Register Real Estate Advisors

WASHINGTON, D.C. (National Association of Realtors) – Nationally, consumers’ appetites for rental properties increased real estate-related web traffic by 27 percent last month, reports Experian Hitwise.
The websites boasting the largest year-over-year increases in traffic were devoted to rental or rent-to-own listings, said Heather Dougherty, research director for the global information services company.
According to Hitwise, the ten most popular search terms on real estate sites in the last year were:
1. rent to own homes,
2. rent to own,
3. foreclosure,
4. for rent by owner,
5. Puerto Rico real estate,
6. houses for rent in Orlando,
7. apartments for rent in Michigan,
8. low income apartments,
9. houses for rent by owner, and
10. reverse mortgages.
Traffic coming from social networks to real estate sites increased 61 percent year-over-year last month.

DALLAS (Dallas Business Journal) – Addison-based Foreclosure Listing Service’s newly released figures show that the number of foreclosed Dallas-Fort Worth area homes up for auction in January is 6 percent lower compared with last year.

 According to the figures, 5,543 homes are ready for the January 2011 auction, down from 5,894 a year earlier.

 Even so, Foreclosure Listing Service CEO George Roddy Sr. said not to expect big declines in foreclosures until employment picks up.

 “DFW residential foreclosure posting activity for January remained on the extreme high end in this foreclosure cycle,” Roddy said. “Until a significant amount of workers begin to be re-employed, there is simply no reason for foreclosure postings to decline. Even re-employment in today’s market does not assure that a family’s bills will be paid because many workers are being hired at wages far lower than at their previous jobs.”

I’m always amazed when I start looking over the pre-foreclosure statistics of my market area and see how many homes are headed to auction. In Spring Texas alone there are 512 homes scheduled to auctioned off tomorrow.

The sad reality is, based on a small, non-discriminate sampling of these homes, less than 15% of these homeowners tried to mitigate their loss and put their home on the market and less than 50% of these tried to short sale their home.

I’m not sure why there is a lack of action on the part of homeowners that are facing this type of hardship, perhaps they really just don’t understand that they have options, or know where to find help (someone that can discuss those options with them), but I find it very sad that this seems to be a consistent trend in our current market.

I hear it said often; that homeowners in this situation most likely don’t contact someone for help, because they are embarrassed! Embarrassed…why? There is no reason to be, Things happen that we have no control over, people lose their jobs regularly, they don’t plan to, it just happens, People get sick, lose loved ones, their mortgage payments skyrocket…we can’t always plan for these things, we can’t predict the future. Unexpected things happen to all of us, and when they do, it’s definitely not something we should be embarrassed about.

Not taking action at a time like this will cause you even more difficulties in the future. A foreclosure is so much more damaging then a Short Sale. Contact me and I’ll send you a list of the differences so you can see for yourself.

If you have recently found yourself in a financial situation where foreclosure seems probable, don’t wait until it’s too late, like these folks did. Tomorrow their homes will be sold at auction and they will forever carry the stigma of a foreclosure on their record.

Call today, I can help 832-576-4902, you can also reach me at Kimberly@rrea.com

The “embarrassment” you overcome today could change your financial future forever, Take action……As a Certified Distressed Property Expert, I have to knowledge and tools necessary to navigate through the very challenging process of Short Sales. I really can help!

I believe every homeowner deserves the best information and education to avoid losing a home to foreclosure and damaging credit for years to come. Many homeowners today are facing uncertainty. They do not know what to do next for themselves and their families. Despite all attempts to hold on, foreclosure has become a reality that if not addressed and handled correctly, it can have a devastating outcome. Here are a few examples of how a foreclosure will affect your life.

Foreclosure is the most challenging issues against a security clearance outside of a conviction of a serious misdemeanor or felony. If a person has a foreclosure and is a police officer, in the military, security, or any other position that requires a security clearance; the clearance could be revoked and the person will not be able to perform the duties required for the job. On its own, a short sale does not challenge most security clearances due to the fact that short sales are not explicitly reported on a credit report.

Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. In many cases, a foreclosure is ground for immediate reassignment and sometimes termination. Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and will challenge employment in most cases. Again, since a short sale is not reported on a credit report; therefore not a challenge to employment.

Now more than ever, you need to prepare yourself to navigate the mistakes that are most commonly made. As a Certified Distressed Property Expert (CDPE), I have been specifically trained to assist homeowners in difficult situations. If you would like more information or assistance, please contact Krista at 832-585-3035.

No one buys a home hoping to get behind on payments and have the bank foreclose on it. Here are a few tips to avoid this problem altogether, and what to do if it does occur.

Don’t set yourself up for failure

There are two main ways to avoid foreclosure:

• Don’t put yourself in a situation where you won’t be able to afford your mortgage. Know how much you can really afford before you start shopping for a home and stick to that price range. Often, people over-extend themselves financially when in reality they don’t and won’t have the means to pay their mortgage payment. Just because the mortgage lender approves you for a loan at a certain amount doesn’t mean you can actually afford the payments on that loan.

• Understand your loan. Many people get into trouble because they don’t understand their responsibilities regarding their home loan. There are many types of loans where the payments for the first year or first few years are much lower than the amount you will pay in the following years. Talk with your lender about various loans and make sure you understand how much your payment will be at the beginning as well as what your payment might be in the future.

What to do if you think you’re heading toward foreclosure
Do not be embarrassed. Instead, contact your lender as soon as you’re aware that your payment will be late. Also, never ignore your lender’s phone calls or letters. If you act uninterested in the fate of your home, your lender will be less willing to work with you in remedying the problem. If you don’t want to speak to your lender first, you can contact a HUD-approved counseling agency that will work with you and your lender to negotiate a repayment plan. You can call 800/569-4287 for the counseling agency nearest you.
Also, KeepMyTexasHome.org is a comprehensive resource for Texas homeowners who are, or who may become, behind on their mortgages. This site outlines the foreclosure process in Texas and provides best-practice steps and other resources for Texans who may face foreclosure.

On KeepMyTexasHome.org, you can search an online database of Texas REALTORS® who’ve undergone specialized training to help homeowners avoid foreclosure.

Texas REALTORS®

On November 10th a Broker from San Francisco, CA named Tara-Nicholle Nelson posted this article as a blog on Trulia. Thinking it’s wonderful, I am re-posting on my blog for my readers…

Four years into the housing crisis, myths about foreclosure still litter the minds of even the smartest of real estate consumers. When it comes to matters as high stakes as your home, confusion can cost you thousands – or even your home. Whether you’re a buyer looking at foreclosures, a homeowner struggling to keep your home or a seller concerned making sure your home can compete with the foreclosed homes on your block, these foreclosure myths are prime for the busting, with no further ado.

Myth #1: Foreclosure happens fast. With unemployment and underemployment still affecting nearly 1 in every 4 Americans, no one is immune from fears that a pink slip might quickly turn into a foreclosure notice. According to NeighborWorks America, nearly 60 percent of families seeking foreclosure counseling cited a lost job or cut wages as the reason they were facing foreclosure.

While the Obama Administration’s Home Affordable Programs haven’t been nearly as effective as predicted in actually preventing foreclosures, they have had the effect of extending the foreclosure process for many families. Even though the legal process of foreclosure can happen in as few as 6 months in most states, it is currently taking much longer for the average foreclosure to get to completion. Recently, JP Morgan Chase revealed that their average borrower who loses a home to foreclosure has not made any payments in 14 months nationwide; 22 months in FLorida and 26 months in New York.

