Mortgage Loan Modificaiton Fast – Obama Loan Modificaiton Program

March 29, 2009

To solve the housing crisis and try to get Americans to believe in the American dream of home ownership president Obama has implemented a $75 billion dollar Mortgage Loan Modification program. This program is estimated to help some 7 to 9 million Americans save their house from foreclosure.

Since the peak of the real estate market in the summer of 2005 thousands of Americans have lost their home. Even more are struggling to make their mortgage payments each and every month. The two basic reasons are that their mortgage is now more than is used to be or that home owners are now making less income each month.

If you are finding it hard to make your mortgage payments, now is the time to take advantage of this new loan modification opportunity. The president has set up this program for regular Americans to act and stop from loosing their home. Even if you are not behind on your mortgage payment this program can help to lower your mortgage.

Whats more is the mortgage loan modification program is free. You do not have to pay anyone to take advantage of this government backed service. So how is this program being paid for, with tax dollars from every American. The Presidents plan is to subsidize mortgage payment for home owners struggling to make their montage. This in affect with stabilize the housing market and stop the real estate down spiral.

There are a couple way’s the program works to lower your mortgage payments. The first option is for the government to lower the interest on your home loan so you are not paying more than 31 percent of your gross monthly income. If lowering the interest rates does not lower the mortgage payment enough then the government will actually reduce the principal on your loan or extend the length of your loan which will lower the payment.

The main reason people need to act fast and try to get their mortgage loan modified is because there is only $75 billion dollars in this government program. The total housing decrease is estimate at over $1 trillion dollars. Simple math will tell you the money in this program will go quick as many people need it.

Because the loan modification program is free, americans have nothing to loose by trying. The best situation is that you get your monthly house payment lowered to a more reasonable amount. The worst that can happen is that you don’t qualify to get your mortgage lowered.

Get a no-obligaiton loan modification at no cost to you!


Sell My House Fast For $1 and Make $15,000 – Stimulus Bill Blunders

February 10, 2009

If you have been holding your breath until you see real action by the government to halt the real estate crisis and turn back time, you may be able to breath once again. The current stimulus bill proposed by the Senate raises the $7,500 tax credit to $15,000. Unlike the House proposal, that all the tax credit taken would need to be repaid via a interest free loan, this time the money is not required to be paid back.

Another great thing is this time the tax credit can be spread over two years of taxes. So if you did not receive the full benefits of the $15,000 credit the first year you can have your accountant account for the rest the next year.

This is great news for home buyers waiting to see a reason to buy in this turbulent real estate market. Many home buyers in all areas across the nation have been reluctant to purchase a home when they are confident home prices will continue to drop. This could be the change the real estate market has been waiting for.

This tax credit is proposed to reduce the inventory of homes for sale on the market and try to get supply and demand back in line with one another. The government has tried other avenues to try to spur home buyers to purchase homes but none of the plans thus far have had a noticeable affect.

It should be noted the bill has few restrictions on receiving the tax credit. Some economists are skeptical because it is possible two separate home owners could sell each other homes for $1 each, and receive the $15,000 tax credit. We should all home the details for receiving the tax credit will be more stringent so people will not take advantage of our tax dollars at work.

We should also hope this is the moment real estate professionals, home owners and home buyers looking for a new home have been waiting for. Any decrease in supply will stabilize home prices. Once home prices stabilize we may once again see our homes value increase. It is a fact that when home values increase, the regular economy is more vibrant because people spend more money.

If you need to sell your house fast we suggest receiving a free, confidential, no-obligation offer from a local home buyer in your area. It is free and you have no obligation to accept.

Low Mortgage Rates Will Help Foreclosures – This Is How

February 7, 2009

According to the Treasury Department over 420,000 home owners mortgages are going to adjust this year. These are home owners who purchased homes with adjustable rate mortgages, some of whom tried to make a quick buck off the real estate boom. Others purchased their home using a hybrid mortgage so they could afford a larger home in hopes they would be able to refinance in a couple years to a lower rate.

Well, their time has come and this year their rates will adjust. The good news for many is that interest rates are at an all time low. So low in fact they have not been here for more than 37 years. This is good news for these home owners who have these adjustable rates, it is also good news for the real estate economy os a whole. A large part of the homes that hit the foreclosure auctions over the last couple of years have been due to adjustable rate mortgages.

Mortgage rates what were at 8 percent were due to adjust to almost 12 percent this year. Now with the low mortgage rates they will increase up to 9 percent. This adjustment will still increase the monthly mortgage payment for the home owner but this is a much more manageable increase than a 12 percent interest rate would create.

The larger issue is that home values have decrease dramatically over the last couple of years. This mean home owners are not able to refinance their homes because they owe more on their mortgage than what their house is worth. This is a very large issue that we will continue to see in the real estate arena for quite some time.

