A loan modification is defined as a change in the loan contract that has been requested by the borrower and subsequently agreed to by the lender and the borrower. In today’s interest sensitive market, the modifications are usually those designed to reduce the payment burden on borrowers faced with impending rate increases. An increase in payment makes the mortgage un-affordable. Most who request the loan mods are subprime borrowers. Homeowners faced with prospect of afford ability should consider requesting a modification. They are unlikely to get one if they don’t ask. The stakes are high, they can save their house and their credit.

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search for : loan modification, reduce the payment, subprime borrower

Prospective investors are now increasingly looking to foreclosure sales for real estate bargains. As with most all investing scenarios, newcomers to this market will sometimes experience unpleasant surprises if they go in without adequate knowledge of the downfalls. All homes should be thoroughly inspected by a professional home inspector before sealing the deal. But, foreclosure homes are usually sold “as-is”. This means that buyers cannot negotiate for the cost of needed repairs, as they may do in a traditional home purchase. If pre-auction property inspections are not permitted at the foreclosure sale, buyers will need to weigh that risk carefully. Even with a significant influx of newly foreclosed properties due to the sub prime mortgage mess, the foreclosure market can be competitive, and it is often dominated by experienced real estate investors.

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search for : foreclosure homes, property inspection, foreclosed properties

Proper attic ventilation is critical for a healthy home. Determining what you need is simple. All you need is the size of your house and a calculator. Attic ventilation should equal approximately 1 square foot of vent area for every 300 square feet of attic, so figure out roughly how many square feet the footprint of your attic is, and then divide by 300. To ensure effective air movement throughout the attic, the total vent area should be split approximately evenly between high and low vents, so now divide that number by two to get a rough idea of how much low ventilation and how much high ventilation your home needs.

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FSBO (pronounced fiz-boh) is an acronym for “for sale by owner” and the shorthand way to refer to houses that sellers market themselves. With home prices expected to fall this year and next, more sellers are going the FSBO route. Their goal: to keep a bigger share of the proceeds from a sale by forgoing the services of a listing broker and saving the 3 percent commission she’d likely charge (when you do a FSBO, you typically still have to pay a 3 percent commission to the buyer’s broker). Last year about 20 percent of sellers unloaded their homes without an agent, up from 12 percent in 2005, reports industry newsletter Real Trends. And that’s expected to rise again next year.

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search for : FSBO, for sale by owner

$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

Treasury Secretary Hank Paulson is calling on Freddie Mac and Fannie Mae to work closely with private lenders to make affordable mortgage products more available and to increase funds so those in risky adjustable mortgages can refinance. Starting in April 2007, Freddie Mac began to dedicate billions to buying refinanced mortgages designed to help troubled borrowers stay in their homes. Paulson would expand on initiatives like this. Offering affordable mortgage products, through such agencies as the Federal Housing Administration (FHA), is part of Paulson’s prescription. In August, President Bush announced a plan to make these loans available to more Americans. FHA loans carry competitive interest rates, require little in the way of down payments and are popular with lenders because they are backed by the Federal Government. They are aimed at increasing home-buying opportunities for low- and moderate-income Americans.

search for : Freddie Mac, Fannie Mae, adjustable mortgages

There is no need to stop you from buying a house or condominium even though you may be “cash challenged”. In this buyer’s market, home sellers and home builders, as well as their real estate agents, have never been more eager to sell you a home. If you have good income and a FICO score over 620, you can probably qualify for a conventional mortgage. Qualified veterans can obtain no-down-payment VA mortgages with minimal closing costs. PMI (private mortgage insurance) home loans for 90 percent, 95 percent and even 100 percent are grabbing a rising share of the mortgage market. FHA is talking with Congress about eliminating its 3 percent down-payment rule and raising its maximum mortgage limit.

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search for : cash challenged, buyer’s market, home sellers, FICO score

The first step in buying any property is to make sure that you have a clear understanding of the title issues. In some states, title companies check the record and issue a title report that includes such things as the recorded owner and title liens, easements and encumbrances affecting the property. In other states, buyers hire attorneys to search the title record and produce a report. In the aftermath of the subprime lending crisis, it’s especially important to investigate the status of any liens secured against the property. A preliminary title report will give you the original amount of such items as mortgages and taxes owed. But, the preliminary report won’t necessarily tell you the amount the sellers currently owe. All liens secured against the property must be paid in full in order for the seller to pass clear title to a buyer.

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search for : recorded owner, title liens, easements, subprime lending

Foreclosure Investing involves buying and selling properties whose owners are in or near foreclosure on their mortgages. The process may start at the pre-foreclosure stage with the investor approaching the mortgagee directly. Or, the property can be bid-on at a foreclosure sale. Alternately, the investor could buy the property from the lender’s real estate owned mortgage department after the foreclosure sale has occurred.

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search for : Foreclosure Investing, mortgage, pre-foreclosure, real estate owned mortgage department