There is a lot of confusion out there today over how the first time home buyer tax credit extension figures into the Commerce Department's report on sales of new construction. "New Home Sales," as we call it, plummeted 11 percent, quite unexpectedly, after another rise in "Existing Home Sales" yesterday.

I've already written a lot about investors in Las Vegas coming in with cash and pushing the organic buyers to the sidelines. Well apparently it's happening all over now, making me wonder just what exactly is going to happen to all those investor-owned properties?

In the last few days I've been bombarded with press releases from the likes of Citigroup, Fannie Mae and others, touting their holiday foreclosure moratoria.

Thank goodness for holiday cheer, and the need to find holiday cheer in all the misery of today's housing market.  Today Zillow released a list of the best performing cities of 2009.

After a long day of live shots in Las Vegas, reporting various incredible stories of builders, buyers and investors, I got into a cab to the airport... only to hear yet another story from housing's front lines.

I'm in Las Vegas today doing a bunch of stories on the housing "recovery" here. Many of you may be wondering what ever happened to Katie, the subject of my "Lunacy in Las Vegas" blogs of a few months ago. 

“RealtyTrac, a home buyers and sellers help website, found that a total of 3.2 million foreclosure filings, default notices, auction sale notices and bank repossessions were reported on 2.3 million American properties during 2008.” This doesn't include the hundreds of thousands that are currently late on loan modifications and are expected toend in foreclosure next year. Banks and mortgage lenders are not making it any easier by refusing to deal with distressed homeowners.

Reasons to avoid foreclosure:

1. The homeowner will always have to disclose they have had a foreclosure on any mortgage application.

2. Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit cards, etc.

3. A foreclosure is the one credit report item that is almost impossible to repair.

4. Military and government security clearance could be at risk with foreclosure.

5. Many employers run credit checks on prospective employees and foreclosure is one of the top items that jeopardize employment.

Ways some homeowners have been able to avoid foreclosure:

1. Reinstatement, which means to bring your loan current.

2. Forbearance where home owners apply for a repayment plan with their lender.

3. Refinance which is where a home owner applies for a new loan with reduced monthly payments.

4. Loan Modification to change original loan terms.

5. Selling your property by using the equity to pay off or pay current your delinquent mortgage.

6. Deed in Lieu of Foreclosure also known as the friendly foreclosure where the home owner essentially walks away from his mortgage by giving his deed to the lender (equity and all).

7. Bankruptcy can stall foreclosure but not prevent it.

Time is of the essence so don't wait until it's too late to seek help. If you do any thing consult a real estate professional and DON'T just walk away because you think you don't have any equity in the home. This is probably the biggest mistake homeowners make. Only a licensed real estate agent or appraiser can give you the current market value of your home. You may discover that you actually have equity in your home. To learn more visit me at russell-realtor or contact me with your questions.

Resource:

HUD approved housing counselor

FHA

Making Homes Affordable

Have you ever had or know someone who has had a bad experience in real estate? My job is to make sure that does not happen to you. That is why I am part of a remarkable team at RE/MAX Associates with combined experience of over 75 years. I have over 30 years of El Paso - Fort Bliss community experience. If you are a distress property owner and would like more information visit me at russell-realtor.

If you are an agent and would like to get in on the reo and bpo industry get all the training you'll ever need at reokit. It will be the best investment you've made in your career.

Article Source: http://EzineArticles.com/?expert=Yvonne_Russell

DISCLAIMER. YOU SHOULD SEEK THE ADVICE OF AN ATTORNEY AND/OR TAX PROFESSIONAL. YOU ASSUME ALL RISK AND RESPONSIBILITY FOR YOUR DECISION TO USE THIS INFORMATION. RUSSELL-REALTOR.COM OFFERS THIS INFORMATION AND ALL RELATED SERVICES ON "AS IS" BASIS AND RUSSELL-REALTOR.COM DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

 

How to avoid foreclosure and keep your house

“RealtyTrac, a home buyers and sellers help website, found that a total of 3.2 million foreclosure filings, default notices, auction sale notices and bank repossessions were reported on 2.3 million American properties during 2008.” This doesn't include the hundreds of thousands that are currently late on loan modifications and are expected to end in foreclosure next year. Banks and mortgage lenders are not making it any easier by refusing to deal with distressed homeowners.

Reasons to avoid foreclosure:

1. The homeowner will always have to disclose they have had a foreclosure on any mortgage application.

2. Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit cards, etc.

3. A foreclosure is the one credit report item that is almost impossible to repair.

4. Military and government security clearance could be at risk with foreclosure.

5. Many employers run credit checks on prospective employees and foreclosure is one of the top items that jeopardize employment.