The only current fix for home owners in this situation is to sell their house through a short sale. A short sale is a bank approved home selling option that lets you sell your home for less than your mortgage. Banks are willing to allow a short sale on homes that have negative equity, the home owner has some sort of hard ship, and the end buyer is able to purchase the home.

Selling real estate in this economy is directly related to interest rates. It is possible the new government that took office in february will have some sort of plan for home owners needing to sell their house with negative equity, but there is no guarantee any plan will work. If you need to sell your house and have no equity I suggest selling your house as a short sale. It is better than a foreclosure and can get you out of your house and on with your life.

7,500 Tax Credit For New Home Buyers In Stimulus Plan

January 29, 2009

Part of new president Obamas 819 billion dollar stimulus package includes new tax credits for first time home buyers. The 7,500 tax credit applies to any person purchasing a new home for primary residence only, and who has not owned a home in the last three years.

This all may see familiar as there is already a tax credit for first time home buyers in place that was created as part of the Housing Recovery Act passed in the summer of 2007. The stimulus plan simply changes the requirements of the tax credit. Now the home owner does not have to pay any of the tax credit back, as before they had to pay it back over 15 years.

So the question is, will this tax credit bring home buyers into the market and start to decrease the inventory? My simple answer is it will help, but it is not the shining bullet that will end all the doom and gloom of the real estate market. My main concern is that it is only eligible for people who have not owned a home for the last three years. This will almost undoubtedly target young home buyers who can afford only the lower houses priced in the bottom of the market.

The other main concern is that people still have an over all concern with real estate values going down in the near future. Smart people are not going to buy a house when the real estate market is going down in the near future, if they do not have to buy. It is different if they are starting a family, have a steady job, and feel comfortable with their local real estate market coming back in the next couple of years.

So, as housing prices continue to slide across the nation and the number of homes for sale increase, lets take our hats off to our new president proposing a plan to help the real estate market. I hope that it does not stop here but at least we have someone who understands our national and global economic situation and is willing to risk his reputation to help average every day people.

As always, if you need to sell your house fast because of foreclosure, loss of your job, being transfered, divorce or any other reason, the fastest way to sell your house is to contact a local home buyer in your area. They can give you a free offer for your house with no obligation that you have to accept. They are still buying houses because they are able to hold on to properties for long term investments.

Selling Real Estate In This Real Estate Market Can Be Hard

January 26, 2009

Selling real estate is always a topic of interest for any home owner. The average American will sell a house every five to seven years. Given a 90 year life expectancy and assuming you buy your first house at age 30. You can expect to selling 8 to 12 houses in your life time.

When it comes to selling a home it can be a very hectic and emotional time. There is a lot of money, memories and family history involved with selling a home. That is why it is best to take an outsider approach to selling real estate. Try to shake off the emotions and think like a potential buyer looking for a new home.

There are typically only 3 ways to sell real estate and some will leave you with more money and create a faster sale than others. There are advantages and disadvantages to each type of home selling process so chose the best option for your particular home selling situation.

Sell your house fast with out a real estate agent
One of the quickest ways to sell real estate is to contact a local real estate investor or home buyer in your area and receive an offer on your house. These real estate professionals exist in every major metropolitan area across the United States and make a living off of investing in real estate.

There is a myth that all real estate investors are out to make a quick buck and take advantage of home owners. Just like any profession there are reputable home buyers and there are dishonest ones. The truth is, real estate investors are a great asset to any home seller.

Most know more about real estate than a typical real estate agent. They are familiar with short sales, helping home owners avoid foreclosure, lease options, rent to own programs, and best of all most can pay cash and create a quick close on your house.

How can it cost you less to sell your home to a real estate investor? Because you are selling real estate directly directly to a buyer there are no real estate agent commissions involved which is typically 6 percent of your sale value. This can add up to tens of thousands of dollars. Instead of paying a real estate agent commissions you are giving some of that money in equity to the new home buyer or investor.

Another awesome advantage of selling your real estate to a local home buyer is the over all home selling process. Through any typical home selling process you would have to spend thousands of dollars stagging your home for sale. You have to leave your home every time a potential home buyer wants to view your home. This can make the home selling experience even more emotional than it already is.

When you sell your house fast to a real estate investor they will buy your house as is. You do not have to spend money on fixing up your house to create curb appeal. You don’t have to leave your house every evening so people can walk through your home critiquing your home decorations. A home buyer will quickly wall through your home, ask you a few questions about the homes history and give you an offer then next day. 

So if you need to sell your house fast, consider receiving a free, confidential, no obligation offer for your house from a local home buyer. It will not cost you anything, you will receive an offer on your house, you will not have to pay any real estate commissions, and you just may receive an offer you can not refuse.  

Selling real estate for sale by owner
The next best way to keep more cash in your pocket when selling real estate is to find a home buyer yourself and skip paying real estate commissions to an agent. This avenue is not for all home sellers. Real estate agents exist because they provide value and service. However if you have extra time, energy and are up to a challenge then selling your home for sale by owner could save you big dollars at the closing table.

