Tag Archives for " Homeownership "

How to Avoid Getting Your House Foreclosed On

 

Don’t give up, there is still hope

You’ve worked so hard to buy your home, and it is one of your biggest investments. You are proud of it, and it is a source of comfort and peace for you. But if you fall on hard times, and you are unable to keep up with your monthly mortgage payments, you may lose your home to foreclosure.

Before such a drastic thing happens, what can you do to avoid foreclosure?

If you are at the end of your rope financially, don’t give up. Consider your other options. Just think of how much more difficult it will be to get a new home when you credit rating is affected. It will definitely be affected if you let your lender foreclose your home.

Foreclosure alternatives

If your monthly mortgages are piling up, here are some options for you to choose from:

  • Consider a short sale.  A foreclosure is a big deal to lenders because they will lose money, so when you are unable to make payments, the lender usually takes it to court. And if you happen to have a second mortgage or other loans secured by the home, you stand the chance of not just losing your home but your money as well.

When there is no way for you come up with the monthly mortgage, a short sale is a better option. Doing a short sale is beneficial for both you and the lender, and a far better alternative than foreclosure.  

A short sale is when you sell the home for less than the outstanding mortgage on it, with the signed approval of the lender of course.  In a short sale, your REALTOR® will work with the mortgage lender to get a deficiency waiver so that the balance can be forgiven. Your REALTOR® will also work with any  other lenders so that their lien or claim can be removed.

One advantage of short sale over foreclosure is there will be no foreclosure stigma attached to your credit rating. Foreclosures appear on your credit report for seven years, and make it difficult to buy a new home, even if you have saved enough for a down payment and have already gotten a good job.

A short sale also appears on your credit record and lowers your credit score, but you will have get a shorter waiting period before you quality for a Fannie Mae or Fred Mac loan.

Another advantage of short sale is it allows a fresh start. With a foreclosure, only your mortgage payments are taken care of, but with a short sale, all your debts are negotiated by the real estate agent. The selling process will proceed like a normal real estate transaction, so if you chose not to tell your neighbors, they won’t even know the real reason why you’re selling your home.

  • Talk to your lender about a loan modification. When you realize you are behind on your payments and you are not able to come up with a full amount to cover the outstanding monthly mortgage, you need to call your lender.  Most lenders would rather negotiate a compromise which will help you catch up with your payments rather than foreclose on your home. A loan modification can give you a more affordable monthly  mortgage payment, it’s less damaging to your credit rating, and best of all, lets you keep your home.
  • Seek assistance from the government. There are several government programs to help you refinance your loan.  You might consider getting help from the Making Home Affordable (MHA), or the Home Affordable Modification Program (HAMP).  These programs seek to provide qualified homeowners a chance to reduce their monthly mortgage payment to a more affordable price.
  • Opt for a mortgage forbearance agreement.  If you are having difficulty with your monthly payments because of a temporary issue like unemployment or health problems, another good option is talking to your lender about a forbearance agreement.

A mortgage forbearance agreement is a temporary solution for borrowers.  In this agreement, the lender agrees to reduce or suspend payments for a specific time frame, and not to initiate foreclosure. You as the borrower, promise to pay an additional amount to cover the monthly mortgage, including the principal, interest, taxes and insurance, once the agreed upon time period has elapsed.

Don’t allow your hard work to go to the lender. There are many ways you can avoid getting your home foreclosed on.

Whether you are looking for cheap homes Charlotte NC or just want to know more about Charlotte foreclosures and short sales, you can contact me for help. Call me, Nancy Braun, at (704) 997-3794. Let my skills and experience as one of the top REALTORS® of Charlotte help you sell your home.

 

Homeowners Regain Equity of Over 20% Report Reveals

Homeowners Regain Equity of Over 20% Report Reveals

Some good news has surfaced for homeowners. According to the most recent Equity Report by Corelogic, almost 268,000 homeowners have regained their equity in the first quarter. Homes that were previously underwater and in negative equity have decreased year-over-year by 21.5%.

Explains in a study that a lot of homeowners do not actually realize the equity position they are in, and are unaware their home has grown in value. 

Of the 23% of homeowners who believe their homes are still in negative equity, only 8%  are actually still in that position according to the Corelogic report.

Only 37% of American homeowners believe themselves to have "significant equity" (which is anything great than 20%). In actuality, 74% of homeowners possess significant equity!

Fannie Mae
Homeowners Regain Equity of Over 20% Report Reveals

Only a few Americans are knowledgeable about their current equity status, meaning many are missing out on very valuable opportunities. Many homeowners with significant equity have the chance to re-locate into homes that better meet their needs; however, lacking the knowledge of their current equity situation is stopping them from taking advantage.

