What is a Loan Modification Modify the existing mortgage. In simple terms, the creditor, usually a bank, agrees to change the terms of the loan. Most often the changes are temporary. Reducing the interest rate, principal portions of payments, or extending the amortization in an effort to reduce overall payment obligations, remain the changes most acceptable to creditors. Unless the delinquency remains small with a loan at a local bank or the debtor has a nasty hardship under a government program this can be a tough plan to get through the creditor's guidelines. Often a professional foreclosure negotiator can get these plans approved even when the debtor cannot. 05/06/2009

How do you, my listing agent get paid... who pays you commission? The bank will pay the commission along with all the other usual closing costs. Do I have to miss a payment to do a Short Sale? Again, the short answer is No. Late last year most major lenders started accepting short sale offers from sellers who have never missed a payment. I want to do a short sale and have a 2nd mortgage, does this make me ineligible? No.  Both of your lenders will need to be satisfied in some way to complete the short sale. If your first lender will be paid off by the sale, then you just negotiate the terms with the second lender. Most short sales do involve 1st and 2nd lien holders.  It is always much easier to negotiate if both mortgages are with the same lender.  Short Sale Questions and Answers for ... 05/06/2009

Will I still have to pay property taxes if I do a short sale? Property taxes will always have to be paid as part of any accepted short sale. Whether it's you or the lender depends on their policies and the specific agreement you reach while negotiating the short sale. I owe more than my home is worth and I can't make the payment, do I have to somehow qualify for a short sale? The simple answer is NO. If someone can't make their payment and they are otherwise insolvent they qualify for a short sale. Note: insolvent simply means their total debts are great than their assets.  We prove that to the bank by completing the Hardship Letter and Financial Statement. Do I have to pay income taxes... I have heard that I will get a 1099. Will the loss the bank takes be treated as a taxable gain to ... 05/06/2009

Short Sale Questions and Answers I want to preserve my credit score... is a short sale right for me? Late payments on your mortgage have already done serious damage to your credit score.  Under new legislation, you may qualify to purchase another home in 2 years if you can successfully rebuild your credit after a short sale. If I pay mortgage insurance and default on my loan, why wouldn't that cover the deficiency amount? The mortgage insurance is not there for your protection, just the mortgage lender's if the house goes to foreclosure. Do I have to have my home "Approved" by the lender prior to offering it for sale as a short sale? No. Technically speaking there is no such thing as being ‘Short Sale Approved'.  We will notify your mortgage company that we are pursuing a short sale and... 05/06/2009

Okay I got behind over the weekend so today I'm posting two new zip codes. This post includes 30045 in Lawrenceville. Gwinnett County home sales are improving every month. Today we will look at another of Lawrenceville's zip codes 30045. This zip covers an area east of Sugarloaf Parkway and includes downtown Lawrenceville, just past Gwinnett County Airport then south to the Tribble Mill Park area. The western border is Ozora Rd and portions of Hwy 124. The southern portion of 30045 is somewhat rural with horse farms and large tracts but still is only 10 minutes from downtown Lawrencville. There are several estate style neighborhoods in this area like Trail's End, Tapestry Ridge, and Helen's Manor as well as starter home neighborhoods and move up homes. There are several new schools bein... 05/04/2009

Today's featured Gwinnett County home sales zip code report is......drum roll please...........30044!!!This is one of Lawrenceville's many zips and includes communities like Brookwood, Bethesda, and Northwood Country Club. The boundaries run from west of Sugarloaf Parkway, south of Hwy 316 down to Hwy 124 and over to just west of Ronald Reagan Parkway. Neighborhoods in this area are Enclave at Brookwood, Churchill Commons, Flowers Crossing at the Mill, and Longmont at Sugarloaf. Click here for a custom search of all homes for sale in Gwinnett County zip code 30044.Here are the home sale stats for zip code 30044 for April 2009. Active listings in 30044 as of 5/4/09Expired listings in April 2009Sold Listings in April 2009If you're interested in what's going on with home sales in other are... 05/04/2009

FHFA ANNOUNCES HOME VALUATION CODE OF CONDUCT - Federal Housing Finance Agency (FHFA) Director James B. Lockhart announced that Fannie Mae and Freddie Mac will implement a revised Home Valuation Code of Conduct (Code) effective May 1, 2009. The Code is based on an agreement between the Enterprises, the New York State Attorney General Andrew Cuomo and FHFA to improve the reliability of home appraisals. Following a comment period on the original Code, modifications were made by the Enterprises to reflect comments received. The revisions will facilitate implementation in the marketplace. The revised Code builds on existing Fannie Mae and Freddie Mac seller-servicer guidelines to increase the reliability of appraisals for loans sold to the Enterprises for their portfolios or for securitiza... 05/01/2009

How does the housing market look in your neighborhood? There are many websites out there that say they can give you accurate sales and value info on your area but do they really? I'm not sure what algorithms these sites are using but most of them are usually way off in determining the value of your home. There are some that are closer than others but they all have something in common.....they all rely on the local MLS and tax assessors to get their information. So my question is why go to those sites when you can consult a local Realtor and find out real time and accurate information? Yesterday I started reporting on homes sales in Gwinnett County by zip code for the month of April. Yesterday's post was Dacula zip code 30019. I'll post a different zip code everyday throughout the month ... 04/30/2009

