienced declines. Four states—Florida, California, Nevada, and Arizona—accounted for the top 20 metro foreclosure rates. Florida led the way, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two, and Arizona with one.

With 4.59 percent of its housing units (one in 22) receiving a foreclosure filing, Modesto, Calif., posted the nation’s third highest metro foreclosure rate. Other California cities in the top 10 were Merced at No. 4 (4.47 percent of housing units); Riverside-San Bernardino-Ontario at No. 5 (4.37 percent); Stockton at No. 6 (4.37 percent); and Vallejo-Fairfield at No. 9 (3.91 percent).

Source: August 4, 2010, C.A.R. Newsline. Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Bank Loss Mitigation – Training Video

Stacey — Tue, 27 Jul 2010 17:30:31 +0000

HAMP Redefault Rate Less Than 2% After Six Months

Stacey — Wed, 21 Jul 2010 14:53:35 +0000

New data from the Treasury shows that the redefault rate for the Home Affordable Modification Program (HAMP) is far lower than many critics have projected and well below typical industry averages.

According to the July report, the re-default rate (90 or more days past due) for homeowners in permanent modifications for at least six months is 1.7 percent. The latest figures from the OCC put the redefault rate of mortgages modified by the nation’s 11 largest servicers – incorporating proprietary mod programs – at 57 percent.

Stacey — Sat, 17 Jul 2010 18:44:11 +0000

Call me today at 888.801.2030 for assistance with your situation!

Tiny house transforms man’s life

Stacey — Sat, 17 Jul 2010 18:27:16 +0000

Second Act: Living Small. Jay Shafer went from 4,000 square feet house, to just 89 square feet. See his liberating story and how this experience has turned into a business for him.

The 10 Biggest Mistakes Sellers Make

Stacey — Fri, 09 Jul 2010 20:24:25 +0000

You’ll sell your house faster — and for more money — if you avoid these common pitfalls.

You Will Need

A thorough housecleaning

An open mind

Home improvements

Step 1: Declutter your home

Get rid of as much clutter as possible. Stuffed closets, extraneous furniture, exercise equipment in living quarters, crowded countertops, overflowing cabinets, and endless knickknacks make homes seem smaller than they are. Consider putting some things in storage.

Step 2: Hide your pets

Hide all evidence that you own animals. Just because your potential buyer loves his own pets doesn’t mean he wants a house that reeks of yours. Get rid of pet stains and odors (pay a professional if you have to) and send the four-legged family members to a neighbor’s house when you show your home.

Step 3: Be scarce during showings

And, while you’re at it, make yourself scarce during home showings. You know how you feel about those annoying salespeople who follow you around the store, making you uncomfortable? That’s how potential home buyers will feel about you.

Step 4: Don’t ignore the first offer

Think carefully before you reject the first offer on your home; studies show it is usually the highest bid you get. And the longer you hold out for a better offer, the lower your chances are of getting it, because people start to think that something must be wrong with a house that’s been on the market for so long.

Step 5: Always negotiate

Don’t take lowball offers personally, or you’ll lose a lot of potential buyers. Instead of viewing them as insults, look at them as starting points for negotiation.

To attract the most buyers, list your home a few thousand dollars below a major round number. If you’re hoping to get about $200,000, for example, list it as $199,000, not $205,000. You don’t want to miss out on buyers who have set $200,000 as their cutoff point.

Step 6: Out with the old

Toss or change anything that makes your home look tired — worn carpeting, old throw rugs, dirty light switch covers. Give every room a fresh coat of paint in a neutral color. Don’t let cost deter you; this is truly a case where you’ve got to spend money to make money.

Step 7: Remember curb appeal

Don’t discount the importance of a good first impression from the street. Trim hedges, reseed the lawn, plant some flowers, wash the windows, scrape and repaint the front door and windowsills, and put some oversized potted plants at the entrance.

Step 8: Depersonalize your home

Rid your home of all your treasured personal touches — family photos, the kids’ artwork on the fridge, religious artifacts, bowling trophies, your ceramic pig collection, the shrine to Elvis. They will only make it more difficult for potential buyers to imagine themselves in your home.

Step 9: Aim for light and bright

Because home buyers are nearly unanimously looking for a light, bright house as opposed to a dark, dreary one, do what you can to make that happen. Ditch the heavy drapes, take down dark wallpaper, put in high-wattage light bulbs, and get rid of wood paneling.

Step 10: Fix anything thats broken

Fix whatever is broken before you list your home. It’s almost always cheaper to do it yourself than to let the buyer use it to bring down the price.

**Most realtors say that the kitchen is the room most likely to attract — or repel — a potential buyer.

Borrowers exit troubled mortgage program

Stacey — Wed, 30 Jun 2010 18:59:39 +0000

Borrowers face foreclosure after the government assistance program fails to provide help. The Administration’s flagship effort to help people in danger of losing their homes - is falling flat.

More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes.

Read the full article

Buyers and Financing: What are loan deal killers?

Stacey — Fri, 04 Jun 2010 07:12:20 +0000

What you should know about the market:

When applying for a home loan, one of the factors lenders consider is the percent of the borrower’s income used for housing expenses, as well as the borrower’s other non-housing related debt. Although this amount can vary by lender, typically lenders consider a housing-and-debt to income ratio of less than 40 percent as ideal.
During the recession, some companies changed staffers from salaries or hourly wages to commission-based. This can make financing a home more difficult as most lenders do not include commission income when evaluating a borrower’s eligibility for a home loan, unless the borrower has been earning commissions for at least two years.

To find out the 10 things that can kill your home loan, click here

Source: MSN Money