Ways some homeowners have been able to avoid foreclosure:

1. Reinstatement, which means to bring your loan current.

2. Forbearance where home owners apply for a repayment plan with their lender.

3. Refinance which is where a home owner applies for a new loan with reduced monthly payments.

4. Loan Modification to change original loan terms.

5. Selling your property by using the equity to pay off or pay current your delinquent mortgage.

6. Deed in Lieu of Foreclosure also known as the friendly foreclosure where the home owner essentially walks away from his mortgage by giving his deed to the lender (equity and all).

7. Bankruptcy can stall foreclosure but not prevent it.

Time is of the essence so don't way until it's too late to seek help. If you do anything DON’T just walk away because you think you don't have any equity in the home. This is probably the biggest mistake homeowners make. Only a licensed professional real estate agent or appraiser can give you the current market value of your home. You may be sitting on a gold mine (you may have equity depending on a few variables). To learn more visit me at russell-realtor or contact me with your questions.

Resource:

HUD approved housing counselor

FHA

Making Homes Affordable

Have you ever had or know someone who has had a bad experience in real estate? My job is to make sure that does not happen to you. That is why I am part of a remarkable team at RE/MAX Associates with combined experience of over 75 years. I have over 30 years of El Paso - Fort Bliss community experience. If you are a distress property owner and would like more information visit me at russell-realtor.

If you are an agent and would like to get in on the reo and bpo industry get all the training you'll ever need at reokit. It will be the best investment you've made in your career.

Article Source: http://EzineArticles.com/?expert=Yvonne_Russell

DISCLAIMER. YOU SHOULD SEEK THE ADVICE OF AN ATTORNEY AND/OR TAX PROFESSIONAL. YOU ASSUME ALL RISK AND RESPONSIBILITY FOR YOUR DECISION TO USE THIS INFORMATION. RUSSELL-REALTOR.COM OFFERS THIS INFORMATION AND ALL RELATED SERVICES ON "AS BASIS AND RUSSELL-REALTOR.COM DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

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“RealtyTrac, a home buyers and sellers help website, found that a total of 3.2 million foreclosure filings, default notices, auction sale notices and bank repossessions were reported on 2.3 million American properties during 2008.” This doesn't include the hundreds of thousands that are currently late on loan modifications and are expected to end in foreclosure next year. Banks and mortgage lenders are not making it any easier by refusing to deal with distressed homeowners.

Reasons to avoid foreclosure:

1. The homeowner will always have to disclose they have had a foreclosure on any mortgage application.

2. Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit cards, etc.

3. A foreclosure is the one credit report item that is almost impossible to repair.

4. Military and government security clearance could be at risk with foreclosure.

5. Many employers run credit checks on prospective employees and foreclosure is one of the top items that jeopardize employment.

Ways some homeowners have been able to avoid foreclosure:

1. Reinstatement, which means to bring your loan current.

2. Forbearance where home owners apply for a repayment plan with their lender.

3. Refinance which is where a home owner applies for a new loan with reduced monthly payments.

4. Loan Modification to change original loan terms.

5. Selling your property by using the equity to pay off or pay current your delinquent mortgage.

6. Deed in Lieu of Foreclosure also known as the friendly foreclosure where the home owner essentially walks away from his mortgage by giving his deed to the lender (equity and all).

7. Bankruptcy can stall foreclosure but not prevent it.

Time is of the essence so don't way until it's too late to seek help. If you do anything DON’T just walk away because you think you don't have any equity in the home. This is probably the biggest mistake homeowners make. Only a licensed professional real estate agent or appraiser can give you the current market value of your home. You may be sitting on a gold mine (you may have equity depending on a few variables). To learn more visit me at russell-realtor or contact me with your questions.

Resource:

HUD approved housing counselor

FHA

Making Homes Affordable

Have you ever had or know someone who has had a bad experience in real estate? My job is to make sure that does not happen to you. That is why I am part of a remarkable team at RE/MAX Associates with combined experience of over 75 years. I have over 30 years of El Paso - Fort Bliss community experience. If you are a distress property owner and would like more information visit me at russell-realtor.

If you are an agent and would like to get in on the reo and bpo industry get all the training you'll ever need at reokit. It will be the best investment you've made in your career.

Article Source: http://EzineArticles.com/?expert=Yvonne_Russell

DISCLAIMER. YOU SHOULD SEEK THE ADVICE OF AN ATTORNEY AND/OR TAX PROFESSIONAL. YOU ASSUME ALL RISK AND RESPONSIBILITY FOR YOUR DECISION TO USE THIS INFORMATION. RUSSELL-REALTOR.COM OFFERS THIS INFORMATION AND ALL RELATED SERVICES ON "AS BASIS AND RUSSELL-REALTOR.COM DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

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