4 Steps to prevent mortgage foreclosures in Las Vegas

Have a look at the 4 steps to prevent mortgage foreclosures in Las Vegas.

1. Ask your lender for loan modification – You may request your lender for loan modification. In this process, the lender has several options which include lowering the rate of interest to reducing the principle amount. In case your lender does not agree for loan modification, you may ask about a legal document in lieu of foreclosure. This program enables the borrower to deed the Las Vegas home back to the lender and receive a one-year rent at the present market rate. This prevents the borrower from foreclosure and enables him to live in the house for an extra year.

2. Consult with an attorney for bankruptcy – You may consult with a Las Vegas lawyer if you are thinking to file for Chapter 7 bankruptcy. After the petition is filed, an automatic stay comes into effect that forbids the lender from foreclosure. You should know that bankruptcy is a feasible option if you do not need your home anymore and want to come out from the debt burden. Filing for Chapter 7 bankruptcy will have a negative impact on your credit score more than the other possible alternatives.

3. Appoint a real estate agent for sale – If you are planning to sell off your valuable home, you may appoint a real estate agent and list your house for sale. If you offer right price of your home to the probable buyers, your house will be sold off before the bank can start the foreclosure process. In case you owe more on the home than what its actual worth is, you will require the approval of your lender for short sale. You need to know that a short sale has an impact on your credit score in the same way just as foreclosure.

4. Ask Las Vegas city for help – You may ask the city of Las Vegas for help. The city has received grant money in September 2010 by the federal government and is using the money in different ways in order to help the residents of Las Vegas avoid the foreclosure proceedings.

Thus, by following the above steps, you will be able to prevent mortgage foreclosures in Las Vegas.

1. Decide your needs from your wants.  You may want a fenced in back yard, but can that be something you can add on later, where as you can’t change somethings like a homes location or number of bedrooms.  Be realistic and decided what you have to have and what you want to have.

2. Know your budget, and STICK to it.  There are many mortgage calculators to help you decide on what you can afford.  Just because you are pre qualified for an amount, does not mean that you can afford that amount.  You don’t want to be house poor where you can’t afford anything but your house payment and have no emergency fund.  As a homeowner, new home or not, there will always be an emergency.  Know your numbers.  A lender will be happy to help you.

3. Hire a professional.  You may think you can do this on your own, but seeking professional advice can save you money.  A professional can show you what a good price for the home is, so that you don’t end up over paying for a home.

4. Don’t be fooled by the shiny pretty lights.  Always get a professional home inspection, even on new construction.  A home can be staged beautifully with pretty new things, but there could be major repairs that a novice wouldn’t know to look for.

5. Don’t hesitate when you find the “one’. If you have found the home that you feel and seems perfect, don’t wait to make an offer.  Some buyers think the home will be on the market forever, but often the best homes go quickly no matter what the market is like.  This is why it is important to have a professional from the beginning so they can help you act quickly when the perfect home is found.

Now that you have a few tips, good luck, and happy home shopping!

How can I say such crazy things?

Here are 5 reasons why I believe it’s such a great time to buy a Fort Mill or Rock Hill SC house:

1. It’s a buyer’s market. I don’t think this one comes as any surprise, but today’s buyers have an opportunity to dictate a lot of the transactions.  While you should still expect to pay a fair market value, given the state of the economy overall today’s fair market value is considerably lower than what it has been. As a result, there are some real gems available for those willing to do the work and find them.Or you could simply hire a savvy Fort Mill real estate agent to do all of the hard work for you.
2. Interest rates are still at all-time lows. I personally don’t remember the days when interest rates where close to 20% so I can’t really speak from personal experience, but I do know that any time interest rates are around the 5% mark we’re dealing with some very inexpensive loans.All of the banks have definitely cracked down on just giving away loans so you’ll need to have good credit and the ability to pay, but that should really go without saying anyway.
3. All of your competition is on vacation. With the summer in full swing a lot of your home buying competition is at the beach, in the mountains, or over the river and through the woods to visit dear old grandma.  As a result, you’re less likely to face competition when bidding on that new home of your dreams.
4. The Fort Mill and Rock Hill SC real estate markets are relatively strong. Unlike other areas of the country, the Charlotte metro area has remained relatively strong, in spite  of the many job losses we’ve experienced.York County has done a great job of bringing in new companies and with some of the highest rated schools in the state of South Carolina, chances are we’ll continue to see an influx of people moving to the Fort Mill and Rock Hill area, either for jobs or simply to escape much of the chaos that is the Charlotte Mecklenburg school system.
5. The school year is rapidly approaching. As summer moves towards the fall season, it means that school will soon be in session.  Whether you’re hoping to get a child enrolled in one of SC’s highest rated school districts or the home seller is looking to be moved out before the school year starts, right now is definitely the time to take action.Remember, it takes 30-45 days to close on a typical residential real estate transaction, which means you’ll need to get moving soon in order to beat the school bus to the corner!

