Real Estate Information

By: Gavin Mathis

Published: November 4, 2011

In this week’s top news, the president and the Federal Reserve go on the offensive to help the housing market, but do their plans have what it takes to get the job done?

Last week, President Obama announced an executive order to help home owners refinance their mortgages, and now the Federal Reserve is considering measures to reduce borrowing costs. Is housing finally getting the attention it deserves? Read the top housing news, including more on the bipartisan housing commission and how foreign home buyers could help our economy, in this week’s Friday Five.

Huffington Post: Housing is Back on the National Agenda

Last week, President Obama and Ed DeMarco, the overseer of Fannie Mae and Freddie Mac, announced their intention to remove barriers that have kept working home owners from refinancing home loans into low-interest rates. Huffington Post blogger Janis Bowdler thinks this looks promising for Latino families and home owners.

Bloomberg Businessweek: Bernanke Housing Rebound May Hinge on Access to Refinancing

Federal Reserve Chairman Ben S. Bernanke can’t go it alone when it comes to reviving the U.S. housing market. Federal policymakers are considering buying mortgage-backed securities to push down borrowing costs and help home owners refinance their debt.

U.S. News & World Report: Can Foreign Buyers Save the U.S. Housing Market?

Ultra-low and declining home prices are a headache for home owners, but they might also be the key to healing the housing market as foreign investors snap up real estate bargains in the United States.

HouseLogic: Housing Commission: A Sign Policymakers Finally Get Home Ownership?

Reaching consensus in Washington is more difficult today than ever before, but the housing crisis is too big of an economic burden for a new bipartisan commission to get bogged down in politics.

NPR: Official: No 'Silver Bullet' to Solve Housing Crisis

The White House says it will help millions of people hold onto their homes through a government-backed modification program. But critics are skeptical the plan will be a success, in part because of the dependence on the goodwill of banks to voluntarily join up. Raphael Bostic, the assistant secretary for Policy Development and Research at the U.S. Department of Housing and Urban Development, tells NPR that he doesn't think there is a "silver bullet" for solving the housing crisis.

By: Gavin Mathis

Published: November 2, 2011

Reaching consensus in Washington is more difficult today than ever before, but the housing crisis is too big of an economic burden for a new bipartisan commission to get bogged down in politics.

A D.C. think tank, the Bipartisan Policy Center, last week launched a housing commission tasked with finding long-term solutions to help the housing market and address issues affecting home owners. Chaired by former Sens. George Mitchell (D-Maine) and Kit Bond (R-Mo.), and previous HUD Secretaries Henry Cisneros and Mel Martinez, the commission will have to produce recommendations that not only cure the ailing housing market but also pass the Congressional gauntlet.

For several decades now, the housing industry has been the victim of well-intentioned but misguided policies. A commission that will set aside partisan differences and focus on issues like increasing Federal Housing Administration loan limits, making sure flood insurance is available, and maintaining the mortgage interest deduction is needed now more than ever. It’s going to take the best ideas — on both sides of the aisle — to get Americans back in their homes. 

At a recent press conference, each of the commission’s co-chairs said the housing market is inextricably linked to the economic recovery. "Housing isn’t only a basic human need," Mitchell said. "It’s also a critical element of our economy, and now, more than ever, is the time for a fresh look at this issue."

Bond said there’s no question that the American housing system is broken. “We aren’t going to come out with a Band-Aid within just a couple of months because, as what’s been described (as) one Band-Aid here may cause a wound to open up over there,” Bond added.

Martinez went as far as to describe the housing crisis as a “human crisis.” His remarks aren’t hyperbole. The negative impact that a weak housing market has on employment contributes to societal as well as economic troubles. How are children supposed to focus on school when their parents are out of work and worried about losing their house because they can’t meet their mortgage payments?

Unfortunately, the commission isn’t slated to release its findings until the first quarter of 2013, making home owners wonder if its work will be too little too late. However, Bond said it’s unlikely for Congress to act before then. “If the Senate is still anything like it was before I left, the chances of them getting anything done on housing in 2012 are somewhere between slim and none,” Bond said.

Despite this delay, it’s reassuring to finally see policymakers recognizing the importance of a full housing recovery. Along with the executive order issued by President Obama last week that introduces new rules for federally guaranteed mortgages, enabling home owners with little or no equity in their homes to refinance and avoid foreclosure, it looks as if we’re making some headway.

Do you think the new housing commission will be able to come to a consensus and find long-term policy solutions that Congress will adopt, or is it too little too late?

