Register Real Estate Advisors

Thank you for your patience while I have been on vacation.  I will be answering emails and returning phone messages as quickly as possible.  I do have a closing on Wednesday morning.  Please be patient.  I am working to catch up.  I haven’t forgotten about any of you.  I love helping people relocate to the Houston area, buy recreational land, and dream homes and selling every piece of real estate I can get my hands on, but I had a wonderful time on my vacation.  It was a great break and I hope to tell you all about it when I see you again.  I missed my babies, though.  Hope you all had a wonderful 4th of July!

by Ralph Roberts

Read the entire article.

The Treasury Department recently released its Home Affordable Modification Program Guidelines (part of its Making Home Affordable initiative), which include eligibility requirements to determine which homeowners qualify for relief under the plan. Following are the eligibility requirements as specified in the guidelines:

 

 

• Mortgage must have originated on or before January 1, 2009. 
• Home must be an owner-occupied primary residence (verified with tax return, credit report, and other documentation such as a utility bill) – this program is not designed for investor-owned properties. 
• Home must be a single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law). 
• Home may not be vacant or condemned. 
• Borrowers in bankruptcy are not automatically excluded from consideration. 
• Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights. 
• First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than:

 
1. 1 Unit: $729,750 
2. 2 Units: $934,200 
3. 3 Units: $1,129,250 
4. 4 Units: $1,403,400

 
• Foreclosure actions are suspended (not cancelled) during the trial period or while borrowers are considered for alternative foreclosure prevention options. If homeowners fail to qualify, foreclosure proceedings may resume. 
• No minimum or maximum LTV ratio for eligibility purposes. 
• Loans are eligible for only one loan modification under the program. 
• Subordinate liens (such as second mortgages or home equity loans or lines of credit) are not included in the Front-End DTI calculation, but they are included in the Back-End DTI calculation. Back-End DTI is used to determine whether the borrower will be required to undergo credit counseling as a condition to modification. 
• Servicers should follow any existing express contractual restrictions with respect to solicitation of borrowers for modifications. Applicants will be accepted into the program only until December 31, 2012 (the program expiration date), but incentive payments will continue up to five years after the date of entry into the Home Affordable Modification Program. Monitoring will continue through the life of the program.

When discussing this program with homeowners in your area, it’s a good idea to point out the following:

 
• Eligibility requirements are simply government guidelines. Guidelines may change, and lenders make exceptions, if it is in their best interest to do so. In other words, homeowners should not count themselves out. If they are having trouble making their house payment, they should explore the loan modification option. Sometimes, the only way to determine whether you qualify is to apply. 
• Not all servicers, lenders, or investors are required to participate in the program at this time. The program is designed for Fannie Mae and Freddie Mac mortgages, but the plan’s incentives may encourage servicers, lenders, and investors to modify other types of mortgages, as well. 
• The individual servicers that agree to participate in the program are required to sign a contract agreeing to abide by the program guidelines. If the servicer does not contract under the program, they are not eligible for incentive payments. 
• Homeowners should consult a specialist who works with lenders on a daily basis to review their situation and determine whether the homeowners are likely to qualify for whatever workout options are available through the lender. Sometimes the only way to determine whether a homeowner qualifies is to submit an application.

During this unprecedented crisis in the housing industry, you can play a valuable role in keeping homeowners in your area well-informed of the programs available to help them keep their homes. I encourage you to do your part to preserve the American Dream of Homeownership and stabilize your corner of the housing market.

** UPDATE 12-28-09 **

This post was written when I was affiliated with Coldwell Banker United and Cartus Global Network. I have since formed my own company and am no longer affiliated with Coldwell Banker United and/or Cartus Global Network. I still look forward to meeting your relocation and real estate needs. ~Shannon

I can help you with your corporate relocation needs.  A member of the largest relocation company in the Houston area, Cartus, I can help you with all of your real estate needs world wide.  If you are selling, I have a marketing plan that will sell your home.  I can refer you to a Coldwell Banker Realtor anywhere in the world to help you find your next home.  Call me today to help you with your next move.  I am here to make it a smooth process!

** UPDATE 12-28-09 **

This post was written when I was affiliated with Coldwell Banker United and Cartus Global Network. I have since moved to RE/MAX and am no longer affiliated with Coldwell Banker United and Cartus Global Network. I still look forward to meeting your relocation and real estate needs. ~Shannon

Are you looking to move to the Houston area?  I am a Realtor specialize in the north side of Houston and would like to help you with your next move to the area.  I relocate families to Houston, Spring, The Woodlands, Humble, Magnolia, Conroe, and Tomball.  As a relocation specialist, I am part of Cartus, the largest global relocating company in Houston.  If you are doing a corporate relocation, as for me by name because I get the job done right!

Have you downloaded your FREE copy of the Houston Newcomer Guides?  You can download a copy using the link below.  These guides contain helpful information about neighborhoods, employment, and school districts in the Houston area.  Find out about churches, golf courses, and much more.  If you are relocating to the Houston area, you will not want to miss the helpful information that is in these guides.  I specialize in selling real estate in the Northwest areas of Spring including Tomball and The Woodlands.  If you are looking for a Realtor to help you buy your next home, give me a call today.  With Coldwell Banker’s vast resources, I can also help you sell your current home fast.

http://www.houstonnewcomerguides.com/preview-northwest-houston

** UPDATE 12-28-09 **

This post was written when I was affiliated with Coldwell Banker United and Cartus Global Network. I have since moved to RE/MAX and am no longer affiliated with Coldwell Banker United and Cartus Global Network. I still look forward to meeting your relocation and real estate needs. ~Shannon

Are you moving to the Houston area?  If you are relocating to Houston, I would like to assist you with all of your real estate needs.  As a relocation specialist, I can help you sell your current property and find a new one in the Houston area.  I am proud to be part of Cartus, the largest relocation company in the Houston area.  We relocate families all over the globe and as a result, we have buyers for the properties that we sell.  That is why our Coldwell Banker properties sell faster than other properties listed on the Houston Multiple Listing Service.  Please call me today to help you with all of your relocation needs.