|
|
-
A rumor was afloat yesterday regarding a major bailout in the works from the government for the amount that homeowners are “upside down” on their loan balance, relative to their home value. The rumor gained so much attention that the Treasury Department felt compelled to address it, and said they have no plans for such an action.” Mortgage Market Guide Hendersonville TN Realtor Jenny Markham, Lakefront & Luxury Homes |
| Don't spend a PENNY
'til you call JENNY! Call Jenny, 615-812-4174 
|
|
-
The long anticipated restoration of the Section 502 single-family rural housing program is headed to President Obama's desk for signature into law. NAR has been working on restoring funding since March. Although the legislation increases the guarantee fee for borrowers, the fee can still be financed. This change will make the program completely self-sufficient. The legislation also increases the Rural Housing Service (RHS) commitment authority allowing guaranteed loans. Previously RHS had been providing conditional commitments. RHS will announce new guidelines shortly after the President signs the bill.
Hendersonville TN Realtor Jenny Markham, Lakefront & Luxury Homes |
| Don't spend a PENNY
'til you call JENNY! Call Jenny, 615-812-4174
|
|
-
Good news! After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law. [SOURCE: NAR] Hendersonville TN Realtor Jenny Markham, Lakefront & Luxury Homes |
| Don't spend a PENNY
'til you call JENNY! Call Jenny, 615-812-4174
|
|
-
Last week, Bankrate.com reported very favorable rates, with the 30-year fixed remaining unchanged from the previous week's record low. The benchmark 30-year fixed-rate mortgage remained 4.88 percent last week, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.48 discount and origination points. One year ago, the mortgage index was 5.76 percent; four weeks ago, it was 4.96 percent. In the nearly 25-year history of Bankrate's weekly rate survey, the 30-year fixed has fallen below 5 percent just five times. And all five times were the last five weeks. Meanwhile, the Mortgage Bankers Association reported that three-fourths of recent financing applications were from homeowners who wanted to refinance. [SOURCES: Bankrate.com; Mortgage Bankers Association] Hendersonville TN Realtor Jenny Markham, Lakefront & Luxury Homes |
| Don't spend a PENNY
'til you call JENNY! Call Jenny, 615-812-4174
|
|
-
“From home buyers to lenders, mortgage fraud has had a resounding impact on the nation’s economy,” Mueller added. “Those who prey on the housing market should know that hundreds of FBI agents on task forces and their law enforcement partners are tracking down your schemes, and you will be brought to justice.” Read the full article at http://www.fbi.gov/page2/june10/mortgage_061710.html Hendersonville TN Realtor Jenny Markham, Lakefront & Luxury Homes |
| Don't spend a PENNY
'til you call JENNY! Call Jenny, 615-812-4174
|
|
-
Affordable TREC Education, Sunday, June 13, 2010 4:31 PMBefore Larry Thomas unloaded his Pompano Beach, Fla., home last fall for a fraction of what he paid, he cut a deal that will keep him from worrying about a huge debt hanging over his head.
Thomas insisted that his lender, American Home Mortgage Servicing, agree not to come after him for the estimated $174,000 he still owed on his two mortgages. “I feel incredible relief,” the restaurant manager said recently.
Others may not be as fortunate. Lenders will file a tidal wave of lawsuits against homeowners in the next few years as a way to recoup losses when home sales or foreclosure auctions don’t result in enough money to pay the mortgages in full, real estate and legal analysts say. “It will be a dramatic problem because the borrowers will not know it’s coming,” said Frank Alexander, a law professor at Emory University in Atlanta.
Laws vary from state to state. In Florida, banks have five years from the date of the sale to file for so-called deficiency judgments and up to 20 years to collect. Lenders can garnish wages or make claims on borrowers’ assets.
Before the housing meltdown, few lenders filed these lawsuits. Foreclosures and short sales—selling for less than the mortgage amount—were relatively rare at the time, and many of the homeowners didn’t have sufficient assets to make it worth the banks’ time and expense.
But following the heady days of the housing boom that spawned millionaire investors seemingly overnight, it’s not uncommon for borrowers to default on mortgages while still holding lucrative investments.
As the next wave of the housing crisis plays out, those most in danger of getting slapped with lawsuits include angry homeowners who ransack properties they’re losing in foreclosure and borrowers who walk away from “underwater” mortgages. In both cases, analysts say, banks will want to discourage other people from such behavior.
More than four in 10 homeowners said they would consider abandoning properties that are underwater, or worth less than the mortgages, according to a national online survey released recently by real estate firms Trulia and RealtyTrac.
