AFTER A SHORT SALE - When Can I Buy A New Home?

Here is a question from a concerned homeowner, “If I go through a short sale, how soon can I purchase another home?  I was told that if I did a short sale instead of allowing the home to be foreclosed on, it is not as bad“.  Answer, “It all depends“. 

OWNER FINANCING: Tips On How to Make It Work

Whether you are a Buyer with less than perfect credit, a Buyer with not enough down-payment funds or just a Seller eager to sell, owner-financing maybe a viable option.  Banks generally are willing to accept rent credits for an option to buy as an acceptable down payment, but both buyers and sellers must follow these guidelines for Fannie Mae and Freddie Mac to sanction the transaction.

STOP HOME LOSS SERIES: Need Help with Your Current Mortgage Payments? FREE EVENT

On Saturday, August 21, 2010 the NID Housing Counseling Agency/Atlanta Metro in conjunction with NAREB will host a unique foreclosure counseling event unlike any other.  The appropriately tagged, ‘You’re More Than A Number Loan Modification Assistance Event’ with help from Bank of America, Chase and Wells Fargo/Wachovia, is a free event that will rally the whole community to come out and get personal attention from knowledgeable housing counselors on-site.
 
‘You’re More Than A Number Loan Modification Assistance Event’ is scheduled for Saturday August 21, 2010, from 8:00AM-3:00PM at the Wyndam Garden Atlanta South Hotel in Atlanta, GA on Old National Highway.  This event promises to bring a personal touch to all who participate as housing agents from Bank of America, Chase and Wells Fargo/Wachovia will be available to provide face-to-face counseling along with HUD to discuss how going green can save participants money. No matter who the original lender is, the NID Housing Counseling Agency/Atlanta Metro is on hand to help.  Unlike other loan modification events, ‘You’re More Than A Number Loan Modification Assistance Event’ represents the human approach to loan modification giving added face value to each situation and ongoing support.  
 
“I’ve been in the business for twelve years and I’ve seen a lot of events like this, but it’s refreshing to see an organization finally get what people really need”, said Personal Finance Expert and CNN Contributor Clyde Anderson, who is also the events Special Guest.  “Compassion is missing…, but if we take the time to educate and walk people through the modification process, I believe you would see a lot less stress and negative attitudes, so we can get down to offering resources people really need to make it”.  
 
Tired of feeling like just a number?  Visit www.nidatlmetro.org to register and reserve your place. For more information call 1-866-251-1027.  Listen to Praise 102.5FM for announcements.  Register today for a chance to win free gas gift-cards!

How To Get Money For Your Mortgage If You Lose Your Job

There is something that has been around for years that is seeing more popularity in these times that can help you pay your mortgage if you were to loss your job or possibly even become disabled.   Job-loss mortgage insurance (or unemployment mortgage insurance) is an option that homebuyers can request when purchasing real estate and really sellers should offer.  There are different terms and costs associated with this insurance depending on the company offering it but in general the fee is small but can give Buyers added peace of mind in their real estate transactions.  Job-loss mortgage insurance is great especially when Buyers deplete their savings making the downpayment on a home purchase.

AVOIDING BUYER HEADACHES: Lesson 1-”Yes, You’re Approved… Just Kidding”

Okay, you have done your homework by watching HGTV, reading various blogs and even consulting a real estate agent on what you need to do to purchase a home.  Among the prerequisites you were given, you were told to get a lender to pre-qualify you and you did.  Now you are excited and ready to look for some real estate.  But wait, not so fast!  To avoid any headaches after you have found the home of your dreams, you should help your lender examine if you are really ready to shop for a home.  “What are you talking about, Lee?” you maybe wondering.  Well, believe it or not, with the restrictions that have been placed now on the mortgage industry to curtail the number of future foreclosures and distressed homeowners, what you think is your income may not really be. 

How To Get FREE MONEY After the Homebuyer Tax Credit Expires

With April 30, 2010 quickly approaching, if you are a first-time homebuyer, you maybe quickly trying to find a home that will allow you to get the federal tax credit of up to $8,000.  If so, you maybe able to stop stressing over the April 30th deadline.  Why?  Effective April 19, 2010, the Federal Home Loan Bank (FHLB) is offering up to $7,500 to first-time homebuyers.  This is a 5-to-1 matching program so for every dollar you use towards the purchase of a new home, the FHLB will match qualified buyers 5 times that investment, up to $7500. 

How to Purchase a Vacation Home

Surprisingly, in this market, vacation homes are on the upswing.  Are you or someone you know in the market to purchase vacation real estate?  If so, here are some tips to help you make a worthwhile real estate investment:

1.  What will the maintenance costs be? You will have to pay them even when you are not there.

Sellers, Scrub That Tub!

Believe it or not but potential buyers may walk away if bathrooms are outdated and unappealing.  Here are some low-cost waysto give the facilities a face-lift:

• Scrub-a-dub-dub. Give everything, including drawers and cabinets, a deep cleaning.

• Paint the walls. Remove aging wallpaper and paint the space with a bright semi-gloss shade made for use in the bathroom.

Keep Your HOA Financially Sound

With the uptick of distressed homeowners, many home owner associations are feeling the stress of not collecting enough funds to pay for the shared real estate properties of the community.  This is particularly heinous in condo real estate communities that share water and other utilities meaning that the default of other owners could actually jeopardize your home.  So what is an HOA to do? 

Homeowner Help: How to Avoid Foreclosure

With various events in the economy, do you, or someone you know, feel like it is difficult to afford your home?  Have you tried to sell your personal home but cannot based on the current real estate market?  Well this maybe just the thing to give you relief.  Beginning April 5, the Obama administration will encourage under-water mortgage borrowers to avoid foreclosure and instead alleviate their financial burden by short selling their home in a new, (what we hope to be) streamlined process.

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