Charlotte North Carolinas Own Real Estate Blog

Homeowners in Charlotte are noticing how hard it is to stop foreclosure. Now the government seems to want to step in to provide temporary relief to owners that may have short term hardships.

The new effort will go to helping owners in distress to refinance into more affordable loans. It is about time everyone has started to point fingers and the parties that are to blame are mortgage brokers, appraisers, real estate agents/brokers, and dishonest buyers.

400 people across the nation have been arrested and it doesn’t seems to be slowing down. We will keep you posted on the results of the current mortgage meltdown.

A few weeks ago FHA the leader in mortgage insurance has decided to waive their 90 day seasoning requirement before insuring a mortgage for one year. What this means is they used require a homeowner to have their name on title or the deed for 90 days before they would approve loans for first time homebuyers.

The logic was that professionals were using FHA financing to illegally flip homes to fake buyers. The fake buyers would sign the applications and buy the house just to get a cut of the profits and then not make any payments. That abuse is what caused FHA to put stipulations on the mortgages they insured.

Since the fiasco with the mortgage meltdown. More and more lenders find themselves in trouble stacking up repossessed homes that they aren’t able to sale to first time homebuyer until the 3 month threshole is crossed. FHA realized the same penalty that was supposed to deter criminals has now hindered lenders in selling their properties to the biggest pool of buyers.

You can go to www.FHA.gov to get more details.

According to CNN Money foreclosures were up 57% in January. This staggering news. Considering 1 out of 100 homes are threaten by foreclosure. With these numbers you can almost drive 2-3 blocks and come across a home in that may be in Notice of Default status. What this is doing is lowering the values of homes in Charlotte and other areas of the country faster than you can imagine.

Which means if your house was valued at $200,000 in January, you home could be worth about $187,000 now. So in six months you are has gone down in value by $13,000. Now this trend isn’t going to last forever. National experts predict the market to rebound in the later part of 2009. Homeowners that are faced with foreclosure that don’t have much choice but to sale their homes now, need to find an alternative way to sale their homes.

Realtors don’t list homes unless they see a way to make money. They are commissioned based so if they don’t make money from your home, they could go broke. So they minimize the types of houses they choose to list. They understand that values are dropping and are very particular with the houses they deal with.

It is a known fact that if you didn’t at least put 10% down on your home, it will take 5 years just to break even when you sale your home. The thing about the Charlotte market is that we have seen appreciation of around 3% per year. Now we are seeing depreciation in a lot of neighborhoods. The only areas appreciating now are in center city. If your home isn’t in center city you can count on your home value dropping as you read this post.

I don’t have to tell how bad the market is, anytime you turn on Dateline, 60 minutes and local news programs you hear about the real estate bust. As an investment company we have learned how to step in deals that don’t have any equity and create a deal that we can profit from without the homeowner going into their pockets to sale us their house. It took years of research for us to develope a model that allows us to work with homes Realtors turn their nose on.

Even if your home isn’t in our immediate area of investment, we have over 1,500 investors across the country that we are connected with that are always looking for their next deal. They understand the bank foreclosures have too much competition so they look to us and our associates in other markets to find them deals. Our deals that we provide them are already negotiated so all they have to do is come in with their funds and close the deal. It’s that simple.

So now you don’t have to list your home with a real estate agent that probably won’t list your home.

To find out if your home is one that we might be intersted in you need to visit our website at Stop Foreclosure Now! We can quickly analyze your home within a matter of minutes with our old school approach; pencil and pad. So you will know fast what it is we can do for you.

If you want to keep your home ask our experts about loan modifications and other methods that are common to pull your home out of foreclosure by going to Keep my Home Now! Our experts have helped homeowners keep their homes with battle tested strategies that are proven to work.

We have a new property available off of Beatties Ford Rd and Sunset. This home was built in 2001 and is about 1000 sq/ft. Perfect for the a small family looking to buy a home. It has 3 bedrooms and 2 baths, only needs carpet and paint.

The seller is willing to assist buyer with the down payment, and only accepting offers from buyers with conventional lenders. No FHA loans. Lender is in place that can finance buyers with credit scores as low as 580 with 100% financing and an affordable fixed rate mortgage. You don’t have to worry about your monthly payments jumping around.

You can see a picture of this home by going Charlotte First-Time Homebuyers.

