Provided By Trulia
Over the last few years, as real estate values have plummeted and the overall economy has slipped into recession, foreclosures have been on the rise. Perhaps you or someone you know is facing the imminent threat of losing their home. Don't despair - in this economy every income class has been affected. These are good people; they aren't deadbeats or irresponsible borrowers. They simply got caught in a financial storm that has become impossible to escape.
So are there ways to avoid a foreclosure and escape becoming a casualty of the current economic Tsunami? Yes! Let's take a look at five ways to avoid a foreclosure:
Be proactive
The best way to avoid foreclosure is to take control of your financial destiny before a problem presents itself. For instance, if you know that you have one of the tens of thousands of loans with adjustable rate mortgages getting ready to reset to a higher rate, act now to refinance the loan at a lower fixed rate. Often your current lender will be willing to refinance your current mortgage quickly and easily, but be sure to shop rates by exploring local lenders and banks. You can view comprehensive comparisons of many national lenders at Trulia Mortgage.
Apply for hope
If your current lender is unwilling to refinance the loan and other lenders have turned you down, you may wish to consider the HOPE program. This is a government sponsored program for borrowers at risk of default and foreclosure. The program provides new 30-year fixed rate mortgages that are insured by the Federal Housing Administration (FHA). But be aware that these loans come at prevailing interest rates and borrowers must agree to share in any equity appreciation when the home is sold or refinanced at a later date.
Request forbearance
If your financial situation has changed, perhaps you lost your job or had a medical emergency and you cannot make your payment, you may want to request forbearance from your lender. Forbearance simply means that the lender allows you to skip one or more payments while you get your financial house in order again. This doesn't mean they give you a free ride however. Missed payments are generally tacked back on to the end of the loan and the interest on the note continues to accrue during the deferment.
Request loan modification
One key item to remember when facing foreclosure is that your bank or lender does not want your home back. Because of this, if you have any reasonable chance of repaying the debt, they will often work with you to create a plan that will meet your financial needs. One way to kick start this process is to request a loan modification. A loan modification means that your lender agrees to change the terms of your current mortgage to fit your current financial situation. Often this can include a reduction in the interest rate, extension of the term of the note, or even a principle balance adjustment.
Consider a short sale
It's likely that if you are facing foreclosure you have considered selling your home. The problem comes if you owe more than the home is worth. To deal with this challenge, many homeowners request a short sale from their lender. A short sale means that the lender agrees to accept less than what is owed on the home in exchange for not being forced to foreclose on the property. However, be aware that the timeline for accepting an offer subject to a short sale can last from a few weeks to a few months as lenders are swamped with similar requests from thousands of borrowers nationwide.
The best advice, as hard as it might be to follow, is to remain calm and unemotional when talking with your lender to. Remember the person you are talking to isn't the bank, they are an employee of the bank. To achieve the best results, write down the points you want to cover during each call, take notes of the conversation, and always record the date and time you called. In many cases your hard work will save you from being a foreclosure casualty.
To learn more about foreclosure options give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Showing posts with label short sales. Show all posts
Showing posts with label short sales. Show all posts
Wednesday, May 4, 2011
Friday, April 29, 2011
Home foreclosure filings in Dallas-Fort Worth drop dramatically
Provided By Dallas Morning News
The number of potential home foreclosures in North Texas is down sharply.
Foreclosure filings for next month’s auctions dropped by 23 percent, Foreclosure Listing Service said Thursday.
This is the third month in a row that foreclosure postings in the four-county area are lower than the previous year.
“Dallas-Fort Worth residential foreclosure postings have dropped to a 40-month low,” said George Roddy, president of the Addison-based foreclosure tracking firm.
Lenders have scheduled 3,719 area homes for foreclosure in May, the lowest number since January 2008.
But despite recent declines in foreclosure postings, Roddy isn’t convinced the worst is over.
“I believe this is an artificial decline in foreclosure notices due to the tremendous scrutiny applied by regulators during recent months in response to publicity about past problems with the foreclosure process,” he said. “The fallout from this foreclosure crisis is going to take a long time to work through.”
Some analysts are predicting lenders will increase the number of foreclosures in the months ahead.
The biggest drop in current foreclosure filings is in Collin County, where postings dropped 31 percent from a year ago. Postings are down 23 percent in Dallas County and 24 percent in Tarrant County.
