Susan Hilton College Station Real Estate
Realtor & Vice President of Sales of Bryan College Station Real Estate
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Archive for November, 2011
Aggieland let’s help keep our neighbors warm this winter!
November 22nd, 2011 Categories: Community Events, Family, The Realtor's Life
The saying that Bryan/College Station is in a bubble is pretty true to an extent. While the rest of the country has high unemployment rates, lower retail sales, and a housing crunch, Bryan/College Station is an area that trends better than a majority of the country! I have sold more homes this year than I did last year, so I know that we aren’t hurting too bad in B/CS!
Unfortunately a lot of times we don’t realize that there are those in our community who don’t know where their next warm meal will come from, where they will sleep, or if their children will be warm enough this winter! We don’t see it a lot, but it does exist more than you could even imagine!
This year, my kids and I decided that we would like to help those who are less fortunate than the majority of us in Bryan/College Station. We have started a coat/blanket drive in Castlegate with the donations going to the Twin City Mission! What started as a small project has taken flight. My daughter and I printed out about 100 fliers and asked a few of her friends to help us pass them out in our subdivision! The kids have all gotten so into it that it has amazed me! They just light up when people ask about how to donate! Now it is on the Castlegate website and on Facebook!
It’s very simple if you want to get involved! We are taking donations at 2445 Newark Circle today from 4-6 and tomorrow 9-11 am! All you have to do is drive up to the curb and we’ll grab them from you. If that time isn’t convenient, you can call me at 979-229-0919 and we can pick them up. You can also drop them by the Century 21, Beal offices located at 404 H University Drive East at your leisure.
The kids are waiting to take your Coats and Blankets to give to the less fortunate!
We have a lot to be thankful for Aggieland, so let’s get out there and make this winter a little warmer for our Brazos Valley Neighbors!
For more information, give Farrah Spears a call at 979-229-0919
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After a Foreclosure How Long Do I Have to Wait to Purchase Again?
November 22nd, 2011 Categories: Foreclosures, Real Estate, Short Sales
After a foreclosure in Bryan/College Station, Tx how long do you have to wait before you buy another home using Fannie Mae’s money? Wait…. did you ever borrow money from Fannie Mae in the beginning? Who is this Fannie Mae?
After a foreclosure Fannie Mae is telling us that you will normally have to wait 7 years before you can purchase another home using money from Fannie Mae. (See chart) Of course if there are extenuating circumstances (who knows what those could be) you could possibly get another loan in 3 years with additional requirements.
With a Short Sale the wait is substantially shorter!
Fannie Mae is a private institution that is federally backed. (seems kind of screwed up doesn’t it!) They are the LARGEST originator of home loans in the country so you really don’t want to rule them out as potential lenders.
If you have questions about which is better for you – Short Sale or Foreclosure or if you are behind in your house payments or just need to sell – CALL ME!
97-764-2100
- Short Sale or Foreclosure in Bryan College Station Does it Really Matter?
- Short Sale or Foreclosure in Bryan College Station Part 2
- Certified Distressed Property Expert in Bryan College Station Texas
- Do I Qualify for a Short Sale in Bryan College Station? Don’t Let Them Foreclose!
- Are You Behind in Your Mortgage Payment?
- Bryan College Station Foreclosure Specialist Helping Homeowners Avoid Foreclosures CDPE
- Certified Distressed Property Expert in Bryan College Station, Texas
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Short Sale or Foreclosure in Bryan College Station Tx Does It Really Matter to Me Part 2
November 22nd, 2011 Categories: Foreclosures, Real Estate, Short Sales
In the previous post Short Sale or Foreclosure in Bryan College Station – Does It Really Matter Part 1 short sales and foreclosures were defined and many future issues were discussed. Part 2 is a continuation of that post.
What else needs to be considered when deciding whether to let a house go back to the bank through foreclosure or if a short sale is the best option.
- Future Employment – Credit checks are often done by employers. Remember the foreclosure will show up on the credit report while a short sale will not!
- Deficiency Judgment – This is almost always a surprise to owners whose home is foreclosed. Yes, the bank has the right to go after you for the difference between what they are owed and what they get when the sell it after expenses. And, yes this can be a lot of money!!! In a short sale this issue is usually resolved PRIOR to the sale so you don’t have a surprise debt later on.
One last issue that should be investigated with an attorney and/or tax accountant prior to the foreclosure or short sale is the “phantom tax.” The phantom tax being referenced is the forgiveness of debt tax. Normally if you have a debt (the loan not paid) and it is “forgiven” or not collected you may owe ordinary income tax on the amount not collected by the bank. I don’t know about you but having the IRS after me is one of the last things I want!