Mortgage companies typically won’t sue homeowners who negotiate in good faith or those who default on their loans because of job losses or other unforeseen circumstances, said Anthony Manno, an executive with Steelbridge Real Estate Services. The Miami-based company works with lenders on the resale of foreclosed homes. Still, borrowers shouldn’t rely on a lender’s verbal commitment, Manno said. “Get something in writing.”
Critics insist that spite will play a role in some of these lawsuits. Lenders deny it.
“We certainly would not do that,” said Russell Greene, president of Grand Bank & Trust of Florida in West Palm Beach. “It’s a business decision—not an emotional decision. It’s very time-consuming to take someone to court.”
Even if lenders don’t pursue the judgments, they could sell mortgage debt to collection agencies at deep discounts. And it will be those debt collectors that will hound borrowers, said Shari Olefson, a Fort Lauderdale real estate lawyer.
“They paid money to be able to hassle you,” she said.
Thomas, the former Pompano Beach homeowner, said he didn’t have money for a down payment but was approved for 100% financing on two loans in spring 2006. He bought a three-bedroom home for $245,000. Thomas said he soon became responsible for the entire mortgage after his roommate lost his job. That became even more difficult after Thomas took a pay cut.
So he attempted a short sale, eventually finding plenty of prospective buyers interested in a property that had plummeted nearly 70% in value. He and American Home Mortgage accepted one offer for $80,000. After closing costs, the lender netted about $71,000, said his Fort Lauderdale lawyer, Joe Kohn. But before the sale closed, Kohn had American Home Mortgage waive its right to collect on the remaining mortgage debt.
Christine Sullivan, a spokeswoman for the lender, wrote in an e-mail that she can’t discuss Thomas’ case because of privacy issues. But when homeowners seeking short sales demonstrate legitimate hardship, “we provide a full release of liability, and we do not pursue deficiency judgments.”
Some banks say they won’t file a lawsuit, though they aren’t willing to put that in writing, Kohn said. “I have no choice but to accept that,” he said. “Even when you play by the rules, banks don’t always do what we’d like.”
Under new government guidelines for short sales that took effect this spring, lenders aren’t supposed to hold homeowners responsible for any remaining mortgage debt. But not all short sales fall under the guidelines, while some lenders choose not to implement them, Kohn said.
A forgiven mortgage balance through 2012 is not considered taxable income on a primary residence as long as the debt was used to buy or improve the house. But borrowers who walk away from investment properties risk having to pay federal income taxes on the forgiven amount.
Homeowners who hand their properties back to the bank through so-called deeds in lieu of foreclosure also should make sure they won’t be on the hook for any mortgage debt.
With friends facing deficiency judgments, Thomas said he’s grateful he sought legal advice on how to avoid a lawsuit. He now rents a home west of Boca Raton, but he just found out the owner is in foreclosure. “I’ve escaped my own problem, only to inherit someone else’s,” Thomas said. “But this is nothing. It’s just a matter of picking up the pieces and moving on to the next rental.”
Hendersonville TN Realtor Jenny Markham, Lakefront & Luxury Homes |
| Don't spend a PENNY
'til you call JENNY! Call Jenny, 615-812-4174
|
|
-
Three Senators introduced a measure to extend the present home buyer tax credit closing deadline from June 30 to Sept. 30. They are Senate Majority Leader Harry Reid, D-Nev., and Sens. Johnny Isakson, R-Ga., and Chris Dodd, D-Conn. This amendment does not extend the deadline for home buyers to qualify for the tax credit. Hendersonville TN Realtor Jenny Markham, Lakefront & Luxury Homes |
| Don't spend a PENNY
'til you call JENNY! Call Jenny, 615-812-4174
|
|
-
The national average 30-year fixed-rate mortgage rose 3 basis points this past week, to 4.95 percent with an average total of 0.45 discount and origination points, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. One year ago, the 30-year mortgage index was 5.65 percent. Last week, the benchmark 15-year fixed-rate mortgage edged up at 4.36 percent. Today's mortgage rates remain near record lows, spurring on refinance activity. Refinance mortgage loan application volume is now at its highest level since October 2009, according to the Mortgage Bankers Association. [SOURCE: Bankrate.com]
Hendersonville TN Realtor Jenny Markham, Lakefront & Luxury Homes |
| Don't spend a PENNY
'til you call JENNY! Call Jenny, 615-812-4174
|
|
-
Open House Hendersonville TN Sunday, June 06, 1:00 to 4:00 Total Renovation! Near the Lake! Walk to Jack Anderson Elementary! Priced for Quick Sale! |
|
"Absolutely Beautiful! Total Renovation!" | |
|  | | | | | Jenny Markham | | Email Jenny | | | | Phone: | 615-859-7150 Ext. 599 | | Cell: | 615-812-4174 | | Fax: | 615-431-2514 |
|
|
| | | |
| Address: 139 Devonshire Trl Type: Residential Style: Bedrooms: 3 "Large Master" Bathrooms: 3 "2 Full, 1 Half" Garage: Double, Attached "New garage doors & paint" Size: 2,220 sq. ft. Lot Type: Irregular Lot Size: 111.04ft x 138.15ft Year Built: 1985 "Renovated to 2010" Taxes: $1,097.00 (2009) MLS®: 1185814 |
| | | |
Absolutely Beautiful! Established desirable Riverchase, made new in this fabulous total renovation!
