This subject is top of mind right now as I just completed a very difficult closing where the sellers were very close to going into foreclosure. Unfortunately, the home owner’s hadn’t made a mortgage payment in several months and as a result, even though their house was selling, they had to come to the closing table with several thousand dollars to cover the back payments, fees, and other fines that had been assessed.
While it was a very close call, there are some steps you can take to avoid foreclosure:
1. Don’t Ignore the Problem.
This is the WORST thing you can do. Sticking your head in the sand, hoping the problem will go away is the quickest way to ensure you do lose your house to foreclosure. Recognize there is a problem, figure out what needs to be done to resolve it , and then set about trying to remedy the situation as quickly as possible.
2. Communicate With Your Lender Early and Often.
Remember, your lender DOES NOT want your house! That being said, it’s important to notify your lender as soon as you realize you’re in trouble and let them know you’re having financial difficulty. In many case, they’ll have resources they can direct you to to help you find a suitable solution to the problem. They may also be able to work with you to reduce your payments for a period of time until you’re better able to meet the financial obligations of your house.
But, you’ll never know any of this if you keep them in the dark and don’t communicate early and often with them!
3. Know Your Rights.
After communicating with your lender, it’s important to know your rights as the home owner. Pull out your loan documents and find out what options are available to your lender if it turns out you can’t make payments. Learn about the foreclosure laws in your state as well as timelines.
Knowing exactly what’s going on and what your rights are can be a powerful tool in your fight to avoid foreclosure.
4. Understand Your Options.
As scary as foreclosure may seem, if you get on top of the situation early enough, there are some things that can be done. However, it’s important to know what these options are in order to determine which one is offers the best solution to the problem.
5. Prioritize Your Budget and STICK TO IT!
In many cases, this one may be the most difficult step to take because it requires a great deal of fiscal responsibility. Review all of your finances and see where you can cut out non-essential spending in order to make your mortgage payment. Such expenses could include cable or satellite TV, non-essential memberships, or entertainment expenses. You should also consider delaying payments on unsecured debt, like credit cards, until your mortgage has been paid.
6. Use Your Assets Wisely.
This is where you get creative and in many cases, make some difficult decisions. Do you have assets laying around the house that could be sold for extra cash? Perhaps an extra car that isn’t absolutely essential? Could you pick up a second job to help supplement income until things improve? Even if these steps don’t bring in adequate enough money to make the mortgage payment, they do demonstrate to your lender a willingness to do whatever it takes.
7. Avoid Foreclosure Prevention or Recovery Scams.
Don’t be fooled by foreclosure prevention companies that want to charge you hefty fees to negotiate with your lender. While these may be legitimate companies, you’d be better of using that money to pay your mortgage. Your lender or HUD approved housing counselors have information and services available that could help you do the same thing these prevention companies would.
Additionally, be very wary of any company that claims they can stop your foreclosure immediately. In most cases, what happens is you end up signing over the property title and you become a renter in your home! Never sign any legal agreement without first reading and understanding all the terms and conditions. If you still have questions, contact a competent real estate professional or an attorney to help you explore all of your options.
Yes, foreclosure is a big, scary word and rightfully so. However, if you find yourself in this situation follow these 7 steps and things won’t seem as confusing or terrifying.
Filed under Carolina Real Estate by 
Looking for some fun things to do around town this summer?
Then you should definitely check out the new 2008 Charlotte, NC Visitor’s Guide.
Filed under Charlotte NC, Life In the Carolinas, Out and About in the Carolinas by
Temperatures in Rock Hill are expected to reach the high 90′s for the next few days according to the National Weather Service. This is about 15 degrees above normal temps for this time of year and unfortunately, it doesn’t look like it will be a short spell.
Another unfortunate side effect of this heat wave is that there isn’t any moisture predicted for at least the next 10 days.
In a nutshell, try to find as many ways as possible to stay cool! Maybe in the next few days I’ll post some of my favorite ways to stay nice and cool during these hot Carolina summer days!
You can read the entire article on the Rock Hill Herald Online, the local paper for Rock Hill, SC.
Filed under Charlotte NC, Fort Mill SC, Life In the Carolinas, Rock Hill SC by
Radon is an odorless, colorless radioactive gas, which is formed by the natural breakdown of uranium of radioactive contaminated soil. Radon can be found in high concentrations in rock and soil that contains granite, shale, phosphate and uranium, or even fill soil containing industrial waste. Radon gas moves through the soil toward the earth’s surface where it either safely dissipates in outdoor air or seeps into buildings through cracks and gaps in the building’s foundation. Radon can also be introduced into a building or home through the water-supply, particularly if there is a private well. Certain building products, such as the stone used for a fireplace, can also be a source of radon gas.
