Blog

Prevention (3)

Millions of Homeowners Underwater

Posted by Trang Huynh on May 21, 2014 at 10:30am

First-time homebuyers are searching for affordable homes; however those homes are a rare find on the market because of the negative equity on most of those homes. According to the first quarter of Zillow® Negative Equity Report, almost 9.7 million homeowners are underwater.

Homeowners who owe more on their mortgage than the house is worth are in a sticky situation. This is usually because they have fallen behind on their payments and are not able to afford that house anymore. Homeowners in a negative equity situation are not able to bring money to closing or pay for the deficiency, so they are not able to list their home for sell on the market.

In order to successfully sell their home, the homeowner would have to do a short sale so that the lender would accept a short payoff of what is owed. With the right short sale specialist, this would help the homeowners move on and avoid an additional financial problem.

The misleading information and absence of the resources about short sales are contributing to the inventory shortage. This leads to the homes that are on the market to be priced higher, making homes even less affordable for first-time homebuyers.

Speak to one of our short sale experts in Texas by calling (972)342-0011. 

Read more…

5 Reasons Foreclosure Prevention Is Like Halloween

Posted by Jennie Blackburn on October 25, 2010 at 4:54am
5 Reasons Foreclosure Prevention Is Like Halloween

1. Tricks

I don’t know if kids do this anymore, but I remember part of the fun, the anticipation, of Halloween was coming up with a “Trick” to offer in exchange for candy – a joke, rhyme, hand stand, armpit noise or, if you were desperate, a song. Foreclosure prevention is like that, except sometimes the trick is on the homeowner. You go to the lender’s door, ring the bell, ask for short sale approval and the bank requests a trick. You do the trick, even though it’s ridiculous (e.g., provide the birth certificate of your childhood pet), stick out your palm for your treat…and…and…what the?!...the lender requires another trick. Six months worth of tricks and you might get a treat.

2. Treats

Possibly the best part of Halloween – the treats! For a kid, heaven is having to use two hands to lug home a pillowcase weighed down with candy. Sorry, there is no candy in short sales. But there are treats. For a homeowner, the treat is to “hit the reset button”, to be released from an oppressive situation & constant lender harassment, without the stigma of foreclosure. For lenders, the treat is being spared the cost to preserve vacant property and the legal cost involved in foreclosure.

3. Costumed Characters

Every year, the National Retail Federation publishes a list of the most popular costumes (Michael Jackson in 2009; Spiderman in 2004), but some costumes are classic: Zombie, Super Hero, Vampire, Witch. I have yet to encounter Spiderman in any short sale transaction, but I’m convinced that a prerequisite for hire as a bank’s short sale negotiator is Zombiehood. Bank Negotiators and Zombies. Not. Human. Not human! Both have that risen-from-the-dead, jerky, robotic shuffle. And they l-l-l-o-o-o-v-v-v-e feasting on human flesh. As a Realtor specializing in short sales, I have witnessed scenes of chaos and panic as whole neighborhoods are consumed by Hells Fargo’s (Goo-For-Brains) Zombies.

4. Terror

Halloween and Short Sales elicit more than just fright; they both give birth to Terror. Fright is like a sudden shock – painful, but not enough to leave a noticeable scar and it’s over quickly. Terror implies something more intense. Dictionary.com’s definition of terror is “extreme fear in the presence of danger or evil”, and describes it as “prolonged…and may refer to imagined or future dangers”. For months, homeowners behind on their mortgage payments (1 of 5 Florida homeowners) dread opening the mail or answering the phone. They lose sleep at night, imagining the worst, nightmare images of the Bank of Evil tossing their belongings in the street as the neighbors look on. Halloween terror is also prolonged, but only until the movie is over.

5. Spooky Houses

For homeowners, the place that once represented the future, their piece of the America Dream, is now laced with cobwebs. Windows that formerly framed Norman Rockwell holiday scenes are now hidden behind tightly drawn curtains. Crabgrass replaces flower beds. Picket fences, once proudly painted white, fade to gray in the moonlight.



Disclaimer: My husband, the historian, read this and explained that “trick or treat” actually referred to a bribe, as in, “Hand over the sweets and I won’t egg your house.” Whatevs, Honey.
Read more…

Latest Blog Posts

Most Popular Blog Posts

Blog Topics by Tags

Monthly Archives

********************************** like buttons ************************