Even all of the knobs and hinges have been replaced!
Single Owner home! NO HOA dues!
New windows!
New roof!
New door! Even the front door sidelights and top are new!
New garage doors! New openers! Three remotes!
New hot water heater, moved into a separate room in the garage for more space inside!
New garage paint!
Red Oak thick hardwoods with mahogany stain in Foyer, Living Room, Dining Room, Downstairs Hall, Staircase and Upstairs Hall!
Picture frame molding in Living Room! Dentil molding in Foyer! Crown molding throughout!
Gas fireplace with mantle and marble hearth! Can be wood burning!
Foyer with Coat Closet!
Dining Room seats 8 comfortably with China Cabinet!
Kitchen has new counters, new tile floor, new lighting, new dishwasher never used!
Newer stove, immaculate refrigerator and microwave!
Gorgeous painted cabinets brighten the light filled space!
Half Bath with new faucets, toilet seat and hardware!
Laundry Closet with new faucets and cabinets added!
New Carpet in Bedrooms and Bonus Room!
Bonus Room has built in bookcases framing the window!
Upstairs Full Bath has new tile; new tub; new fixtures!
Master Bath has a huge gorgeous tiled shower with a seat!
Master boasts two closets!
Upstairs Bedroom two has a huge closet that joins through two doors. It fit a full bed, two nightstands, a dresser and a chair!
Upstairs Bedroom three also has a huge closet joined through two doors! It fit a queen bed two nightstands, a dresser and a chair!
Brand new gas grill, connected to gas outside, never used!
Freshly painted deck!
Fenced back yard!
Trees recently pruned!
Sidewalks on this home's side of the street lead to desirable Jack Anderson Elementary!
Two Boat launch areas nearby! Avondale Access has picnic tables and trees to sit and enjoy the lake! This immaculate home is move-in ready! What a fantastic find! |
| | |
|
|
-
CHIEF EXECUTIVE magazine annually reports which states offer the best and worst conditions for businesses to prosper (evaluating such things as tax policies, quality of life, infrastructure, regulatory environment, etc.) In their newly released report, those states rated as the best places to do business are: - Texas
- North Carolina
- Tennessee
- Virginia
- Nevada
And the states rated as the worst places? - California
- New York
- Michigan
- New Jersey
- Massachusetts
Notwithstanding floodwaters, Tennessee's a great place to live and work! [SOURCES: REALTOR Magazine Online; Chief Executive Magazine] Hendersonville Lakefront & Luxury Real Estate, Realtor® Jenny Markham Don't spend a PENNY
'til you call JENNY! Call Jenny, 615-812-4174
|
|
-
Washington, May 13, 2010 Despite guidelines from the federal government to streamline short sales and improved fraud prevention, home sellers experiencing financial distress continue to be discouraged with the often confusing short sale process. Realtors® at today’s “Short Sale Seller Advisory: Professional Development Forum” at the Midyear Legislative Meetings & Trade Expo today learned how to better educate and advise sellers to overcome the hurdles of a short sale. “As the leading advocate for homeownership, the National Association of Realtors® believes education on short sales is imperative in today’s market to Realtors® and their clients,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Streamlining short sales is essential to real estate recovery, but buyers and sellers alike continue to be frustrated with the inefficient short sale process. NAR and its members are helping to reshape the real estate industry by supporting a short sale uniform process with standard forms and deadlines, as well as increased protection against predatory scams.” During the forum, Michelle Lind, general counsel and assistant CEO of the Arizona Association of Realtors®, presented a Short Sale Seller Advisory, which she helped develop with the Arizona Department of Real Estate. The advisory details default options, as well as the important issues and risks to consider regarding short sales and foreclosures, all packaged in a single resource. The advisory also directs homeowners to additional resources where they can carefully weigh their options and become more educated on the short sale transaction. “There is so much information online relating to short sales, but at the same time, there is so much misinformation out there,” said Lind. “As a Realtor®, it is imperative to provide sellers with accurate advice and make sure they understand the entire process as well as the legal ramifications.” Realtors® Help Counsel Distressed Sellers Through Short Sale Process – add 1
Lind stressed the importance of sellers receiving legal advice when working with a lender during a short sale. By educating themselves, Realtors® can reduce liability and make sure the short sale transaction is the best option for their client, Lind said. NAR has several resources for its members relating to short sales, including a Short Sales and Foreclosures Resources Certification Program. Resources and handouts for buyers and sellers involved in a short sale transaction are available on NAR’s website. NAR also provides additional information and guidelines on the Home Affordable Foreclosure Alternatives Program, a recent federal government program intended to streamline the short sale process and provide incentives for homeowners and servicers. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. Hendersonville Lakefront & Luxury Real Estate, Realtor® Jenny Markham |
|
Don't spend a PENNY
'til you call JENNY! 
