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Home upside-down and don’t know what to do? Auburn CA Workshop 12-8-11

Local Auburn, CA Attorney and other professionals will answer your questions FOR FREE

Many homeowners today are struggling to make their mortgage payments. They are losing sleep night after night, wondering what to do: Loan Modification? Short Sale? Foreclosure? Bankruptcy? Because they are uninformed about their options, they may not do anything. Unfortunately, time marches on, and the situation only gets worse.

Come join us on Tuesday, December 8th, from 6:00 – 7:30 to learn about real options options. This is a great opportunity to ask questions of professionals who are out there helping homeowners every day.

Richard Hall, Attorney
BottomLine Lawyers
Practice focuses on foreclosure options and possibilities to meet financial challenges

Noel Crider
Better Homes & Gardens Real Estate
Realtor®, experienced with short sales

Leslie Ory
Old Republic Title Company
Provides extended escrow services for short sales

Roland Benson
iMortgage
Mortgage Consultant

Please RSVP here:

I will be at the FREE Home Retention Worshop!

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Auburn CA Better Homes & Gardens Real Estate Agents collect food for the Salvation Army

Real Estate Agents in Auburn CA hope to better last year’s donation of ONE TON of food!

The annual Better Homes and Gardens – Reliance Partners food drive kicked off last Saturday in Auburn, CA. Auburn CA Realtors with BHG took time off of selling homes for a few hours and manned a table in front of the local Dollar Tree, greeting shoppers and asking them to pick up an extra can to help fill the Salvation Army food bank. For the most part, shoppers were wonderfully generous and helped if they could. Others gave cash donations. All in all there were lots of smiles and it was a lot of fun!

We will be out again next Saturday, November 12th, from 8 – 4 at the Auburn Dollar Tree at 2136 Grass Valley Highway. In addition, Auburn Realtors will will be out walking their neighborhoods dropping off green collection bags with fliers attached asking for residents to donate food.

If you would like to donate, please stop by the Dollar Tree in Auburn next Saturday, or contact Noel Crider at 530-305-8409 to see how you can help! Thank you!

 

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Upside-down in your home? You may be able to qualify to buy another.

Many upside-down homeowners have found a way to take advantage of this incredible buyer’s market!

I talk to people daily who express frustration about the fact that they must continue to make payments on a home that is significantly upside-down. They watch as their neighbors abandon properties, either due to hardship, or because they are simply sick of paying for a home that will possibly never be worth what it once was. Then they watch helplessly as new buyers come in and buy the abandoned home at a deep discount, further submarining their property value. 

So, why don’t they follow suit? For many, walking away from their responsibility is not something they can comfortably do.

What is an upside-down homeowner to do?

Many homeowners decide that the best strategy is to call their bank and try a loan modification. Unfortunately, the reality is that 96% of loan modifications fail. Typically, as a condition of being considered for a loan modification, they are told by their lender that they must miss payments, which causes havoc to their credit score. And in many cases where the modification is granted, the new payment ends up being higher due to the fact that the accumulation of missed payments is lopped onto the new loan balance.

You may be like these frustrated homeowners who don’t want to ruin their credit by defaulting on a loan. You may not qualify for a short sale. Or you may not feel right about walking away. However, you wish you could take advantage of the best buying market in decades.

Guess what? You may be able to!

What?! I can buy an investment property?

Quite possibly. I had lunch today with my favorite lender, Roland Benson, with iMortgage (916) 768-1578. He said that while most large banks will not fund this type of loan, iMortgage is a direct lender and does NOT impose extra restrictions. Because of this freedom, Roland’s company has success getting these loans funded and closed!

Here’s how it works:

1. Find a property you would like to buy. If you don’t have an agent, I can help you. Contact me.
2. Contact Roland Benson with iMortgage (916) 768-1578.
3. Most properties in this market can cover their own mortgages through rental income.
4. As long as your credit is intact (i.e., you have not missed payments by attempting a no-win loan modification), you are likely good to go.

Many people have no idea that this is an option. I sure didn’t until I talked to Roland today. Take advantage of this great market and go buy an investment property today!

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4 things you SHOULD NOT DO when trying to get a home loan.

There are four things to avoid doing before applying for a loan, and during the loan process itself. Any one of these four things can submarine your loan faster than you can say, “Dive… dive!”

Do not pay off bills

Your loan officer will advise you if it is necessary to pay off bills to help you qualify for a loan. They will also show you the best way to pay off bills to make sure we have the evidence we need to prove that the bills have been paid.