Finally, just keep in mind that any time there is uncertainly and ‘gloom and doom’ talk about the economy it means there are LOTS of great deals available for those willing to put in the time and effort required to uncover them. With a little bit of real estate knowledge and experience (or having someone on your side that has these), you can find that perfect new house that you’ll be able to enjoy for many years to come.

BEWARE! Many times it’s not always readily apparent why a particular house for sale is such a steal of a deal, and as a result you can be mislead into being a difficult buyer rather than a successful one.

Here are some qualities of a successful buyer to be sure you are on track to find the right house, at the right price, at the right time:

• Provide your real estate agent complete and accurate information, whether it be financial, motivations, or time-lines.  The more information they have the more they can help you.
• Set aside consistent time to learn about and to stay abreast of the market inventory.  Ask your real estate professional to send you homes currently on the market and keep track what price ranges are moving and what they might be selling at.  Your real estate professional can help you with statistics as well.
• Be prepared to be competitive and disciplined.
• Give serious consideration to your real estate professional’s advice.  There is probably good reason you hired this professional to work on your behalf so sure before you do hire a real estate agent, make sure they know their facts about the current market.

With these few basic qualities you’ll save yourself time and money, and will not be disappointed by unmet expectations.

Happy Buying!

1. They can’t raise interest rates on debt you’ve already racked up. They can if you are more than 60 days late on these payments.  So pay your cards on time!

2. If your card charges you different interest rates (say, 14% for existing balances, and 2% for balance transfers), they must apply your payments to the debt carrying the highest rates first.  So the faster you pay it off, the more money you save.

3. They can’t raise your rates if they find out you’ve been late on other credit cards or loans.  This doesn’t mean you credit score will not be affected, which can eventually lead to higher interest rates.  Your best bet is just to pay it on time.

4. You can no longer go over your credit limit and be charged the subsequent fees- unless you notify your credit card company in writing that you’d like to spend more than your limit.  So don’t spend more than your limit.

5. They will tell you on your bill how long it will take to pay off your debt and how much it will cost you, including interest, if you pay only the minimum each month.  This will be an eye opener, and a hard lesson for many.  Pay more than the minimum or you could possible pay on this card longer than your house mortgage.

6. Those under 21years old won’t be able to get a credit card unless they show proof of income or get an adult to cosign.  I think this is the smartest law of all!  When I was in college, you would sign your life away for a free t-shirt or can coozie.  All adults over the age of 21 take note…DON’T COSIGN

According to the Rock Hill Herald Online, “This policy allows only monument-style signs that are no more than 10 feet high, featuring no more than 200 square feet of sign surface on each side. That rules out the towering pole signs and billboards that have dominated much of Cherry Road.”

The city agreed to immediately pay up to 60% of the cost of replacing non-conforming signs, with that amount being reduced over time, and none of paid in 2010.

The idea behind the policy was to clean up the commercial section of Rock Hill, but if it’s taking almost 7 years to complete, how much of an effort is the city really making?  Believe me, I’m all for doing whatever it takes to clean up anything that devalues anything about our beloved Rock Hill SC so I definitely appreciate Love’s taking down the sign, but at what point do we get serious and make a concerted effort to really make it happen?

I don’t have a list of businesses or signs that don’t comply with the policy, but it would certainly be interesting to see a list of everyone that’s complied and those that have yet to fall in line.