Published: February 05, 2010
By: Jerry DeMuth

If you’re facing foreclosure, don’t panic: Take steps right now to save your home or at least lessen the blow of its loss.

By: G. M. Filisko

Published: March 19, 2010

Have to sell your home for less than it’s worth? Our seven tips will help you get the best price.

Know who you owe

A short sale has to be approved by any company that has a mortgage or lien against your home. That includes your first, second, or even third mortgage lender, your home equity line lender; your homeowners or condominium association; and any contractors who’ve placed a lien on your home. Make a list and start talking to everyone early in the process. Ask what documents they’ll need from you.

Pick your short sale team

You’ll need to work with a team of short sale experts, including a real estate agent, real estate attorney, and your accountant. Look for agents and attorneys who advertise themselves as short sale experts. Interview at least three, and listen carefully for signs that they understand the complexities of the short sale process.

Agents should explain how they’ll arrive at a suggested price for your home. Ask them to show you a sample short-sale package or for an example of a prior short-sale success.

Get your documents ready

Gather the paperwork your creditors and mortgage lenders asked to see, like your listing agreement and a hardship letter explaining why you need to do a short sale. You’ll also need proof of what you earn and what you owe as well as copies of your federal income tax returns for the past two years.

Expect delays

Despite a federal rule saying banks participating in the federal government’s Making Home Affordable loan modification program must respond to short-sale offers within 10 days, it may take weeks or months for your lender to decide whether to allow you to sell your home in a short sale--and even longer if you must negotiate with more than one lender or lienholder.

Your lender and lienholders don’t have to agree to your proposed short sale. They can reject your terms or make a counteroffer, which can create further delays.

Anticipate demands

Discuss with your short-sale team how you should respond to common short-sale demands from lenders. For example, are you willing to sign a promissory note agreeing to pay outstanding amounts after the sale is complete?

Know the tax implications

Any unpaid amount of your mortgage “forgiven” by your lender through a short sale may be considered income to you under federal tax rules. Ask your attorney or accountant whether you qualify to exclude that amount as income on your tax returns under the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act. Also ask if you’ll be required to report amounts “forgiven” by other lienholders, if applicable.

Consider how the short sale will affect your credit and what you must pay

Ask whether your lender will report the short sale to credit-reporting agencies. Having a portion of your debt forgiven may negatively affect your credit score, but a short sale typically damages your score less than a foreclosure or bankruptcy.

Ask your lawyer whether you'll be responsible for paying back the lenders' loss. If the lender says it will forgive any losses on the sale of your home, get that promise in writing.

By: Donna Fuscaldo

Published: January 15, 2010

With foreclosure rescue scams widespread as more homeowners fall behind on mortgage payments, be smart if you seek help

Foreclosure rescue scams run rampant

Homeowners facing foreclosure are prime targets for scam artists. The U.S. Federal Trade Commission identified 71 companies running suspicious foreclosure rescue ads, and the Better Business Bureau counts foreclosure rescue rip-offs among its top 10 scams. Understanding how these scams work can help you avoid becoming a victim.

The variations are seemingly endless, but one popular foreclosure scam involves a representative of a so-called foreclosure rescue company promising to negotiate a deal with your lender. The rep, vowing to take care of everything, will instruct you not to contact your lender, lawyer, or credit counselor during the supposed negotiations. The more brazen ones will even tell you to pay your mortgage directly to them.

Once you pay an upfront fee or hand over a few months' worth of mortgage payments, the scam artist will disappear. You'll be left with an emptier wallet and a mortgage that's in even deeper trouble because no deal was cut and no payments were made on your behalf. According to John Riggins, chief executive of the Fort Worth, Texas, office of the Better Business Bureau, upfront fees can range from $500 to $5,000.

Rip-offs come in many forms

A bankruptcy foreclosure scam can involve a promise to fend off foreclosure in exchange for an upfront fee. Instead of getting you legitimate relief, the fraudster will pocket the fee and secretly file a bankruptcy case in your name. The scam may seem to work initially, because a bankruptcy filing will stop foreclosure proceedings temporarily, but they'll resume. Compounding your problems, a bankruptcy can mar your credit report for 10 years.

Another common scam, called the bait-and-switch, results in a scam artist taking ownership of your home. You sign documents supposedly for a new loan that will make your mortgage current. What's really happening is you're signing over the deed of your house. In this scenario you would still owe on your mortgage but no longer own the home.