For the first five months of 2011, foreclosure filings in North Texas are 8 percent lower than in the same period last year, Foreclosure Listing Service reports. So far in 2011, 25,106 home foreclosure filings have been recorded in the four-county area.
Only about a third of the homes set for foreclosure each month are actually sold by lenders. In many cases the forced sale is delayed or the borrower reaches a new agreement with the mortgage company.
Last year, lenders filed for foreclosure on a record 63,835 D-FW area homes — up 4 percent from 2009.
Facing foreclosure? There are options, call us at 972.772.7000 or email us at frontdesk552@kw.com.
The number of potential home foreclosures in North Texas is down sharply.
Foreclosure filings for next month’s auctions dropped by 23 percent, Foreclosure Listing Service said Thursday.
This is the third month in a row that foreclosure postings in the four-county area are lower than the previous year.
“Dallas-Fort Worth residential foreclosure postings have dropped to a 40-month low,” said George Roddy, president of the Addison-based foreclosure tracking firm.
Lenders have scheduled 3,719 area homes for foreclosure in May, the lowest number since January 2008.
But despite recent declines in foreclosure postings, Roddy isn’t convinced the worst is over.
“I believe this is an artificial decline in foreclosure notices due to the tremendous scrutiny applied by regulators during recent months in response to publicity about past problems with the foreclosure process,” he said. “The fallout from this foreclosure crisis is going to take a long time to work through.”
Some analysts are predicting lenders will increase the number of foreclosures in the months ahead.
The biggest drop in current foreclosure filings is in Collin County, where postings dropped 31 percent from a year ago. Postings are down 23 percent in Dallas County and 24 percent in Tarrant County.
For the first five months of 2011, foreclosure filings in North Texas are 8 percent lower than in the same period last year, Foreclosure Listing Service reports. So far in 2011, 25,106 home foreclosure filings have been recorded in the four-county area.
Only about a third of the homes set for foreclosure each month are actually sold by lenders. In many cases the forced sale is delayed or the borrower reaches a new agreement with the mortgage company.
Last year, lenders filed for foreclosure on a record 63,835 D-FW area homes — up 4 percent from 2009.
Facing foreclosure? There are options, call us at 972.772.7000 or email us at frontdesk552@kw.com.
Monday, December 6, 2010
2011 Dallas Real Estate Market Recovery
Provided By Old Republic
Source Buy and Sell Dallas
The Dallas real estate market is showing positive signs with many reports hinting toward a recovery in 2011. Dallas home inventory has decreased to a more balanced level, pending home sales are increasing, and home sale prices are steadily on the rise. These are just a few of the variables needed to bring a wounded real estate market back on its’ feet. The Dallas real estate market is on the right track with consumer confidence increasing and home sales reports showing positive signs of stability. 1st time home buyers, repeat buyers, and investors are jumping off the fence to take advantage of the buyer’s market before interest rates rise and inventory decreases.
Dallas Morning News recently reported Dallas pre owned home sales increased 12.38% in August compared to 2009. Many of the areas surrounding Dallas also experienced an increase in existing homes sales over previous year transactions including Fort Worth at 14.9%, Irving at 20.32%, and Garland at 20.77%.Although home sales are up and confidence has increased, but home sellers are still weary of placing their home on the market. High foreclosure and short sale inventory is still plaguing the entire U.S. market including the DFW area. Home sellers are still unable to compete with low dollar per square foot selling prices on bank foreclosures including FHA, VA and REO short sales and auctions. Sellers are waiting for home values to rise and foreclosure inventory to fall to avoid selling their most valuable investment at a loss.
The Dallas Fort Worth real estate market is on the road to recovery, but there is still a long way to go with many obstacles to overcome. One thing for sure is, the U.S. real estate market is improving, consumer confidence is increasing, and Dallas is one of the top markets leading the way!
Are you looking to buy a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source Buy and Sell Dallas
The Dallas real estate market is showing positive signs with many reports hinting toward a recovery in 2011. Dallas home inventory has decreased to a more balanced level, pending home sales are increasing, and home sale prices are steadily on the rise. These are just a few of the variables needed to bring a wounded real estate market back on its’ feet. The Dallas real estate market is on the right track with consumer confidence increasing and home sales reports showing positive signs of stability. 1st time home buyers, repeat buyers, and investors are jumping off the fence to take advantage of the buyer’s market before interest rates rise and inventory decreases.
