Buyers
The Greatest Opportunities For
Bargain Properties Are Here Now
Will You Be Prepared To Buy When
the Subprime Tsunami hits?
As you can see from the "Monthly ARM Reset Schedule" graph, many sellers have already been affected by Adjustable Rate Mortgage loan resets (to higher mortgage payments, foreclosures, and short sales). These sellers will lose their homes to foreclosure unless we can find buyers to buy these properties.
Over 2 million properties are affected by the subprime adjustment.
No political solutions are currently available to help these sellers. Our politicians are expecting the free market to work this out.
Lenders also have no solutions to help these sellers. Estimates of the dollar volume of the writeoffs of these subprime loans is $200-$300 Billion.
This crisis will continue for at least 18 months based on the chart above.
The best time to catch these properties and save the seller and profit as the buyer is in pre-foreclosure (they are about to or have already missed a mortgage payment). For almost all of these sellers, refinancing their mortgage is NOT AN OPTION.
We use a technique called the short sale or short payoff to help the seller get out of the property quickly while creating minimal impact on their credit. This approach also produces the best value for the buyer. Sellers who choose to:
walk away from their properties, or
give the deed to the property to the lender (deed in lieu of foreclosure), or
let the property go to foreclosure on the Court House steps,
are committing financial suicide that will linger on their credit for 7 years.
This crisis creates OPPORTUNITIES for you, the prepared buyer. These sellers must sell and they have little time to do it. You can help them and help yourself at the same time.
Buyers Who Want A Deal
If you would like to know more about how we help buyers find and buy these bargain properties, call our team at 404-384-2274, or click:
Help Me Find A Bargain
Sellers Who Are In Trouble
If you're a seller caught up in the pre-foreclosure process, call our team at 404-384-2274 to see how we can help you escape, or click:
Avoid or Stop Foreclosure
Tags: Subprime Tsunami, Mortgage Meltdown, Avoid Foreclosure, Preforeclosure, S & P Case-Schiller Home Price Index Report, bargain properties, refinancing mortgages, Monthly ARM Reset Schedule, adjustable rate mortgages, short sale, short payoff
Most major lenders are freezing withdrawals from Home Equity Lines of Credit (HELOCs) – and I don’t want you to be caught off guard by this development. If you were planning on using your HELOC for spring home improvements or college tuition, chances are the money has been – or will be – shut off.
You should be aware that the lender retains the right to suspend or reduce the line of credit available if your property value falls below the appraised value used to originate the loan. Lenders are actively assessing properties and then suspending access for account holders who have seen a downward slide in their home value. Realtors who do Broker Price Opinions (BPOs) are reporting a dramatic increase in BPO requests from lenders for this reason.
These are excerpts from Countrywide ... sent to borrowers before Countrywide FROZE Helocs:
"Important message about your loan: At Countrywide Home Loans we are committed to helping customers sustain homeownership. As part of the commitment, and in keeping with its sound risk-management and responsible lending practices, Countrywide Home Loans is reviewing and analyzing home equity lines of credit in its servicing portfolio.
As you know, home values in many areas of the country have declined. We believe that the decline in the value of your property, from its original appraised value at the time your loan was made is significant. In accordance with the terms of your Home Equity Credit Line Agreement and Disclosure Statement (Agreement), we have elected to suspend further draws against your account as of the Effective Date above.’ On Friday, the Los Angeles Times reported that Countrywide notified many homeowners they’ve lost their right to borrow against their credit lines:
‘ Tens of thousands of homeowners with home equity lines of credit are getting a rude surprise: They’ve been told by their lender that they can no longer take money out on their credit lines because sinking home prices have left them with little or no equity.
Among the lenders taking such action is Countrywide Financial Corp., which sent 122,000 letters to customers last week telling them they could no longer borrow against their credit lines. In some cases, according to the company, the borrowers are now “upside down” — the total debt on the home exceeds the market value of the property.
Calabasas-based Countrywide, the nation’s largest mortgage lender, says it uses computer modeling that factors in changes in home prices to determine which customers will have their money tap shut off. ’
Will we see a Chase HELOC freeze or a Bank of America HELOC Freeze? What will that do to the economy?