Do not move your money

It is best to leave your money right where it is until your loan is closed. Moving your money to a new bank or even into a new account can wreak havoc with the verification process.

Do not change jobs

Changing jobs before or during the loan process can create a real problem in qualifying for a loan, particularly if the job is in a different line of work or at a lower rate of pay. During the loan process, it can can also create time delays as the new job will need to be verified.

Do not make major purchases

Many borrowers make the mistake of buying a new car, some furniture or some other major purchase without realizing the impact it can have on their ability to buy a home. A large monthly payment can affect the amount of home you qualify for. During the loan process itself, doing so can actually make it extremely difficult to get your loan approved.

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South Auburn CA Home for Sale – on cul-de-sac with pool!

South Auburn CA Home for Sale!

1439 Buckeye Ct, Auburn CA Home for Sale
You won’t want to miss this wonderful home!

This adorable home will welcome you right in the front door with its cute front porch and dormer windows. This spacious home has 2,604 square feet, four large bedrooms and 3 and a half baths, a master bedroom downstairs, and a second master upstairs! Enjoy the private, spacious backyard with lovely stamped patio and built-in lap pool. 40-plus rose bushes grace the yard, with many other lovely plantings to add to the ambiance.

Walk to Skyridge Elementary School, south Auburn restaurants, and to the American River Canyon trails where you can hike and bike to your heart’s content!

Check out the video tour, and make sure to contact me to have a personal tour.

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Country Living! Auburn CA Home for Sale – $239,000

This Auburn CA Home for Sale has room for everything! Bring your horses, bring your kids, plenty of rolling green land with plenty of water to keep it that way!

6880 Wise Road in beautiful Auburn CA is for sale! The short sale was approved, and then unfortunately our buyer lost his job. This is a great property ready for a new buyer, and at the new low price of $239,000.

Take a video tour!

Call or Text Noel for more information at 530-305-8409!

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Waiting Period after Loan Modification same as Foreclosure or Short Sale?

Most lenders insist borrowers who have received a Loan Modification (even with a simple interest rate change) wait 3 Years to be able to qualify for a loan, just as those who have had either a Foreclosure or Short Sale.

Here is an example:

“Joe” and “Jane” have owned their home for 10 years. They aren’t upside-down like many homeowners and they have never missed a payment. They decide it’s wise to take advantage of the improving interest rates, and so they contact their lender and receive loan modification with an interest rate reduction.

A year later they decide they have outgrown their home and start looking into purchasing a new home. According to Fannie Mae Guidelines, if a homeowner works with his or her lender to modify their loan with a lower interest rate, this Loan Modification is interpreted to be a “Significant Adverse Event,” and is then lumped in with and considered to be as derogatory as Foreclosure or Short Sale.

What does this mean?

Joe and Jane, though in good standing on their loan in every other way, will be turned down by the bulk of lenders based upon this little known fact, and will be forced to wait 3 full years before they can qualify for a loan.

It’s important to choose a lender who looks a little deeper.

According to Roland Benson with iMortgage, “Interest rate change should not be considered a significant adverse event.   However, lenders are declining borrowers because their credit (past or current mortgage) contains a clause stating “modified.”   Just like the hundreds of other pitfalls, borrowers get lumped into this category when they chose the wrong lender.”

It’s important to use a company that thinks outside-the-box, and who will will dig deeper and uncover that the “modified” loan was only a simple interest rate reduction (no late or missed payments) and approve an otherwise well qualified buyer. I have found that Roland Benson at iMortgage is one who truly cares and has success finding ways to help homebuyers who have been turned down by other lenders, and who also consistently closes on time.

Contact me for more information and to get you in touch with Roland Benson.

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Sea Glass and Whales Spotted at Montara State Beach, CA

April 2011 Mother-Daughter Getaway Provides Unexpected Surprises!

We’ve always wanted to find sea glass and haven’t had much luck. For Spring break Shelby and I decided to head to Half Moon Bay from Auburn, CA for just a short getaway. We arrived at the Best Western Half Moon Bay Lodge (a great place to stay!), dropped off our belongings and headed to the beach. We took a chance and tried Montera State Beach to see what we might find. We were excited to find a few small pieces here and there. We had the idea that if we came back at low tide (7:00 am the following morning), we might have even better luck!