We have a home that is ideal for a small first time home buyer family looking for a nice affordable home. It’s a newer home built in 2001 in the west side of Charlotte, off of Beatties Ford Rd and Sunset. This home has 3 bedrooms and 2 baths and will accommodate a family with 3 children. It only needs carpet and paint if you are in a rush.

Own this wonderful with the seller open to provide down payment assistance.

Seller is requesting that buyer has a conventional loan or close with cash no FHA financing. In return seller is willing to provide down payment assistance to allow the right buyer to move in this home with little cash out of their pockets.

If you don’t have a lender, we have mortgage broker that has lenders that will do a house loan for buyers with credit scores as low as 580 with 100% financing and a fixed affordable interest rate. You don’t have to worry about your monthly payments moving up and down like a jumping jack.

Estimate monthly payments of $780 with all monthly fees included. You can call us at 704-953-6366 for more details, leave a message if the voicemail picks up.

Bank of America has been approved by the Federal Reserve to buy out CountryWide Home Loans. This purchase will make the BoFA the largest instituition for accepting deposits.

CountryWide is the second largest subprime mortgage in the US and this is going to be a big move for Charlotte business hopefully. Maybe the BoFA will bring more jobs to the area because we could really used the surge to keep our local economy pumping.

After speaking with countless of homeowners that are about to go into foreclosure the one question that keeps coming up is, “how can I keep my home and stop the foreclosure process?”

A lot of people don’t realize that the first thing they should do is to contact their lenders to see what type of programs they have available. I know sometimes the lenders have customer service representatives that are boneheads and try to make you feel like crap. Don’t worry about them they feel like crap and want everyone else to feel like them.

If you aren’t getting the type of answers to your questions from the representative tell them “you have been so helpful that I want to tell your supervisor how much you have been a bundle of joy". Using that approach will set that agent at ease to pass the call on to their supervisor. Once you get to the person that can answer your questions let them know what your situation is so they can tell you what’s available.

With most of your lenders workout plans, you have to pay something down to bring your payments current. After you do that you will find it is very easy from that point to get back on track.

You might want to consider refinancing. In order to refinance your home you can’t really have more than one or two late payments within a one year oeriod. So it’s best to try an refinance your home before you fall to far behind. Now if you are two to three months behind on your payments, you might be able to find a lender to refinance your loan, but you will pay a higher interest rates, plus a load of points upfront to get the loan closed. Just try to contact lenders about refinancing before the problem manifests itself.

A lot of people try to file Bankruptcy as a way to avoid foreclosure. Bankruptcy has helped a lot of people keep their homes, but it’s not for everyone. First of all, it is very costly. You have to pay bankruptcy attorney fees which could run upwards of a few thousand dollars, then you have to pay court cost. On top of all the fees pay, then you have to pay all of your back payments that are in bankruptcy spreaded out of a period of around 2-5 years with interest.

Some people don’t realize that while they are making their bankruptcy payments they still have to pay their mortgage on time or else their lender will file a motion for relief from stay which will lift the automatic protection bankruptcy gives the homeowner. So with bankruptcy you have two payments; your house payment and your bankruptcy payments. Those type payments can be a real strain on homeowners that were struggling to begin with. The struggle usually leads the homeowner back to facing foreclosure. Talk with a bankruptcy attorney that has your interest at hand instead of one that is money hungry.

When filing bankruptcy you want to know all of your rights and how the process will affect your lifestyle and budget.

Another route to take is get in contact with a credit counsellor. Hud offers a service for free through numerous non-profit organizations. They will go over your current situation to let you know what is available to you and what people have done in similar situations as you. You can go to the HUD website by clicking on the highlighted link or you can give them a call at (800) 569-4287 to find a local credit counsellor in your local area.

If you live in Charlotte you can also call (704) 336-4600 to get the number to the local HUD office. Their help is free and they can guide you through different steps and give you your rights as a homeowner.

For homeowners that feel like there is no way to keep your home because you are over financed and your situation isn’t temporary, you can contact us our website at Stop Foreclosure and we can analyze your house in minutes to see if it is one we can add to our inventory.

If you have tried all the options but still want to keep your home but need some expert advice or want a professional to step in help you can to our website at Keep my Home and we will let you know upfront if it is possible for us to help you stay in your home.