“Homeowners who underestimate their homes' values not only underestimate their home equity, they also likely underestimate: 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

Fannie Mae

The report by CoreLogic revealed that by homes simply appreciating by an extra 5%, more than 800,000 homes would regain their positive equity.

Bottom Line

Are you a homeowner looking to finally find your dream property? We can help you with that! Call us today at 704.997.3794 or send us a message here to get started. One of our real estate consultants will be happy to answer your questions and get your started on the right track!

If you are thinking of buying a home in North and South Carolina check out our Exclusive VIP Buyer Satisfaction Guarantee! Details here!

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June 23, 2015

Open House in Ballantyne Country Club!

open house ballantyne

OPEN HOUSE! No appointment needed, just stop by! The open house will take place this Sunday, June 28th from 1PM-3PM. The address is: 11506 James Jack Ln, Charlotte NC 28277. Come check out this BEAUTIFUL home in Ballantyne Country Club and see what it has to offer.

11506 James Jack Lane is a beautiful 3-story home located in Charlotte, N.C. Nestled in the Ballantyne Country Club subdivision, this executive home overlooks the 14th green and has newly refinished hardwoods in all of the formal entertaining rooms. The master suite is conveniently located on the first floor and is complete with a large sitting area and a fireplace.

11506 James Jack Lane, Charlotte NC 28277

11506 James Jack Lane, Charlotte NC 28277

The finished basement has been newly remodeled and offers additional entertaining space with a custom wet bar and a fully covered patio. Another master suite is located on this level as well, which is a plus for the homeowners and any guests they have.

       

James Jack Lane is listed at $1,025,000 and has 5 additional bedrooms, 5 full bathrooms and 2 half baths. This home is a must see! There will be an open house on Sunday, June 28th, 2015 from 1 p.m. – 3 p.m. If you have any additional questions, contact Showcase Realty at 704.997.3790.

May 27, 2015

8024 Juniper Court, Indian Trail, NC

8024 Juniper Court Indian Trail NC

8024 Juniper Court is nestled in a quiet neighborhood located in Indian Trail, North Carolina. This beautiful home welcomes you with a large front porch and has lovely landscaping that gives the home great curb appeal.

This charming home comes with four spacious bedrooms and three bathrooms – 2 full and 1-half bath with new renovations throughout. The exterior of the home has been freshly painted and the floors in the kitchen have been revamped as well. The kitchen comes equipped with stainless steel appliances, granite countertops and stone backsplash. Crown molding lines the ceilings around the home and tray ceilings add a touch of elegance to the master suite.

Spacious, green and well manicured, the backyard is perfect for enjoying these summer nights. The deck has been treated and stained to maximize its life and the new homeowner can enjoy it for years to come.

Juniper Court is listed at $232,500 with tons of storage, space and room to grow! 

 

March 27, 2015

April HUD Agent Training Workshop

HUD Agent Training Workshop

HUD Sales Training for Real Estate Agents

Tuesday, April 21, 2015 at 11:30AM – To RSVP go to https://aprilhud.eventbrite.com

Showcase Realty is offering a free HUD Sales Training workshop for Real Estate agents in the metro Charlotte area. The HUD workshop is designed to teach Brokers the secrets to closing more HUD transactions in 2015. Nancy Braun, Owner and Broker-in-Charge of Showcase Realty and Mike Maniace, Director of HUD & REO operations will conduct the 2-hour workshop.

Agents can expect to learn:

  • The selling process to better serve their buyers
  • How to navigate the HUDHomestore.com website
  • What is a HUD Home
  • How to search for properties
  • Important updates and changes to the program

Free lunch will be provided by Movement Mortgage, co-sponsor of the event. The HUD workshop is scheduled for Tuesday, April 21, 2015 at 11:30AM at Showcase Realty’s office, located at 1430 S. Mint Street in Historic South End. Seating is limited.

To RSVP go to https://aprilhud.eventbrite.com

Showcase Realty 1 Movement Mortgage

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March 18, 2015

HUD Home of the Week – 414 Leander

HUD Home of the Week

414 Leander Street is a very charming 1-story home in Shelby, North Carolina that is an incredible deal at only $66,800, more than 43,000 below tax value.

The home has a cozy front porch, is more than 18 hundred square feet and sits on a third of an acre with lots of mature trees. This is a 3-bedroom 2-bath home with many interior period details. It features hardwood floors, a fireplace and crown molding throughout. The home has an open kitchen, tons of natural light, a bonus room and an unfinished basement perfect for extra storage. It has easy access to HWY (74) and is close to dining and entertainment in Shelby.