Dallas Morning News recently reported Dallas pre owned home sales increased 12.38% in August compared to 2009. Many of the areas surrounding Dallas also experienced an increase in existing homes sales over previous year transactions including Fort Worth at 14.9%, Irving at 20.32%, and Garland at 20.77%.Although home sales are up and confidence has increased, but home sellers are still weary of placing their home on the market. High foreclosure and short sale inventory is still plaguing the entire U.S. market including the DFW area. Home sellers are still unable to compete with low dollar per square foot selling prices on bank foreclosures including FHA, VA and REO short sales and auctions. Sellers are waiting for home values to rise and foreclosure inventory to fall to avoid selling their most valuable investment at a loss.
The Dallas Fort Worth real estate market is on the road to recovery, but there is still a long way to go with many obstacles to overcome. One thing for sure is, the U.S. real estate market is improving, consumer confidence is increasing, and Dallas is one of the top markets leading the way!
Are you looking to buy a home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, September 13, 2010
Foreclosures' impact on kids and communities weighed
Published By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) -- Children could be prevented from realizing their potential in school and, eventually, the labor force as consequences from the problem of home foreclosures last for years, a Federal Reserve official said Thursday.
"A foreclosure is likely to mean not only a loss of home, but also a disruption in where, or whether, kids are in school," said Eric Rosengren, president of the Federal Reserve Bank of Boston, at a Fed conference in Washington about neighborhood stabilization. "Since foreclosure is often related to unemployment, marital stress, or physical ailments, the foreclosure is likely to make it difficult for even the most determined student to excel."
Rosengren added that he is encouraging staff to look at how children are affected by foreclosures. Read more about the conference.
Foreclosures may be a symptom of "broader problems" having effects on neighborhoods, such as high rates of unemployment and property crime, Rosengren said. He noted that higher foreclosure rates could exacerbate such problems.
"My own view is that too little focus has been on community problems because the focus has been more targeted to housing and foreclosures," Rosengren said.
Areas with high concentrations of real estate owned properties -- properties held on the books of banks typically after failing to sell at foreclosure auctions -- have also been associated with greater incidence of babies with low birth weight, higher high-school dropout rates and more frequent failures on statewide math tests.
States and the federal government may need to examine how to address the broader problems in these communities, Rosengren said, including "potentially looking at revenue sharing that provides a flexible way to address the fiscal gap faced by many of our hard-pressed communities."
Also speaking Thursday at the neighborhood stabilization event, Sandra Pianalto, president of the Cleveland Fed, said "decades of progress" have been wiped away in the past few years in many low-income communities.
'Collateral damage'
"The longer properties remain vacant, the more collateral damage is done to property values nearby, and it doesn't take long for neighborhoods to suffer from increased crime, arson, and blight," Pianalto said. "We are still far from a recovery in the housing markets in our region. The losses and hardship that our neighborhoods have experienced is staggering."
The housing-market collapse resulted from "a destructive cycle that feeds on itself," Pianalto said.
"In our region, mortgage delinquencies led to a high number of foreclosures, which led to an oversupply of housing, which led to home prices depreciating and borrowers and financial institutions taking on big losses," Pianalto said. "To break this cycle, a coordinated set of policies is needed to target multiple points of the breakdown in the housing market."
She said loan modifications alone won't be enough to address the housing crisis, noting that the main reason that most borrowers cite for needing assistance is income loss due to the weak economy.
"We have learned that numerous interventions are required to address the multiple causes and consequences of the foreclosure crisis, and we will continue to focus our outreach and analysis on understanding and contributing to solutions in real time," Pianalto said. "A healthy housing sector is critical both to the overall economy and to a sustainable economic recovery."
Facing foreclosure? There are other options, to learn what you can do to avoid foreclosure call us at 972-772-7000 or email us at rockwall@kw.com.
WASHINGTON (MarketWatch) -- Children could be prevented from realizing their potential in school and, eventually, the labor force as consequences from the problem of home foreclosures last for years, a Federal Reserve official said Thursday.