CONTACT JENNY | CELL: | 615-812-4174 (Fastest) |
| Phone: | 615-859-7150 Ext. 599 | | Cell: | 615-812-4174 | | Fax: | 615-431-2514 | | Address: | 505 Johnny Cash Parkway | | City: | Hendersonville | | State: | Tennessee 37075 |
Tennessee License 292251 |
|
-
May 17, 2010 By Mary Ellen Podmolik, Tribune reporter Expectations were high late last year when community groups on Chicago's Southwest Side began a pilot program with Bank of America to help speed troubled homeowners into more affordable mortgages. Five months later, only 29 of the 68 applications the bank says it approved are in either trial or permanent modifications through the federal government's Home Affordable Modification Program. "We have a stronger understanding of what servicers are thinking, what obstacles they are running into, and that has allowed us to get a broader understanding of the limitations of the HAMP program," said David McDowell, senior organizer of the Southwest Organizing Project, one of the community groups involved. The limitations of HAMP became much more evident nationally on Monday, as the Treasury Department reported that about one of every four homeowners who received a trial modification, some 277,640 people, have fallen out of the program, either because they were deemed ineligible or they did not make the required payments. Nationally, the government said that almost 300,000 borrowers had received permanent modifications as of April, a 13 percent improvement from March. As of last month, 14,890 homeowners in the Chicago area had received permanent loan modifications since the program's inception, a 31 percent increase over March's total. However, the number of active trial modifications continued to drop, falling 19 percent from March, to 32,178. In February, 43,215 local homeowners were participating in trial loan modifications. Much of the fallout is tied to changing government guidelines. Last summer, lenders were encouraged to start trial periods based on a borrower's stated income. As a result, many borrowers received payment plans that were later canceled either because the required payments were not made or it was determined that they were ineligible. Wells Fargo said Monday that it expects only 50 percent of the 146,000 homeowners who have made their three trial payments to qualify for permanent modifications. The report also showed that not only is there a wide disparity in loan servicers' conversion rates from trials into permanent loan modifications but also in how long loan servicers have kept consumers waiting for an answer. The data provide the first public validation for consumers and housing counselors who have complained for months that their trial periods have extended far beyond the prescribed three months. For instance, among the top five mortgage servicers with the greatest estimated number of eligible delinquent borrowers, somewhere between 26 percent and 72 percent of all active trial modifications in April were begun at least six months ago, according to the Treasury Department report. Servicers, officials said, have made a commitment to the Treasury Department to work through their backlog of oldest modification applications by the end of June. "Homeowners are waiting, and we want them to get answers," Treasury Assistant Secretary Herb Allison said in a call with reporters. None of the findings surprise Livia Villarreal, director of the Southwest Reach Center, who counts more than 400 Chicago Lawn families as potentially eligible for loan modifications with Bank of America alone. Because of the changing HAMP guidelines and requirement of verified income upfront, she sees little point in expanding the pilot program with the lender beyond the initial ZIP code, as was initially envisioned. "I totally understand their frustration, but it's beyond our control because that's what HAMP requires," said Rob Grossinger, a Bank of America senior vice president. "They were hoping they could make a systemic change in the system, and, unfortunately, the federal government got ahead of them and changed the system." Looking ahead, what has counselors like Villarreal more concerned is the potential redefault rate when the permanent loan modification terms readjust. Already, banks have taken possession of almost 20,000 homes in Illinois in the first four months of 2010. "People are on the fringe and barely making it," she said. "(The loans) are going to adjust in five years, and they're going to be unaffordable again. It's a program that's not working." mepodmolik@tribune.com Hendersonville Lakefront & Luxury Real Estate, Realtor® Jenny Markham |
|
Don't spend a PENNY
'til you call JENNY!