Research indicates that once trapped inside a home, radon can accumulate to the point where it can be harmful to the occupants. Actually, it is the breakdown of radon into what is referred to as radon decay products (or radon daughters) that represents the greatest concern. These radioactive products become attached to airborne particles, which can be inhaled and ultimately cause lung tissue damage and cancer. Smokers are especially prone to the adverse effects of long-term radon exposure.
The potential for radon in any particular home is dependent on a number of variable factors such as the underlying soil composition, the type of construction materials and methods used, weather conditions, and even occupant lifestyle. Radon concerns tend to be greatest in hilly or mountainous regions, and less of an issue in sandy coastal areas. The U.S. Environmental Protection Agency (www.epa.gov) and local health departments can provide information on radon and have maps identifying known radon hot spots. But pockets of radon-producing elements can be found almost anywhere.
Radon levels may vary from season to season, day to day, or even by the hour, as pressure differences occur outside or within a structure. Dramatically different radon levels can be found in seemingly identical neighboring homes. Consequently, the only way to determine if there is a radon concern is to perform a test. While radon kits are available for consumer use, it is generally recommended that radon screening or testing be performed by a qualified radon specialist, especially for real estate transactions.
Even with professional testing, it can be difficult to readily determine average annual radon levels in a particular home. Radon levels tend to become elevated when the air pressure within a house is less than that of the radon gas in the soil. This type pressure imbalance can occur with the use of certain appliances and fans, particularly in relatively airtight structures. Fuel-burning appliances that require indoor air for combustion, or draw in air for other purposes, lower indoor air pressure. This action can result in the radon gas being drawn into the building through sub-surface cracks and/or other openings. The adjacent illustration highlights the common radon entry points for a house.
Since radon gas is naturally occurring, it cannot be eliminated; but it can be controlled. Once the radon level in a particular house is quantified using one of several recognized radon-testing methods, steps can be taken to lower the radon level and the potential health concern. The EPA has established a continuous exposure level of 4 (or more) picocuries per liter (pCi/L) as the action level for remediation.
This measurement does not necessarily represent a safe amount of radon; rather it is a guidance point to determine when remedial action is advisable. It is also deemed the point to which conventional radon remediation methods can be expected to lower radon levels in a building. Radon levels below 4 pCi/L are commonly measured in buildings and generally do not require any significant remedial action (subject to the specific situation or occupant concerns), as it may be difficult to achieve significantly lower levels even if a radon mitigation system is installed. In Canada, the Canadian Housing and Mortgage Corporation considers 20 pCi/L as the guidance level for remedial action.
There are several methods that can be used to lower radon levels. These include ventilation systems, pressurization of the basement air, and block wall ventilation. However, the most commonly used and effective radon mitigation method is sub-slab suction. This method makes use of plastic piping, installed through the floor slab of a house, basement, or even crawlspace, and a low-volume, continuously operating fan to create a negative-pressure within the piping to draw in radon-laden air from below the house and vent it harmlessly to the exterior.
Remember, these tips are only general guidelines. Since each situation is different, contact a professional if you have questions about a specific issue. More home safety and maintenance information is available online at housemaster.com.
This information is provided for general guidance purposes only. Neither HMA Franchise Systems, Inc. nor the local HouseMaster® franchise warrants its accuracy and assumes no liability related to its use. Contact the local franchise office and/or qualified specialists for advice pertinent to your specific house or circumstances.
© Copyright 2007 HMA. Each HouseMaster franchise is an independently owned and operated business. HouseMaster is a registered trademark of HMA Franchise Systems, Inc.
Filed under Home Buyers, Home Inspections, Home Sellers, Sell Your Home by
Across the country, pending home sales increased in April to their highest level since October of last year. Now, while this is still roughly 13% below where it was last year, it is an indication that real estate markets are beginning to become active again.
According to National Association of Realtors’ Chief Economist Lawrence Yun, this increase in pending sales is a combination of decreasing price points and bargain hunters entering the marketings.
“Bargain hunters have entered the market en masse,†he said. “Sharp price reductions are leading to a quicker discovery of price equilibrium points.â€
Fortunately for those of us here in the South, and more specifically Rock Hill, Fort Mill, Tega Cay, and the Charlotte, NC markets, real estate markets remain strong. Thanks to the continued population growth of this area, real estate continues to be solid and even though it’s a buyer’s market, home owners shouldn’t be too concerned about putting their home on the market.
You can read the entire AP article right HERE.
Filed under Carolina Real Estate, Charlotte NC, Fort Mill SC, Home Buyers, Home Sellers, Market Trends, Rock Hill SC by
