1.) Have you recently missed a house payment?
2.) Have you recently missed two house payments?
3.) Is your home worth less than what you owe?
4.) Have you recently experiences any negative life changes? (Death, Divorce, etc.)
If you or anyone you know can answer yes to one of the above questions, we can help. Please call 702-423-2968 for a free and confidential consultation.
Posted by: Jessica Kincaid
“Ability and necessity dwell near each other”
Pythagoras
In the first quarter of 2008, America’s lenders voluntarily modified some of their outstanding home loans to help the borrowers avoid foreclosure.
Nine months later, most of those modified loans are once again in default.
The Comptroller of the Currency is actually naïve enough to ask:
“Is it because the modifications did not reduce monthly payments enough to be truly affordable to the borrowers? Is it because consumers replaced lower mortgage payments with increased credit card debt? Is it because the mortgages were so badly underwritten that the borrowers simply could not afford them, even with reduced monthly payments? Or is it a combination of these and other factors?”
Maybe it’s because the borrowers have no incentive to keep their payments current. They have no equity to lose; they’re probably paying less than if they were renting (especially if they’re paying 0); and the last time things got bad, the government forced their lenders to modify the loan.
If things are so bad, why isn’t every mortgage in default?
Saving people (or companies) who make poor choices only allows them to make more poor choices.
I heard a commentator on Lou Dobbs today suggest that homeowners may be using credit card advances to make their mortgage payments or pay living expenses. That’s a prudent, healthy way to build wealth and a legacy for your kids.
If you’re struggling to make your mortgage payment, get realistic, be an adult, and make some tough decisions.
You can’t control the economy, but you can control your thoughts and actions. Will you hide under the covers or face the challenges?
Let’s brainstorm ways to be responsible, innovative & profitable in this environment.
Do you have buyers sitting on the fence? Are you yourself not sure if now is the right time to purchase real estate? Here are the top 12 reasons why now is the best time to buy. Since I recycled this from our office productivity coach, feel free to use it yourself. Send it to your clients or family members who are thinking about buying.
The 12 reasons to buy a home during the holidays:
1. Loan programs and limits are constantly changing. Current programs and limits, such as FHA, may not be available in 2009 after changes in our government take place.
2. There are less buyers shopping for a home during the holidays, therefore you may be in a stronger negotiating position.
3. With fewer buyers on the market during the holidays, there may be fewer multiple offer situations, especially in REO and Short Sale properties.
4. The transaction load is lighter for many lenders at this time of year, so your file may be handled quicker, more efficiently, and more accurately. This holds true for Title and Escrow.
5. It’s nice to get a feel for a home when it’s decorated for the holidays.
6. You may have more vacation or free time during the holidays instead of having to ask for time off work to look at homes, complete paperwork, attend signings, etc.
7. You can show your visiting friends and family your prospective new home.
8. With fewer buyers on the market, it may be easier to schedule inspections, etc. allowing you to shorten your contingency period in exchange for more favorable terms.
9. You’ll be enjoying your new home in the spring instead of waiting to move in.
10. January is typically the best time of year to buy decorating items or home improvement items as the retail industry doesn’t want a huge slump after the boom in holiday shopping.
11. If you have kids, they can transfer to their new school at the start of the new semester and avoid “getting behind”.
12. What could be a better gift for the family than a new home for the holidays?
Are you ready to buy? Call The Kincaid Team today to set up an appointment to get started.
Posted by: Jessica Kincaid