For more information on how to purchase this HUD home contact Showcase Realty today at 704-997-3794 or visit our website at Showcaserealty.net

Charlotte Housing Market Aims to Reach New Normal

Charlotte Housing Market Aims to Reach New Normal

Though Charlotte’s housing market continues to improve, it may never be able to return to its booming days back in 2006. A fair comparison of the market’s current situation is the construction activity that took place from 1998 to 2003 where the region had an average of 15,000 single-family permits yearly. Last year, Charlotte issued 8,800 permits or almost 60% of the average and 41% of the boom-time average.

“I don’t think we’ll ever return to the numbers we had then. If we got to 18,000 new-home permits, that would be very high cotton,” says real estate analyst at Newton Graham Consultants.

Charlotte’s current market is only solid in areas with active-adults and those with expensive infill projects, however the market remains fragile when it comes to huge developments in remote areas, move up homes, and the first-time homebuyer’s market.

“It’s a hit-or-miss market,” says Wells Fargo Securities Senior Economist Mark Vitner. “What’s been missing is large-tract development. The large tracts of land ready to be built on are way out in the ‘burbs, and demand hasn’t strengthened enough to justify construction that far out.”

In 2011, the housing market was at its lowest point with only 4.505 new homes sold, but numbers are creeping back up. Last year, builders were also disappointed when only 8,135 properties were closed, which hardly was an improvement from 2013’s statistics.

Jay Colvin, Director at real estate analysis firm Metrostudy believes one reason behind such occurrence is the problem in supply. Homebuilders have been reporting a shortage in suitable lots in places near the heart of the employment, shopping and uptown areas. Though the pace of development continues to increase, the time consumed to develop a lot and build a home could probably lead to a breakout in 2016 than this year.

Aside from this, another challenge that the housing market needs to deal with is the shortage of buyers willing to purchase new homes priced below $200,000. This commonly happens in a first-type-homebuyer’s market, which holds almost a third of the new-home sales.

“In Charlotte, year-over-year starts of new homes priced below $200,000 are down 7%,” Colvin says. “But look above that number and home starts above $200,000 are up 5%. You’ve had this rebound, but it’s all been driven by higher price points. Builders are leaving the entry-level housing market.”

Vitner believes first-time homebuyers potentially are having a hard time qualifying for a home loan because of their debts. Furthermore, majority of this age group are Hispanics and African-Americans, which nationally have been noted for their low homeownership rates.

The housing market continues not to feel the impact brought about by at least 80 million millennials, aged 18 to 33, because majority of them are still in school, living at home or renting an apartment.

“There’s lots of discussion that millennials may never buy a house,” says Graham. “I don’t think that’s the long-term direction, but it’s certainly the short-term direction.”

On the other hand, the strongest section of the market is brought about by homes that attract baby boomers since they are currently relocating to Charlotte or are downsizing.

“If it’s a product we can sell to a baby boomer, we can sell it,” co-owner of Evans Coghill Homes Alan Banks said. Two years ago, Banks’ company started constructing homes in Riverwalk believing that these would attract young families with school-aged kids. “We tried to make that work until about the second quarter of 2014. Showing up at our door were baby boomers who were downsizing,” says Banks.

The improving number of employment opportunities along with population growth is expected to start the building market. Graham predicts that in 2015, new-home sales will increase 10%. As for Vitner from Wells Fargo, the rise will be at 20%.

Meanwhile, from 2013 to 2014, prices of new homes have increased by 7%, which is actually a rise of 12% over the previous peak way back in 2008.

According to Terrence Llewellyn, president of the Charlotte Home Builders Association, the increase in both demand and values are good news for homebuilders within the region. “We had an 80% reduction in home-building permits from 2006 to 2010,” says Llewellyn. “We are renormalizing, and we are certainly nowhere near overheating.”

With the improving home building market, Llewellyn believes that this will have a domino effect in the local economy since homebuyers will eventually need to buy appliances and furnishings.

Llewellyn says home builders are optimistic especially with the growing Charlotte population and job opportunities, which is definitely better than any region across the nation. This remains true even though lots for home construction remain to be rare in high-demand areas and even with the rising cost of home construction.

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January 29, 2015

FHA to Reduce Annual Insurance Premiums

FHA lower mortgage

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS

Reduction to increase credit affordability and reflects improved economic health of FHA

FHA TO REDUCE ANNUAL INSURANCE PREMIUMS Reduction to increase credit affordability and reflects improved economic health of FHA WASHINGTON – As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums new borrowers will pay by half of a percent. This action is projected to save more than two million FHA homeowners an average of $900 annually and spur 250,000 new homebuyers to purchase their first home over the next three years. Read FHA’s Mortgagee Letter.

Today’s action also reflects the improved economic health of FHA’s Mutual Mortgage Insurance Fund (MMIF). FHA’s recent annual report to Congress demonstrates the economic condition of the agency’s single-family insurance fund continues to improve, adding $21 billion in value over the past two years.