Homeowners that have lived in their home for two out of five years, there will be a capital gain exclusion law that will let them deduct up to 0, 000 of the earnings from capital gains.  This means lower taxes for homeowners.

Over years real estate always gains, this is not like a car or a boat, the home value will always increase.  Except for some dips in the market.  When viewing all the benefits of building a home, this should be a topic that is thought of well.

Don’t forget your obligation to look after upkeep. Not having enough money in the bank account isn’t a satisfactory excuse. When you hire a home, you give the owner a check. When you purchase a home, you have to guarantee that all costs are met and managed every single month, forever. Infrequently it’s month to month ; sometimes it is a twelve month lease. But, regardless of what, there’s always a way out.

Think about your monthly payments on your home as rent.  This makes it easier to pay off your home.  Every cent that you put against your mortgage, it increases the equity on your home.

When you buy your own home you can call it yours, you can paint whatever you want, and you can remodel they way that you choose.  You will no longer have any landlords as we all love them.

It appears as if Senators have agreed on the idea of extending the credit, but they haven’t quite nailed down all the logistics of the extension.  And while the extension would prolong the $8,000 tax credit enjoyed by first-time home buyers that purchase a new home, it looks as though it might go beyond that to include those that aren’t first-time home buyers.

The new provision of the extension would provide up to $6,500 in assistance to those that have lived in their current residence for at least 5 years.

Again, as of right now most of this is still talk, but as we all know, anytime we can get both political parties in Washington to agree on something, it’s got to be a good sign!

If you’re still in the market to purchase a new home or you’d like to sell your current home, the market is still very warm and there are plenty of homes available for purchase and willing buyers looking to buy.

Contact me and let’s discuss your real estate options!

And while it’s always a sad situation when someone loses their home to foreclosure, it also presents a great opportunity for those looking to buy a house at a great price. There really are some amazing deals available for foreclosed properties right now, especially if you know where to look and how to buy them.

One of the best opportunities for buying a foreclosed house at a ‘steal of a deal’ is HUD homes, or properties that were financed via an FHA loan and then reposed. I’ve personally helped 5 people in the past 8 months purchase HUD homes and every single one of them has gotten an absolutely fantastic deal on their property.

According to the government’s website about HUD homes:

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?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

So, if you’re in the market for a new home, it would definitely pay to take a look at purchasing a HUD home!

My only bit of advice would be DEFINITELY consult with an experienced real estate agent, and I don’t say that just to get you to call me (although that would be nice )  While HUD would have you believe that buying one of their homes is an easy, painless process, it’s not.  While most real estate transactions can be a stressful, frustrating experience at times, purchasing a HUD home is much worse.

You still have to go through all of the typical real estate paperwork and processes, but with a HUD home, you now have to do all of these things through a government agency, and as we all know, they aren’t always they easiest groups to work with!

Don’t let that discourage you though!  Just make sure you work with an agent that has the experience and know-how to help make sure your HUD transaction goes smoothly and you’ll quickly be able to enjoy a fantastic new home at a great price!

Well, while a foreclosure is the worst possible scenario for someone that has fallen behind on their mortgage payments and it’s something you want to avoid if all possible, there are other options.  One of those options is something called a ‘short sale’.

As it relates to real estate, a short sale essentially means the lender has agreed to allow the home to be sold for LESS than what is actually owed.  Now, not all homes qualify for a short sale simply because not all lenders will allow the home to be sold for less than what is owed on it.

If you’re in a situation where you feel like you’re about to lose your home, investigating the possibility of selling it via a short sale might be a good option, but as with everything in life you MUST do your own due diligence.

You certainly want to consult with your accountant and an attorney familiar with real estate short sales.  You’ll find a great list of steps you could expect to have to take in order to sell your home via short sale right HERE.

On the buying side, purchasing a home via a short sale is much, much less certain a process than buying an average home listed for sale.  You’d be wise to consult with a qualified real estate agent that has some experience working with real estate short sales.

If you have any questions about either selling your home via a short sale or purchasing a home via a short sale, I have experience in both so please don’t hesitate to CONTACT ME.