CONTACT JENNY | CELL: | 615-812-4174 (Fastest) |
| Phone: | 615-859-7150 Ext. 599 | | Cell: | 615-812-4174 | | Fax: | 615-431-2514 | | Address: | 505 Johnny Cash Parkway | | City: | Hendersonville | | State: | Tennessee 37075 |
Tennessee License 292251 |
|
-
Daily Real Estate News June 4, 2010 Interest on 30-year fixed home loans averaged 4.79 percent this week -- up slightly from 4.78 percent a week ago but still near historic lows.
The average rate on 15-year fixed loans hit a record low of 4.2 percent, down from 4.21 percent; while interest on one-year adjustable-rate mortgages was unchanged at 3.95 percent, and the five-year ARM fell to 3.94 percent from 3.97 percent.
Source: Wall Street Journal (06/04/10)
© Copyright 2010 Information Inc.
Hendersonville Lakefront & Luxury Real Estate, Realtor® Jenny Markham |
|
Don't spend a PENNY
'til you call JENNY!
CONTACT JENNY | CELL: | 615-812-4174 (Fastest) |
| Phone: | 615-859-7150 Ext. 599 | | Cell: | 615-812-4174 | | Fax: | 615-431-2514 | | Address: | 505 Johnny Cash Parkway | | City: | Hendersonville | | State: | Tennessee 37075 |
Tennessee License 292251 |
|
-
Daily Real Estate News June 1, 2010 An increasing number of home owners in foreclosure continue to live in their homes, mostly ignoring the foreclosure action and refusing to pay anything.
The average borrower in foreclosure is unlikely to be evicted for 438 days, says LPS Applied Analytics. LPS says more than 650,000 households haven’t paid their mortgage in 18 months, and in the case of 19 percent of those households, the lender hasn’t made any effort to repossess the property.
In some states like California and Texas, lenders can foreclose without a say-so from the courts. In those states, the action is likely to be quick. But in 19 states, including Florida and New York, the court must approve the foreclosure and resulting eviction and the process is slow.
Source: The New York Times, David Streitfeld (05/31/2010) Hendersonville Lakefront & Luxury Real Estate, Realtor® Jenny Markham |
|
Don't spend a PENNY
'til you call JENNY!
CONTACT JENNY | CELL: | 615-812-4174 (Fastest) |
| Phone: | 615-859-7150 Ext. 599 | | Cell: | 615-812-4174 | | Fax: | 615-431-2514 | | Address: | 505 Johnny Cash Parkway | | City: | Hendersonville | | State: | Tennessee 37075 |
Tennessee License 292251 |
|
-
Daily Real Estate News June 3, 2010 Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the NATIONAL ASSOCIATION OF REALTORS®. The Pending Home Sales Index, a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February. Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.” NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011. “The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure,” Yun said. Pending Home Sales Index by region: Northeast: jumped 29.5 percent to 97.9 in April and is 24.5 percent above a year ago.
Midwest: rose 4.1 percent to 104.2 and is 17.9 percent above April 2009.
South: slipped 0.6 percent to an index of 123.9, but is 31.3 percent higher than a year ago.
West: increased 7.5 percent to 107.9 and is 12.0 percent higher than April 2009. “A big concern surfacing recently is insufficient time to close the deal at the settlement table. Under normal circumstances, two months would be enough time from contract signing to settlement date,” Yun said. “However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues." He added that there could be a sizable number of home buyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30. Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing. Source: NAR
Hendersonville Lakefront & Luxury Real Estate, Realtor® Jenny Markham |
|
Don't spend a PENNY
'til you call JENNY!
CONTACT JENNY | CELL: | 615-812-4174 (Fastest) |
| Phone: | 615-859-7150 Ext. 599 | | Cell: | 615-812-4174 | | Fax: | 615-431-2514 | | Address: | 505 Johnny Cash Parkway | | City: | Hendersonville | | State: | Tennessee 37075 |
Tennessee License 292251 |
|
|
|
|