We went to dinner at the Moss Beach Distillery that evening and enjoyed a nice dinner overlooking the ocean. The Moss Beach Distillery has a rich history. It was originally built as a house, and taken over in 1926 by restauranteur Frank Torres. It was known as Frank’s Roadhouse. During prohibition, the beach below the restaurant was a focal point for liquor smuggling, and the restaurant was a protected speakeasy where anyone who was anyone went and could drink to their heart’s content! It’s also believed that the Distillery is haunted by a ghost named The Blue Lady, named because of the long blue dress she wore the night she was killed.

The next morning we dragged ourselves out of bed at 8:00 and got to the beach by about 8:45 after a delicious continental breakfast at the Half Moon Bay Lodge. We returned to Montara State Beach and followed the shore to the left toward the jetty of rocks we had searched the previous evening. We found a good cupful of 1/4″ up to 1.5″ pieces, including several cobalt blue colored! We braved crashing waves to get the good pieces, and ended up pretty soaked. We came across crabs, hermit crabs, jelly fish and other sea life as the tide began to come back in, rescuing the stranded sealife.

We walked back down the beach toward the exit and sat down to enjoy the perfect morning for a few more minutes before we had to go back to the lodge and check out.

Suddenly I noticed something large and black to the right of the group of surfers, and just about as far out. Typically my sightings turn out to be rocks. But this time we saw a fin! Shark! Shark! Do we tell the surfers? Then a large burst of spray, and finally a fluke! WHALES!!! We ran down the beach to get as close as possible, squealing with delight at every movement. We figured there were about 3 whales lolling around and showing off to the small “crowd” of people who gathered up on the cliff just off-shore. They lingered for about 15 minutes, before they finally disappeared.

Those few hours with my beautiful 16-year-old daughter is a memory both of us will keep with us for a very long time. It was pure magic!

Take a mini vacation to the Half Moon Bay area. You won’t be disappointed!

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Get a 3.5% credit when buying a Fannie Mae Homepath REO home!

Buy a Fannie Mae bank owned home (REO) and close before June 30th, and FNMA will pay up to 3.5% of your closing costs!

Let’s say you want to purchase a home in Auburn, CA for $250,000. If you plan to close before June 3oth, you may be eligible to ask Fannie Mae to contribute up to $8,750 in this scenario!

What are the qualifications?

1. Buyer’s agent must request incentive upon submission of initial offer.
2. Initial offer must be submitted on or after April 11, 2011.
3. Loan must close on or before June 30, 2011.
4. Buyer must be purchasing Homepath property as their primary residence.
5. Buyer must sign Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
6. If buyer’s total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

Which properties are eligible?

Here is a link to all Placer County Fannie Mae Homepath Homes for sale including Auburn CA homes for sale, Newcastle, Lincoln, Rocklin, Roseville, Loomis, Penryn and more!

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Great Deals on HUD Homes for Sale in Auburn, Roseville, Rocklin, Lincoln, CA

Great bargains on FHA owned, or HUD Homes, such as this one on Montrose Lane in Lincoln CA, will be hitting the market starting this quarter, and peaking by the end of the year.

An increase in FHA loan defaults will give rise to the release of 178,000 HUD owned properties nationwide. Of those, 40,000 are said to be in the Northern California region, including homes for sale in Auburn, CA, Roseville, Rocklin, Lincoln, Sacramento, and surrounding areas.

What is a HUD home?

A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Who can buy a HUD home?

Owner occupants and investors can buy HUD homes. Priority is given to owner occupants during the initial listing period.

How can I buy a HUD home?

Only real estate agents with registered brokerages can make offers on HUD homes on behalf of their clients. Contact me if you would like more information on making an offer on a HUD home. The process is quite specific, and you will want an experienced HUD agent on your side.

What about financing?

FHA loans can be used to purchase HUD homes. HUD will pay for a section one pest clearance if the buyer finances using an FHA loan. Some of the benefits of an FHA loan are down payments as low as 3.5% and low closing costs. Buyers must meet loan qualifications. For more information, contact a qualified FHA lender such as Roland Benson at 916-768-1578.

Other types of financing, such as a conventional loan, can also be used to purchase HUD homes, as well as cash.

What is the Neighbor Next Door Program?

HUD’s Good Neighbor Next Door initiative is designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes in these communities. HUD provides a substantial incentive in the form of a fifty percent discount off the list price of eligible properties. Buyer’s paticipating in the Good Neighbor Next Door program must live in the home for 36 months to qualify for the discount.

For more information, visit the Official HUD Website.

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