“This action will make homeownership more affordable for over two million Americans in the next three years,” said U.S. Department of Housing and Urban Development Secretary Julián Castro. “Since 2009, the Obama Administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”

In the wake of the nation’s housing crisis, FHA increased its premium prices to stabilize the health of its MMI Fund. In addition, the Obama Administration took dramatic steps to safeguard consumers in the mortgage market to ensure responsible borrowers continued to have access to mortgage capital as many private lending sources tightened their lending standards.

Today’s reduction will significantly expand access to mortgage credit for these families and is expected to lower the cost of housing for the approximately 800,000 households who use FHA annually.

FHA’s new annual premium prices are expected to take effect towards the end of the month. Read FHA’s Mortgagee Letter.

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January 15, 2015

Charlotte homes see drop in negative equity

Charlotte NC equity drop

Charlotte homes see drop in negative equity

Courtesy of the Mecklenburg TIMES

By: Roberta Fuchs January 13, 2015

The number of the Charlotte area’s mortgaged homes with negative equity fell to 6.8 percent in the third quarter of 2014 from 8.4 percent in third quarter 2013, according to CoreLogic.

 

The third-quarter 2014 figure rose slightly, however, from the second quarter of 2014, when 6.7 percent, or 31,652, of the homes in the Charlotte-Gastonia-Concord metropolitan statistical area carried negative equity. In the third quarter, that figure was 32,244 homes.

 

Negative equity means that borrowers owe more on their mortgages than their homes are worth. The situation can occur because of a decline in real estate value, an increase in mortgage debt, or a combination of both.

 

The CoreLogic report found that an additional 3 percent of area homeowners with a mortgage in the third quarter had near-negative equity, or less than 5 percent equity in their homes. The number of Charlotte area homes in near-negative equity decreased from the previous year, when 4.1 percent of homeowners with a mortgage had less than 5 percent equity in their properties.

 

The number of mortgages that were near negative equity in the second quarter of 2014 was 2.9 percent.

 

John Chesser, senior analyst at UNC Charlotte Urban Institute, says he believes the year-over-year decline in negative and near-negative equity reflects the steady recovery in the overall housing market, and strong growth in the local employment rate, which has boosted Charlotte-area home sales.

 

“The rise in negative equity during the recession was a natural consequence of the rapid drop in home values,” Chesser said. “Now, lending is tighter, so new home purchases result in a more solid equity position for purchasers and the overall rise in prices is helping reduce the negative equity situation that existing owners have been in over the last few years.”

 

Nancy Braun Showcase Realty
Nancy Braun
, owner and broker-in-charge of Showcase Realty in Charlotte’s South End, agrees. She attributes the drop in negative equity to a strong appreciation in housing prices, which is a reflection of the local economy.

 

“Plus,” she said, “We still have investors purchasing in the Charlotte-area market, which has bumped up prices as well. Low inventory is also boosting higher offers.”

Continue reading at The Mecklenburg TIMES

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January 14, 2015

Welcome New Showcase Agents!

Showcase Realty Agents

SHOWCASE REALTY WELCOMES NEW AGENTS

CHARLOTTE, N.C., Jan. 14, 2015 – Showcase Realty welcomes new agents to its team; Bill McCall and Tripp Ingle are the latest brokers looking forward to their new experience. Each broker is a talented asset that brings their own unique personality and attributes to the team.

Bill-McCall

Bill McCall

Bill McCall has been involved with real estate for 12 years. He specializes in single family homes and wants to optimize his use of technology and join that with his knowledge of real estate to maximize his experience at Showcase. Bill loves the dynamic environment at Showcase, as well as the flexibility real estate offers. He grew up in Bennettsville, South Carolina. Outside of Showcase, he enjoys spending quality time with family and friends.

Tripp-Ingle

Tripp Ingle

Tripp Ingle is a caring and honest person who brings his passion for helping people to Showcase. He has always been involved and interested in real estate. Whether it’s buying or selling, he caters to his clients, helping them have a smooth process along the way. A native to Charlotte, Tripp enjoys everything Charlotte has to offer. He spends his free time paddleboarding and wakeboarding on the lakes, working out with friends and dining at different restaurants around town.

 

About Showcase Realty

Showcase Realty is an innovative boutique Charlotte real estate firm located at 1430 S. Mint St. in the Historic South End district. Owner and Broker-In-Charge, Nancy Braun, founded Showcase Realty in 2008 on the principles of innovation, teamwork and community mindfulness. Committed to selling homes and surpassing customers’ expectations, Showcase provides professional service, personally delivered. For more information visit www.showcaserealty.net.

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