"A foreclosure is likely to mean not only a loss of home, but also a disruption in where, or whether, kids are in school," said Eric Rosengren, president of the Federal Reserve Bank of Boston, at a Fed conference in Washington about neighborhood stabilization. "Since foreclosure is often related to unemployment, marital stress, or physical ailments, the foreclosure is likely to make it difficult for even the most determined student to excel."
Rosengren added that he is encouraging staff to look at how children are affected by foreclosures. Read more about the conference.
Foreclosures may be a symptom of "broader problems" having effects on neighborhoods, such as high rates of unemployment and property crime, Rosengren said. He noted that higher foreclosure rates could exacerbate such problems.
"My own view is that too little focus has been on community problems because the focus has been more targeted to housing and foreclosures," Rosengren said.
Areas with high concentrations of real estate owned properties -- properties held on the books of banks typically after failing to sell at foreclosure auctions -- have also been associated with greater incidence of babies with low birth weight, higher high-school dropout rates and more frequent failures on statewide math tests.
States and the federal government may need to examine how to address the broader problems in these communities, Rosengren said, including "potentially looking at revenue sharing that provides a flexible way to address the fiscal gap faced by many of our hard-pressed communities."
Also speaking Thursday at the neighborhood stabilization event, Sandra Pianalto, president of the Cleveland Fed, said "decades of progress" have been wiped away in the past few years in many low-income communities.
'Collateral damage'
"The longer properties remain vacant, the more collateral damage is done to property values nearby, and it doesn't take long for neighborhoods to suffer from increased crime, arson, and blight," Pianalto said. "We are still far from a recovery in the housing markets in our region. The losses and hardship that our neighborhoods have experienced is staggering."
The housing-market collapse resulted from "a destructive cycle that feeds on itself," Pianalto said.
"In our region, mortgage delinquencies led to a high number of foreclosures, which led to an oversupply of housing, which led to home prices depreciating and borrowers and financial institutions taking on big losses," Pianalto said. "To break this cycle, a coordinated set of policies is needed to target multiple points of the breakdown in the housing market."
She said loan modifications alone won't be enough to address the housing crisis, noting that the main reason that most borrowers cite for needing assistance is income loss due to the weak economy.
"We have learned that numerous interventions are required to address the multiple causes and consequences of the foreclosure crisis, and we will continue to focus our outreach and analysis on understanding and contributing to solutions in real time," Pianalto said. "A healthy housing sector is critical both to the overall economy and to a sustainable economic recovery."
Facing foreclosure? There are other options, to learn what you can do to avoid foreclosure call us at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, August 18, 2010
Foreclosures in Texas DOWN
Provided By RECON
Source Forth Worth Star Telegram
Residential foreclosures last month were down 2.9 percent in Texas and 10 percent nationwide compared with a year ago, according to the latest data from RealtyTrac.
Some 11,727 postings were filed last month in Texas, which means one in every 819 housing units received a notice, RealtyTrac said.
Nationwide, 325,229 postings were filed, or one in every 397 housing units. Although it's a drop from a year ago, the number was up 3.6 percent from June, the firm said.
July was the 17th straight month that U.S. foreclosure postings topped 300,000, RealtyTrac CEO James Saccacio said.
Are you behind on your mortgage, don't foreclose! Call us at 972-772-7000 or email us at rockwall@kw.com.
Source Forth Worth Star Telegram
Residential foreclosures last month were down 2.9 percent in Texas and 10 percent nationwide compared with a year ago, according to the latest data from RealtyTrac.
Some 11,727 postings were filed last month in Texas, which means one in every 819 housing units received a notice, RealtyTrac said.
Nationwide, 325,229 postings were filed, or one in every 397 housing units. Although it's a drop from a year ago, the number was up 3.6 percent from June, the firm said.
July was the 17th straight month that U.S. foreclosure postings topped 300,000, RealtyTrac CEO James Saccacio said.
Are you behind on your mortgage, don't foreclose! Call us at 972-772-7000 or email us at rockwall@kw.com.
Monday, July 19, 2010
Underwater? Alternatives to Walking Away
Written By Broderick Perkins
Provided By Realty Times
Home owners who are "underwater" with their home loan and seek to come up for air by walking away from the debt, could still be gasping for relief years down the road.
There are occasions when walking away from your home -- and down the road to foreclosure -- is your only option, but seldom is it the best alternative.
