Susan Hilton College Station Real Estate

Realtor & Vice President of Sales of Bryan College Station Real Estate

Wife, Mother, REO Team Leader & Sales Manager for the BEST REAL ESTATE AGENTS in Bryan/College Station! Century 21 Beal, Inc. continues to provide the highest quality training and service in the Brazos Valley and it is an honor to be affiliated with this company!

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Susan Hilton College Station Real Estate

Realtor & Vice President of Sales of Bryan College Station Real Estate

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Short Sales Category

Short Sales – What Kind Of Affect Will It Have On Me Now And In The Future

Short SaleIf you are living in an area that has many “Short Sale” home sales occurring (and foreclosures) this is certainly affecting the value of your Real Estate. When there is a “Short Sale” the lien holders allow the owners to sell their home for less than what is owed and in many cases for less than current market value. As you can imagine this lowers the market value. During this process the market value will be driven lower. This will continue until the Foreclosure Sales  and Short Sales taper off.

If you own a home and have made a decision to go through with a “Short Sale” there are some important things you need to know.

These are all questions that can be answered by me or I will direct you on.

Another issue is the credit that is affected during a “Short Sale”. If a “Short Sale” is negotiated but a delinquency is reported, the credit would be affected approximately 50-140 points. The score will also depend on the amount of late or non-payments made before the close of escrow. When a home is foreclosed on the credit would be affected approximately 150-300 points and this will stay on the public record for 7 years or more.  To find more information on Foreclosure vs. Short Sale in regards to future loan potential, credit history, credit score, current employment, security clearances and future employment visit the Certified Distressed Property Expert at www.cpde.com.

Susan Hilton

Susan Hilton College Station Real Estate

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Getting Started On A Short Sale In The Brazos Valley

Short SaleWhen a short sale is your only option there are are some guidelines you need to follow and specific people you need to talk to. The lender/loan servicer needs to be contacted as soon as possible. When there is a situation that the payments have not been made towards the mortgage for a significant amount of time and/or there has been a Notice of Trustee Sale recorded, there is more difficulty when trying to complete a short sale. It is a good idea for the homeowner to meet with a real estate attorney and a qualified tax  adviser to have a clear understanding of their individual situation.

The homeowner needs to have their information ready before meeting with the mortgage company. The homeowner needs to have an explanation ready regarding their current financial situation and demonstrate their inability to make mortgage payments. There are many short sale programs that can be found on the internet available to people looking into short sales.

 

Susan Hilton

Susan Hilton College Station Real Estate

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After a Foreclosure How Long Do I Have to Wait to Purchase Again?

After a foreclosure in Bryan/College Station, Tx how long do you have to wait before you buy another home using Fannie Mae’s money?  Wait…. did you ever borrow money from Fannie Mae in the beginning? Who is this Fannie Mae?

After a foreclosure Fannie Mae is telling us that you will normally have to wait 7 years before you can purchase another home using money from Fannie Mae. (See chart) Of course if there are extenuating circumstances (who knows what those could be) you could possibly get another loan in 3 years with additional requirements.

With a Short Sale the wait is substantially shorter!

Fannie Mae is a private institution that is federally backed. (seems kind of screwed up doesn’t it!)  They are the LARGEST originator of home loans in the country so you really don’t want to rule them out as potential lenders.

If you have questions about which is better for you – Short Sale or Foreclosure or if you are behind in your house payments or just need to sell – CALL ME!

 

97-764-2100

 

Posted by Susan Hilton | Discussion: 3 Comments »

Short Sale or Foreclosure in Bryan College Station Tx Does It Really Matter to Me Part 2

In the previous post  Short Sale or Foreclosure in Bryan College Station – Does It Really Matter Part 1 short sales and foreclosures were defined and many future issues were discussed. Part 2 is a continuation of that post.

What else needs to be considered when deciding whether to let a house go back to the bank through foreclosure or if a short sale is the best option.

One last issue that should be investigated with an attorney and/or tax accountant prior to the foreclosure or short sale is the “phantom tax.”  The phantom tax being referenced is the forgiveness of debt tax. Normally if you have a debt (the loan not paid) and it is “forgiven” or not collected you may owe ordinary income tax on the amount not collected by the bank.  I don’t know about you but having the IRS after me is one of the last things I want!

So, if you know someone who is behind in their house payments or have lost their job or had an illness or death in the family and they are not going to be able to continue making their house payments PLEASE call me and let me see what we can do to help.  Even if all you do is get information you are much better off KNOWING what is coming than being surprised. Help College Station and Bryan homeowners so we PREVENT foreclosures in our cities which helps ALL our property values hold firm!

 

 

 

 

For more articles on Foreclosures and Short Sales –

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We BUY a HOME and Lose the HOUSE to Foreclosure in Bryan College Station, Tx

Working with buyers and sellers of the Brazos Valley I have learned that we BUY HOMES but when we lose them to foreclosure they are now just HOUSES.  We want to move into a HOME for our families but when times get tough and someone gets behind on their home mortgage the bank only considers it a house – an asset.

So, if you have gotten behind in your home mortgage and you have not been able to successfully complete a loan modification the bank is going to start down the foreclosure path.  Of course you may be able to bring your loan payments up to date but otherwise your options are very limited – there are no more loan options that allow you to stay in the house.

At this point our goal changes. It goes from helping you keep the home and changes to giving you more control over how you leave the house.

 

WHAT IS A FORECLOSURE?

When someone does not make their loan payments following the agreement made through the loan documents then the bank will foreclose taking back their asset.  Foreclosure is a LEGAL process. During this process the lender (one who owns the mortgage) sells the property to recover the unpaid loan amount. Normally this process begins 30-90 days after you stop making payments. At the foreclosure sale on the first Tuesday of each month at the county court house, the lender will become the property owner if no one else buys the property. In Texas most foreclosures are non judicial – no judge or lawsuit is needed.

POSSIBLE CONSEQUENCES OF A FORECLOSURE

IF A FORECLOSURE – WHAT SHOULD I EXPECT?
  • eviction
  • sale of the house to someone else
HOW CAN I AVOID THIS?
  • CALL ME and let me work with you to see if you qualify for a short sale or can get a loan modification!!! Bryan & College Station homeowners behind on their payments should NOT have to go to foreclosure! There are options!

 

979-764-2100

Are You Behind on Your Mortgage Payment in Bryan or College Station, Tx?

 

Foreclosures Are Happening in Bryan and College Station, Tx Too!

Bryan College Station Foreclosures Available!

 

 

 

 

 

 

 

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