Pamela Croxton\’s Blog

Recently we have seen rates edge up slightly. The national average on a 30 year fixed dropped to 4.36 percent in August 2010——lower than it’s been in the past half century. Rates before, during the first time home buyer incentive averaged 5.19 percent, representing a difference of $90 in a monthly payment on a $200,000 home with 10 percentdown. This makes $32,400 savings over the life of loan. You need to buy now if you are sitting on the fence!

According to Lawrence Yun, chief economist from the National Association of Realtors, “Home buyers over the past year got a great deal, and   buyers for the balance of this year have an edge over sellers. Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy.” For more reasons why now is prime time to buy a home, contact me and I’ll send you a free ebook.

I just read a great ebook called ’7 Reasons Why Now Is a Great Time to Buy a Home!’ It’s filled with positive, exciting information to help buyers seize the incredible market opportunities available to them right now. Over the next seven weeks I’ll be sharing key excerpts from this ebook with you in my blog. For a free copy of the book, email me and I’ll send it your way.

Also  remember my website to search for homes in Marietta and Atlanta, for bargains in foreclosures and short sales

<a href=”http://rismedia.com/lowes/8355/9499″>For Your Clients: Five Smart Reasons to Buy a Home Now</a>

Shortsales East Cobb says we are a little better off than the national numbers but we have all experienced a lack of buyers. I am seeing an alarming number of people missing mortgage payments in our area, STOP call me for help, don’t just walk away you will be hunted and haunted by your banks….call me 404-272-1767 for help….do a short sale at NO COST to you….    

 June National Association of Realtors Released the June home sales numbers¦.and¦as we have been predicting¦they are ugly:

* 5.1% Decrease in home sales.
* $183,700 Medium Price
* Inventory UP 2.5%..nearly 9 month supply of homes¦NAR reports as VERY HIGH.
* NAR, expects a continued INCREASE in inventory. Agents, this will drive prices down even further. NOTE: Any of you still doubting a housing double dip, doubt no longer.
* Distressed sales, 32%¦short sales increasing. Of all the sales in June 1/3 were..Short Sales and REOs.
* First time buyers, 43% of ALL Sales.
* Cash Buyers, 25%. of ALL Sales.

I know many of you are trying to get your lender to do a loan mod with no success, hopefully soon I will have a way to force your bank to work with you…..

Click  here to read this document.

 explanation for help if you are upside down on your mortgage and having trouble paying.

look up your mortgage lender to see if they are participating in HAFA:   http://www.makinghomeaffordable.gov/contact_servicer.html

Who is Eligible for HAFA?

Most homeowners in facing financial hardship are eligible. As a rule, if a homeowner is eligible for HAMP but cannot pay the mortgage, then he or she is eligible for an assisted short sale through HAFA. However, loans owned or guaranteed through Fannie Mae or Freddie Mac do not qualify. Servicers must consider possible HAMP eligible borrowers for HAFA within 30 calendar days if the borrower has one or more of the following criteria4 :

• Does not qualify for a HAMP Trial Period Plan
• Does not successfully complete a HAMP Trial Period Plan
• Is delinquent on a HAMP modification by missing at least two consecutive payments
• Requests a short sale or deed-in-lieu

For a loan to qualify, it must meet the following criteria2:

• The property is the borrower’s principal residence
• The mortgage loan is a first lien mortgage originated on or before January 1, 2009
• The mortgage is delinquent or default is reasonably foreseeable
• The current unpaid principal balance is equal to or less than $729,750
• The borrower’s total monthly mortgage payment (as defined in Supplemental Directive 09-015) exceeds 31 percent of the borrower’s gross income
• The mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac

Sources:

• 2HousingWire œTreasure to Announce New Program to Avoid Foreclosure (2009): http://www.housingwire.com/2009/10/12/treasury-to-announce-new-program-to-avoid-foreclosure/
• 4Making Home Affordable œHAFA Overview (2010): https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html
• 5Making Home Affordable œHAMP Supplemental Directive 09-01 (2009): https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0901.pdf