Learn how to Stop Foreclosure by contacting a house buying company that built of everyday people that buy houses from every day people.

Most people that are in foreclosure don’t have a lot equity and find it hard to sale their home through a real estate agent. Agents don’t usually deal with homeowners that don’t have equity. They are used to listing homes with homeowners that have loads of money to pull from on their houses. If there isn’t a lot of equity in homes then the agents want you to have money to pay their commission and place that money into escrow so they can insure they receive their money.

In todays market these agents aren’t playing around. So if Realtors aren’t willing to help you sale your home, you need to find someone or a buyer on your own. By coming to this blog, you have found an active buyer that deals with the hard times owners that want to sell their home have to work through.

We have bought homes from people in foreclosure before. Charlotte, NC is our main area of interest, but we have associates in different markets around the country. If your house is outside of Charlotte we can still make arrangements to buy your house or refer you to our network of over 1,500 active investors constantly looking for houses. So if your house isn’t a fit for us, there are close to 2,000 investors we are connected with that are interested in your home.

Don’t wait to contact us, once the foreclosure process starts the ball starts moving faster and faster. The only true way to Stop Foreclosure is to act as soon as you understand that are no longer able to make your payments. Follow the highlighted link to go to my website at Stop Foreclosure fast!

Your situation may be unique, but we are problem solvers and are confident that we can find your solution and get you the cash you need to sale your house get out without handing over your shirt.

Act now to see results you will love.

As the number of foreclosures soar, lenders are looking for different ways to curve their losses. We all have heard about lenders closing their doors and laying off thousands of workers because they can no longer afford to stay in business.

A few years ago mortgage companies were giving loans left and right to people that really weren’t financially able to support a home. Plus a lot of the homeowners were encouraged to fluff the numbers on the credit application with hopes of securing raises from jobs that they have only been on for a few years. This type of thinking has caused a surge in markets across the country resulting in more houses going through foreclosure.

With the rise in foreclosure nearly up 3.6 in december of 07 according to the Mortgage Bankers Association, the highest it has been in 5 years.

To address this issue lenders have decided to train their employees to help manage their losses in a way to help homeowners keep their homes, by lower interest rates and forgiven past debt in order to make owners payments more affordable. At first sight it was ok to take back a few homes because they were thinking that they would be able to immediately put their bank owned houses back on the market and sale for a profit.

Later they realized that most of the houses that were foreclosed on didn’t have much equity since a majority of the houses weren’t owned longer than a few years. It normally takes owning a home 5 years to break even on the sale of that house. Which means most of the properties lenders have been taking back were only owned between 2-4 years, barely enough time to break even.

So their original thought of making a $20,000 profit for each house they took back quickly turned into a loss of $30,000-60,000 for each house.

Now after being trained by market researchers lenders have realized that instead of being greed driven it is a better idea to work with homeowners by becoming more responsive to their call for help when they fail to make their payments.

Lenders are now more willing to try alternatives to foreclosure like loan modications, forebearance agreememtns and even short sales. Most lenders now are accepting a fraction of delinquent payments in order to keep their customers happy. Its better to receive a steady income from these homeowners and less money per month that to lose thousands on top of thousands of dollars to take their homes from them.

If your lender has stopped talking to you about keeping you in your home, you need to speak with professionals that deal with lenders to negotiate the best possible workout plan that you can afford.

You can visit our website and submit our form to request to Keep your Home by asking my experts for advice.

My experts have worked with homeowner to put them in contact with their lender and work with you both to develope a win-win outcome.

You no longer have to go about keeping your home alone. There are professionals that can make the process easy for you and you can stop foreclosure in its tracks. Stop wasting time and act now to keep the Sheriff from serving you papers.

Now is the time to expand your sources for Rehab and Wholesale deals in Charlotte, NC. We have been providing Charlotte investors properties for over 3 years deals they would have not found anywhere else.

These properties they find from are with less competition and already negotiated. We can point investors to hard money lenders of all sorts. We have access to lenders the will fund your deals fast and east. Some require monthly payments others require semi annual payments and even fewer require no payments until the property is refinanced to a long term loan or flipped to an end buyer.

So there is no reason to pass on these Rehab deals, and if you don’t find what you are looking for now just join our Wholesale Buyers list and get notified as deals become available.

Finally there is another source of deals that you don’t have to compete with hundreds of other investors to win a property.