This video, produced by the Houston Association of Realtors, helps consumers to understand what a short sale is and how the process works. A distressed property is one that is in the short sale process or is currently under foreclosure. Currently, Shannon Register is a designated Certified Distressed Property Expert and Certified to do Short Sales and Foreclosures. When a foreclosure does not sell on the courthouse steps, it returns to the Bank Owner in what Realtors refer to as an REO (Real Estate Owned Property.) If you know someone having dificulty paying their mortgage, the best advice you can give them is to contact our team as soon as possible for help. The short sale process takes time, so the sooner you get the property listed, the sooner it will sell and the less likely the bank is to foreclose on the owners. It can be humiliating to be behind on your mortgage, but our team knows the sensitivity of this ordeal and we understand that there are many situations that can lead to slow mortgage payments that cannot be caught up. Please contact us first for help! We are trained and work with banks regularly to help consumers in the Houston area. Our expertise could save your home from Foreclosure and save your credit so you can purchase a home again in two years – and there’s usually no cost to you!

No comments yet. Tell me what you think! Click HERE to comment.

NEW YORK (CNNMoney.com) – More than 51,200 troubled homeowners nationwide received long-term mortgage modifications last month under the Obama administration’s foreclosure prevention program, according to figures released today.

 That brings the total to more than 389,000 since the program began in spring 2009.

 However, the June figures also showed that 520,814 distressed homeowners have had their trial modifications canceled, leaving 364,077 borrowers in the initial phase of the program.

 Homeowners usually are dropped from the trial program because they do not make the required payments, meet the qualifications or submit the needed paperwork.

By periodically checking your credit report, you can keep tabs on the factors that influence your credit score. Make sure you know where to get a copy of your reports and how to interpret them. You are entitled to one free credit report per year from all three credit reporting agencies – Equifax, TransUnion, and Experian. For free reports, use the AnnualCreditReport.com site. It will not give you the FICO score, but you will be able to view your credit report. Your credit report will show your creditors and the status of each account, public records like judgements, the requests that have been made to view your credit history, and personal data like your name, address, and social security number. Any negative information, like a missed mortgage payment, will stay on your credit for about four years. If you find a mistake on your credit report, you should file a dispute in writing with the agency that provided the report. If you have old charges that need to be paid off and they have been on your credit for many years, do not pay them if you are trying to get a mortgage. When you pay them it shows activity on the account and will actually lower your credit score. If the mortgage company requires them to be paid in order to give you the loan, usually you can pay them at closing. If you suspect that someone is requesting credit under your name you should file a 90-day fraud alert on your credit file.

0 comments. This is an old post. The comments are currently closed. Click here to send me a comment via email.

WASHINGTON, D.C. (Yahoo News) – Bank of America will pay $108 million to settle charges against Countrywide Financial Corp., which Bank of America purchased in July 2008.
The Securities and Exchange Commission charged three top executives, including CEO Angelo Mozilo, with civil fraud and insider trading last year.
Federal Trade Commission Chairman Job Leibowitz accused Countrywide of “callous conduct, which took advantage of consumers already at the end of their financial rope.”
Settlement agreements include refunding money to approximately 200,000 borrowers and notifying bankrupt borrowers monthly about what they owe, including fees.
The bank did not deny or admit to charges; however, they agreed to pay the settlement “to avoid the expense and distraction associated with litigating the case.”

1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything.
2. Mow your lawn, and be sure toys and yard equipment are put away.
3. Serve cookies, coffee, and soft drinks. It creates a welcoming touch. But be sure the kitchen has been cleaned up; use disposable cups so the sink doesn’t fill up.
4. Lock up valuables like money, jewelry, etc. Although the real estate salesperson will be on site during the open house, it’s impossible to watch everyone all the time.
5. Turn on all the lights. Even in the daytime, incandescent lights add sparkle.
6. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them.
7. Leave. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.

Reprinted from REALTOR Magazine Online by permission of the National Association of Realtors, Copyriht 2005, All rights reserved.

0 comments. This is an old post. The comments are currently closed. Click here to send me a comment via email.