|
Written by Maggie Ardeshiri
|
|
IS YOUR HOME AT RISK? Recent statistics indicate that the number of foreclosures in the US are nearly twice that they were a year ago. In some states, foreclosures reportedly claim one in every 199 households. Don't let a foreclosure or default situation sneak up on you. For many borrowers, there are a number of viable foreclosure alternatives that can help, including short sales. Short Sale A short sale is legally-binding agreement to allow a home to be sold for less than the amount that is owed. For debt-ridden homeowners or those who owe more than the house is currently worth, a short sale could save them some of the enormous pain, embarrassment, and major credit challenges associated with bankruptcy and/or foreclosure. For lenders, it helps avoid some of the hassle and expense of seizing and auctioning off delinquent real estate. For potential homebuyers and real estate investors, a short sale offers a great opportunity to purchase property at a significant discount. |
|
Read more...
|
|
Written by Maggie Ardeshiri
|
|
BEYOND THE HYPE: THE CREDIT CRISIS AND WHAT IT MEANS TO YOU To date, subprime mortgages have been credited for bankrupting well over 110 lenders and seriously damaging operations at many major mortgage firms. They've reportedly wiped out 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. And , as if that weren't enough, subprime mortgages are also blamed for massive volatility in the stock, bond, credit, futures, and real estate markets here in the US. And it's this volatility that is now spreading like a virus into other major financial sectors around the globe. Some say losses in the mortgage securities market alone could reach hundreds of billions of dollars this year. |
|
Read more...
|
|
|
Written by Maggie Ardeshiri
|
|
Knowing the Guidelines Solves the Mystery. The appraisal process often baffles consumers. They may feel their home is worth a higher dollar amount, and the appraised value doesn't always make sense to them. It is important to know that appraisal guidelines are dictated by the lenders, and in some states, it is a requirement to also disclose what the appraisal will be used for because there are different rules to follow depending on the purpose. |
|
Read more...
|
|
|
Written by Maggie Ardeshiri
|
|
1. UNDERSTAND YOUR RESPONSIBILITIES. Ready your home for sale by making it visually appealing. Wash the windows, empty closets (this is a great time to visit a charity thrift shop), clear away clutter, ensure the kitchen and bathrooms are spotless, shampo the carpets, Oil squeaky doors, repair dripping faucets, make sure the yard is manicured and the garage and basement are immaculate. Strong curb appeal can lure potential buyers inside. Be certain your realtor knows everything there is to know about your home. And, within reason, try to have your home ready for showing at all times. Restrictions limit potential buyers. You want to invite access. |
|
Read more...
|
|
|
Written by Maggie Ardeshiri
|
|
With identity theft on the rise, consumers are becoming increasingly aware of the importance of reviewing their credit reports. However, their thoughts about credit and its long-term impact upon their financial future typically end there until it's time to apply for a home loan. A credit score is used to evaluate how likely a borrower is to repay their loan. There are several actions a person can take to impact their score. Here are a few to keep in mind. |
|
Read more...
|
|
|
My Daily Notes 