In a rent-to-own scheme, you're told to surrender a home's deed as part of a deal that lets you stay put as a renter. The scam artist, perhaps claiming to be able to refinance at a better rate with you off the title, promises to sell the house back to you in the future. However, terms of the deal may make it all but impossible for you to repurchase the home, or the scammer may get you evicted by raising the rent beyond your means. Either way, you end up losing the home while remaining on the hook for the unpaid mortgage.

Look out for red flags

Being aware of the warnings signs can protect you from foreclosure rescue scams. Red flags include:

• Demands for high upfront fees.
• Guarantees to stop a foreclosure.
• Instructions to make mortgage payments to someone other than your lender.
• Pressure to sign over a deed.

Legitimate foreclosure counselors won't put on a full-court press, nor will they guarantee that you won't lose your home to foreclosure. What they will do is review your financial situation and offer up options. Foreclosure counselors approved by the U.S. Department of Housing and Urban Development won't charge you a fee either.

Legitimate ways to get foreclosure help

There are a number of legitimate ways to contend with foreclosure. If you've missed mortgage payments, start by getting in touch with your lender. Ask to speak with someone in the Loss Mitigation Department and explain your situation.

Your lender may be able to arrange a repayment plan, called a special forbearance, based on your current economic circumstances. The lender could even give you a temporary reduction in your monthly payment or suspend payments for a period of time.

With a principal forbearance, the lender will reduce the amount of your mortgage, thus reducing your monthly payments. However, the amount of the principal reduction doesn't disappear. Rather, it's tacked on to the end of the loan, effectively creating a balloon payment.

A federally facilitated mortgage modification could also help. The Making Home Affordable modification program pays lenders to re-work loan terms and lower monthly payments. Be prepared to gather lots of paperwork and undergo a trial modification.

If all else fails, you may need to give up your home. If so, look into the federal Home Affordable Foreclosure Alternatives program. HAFA offers lenders financial incentives to opt for a short sale or deed-in-lieu rather than a foreclosure. In a short sale, a lender agrees for a home to be sold for less than the outstanding mortgage, and then considers the debt paid off. In a deed-in-lieu, a homeowner turns over the home to the lender, and the mortgage is closed.

Got plans for your weekends in October?

Let us give you a hint of something really fun to do.

Starting September 30th thru every weekend in October Perry Outreach is hosting  The Perry Haunted Barn. Located on an 1860 home site 2 miles north of Perry this haunted barn is full of monsters and creatures and zombies Oh My!

      Be A Part of Perry Volunteer Outreach Center by helping them donate 10,000 cans of food. If you bring a can you can get $1.00 off a regular priced ticket (max $1.00  discount per ticket). If you are military show your ID card and get $2.00 off your ticket price.  

Not sure if you know it or not but Trinity United Methodist Church runs a food pantry. It has been one of their top misitries for the community. I remember when my son Joel had to do community service for a traffic accident he did his 20 hours of community service at Trinity. They are an amazing group of people they give relentless amounts of time and money. But right now as with the rest of the country they are having issues with getting enough resources to meet their needs. For once it's not a monotary need but a supply need. Trinity food pantry is in urgent need of food to assist the needy in our community. They typically deliver to 70-80 families at Memorial Terrace. They have had to cancel this Saturdays delivery due to lack of food. The distribution center in Macon is not able to provide adequate food supplies for Trinity or other area food banks.  So if you have some extra food in your pantry that you would be willing to part with please consider donating to this very worthy cause.         There is also a family in our community that is in need of a walker. If you have one you are not using or one in storage would you please consider donating it to the church for the family. I am including the contact info for Trinity below. Any and all help would be greatly appreciated. Please spread the word of this great need.  

Trinity United Methodist Church    
129 S. Houston Road     
Warner Robins, GA 31088    
923-3797

Happy Friday everyone! Jacque and Loretta

Man have we got a deal for you! Just got informed about a special promotion for the Georgia Theatre company. On Sunday all day you can buy a ticket for $12.00 and see your choice of any movie playing at either Hwy 96 or Galleria theatre . For $6.00 you can go to the Parkway cinema and see one of their movies. In addition to the movie you also get a box of popcorn

and a small soft drink

and that's not all you also get a packet of valuable coupons from local area restaurants. All proceeds from this day 100% benefits the United Way of Central Georgia the Houston County Meals on Wheels and the Boys and Girls Clubs of Central Georgia.  

So if you find yourself on Sunday with nothing to do stop by one of our 3 theaters and support a great cause.                        

Have a great weekend!

Teamworks