Are you a home buyer in today’s real estate market?
Did you know there are 3 dates coming up that can really affect the cost of your home?
Well, that is why you have me, to keep YOU informed! So what are these 3 dates and what will happen?
Dates and Actions:
1. On April 1, 2010, the up front cost of FHA mortgage Insurance will increase from the current 1.75% to 2.25%.
This will increase the closing costs by 1/2%. On a $200,000 purchase that will cost the buyer $1,000. By taking action now, a home buyer will save money!
2. On March 31, 2010, the Federal Reserve will cease their purchase orders for Mortgage Backed Securities, (loans). Interest rates will increase due to a lack of demand with the Fed on the sidelines. Rates could go up from 1 to 1.5% some expert suggest.
This could increase the interest part of a buyer’s home payment by 30%. Why pay more through higher rates, buy a home today!
3. On April 30, 2010, the First Time Home Buyer Tax Credit will expire. You will have to be under contract by that date to qualify. This should create a mad rush for homes in April.
If you are looking to buy a home, why wait and miss out on the tax credit, buy a home today!
Working hard here at The Cameron Team keeping you up to date on what matters in the real estate world!
Did you happen to see this full rainbow today over Scottsdale? I could see each end hitting the ground, one in DC Ranch and the other in McDowell Mountain Ranch. AWESOME!
Thank you,
Jeff Cameron The Cameron Team Keller Williams Integrity First Realty (480)502-7699 office Your Scottsdale McDowell Mountain Ranch Realtor Specializing in Foreclosure and Short Sale Real Estate
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Every where I look I see commercial real estate signs. I guess it’s 2007 for commercial real estate. Or at least they seem to be where residential real estate was in 2007! That is Scary, I don’t ever want to go through that kind of market again! Thank God residential real estate is getting better.
Thank you,
Jeff Cameron The Cameron Team Keller Williams Integrity First Realty (480)502-7699 office Your Scottsdale McDowell Mountain Ranch Realtor Specializing in Short Sale and Foreclosure Homes
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Arizona distressed homeowners feel overwhelmed by their financial situation and the thought of losing their home. Before you just walk away from your home and give the lender the keys, you should look into other options to save your home first.
Options to Save Your Home
All too many times, homeowners just give up and abandon their homes. There is plenty of help for homeowners today. Government programs, housing counselors, short sale companies, mortgage modifications and refi’s. Of course the worst strategy is to do nothing. So what options are available?
Here is a list of some of the most popular options that distressed homeowners have found helpful in saving their homes from foreclosure:
Mortgage Modification
Short Sale
Refinance
Short Refinance
Forbearance
Reinstatement of loan
Sell your home
Mortgage modifications are used quite often for a temporary solution to a borrowers problems. You need to show the lender that you have a financial hardship and that you can no longer make your mortgage payments at the current interest rate.
With a mortgage modification, the lender will modify your existing mortgage by lowering the interest and/or extending your loan term making your mortgage affordable.
Short sales are good solutions for those sellers who cannot afford their mortgage payments and just want to sell their home. The seller’s lender has to approve the short sale. Short sales take a long time to get approved so you have to be patient. The lender writes off the difference between the loan balance and the sale proceeds. The seller should be advised by an attorney so the sale proceeds satisfy the loan balance so that the lender does not pursue a deficiency judgment against them. Arizona does not allow deficiency judgments, so it is not of concern to Arizona borrowers with purchase money mortgages. Prior to finalizing on your Short Sale have one of our preferred attorneys review your documents and make sure the bank has not changed their legal rights to recourse.
One big advantage to Short Sale is the time table to start over is much quicker. With a Short Sale, depending on circumstances, a seller can qualify for a new loan in 1 to 2 years. I know buying another home is the last thing on your mind, but did you think you would be here 3 years ago? In another couple of years you can fix your credit and get back into home ownership prior to the market going back up.
When you refinance, you are getting a new loan at a lower interest rate and for a fixed rate period, making your mortgage payments lower and affordable. You need to be current on your mortgage payments to qualify and have equity in your home.
An Arizona short refinance is similar to a short sale except you are keeping your home. The current lender agrees to waive part of your old loan balance so you can obtain a new FHA 30 year fixed rate mortgage loan approval for up to 97.75% of your home’s current market value. We have lenders and Short Re-finance companies that can help you with this.
Forbearance is when your lender works out a payment program for you to get caught up on your arrearages over a short period of time. Sometimes they agree to forgive some of the debt entirely. In order to qualify for loan forbearance, you need to be behind on your mortgage payments.
A reinstatement of your loan is when you have paid all the arrearages and any fees and costs.
If you have equity in your home, then you may want to sell it, pay off the mortgage and downscale or a smaller home with smaller mortgage payments or just rent for awhile until your financial situation improves.