One disadvantage of selling your house for sale by owner is the up front costs. Instead of a realtor taking charge of the marketing of your home, you will be the main marketing avenue to get the word out. Some of the out of pocket expenses will be getting your home in great shape to sell, and marketing. The best marketing money you can spend is to pay a for sale by owner company who will list your home on the multiple listing service, MLS.

This way you have captured the same marketing a real estate agent would use. This is also the best way to get thousands of potential home buyers to know your house is for sale. You will also have to pay for signs, internet listings and some paper work.

Selling your house with the help of a real estate agent
The more traditional way to sell real estate is to go through a real estate agent. This home selling option will leave you less money at the closing table but could yield a better experience than selling your home by yourself. After all, you are hiring a professional to take care of all the home selling tasks.

Note than you will still have some out of pocket expenses and some inconvenience. A good realtor will walk through your home and put a list together of things they suggest you do to make your home sell quicker and for a higher price. You will have to pay to upgrade certain items in your house, paint new walls, take down family photos and other tasks.

Typical real estate agents charge 6 percent of the sale price of your home as a commission. So if your home sells for 200,000 the real estate commissions would be 12,000. The agent will receive this payment at the closing table so you do not have to come up with this money out of pocket.

How To Avoid Falling Into The Foreclosure Crisis

January 16, 2009

Foreclosures set yet another record this month, with the highest foreclosure rate on record. The foreclosure rate is up over 81 percent from January 2007, and over 225 percent from 2006.

Over 860,000 home owners lost their houses to foreclosure in 2007. This amounts to one out of every 50 homes in the entire nation. Think about it. If one out over every 50 people are loosing their house to foreclosure, then you have to know someone who is going through the foreclosure process.

It is clear the current process to stop the foreclosure crisis and slow the rate that people are being kicked out of their homes and to the streets is not working. The government has been trying to slow the number of foreclosures by putting money into the banking system and asking lenders to work with home owners. The system is not working.

But, there are some ways home owners can get banks to work with them and avoid foreclosure. I have spoke with many famlies from Idaho, California, Florida and Massachusetts that have all had success in stopping the bank from taking their home. Some of these families refinanced because they have equity, some were able to sell their house below what their mortgage balance was, and some had their payment lowered by the mortgage company.

By far the best way to avoid foreclosure is to sell your house. The process can be difficult for home owners who do not know the real estate dialog and short sale process. This is why I suggest contacting a real estate professional who is experienced in purchasing homes in preforeclosure and having them work with the bank to sell your home as a short sale.

A short sale is when the bank allows you to sell your house to someone else for a price that is lower than your mortgage. Banks allow this because the foreclosure process can cost them thousands of dollars and just selling the property at a loss will save them money in the long run.

So help your fellow neighbors, friends, and family who may be in a situation where they need to halt a foreclosure. Tell them to get a professional who will work with the bank to buy their house fast. They will avoid a foreclosure on their credit and be able to sell their house.

This is by far the best way to avoid foreclosure, keep your credit semi clean, and put the bad memories of foreclosure behind you. There are home buyers who specialize in helping home owners through the foreclosure process while avoiding foreclosure. These real estate professionals are experienced in mortgage laws and are honest hard working individuals.

When Will Real Estate Recover? Will Real Estate Recover Soon?

December 27, 2008

As 2008 is coming to a close many american home owners are asking a few real estate questions. When will real estate recover to prerecesion times? When will I be able to sell my house for a profit and is 2009 the year home values will start to increase?

Since the peak in real estate prices and home sales in summer of 2005 many home owners have been loosing equity in their home. It seems each month is another indicator that real estate prices are not increasing and foreclosures continue to increase. But with each month that goes by, we are one step closer to hitting the bottom of the real estate market.

Many factors point to the bottom of the real estate market, on a national level hitting bottom in 2009. There are a few major developments that bring light to a dark alley when thinking about the over all real estate market in 2009.

One of the largest indicators that home values will start to increase this next year is the inventory of homes on the market. Last month new construction for homes was at 730,000 its lowest point since 1975. In almost all the major metro areas across the nation home inventories are starting to decrease which will increase home prices. See your local area inventories at housing tracker.

Recent decrease in foreclosure fillings due to the government help will also play a large role in real estate prices hitting bottom this next year. which the new president Obama stepping into office at the end of January a new light and vision for real estate and america will start to take place. President Obama has shown interest in solving the housing market issues because he is aware that housing is vital to the Unites States economy.

So if you have a home that you are living in and are waiting for real estate to recover, cross your fingers that 2009 will bring a new year and recovering home prices. I am optimistic that we are near a bottom of the market and things will stabilize in the summer or second quarter of this next year.

Always remember that real estate is a local market and each area of the nation is different. Some parts of the nation are actually seeing increases in home prices this year. Just another reminder that you need to seek professional advice when buying or selling real estate. You need to get accurate new data, especially in a changing market like we have today.