If there was any question that consumers were feeling the pinch before…just wait until they are told that their homes are worth LESS than what they owe. Or in the words of Countrywide…"Significantly Less”. Think that will have an effect on the economy? Do you think this will make consumers feel more confident about housing?
If you have a HELOC and you were considering using it to fund something important that your home or family needs, you might want to consider use it now before you receive such a letter.
Tags: HELOC, HELOC Freeze, upside down, Broker Price Opinion, BPO, credit line, appraisal, no equity, market value, property value, credit line borrowing
How Can I Buy a Home With No Money Down?
Downpayment Assistance To The Rescue!
The Nehemiah Program ® is a downpayment assistance program that has already helped more than 250,000 individuals and families own homes NOW instead of trying to wait until they have saved enough money for a downpayment.
Nehemiah helps you achieve YOUR American dream with:
Gift funds up to 6% of the final contract sales price towards your downpayment and/or closing costs
Gift funds for both first time and repeat homebuyers
(Nehemiah charges a nominal processing fee that may be paid by the seller, homebuyer, or lender.)
Gift funds for both new construction and resale homes
No repayment of gift money
No income or asset limits
No geographical restrictions
If you are a qualified homebuyer using an eligible loan program, such as an FHA loan, you may be able to move into your new home with zero cash out of pocket! The Nehemiah Program can help you become a homeowner NOW instead of LATER!
Caution: Our politicians and bureaucrats (the Departmentof Housing & Urban Development (HUD)) are trying to ban programs like Nehemiah. The present program is in place for loans until 3/31/2008. So, if you've been waiting to buy, get started now.
Our team is Nehemiah-certified and is a member of the Nehemiah Listing System. We can help buyers use Nehemiah for downpayment assistance. We can also help sellers use the Nehemiah program to make their homes affordable to a larger pool of buyers.
To learn more about Nehemiah, go to:
http://getdownpayment.com
http://www.getdownpayment.com/buyers/index.asp (Buyers programs)
Please call Nehemiah toll-free at 877-634-3642 to find a Nehemiah participating lender near you today!
Tags: Nehemiah, downpayment assistance, no money down, zero down, first time buyers, home ownership.
Certainly it's confusing and frustrating to decide when it will be a sure thing to buy a home. Sure, housing's in a hole. But there's a potent case for buying now, whether it is real estate or stocks.
This article, by Dan Cadlec of Time Magazine - February 25, 2008, describes why
can leave you
Click here to read Dan's article: Ignore the Headlines!
Tags: buying now, economy, interest rates, lower prices, recession, housing, real estate, home buying, when to buy a home
You may have heard a news clip or sound byte that there is new hope for homeowners who are behind on their mortgages. One of the new programs is called Project Lifeline. In a nutshell, Lenders are advocating this new plan to save as many people as possible that are 90+ days delinquent on their mortgage.
For more on that, read here.
Here is how you can benefit from it RIGHT NOW:
Take action.
Call me today, (404)-384-2274, to see how we can help you prevent the consequences of foreclosure on your life, your finances, and your future.
Tags: Upside down, Project Lifeline, avoid foreclosure, delinquent mortgage, consequences of foreclosure
Preforeclosure Bargains
in Metro Atlanta
DEADLINE:
Tuesday,
March 4, 2008
Metro Atlanta has plenty of fresh preforeclosure homes on the market.
As a buyer, these homes often represent great values compared with other "retail" homes on the market.
As a buyer, you are truly helping these people out of a jam.
For sellers, selling a property as
Preforeclosure,
Short Sale, or
Short Payoff
gives the seller the maximum opportunity
to preserve credit,
save equity, and
eliminate the 7 year credit problem of foreclosure.
Time is short: you only have until Tuesday March 4, 2008 to make an offer, inspect, get the lender to agree to the sale. If you are ready to find a bargain, call 404-384-2274.
Tags: Preforeclosure, foreclosure auction, Short Sale
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