Last Resort- Filing Bankruptcy
If there are no other options available, sometimes a homeowner will file for bankruptcy protection. A bankruptcy stays the foreclosure proceeding until the bankruptcy is discharged. Depending on what type of bankruptcy action is filed, the homeowner may be able to retain exempt assets such as their primary residence. Bankruptcy is used as last resort option when additional protection is needed. You should check with a bankruptcy attorney before moving forward. We have attorneys that will give you a 15 minute phone consultation to answer basic questions. Should you need more advise, they are available on a fee basis.
Distressed homeowners in the Phoenix, Scottsdale, Phoenix, Glendale, Peoria and the East Valley should consider options to keep their home whenever possible. Walking away and abandoning your home is not good for anyone. Especially you!
The Cameron Team are certified Short Sale Specialists with extensive experience saving Arizona homes from foreclosure by obtaining positive results with short sales for homeowners in the Scottsdale, Phoenix and the surrounding communities of McDowell Mountain Ranch, DC Ranch, Silverleaf, Grayhawk, Desert Ridge, Desert Highlands, Tatum Highlands and Tatum Ranch. In fact, we have gotten 4 approvals year to date. And we expect 5 or more in the next 30 days.
Before you walk, see what this home owner said about her choice to go forward with a Short Sale.
I ask you all, where were you financially 3 or 4 years ago? Where will you be in 3 or 4 years. The difference in Short Sale vs. Foreclosure to your credit is HUGE! Don’t go the foreclosure route unless you need the tax/legal protection. I can refer you to an attorney to help you with those questions.
If you are in trouble with your mortgage, your steps should be: Can you save your Home? How? If not, do you need the protection of Foreclosure or Bankruptcy? If not, then let The Cameron Team help You save your credit through Short Sale! Contact us for help through all these steps. Our goal is to help at least 200 Struggling Families: 100+ to save Their Home, 50- to get needed protection, 50+ to start new on the road to financial recovery through Short Sale. Call Now 480-502-7699 Or Email Now Jeff@thecameronteam.com
One of the biggest benees from a storm is the awesome sunset! What is sunset can do you have??
Thank you,
Jeff Cameron The Cameron Team Keller Williams Integrity First Realty (480)502-7699 office Your Scottsdale McDowell Mountain Ranch Realtor specializing in Short Sale and Foreclosure Homes
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We got approval for another Short Sale yesterday. This was AWESOME as we thought this deal was dead. The bank told us they had rejected the Short Sale and were going to foreclose on the home. I was not happy as we have been working on this for 4 months! My negotiator, Georgi Stratton, told us not to give up and to give her another week. She called and called the bank. They told her to stop calling. She talked to supervisor over supervisor, until she got to the right person. This Short Sale went from dead to approved thanks to the persistence of Georgi, well and her experience of knowing what to say and how to say it. That is why we use her to negotiate all our short sales. That is what she does all day every day. She got over 60 Short Sale approvals in 2009 and that is our 4th this year from her!
Thank You and Great JOB Georgi!
This is why we are Short Sale experts here in metro Phoenix and Scottsdale. We don’t pretend to be able to sell homes and spend the day on the phone with bank. We teamed up with a specialist for negotiating! In 2009, we had an 80% success rate with our Short Sales that Georgi handled!
If you or anyone you know is struggling in this economy, we can help. First, let’s use our connections to try to save their home. Then, time to check with legal issues. We have an attorney that will answer basic questions about recourse. If the home owner is protected and can’t save their home, then it is time to save their credit and begin to rebuild. The best way to start new is through Short Sale. Call me now, Jeff Cameron 480-502-7699 or email at jeff@thecameronteam.com
When was the last time you climbed Pinnacle Peak? Too long for me!
I need to put it on the schedule!
Thank you,
Jeff Cameron The Cameron Team Keller Williams Integrity First Realty (480)502-7699 office Your Scottsdale McDowell Mountain Ranch Realtor Specializing in Short Sale and Foreclosure Homes
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So many people have been affected by our banking system’s financial meltdown, there is now a need for alternative financing.
I met Corey Schwartz of Serinova financial. They are a licensed mortgage broker here in Arizona. They are private investors.
So why are we talking about this? How many of you want to take advantage of foreclosure homes and buy at the auction? But you don’t have cash to close. The trick to buying at the auction is you have to pay cash. Corey and Serinova will finance you for a Foreclosure purchase at the auction.
That is not all they do. You may want to buy a Short Sale or Foreclosure home on the regular market. Buy it fix it up and flip the home. Serinova will finance this type of investment too.
Another group, for people that just went through a Short Sale or even a Foreclosure. You no longer have to wait 2 years for a Short Sale or 5 years for a Foreclosure to buy another home. You can buy today with Corey’s group at Serinova.
This is exciting that these types of financing venues are available.
Corey can be reached at 602-739-7060 and you can find out more about this company at www.Serinova.net
Just my opinion…Jeff Cameron Scottsdale McDowell Mountain Ranch Realtor specializing in Short Sale and Foreclosure homes keeping you up to date on the real estate market! www.ArizonaBankDeals.com
Looking to be a part of our Elite Buyer Group? http://www.arizonabankdeals.com/how-to-buy-foreclosure-homes/
Recorded on February 17, 2010 using a Flip Video camcorder.
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