So, if you know someone who is behind in their house payments or have lost their job or had an illness or death in the family and they are not going to be able to continue making their house payments PLEASE call me and let me see what we can do to help. Even if all you do is get information you are much better off KNOWING what is coming than being surprised. Help College Station and Bryan homeowners so we PREVENT foreclosures in our cities which helps ALL our property values hold firm!
For more articles on Foreclosures and Short Sales -
- Short Sale or Foreclosure in Bryan College Station Does it Really Matter?
- Certified Distressed Property Expert in Bryan College Station Texas
- Do I Qualify for a Short Sale in Bryan College Station? Don’t Let Them Foreclose!
- Are You Behind in Your Mortgage Payment?
- Bryan College Station Foreclosure Specialist Helping Homeowners Avoid Foreclosures CDPE
- Certified Distressed Property Expert in Bryan College Station, Texas
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Bryan College Station Foreclosure Specialist Helping Homeowners Avoid Foreclosures CDPE
November 18th, 2011 Categories: Foreclosures, Real Estate
SUSAN HILTON Earns Real Estate, Short Sale Designation to Help Homeowners in Danger of Foreclosure
College Station, Tx – November 16, 2011 – SUSAN HILTON of CENTURY 21 BEAL, Inc. of College Station, Tx has earned the prestigious Certified Distressed Property Expert® (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales. At a time when millions of homeowners are struggling with the possibility of foreclosure, the skills and education amassed by HILTON will help benefit Bryan and College Station -area residents and communities.
Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.
“The CDPE designation has been invaluable as I work with homeowners and lenders on complicated short sales,” said HILTON. “It is so rewarding to be able to help families save their homes from foreclosure.”
Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that agents such as SUSAN HILTON with the CDPE Designation have valuable perspective on the market, and training in short sales that can offer homeowners real alternatives to foreclosure, which can be devastating to credit ratings.
“These experts better understand market conditions than the average agent, and can help sellers through the complications of foreclosure avoidance,” he said.
The Distressed Property Institute provides live and online courses to train real estate professionals how to help homeowners in distress, with a strong focus on handling short sales.
“Our goal is to help as many homeowners as possible, by educating as many real estate professionals as possible,” Charfen said. “SUSAN HILTON Read the rest of this entry »
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Short Sale or Foreclosure in Bryan College Station Does It Really Matter?
November 18th, 2011 Categories: Foreclosures, Real Estate
Short Sale vs. Foreclosure Which is Better for the Homeowner?
So if you know someone who is behind on their home mortgage loan in the Bryan College Station area and you want to give them advice on which is better – a Short Sale or a Foreclosure. Hate to say it but there is a HUGE difference long term. Over the next few posts we will compare the two and see how much a difference they really make.
First, lets talk about the definitions of Short Sale and Foreclosure. A Short Sale is when a homeowner sells the house but the bank does not get enough money from the sale to pay off the outstanding loan. When a property is foreclosed the bank takes the property back at the Court House Sale due to a breach of the agreement to pay.
There are many many issues to consider -
- Future home purchases – With a foreclosure you are not eligible for a Fannie Mae backed mortgage (which is a HUGE portion of the housing loans) for up to 7 years. (efanniemae.com) With a short sale, you are eligible in about 2 years.
- Future investor purchases – With a foreclosure the investor is not eligible for a Fannie Mae backed mortgage for up to 7 years. With a short sale you are eligible in 2 years.
- Other future loans – When you apply for a home loan with ANY LENDER you will be asked to complete a 1003 application. On the application, they ask if you have had a foreclosure or given a deed-in-lieu in the last 7 years. You do NOT have that question for a short sale. The foreclosure will affect your interest rate.
- Credit score – Foreclosure affect is about 250-300 points and will affect the score for about 3 years. Short sale affects are as brief as 12-18 months and should show that the loan was “paid as agreed,” “paid as negotiated,” or “settled.”
- Credit History – The foreclosure will stay on the public record on your credit history for 7 years or more. Short sales are not normally reported except as ”paid as agreed,” “paid as negotiated,” or “settled.”
- Security Clearance – A foreclosure WILL affect security clearance with police, security offices, military or CIA.
- Current Employment – Employers may (and do) check credit reports if an employee is in a sensitive position. A foreclosure may be a case for termination. Remember a Short Sale is not reported to the credit bureau in the same way therefore should not be an issue.
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