Mortgages are "underwater" or "upside down" when the property experiences negative equity -- the mortgage is larger than the current value of the property. Negative equity is caused by a decline property value, an increase in mortgage debt or, most likely, both.
The consensus among experts is to consider the alternatives before abandoning your home, talk with your lender and seek counseling from a U.S. Department of Housing and Urban Affairs (HUD) certified counselor.
Don Bisenius, the head of Freddie Mac's home-loan guarantee business, recently asked borrowers to stick it out through the crisis.
Bisenius said foreclosures lead to degraded neighborhoods, more expensive mortgages and reduced home values.
"In the end, borrowers considering a strategic default should recognize the damaging impact their actions can have on others," he wrote.
The Obama Administration's frequently updated and strengthened multi-tiered MakingHomeAffordable.com program and other government efforts offer a good start with a host of options.
• Refinancing, turning in your existing mortgage for a new one, is perhaps the toughest option to accomplish. A refinance requires meeting stiff underwriting requirements -- an excellent credit report, a high credit score of 720 or more, documented career level income and little debt, for starters.
Federal programs, including the Federal Housing Administration's refinance effort, can be a good bet for those who haven't yet faced hardship and can qualify for a new loan.
• A mortgage modification reworks the terms of existing loans to get the payment down to a more affordable level. To add greater affordability, lenders lower the interest rate, lengthen the term of the loan or reduce the principal -- or do some combination of all three. Modifications can be used by qualified home owners who aren't yet struggling as well as those who are in a pinch.
• Short sales
Modifications and short sales can impact your credit, but not necessarily with the force of a foreclosure.
Bottom line, exploring all the options is a better first step than walking away.
I understand feeling financial pressure is difficult and embarrassing, but there is a point at which everyone has time to explore the options. In just about every case, that's much better than doing nothing at all. I strongly feel there is no reason for anyone to get a foreclosure" said Zdenka Mahan, a real estate agent with Intero Real Estate in Los Gatos.
Do you have questions about short sales, mortgage modifications or refinancing? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Provided By Realty Times
Home owners who are "underwater" with their home loan and seek to come up for air by walking away from the debt, could still be gasping for relief years down the road.
There are occasions when walking away from your home -- and down the road to foreclosure -- is your only option, but seldom is it the best alternative.
Mortgages are "underwater" or "upside down" when the property experiences negative equity -- the mortgage is larger than the current value of the property. Negative equity is caused by a decline property value, an increase in mortgage debt or, most likely, both.
The consensus among experts is to consider the alternatives before abandoning your home, talk with your lender and seek counseling from a U.S. Department of Housing and Urban Affairs (HUD) certified counselor.
Don Bisenius, the head of Freddie Mac's home-loan guarantee business, recently asked borrowers to stick it out through the crisis.
Bisenius said foreclosures lead to degraded neighborhoods, more expensive mortgages and reduced home values.
"In the end, borrowers considering a strategic default should recognize the damaging impact their actions can have on others," he wrote.
The Obama Administration's frequently updated and strengthened multi-tiered MakingHomeAffordable.com program and other government efforts offer a good start with a host of options.
• Refinancing, turning in your existing mortgage for a new one, is perhaps the toughest option to accomplish. A refinance requires meeting stiff underwriting requirements -- an excellent credit report, a high credit score of 720 or more, documented career level income and little debt, for starters.
Federal programs, including the Federal Housing Administration's refinance effort, can be a good bet for those who haven't yet faced hardship and can qualify for a new loan.
• A mortgage modification reworks the terms of existing loans to get the payment down to a more affordable level. To add greater affordability, lenders lower the interest rate, lengthen the term of the loan or reduce the principal -- or do some combination of all three. Modifications can be used by qualified home owners who aren't yet struggling as well as those who are in a pinch.
• Short sales
Modifications and short sales can impact your credit, but not necessarily with the force of a foreclosure.
Bottom line, exploring all the options is a better first step than walking away.
I understand feeling financial pressure is difficult and embarrassing, but there is a point at which everyone has time to explore the options. In just about every case, that's much better than doing nothing at all. I strongly feel there is no reason for anyone to get a foreclosure" said Zdenka Mahan, a real estate agent with Intero Real Estate in Los Gatos.
Do you have questions about short sales, mortgage modifications or refinancing? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
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