Loan Modifications - Slow Turnaround

Many people call me every week complaining that they have tried a loan modification on their own and the lender is unresponsive. The loan mod process is a lengthy one and requires you to wear many different hats - negotiator and homeowner. It requires you to be prepared with all of the documentation required by the lender, know how to put together the best package in your application and have hours of time available for followup and faxing!

There are many new loan programs available today and it may be possible to work out your financial problems. The key is don't wait until the wolf is at your door. Be careful of loan modification companies who charge high upfront fees and promise nothing.

Call me for the most up to date information on new loans, refinances and loan modifications.

Home Buyer Mortgage Tax Credit

As reported in today's New York Times, the National Association of Realtors (NAR) is pushing Congress to extend the $8,000 tax credit for first time home buyers. Not only does NAR want to extend the deadline for this credit to last but also wants to increase the amount to $15k and extend it to all buyers.

If this change passes, this could be the kick in the pants that our economy needs. What do people do with that tax credit? They buy new furniture, new cars, shop in retail stores, dine in restaurants, take vacations. In short, it all goes back in to stimulate the economy. Exactly what it was intended to do.

Mortgage applications increased nearly 10% for the week ending Sept 3rd, which is the highest increase since early April. When the real estate market rebounds, the rest of the economy will follow.

As I keep saying, now is the time to buy a new home. Prices will start climbing back to what would be a normal rate of appreciation. The best deals are out there now and you have to shop smart and get the right person to help you.

Raymond

Homes are Selling!!

August was a very busy month with 5 new listings, of which I received multiple offers on two within the first couple of days. Multiple showings on the two I just listed at the end of the month with offers expected over the Labor Day weekend.

All this activity illustrates that there are in fact buyers out there. Many are investors looking for an exceptional deal but mixed in with them are buyers looking for their own home. Some are first time buyers but many are looking to move up to a newer home. Prices are better than they have been in a long time.

If your credit is good and you are ready the opportunities exist. Homes in short sales are receiving multiple offers so you have to be prepared to pay your own costs, be pre-approved by your lender and willing to wait for the Seller's lender to approve the deal. The payoff is worth it.