REO,BPO, CMA, Short Sales, Loin and Tigers and Bears Oh My .. what does it all mean?? Q. What does REO mean? A: Real Estate Owned, it is the term that banks use to identify their foreclosure properties. These properties are now called non - performing assets (bank is not making money on them). Q. What is a BPO? A. BPO is short for (Broker Price Opinion). Some REO packages from banks will have BPO's or assessed retail values. These values come from Comps and are used to justify the LTV. Q. What is a CMA? The best method available to home sellers to learn their home's current value so they can select the best sale price is a CMA, or Comparative Market Analysis. CMA is the term real estate agents use when they conduct an in-depth analysis of a home's worth in today's market. Q.What is a Sh... 04/29/2009

Q? I want to preserve my credit score... is a short sale right for me?  A: Late payments on your mortgage have already done serious damage to your credit score.  Under new legislation, you may qualify to purchase another home in 2 years if you can successfully rebuild your credit after a short sale.  Q? If I pay mortgage insurance and default on my loan, why wouldn't that cover the deficiency amount?  A:The mortgage insurance is not there for your protection, just the mortgage lender's if the house goes to foreclosure. Q?Do I have to have my home "Approved" by the lender prior to offering it for sale as a short sale?  A:No. Technically speaking there is no such thing as being ‘Short Sale Approved'.  We will notify your mortgage company that we are pursuing a short sale and document our ... 04/28/2009

When is a homeowner is "short"? When a borrower owes an amount on his property that when combined with closing costs and commission, is higher than current market value. When does a short sale occur? A negotiation is entered into with the homeowners mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is "sold short." How does the seller benefit? The seller will not receive any money at closing but they won't pay for commissions or closing costs. They will avoid the emotional toil and the consequences of a foreclosure. It is less damaging to their credit than a foreclosure. There is no tax consequence on the forgiven debt for a personal residence in most instances. Additionally, a foreclosure remains o... 04/27/2009

A:  No, an attorney helps you structure your loan to present your case to the bank.  If you know the proper way to structure a deal, you should not need an attorney.  There are very few instances where attorneys are necessary; for instance, if you feel you are a victim of mortgage fraud, but you should hire an attorney as a last resort as their fees are often higher than your mortgage payment.  By doing your homework you can save yourself thousands of dollars and get better results than an attorney. 04/26/2009

What is a loan modification? A: Loan modification definition: A loan modification is a way for homeowners to change the terms of their existing loan in order to make their payment more affordable.  Loans can be modified a number of different ways. Terms can be extended, adjustable rate mortgages can be converted to fixed, interest rates can be lowered and principal balances can be reduced.  Loan modification should not be confused with a refinance. 04/26/2009

Georgia Foreclosure Laws Judicial Foreclosure Available: Yes Non-Judicial ForeclosureAvailable: Yes Right of Redemption: No Deficiency Judgments allowed: Yes Special Comments: None Judicial Foreclosure  The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.  Non-Judicial Foreclosure  The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan... 04/22/2009

Got up this morning and was greeted by on of the most boastful snowy white scenes... enjoy world less Wednesday Please give credit when you "barrow" this picture .. something like God made it Eric Reid of Renaissance Realty Group in Lawrenceville GA just took time to notice it and take the picture.   04/22/2009

A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. Trial loan modifications consistent with these Guidelines may be offered to homeowners beginning on this date, March 4, 2009, and may be considered for acceptance into the Home Affordable Modification Program upon completion of the trial period and other conditions. These Guidelines, however, do not constitute a contract offer binding on the Department of the Treasury.   Qualification Terms: The home must be an owner occupied, single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law). The home must be a primary... 04/21/2009

Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.   Call the LenderYou may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision.   Submit Letter of AuthorizationLenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving... 04/21/2009

The Collins Hill Athletic Association (CHAA) is pleased to announce that we are joining with some local organizations to bring much needed food supplies to our community.  5 Loaves and 2 Fishes is an association of diverse businesses, faith based organizations, and other groups located in North Georgia that have identified a need in our communities to help weather the current economic storms.  As part of this effort, CHAA is joining with the Collins Hill Ward of the Church of Jesus Christ of Latter-day Saints to provide much needed canned goods for our local community.  The recipient of our food donation will be The Quinn House, located in Lawrenceville, GA.  We are asking all members of the CHAA family to donate any and all canned food items that you feel inclined to donate.  There wil... 04/17/2009

imagine the possibilities..is my company's logo or motto and I think it is a great one .. it encompasses  so much of who I am as a person and business man and a company /team leader and without fail when anyone looks at our letter head or my business can the comment .. hmm interesting "imagine the possibilities" So I ask what would your answerer be to the question "imagine the possibilities" what does that mean? I can wait to hear you ansewers.   "imagine the possibilities" 04/17/2009

Repairs That Help Sell Your Home Most sellers know of some repairs that need to be made to their home, and a lot of sellers have many items on that list, but not all repairs are equal or, rather, not all home improvements rank high in the buyer's mind. Finding out which repairs will help you sell your home helps you create a good, solid fix-it list to work on. A study aimed to take the guess-work out of where to spend your repair dollars. According to the study, the top four areas to focus on are: clean and de-clutter, lighten and brighten, stage the home for sale, and landscape the front/back yards. The Return on Investment (ROI) depends on the repair and, in some cases, which part of the country you live in. "In some areas of the country things cost more and some people don't care abo... 04/14/2009