To be sure, some see this as a good, others view it as unnecessarily dragging out the overall market’s recovery. Many insiders will point out that these delays in foreclosure may be calculated to save the banks the costs of owning and maintaining foreclosed homes, not to help homeowners. In any event, the fact that foreclosure does not happen nearly as fast, in many cases, as expected does give families who are temporarily down on their luck some extra time to try to get back on their feet and save their homes.

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1. Protect your credit score.

2. Beware of offers that sound too good to be true – they probably are.

3. Become an educated consumer. Talk to your Texas REALTOR® about predatory lending practices – what they mean and how to keep from being a victim.

4. Don’t buy more house than you can afford right now.

5. Think twice about non-traditional loans, such as interest-only and adjustable-rate mortgages (ARMs). Fixed-rate mortgages are just that – fixed.

6. When purchasing a new home, look beyond the monthly mortgage. Other costs to consider include property taxes, homeowner’s insurance, utilities, maintenance, and, depending on the neighborhood, homeowners’ association fees.

7. Don’t sign a blank document or anything you don’t understand.

8. Know and understand the terms of your mortgage.

9. Don’t let anyone persuade you to “pad” your income to qualify for a loan.

10. If you’re having trouble making your monthly mortgage payment, don’t hide from your lender. Work with your mortgage lender to find out what your options are.

11. Work with your Texas REALTOR®, Krista Wright 832-585-3035, to find a reputable lender and a loan product that works for you.

Source: www.TexasRealEstate.com

Original Article: http://www.foxnews.com/politics/2010/10/10/lawmakers-struggle-address-foreclosure-fiasco/

Congressional lawmakers are struggling to come up with a quick fix to the foreclosure fiasco that has threatened the economic recovery and thrown a monkey wrench into their re-election campaigns.

Hearings. Investigations. Court orders. Moratoriums. These are among the many options being floated by members of Congress as they try to demonstrate their sensitivity to the problem and eagerness to address it. The latest housing mess has handed them a new dilemma just when it seemed the economy couldn’t be more of a drag on incumbents. And while some warn a heavy-handed government response could make a bad situation worse, others are calling for across-the-board government intervention.

“The fundamental fairness of the entire foreclosure process is now in serious doubt,” the bipartisan members of Maryland’s congressional delegation, along with Gov. Martin O’Malley, wrote in a letter to the state’s highest court Sunday. They requested a minimum 60-day foreclosure suspension in their state.

Others are calling for a national freeze.

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Homeowners who have defaulted or are at risk of defaulting on their mortgage may believe that the only solution to their mortgage problems is foreclosure. However, that is not the case. There are options available and those options are listed below:

Refinance

Homeowners who are current on their mortgage payments may find that refinancing is the answer. They can take advantage of today’s low mortgage rates, reduce their monthly payments, and most importantly, keep their home. In early 2009, the Obama administration launched the Making Home Affordable programs in an effort to help stabilize the housing market. For more information about these programs, visit www.MakingHomeAffordable.gov.

Lender Workout

Mortgage lenders will often work with homeowners who are in default or at risk of defaulting to help them keep their homes with a number of their own options. These workout options can include forbearance, a repayment plan, reinstatement, and loan modifications. Homeowners who are seeking this option are encouraged to look into the Making Home Affordable programs. A link to the website is provided in the paragraph above.
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COLLEGE STATION (Real Estate Center) – On this week’s Real Estate Red Zone podcast, Judon Fambrough talks about the legality of homeowners losing their homes because of failure to pay homeowner association dues.
Fambrough, an attorney with the Real Estate Center, also covers homeowners’ rights and what can be done to help prevent foreclosure.
In addition, hosts Bryan Pope and Edie Craig travel to Houston, DFW, Waco, Texarkana, Amarillo, Central Texas and Greenville talking about the real estate news in those areas.
You can listen to the free podcast from your computer by going to recenter.tamu.edu/podcast and clicking the “play” button beneath each episode. To subscribe, click on the RSS feed found on the podcast page. You can also subscribe through iTunes and download each episode to your iPod.