Almost every Bryan/College Station resident would admit to driving past the abandoned Plaza Hotel occasionally in their weekly routine, if not daily. The seventeen story concrete shell stands at the intersection of Texas Avenue and University Drive, arguably the two busiest streets in the whole city. And after 6:30am on Thursday, May 24th 2012, this once pivotal structure will be reduced to nothing more than a pile of shattered concrete and useless rubble.

If you’ve driven through the city of College Station in the past few weeks, it’s likely that you’ve noticed the unusual vacancy of the Plaza Hotel. Not that you would be expected to notice a parking lot or diminished business: instead, it is the actual building itself which you would’ve noticed. The windows of various apartments and hotel rooms appear to almost open up to the sky behind the structure. I myself have viewed this spectacle on a few sunset evenings, when the sky behind the Plaza Hotel was painted with the various colors of sunset, the different tones of orange, pink, or Easter purple leaking through the hollowed frame of the seventeen story structure. It’s more than evident then, peering up through the cracks in the concrete frame, to understand how completely abandoned the Plaza Hotel had become. And to hear now that the building will be imploded this upcoming Thursday, you might not be entirely surprised.

But how did this pivotal structure, the hotel that has had such a powerful presence in the history of our growing city, come to such an abrupt end? In such instances as this, it is sometimes important to understand the buildings past in order to appreciate the present circumstances.

What we know today as the Plaza Hotel actually began as a Ramada Inn, the first foundations of which were laid in the late 1950s. Joe Ferreri, the constructor of the Ramada Inn, was approached in the 1950s by Earl Rudder of Texas A&M. Attracted to Ferreri’s success as a drive-inn restaurant owner, Rudder approached Joe with the proposition to construct a badly needed hotel on the Corner of Texas Avenue and University. After appearing hesitant about the project due to his lack of experience in the hotel industry, Rudder encouraged him forward, getting the young businessman to wonder how much different it could be than the food industry.

So Joe began to build. By 1960 the Ramada Inn opened, looking far different than the Plaza Hotel that we know today. The Ramada had been a quaint, two story Inn with an Olympic swimming pool, faculty club, banquet hall, and just over 150 rooms. But this quiet corner served as a focal point for the College Station and Texas A&M community.

The Ramada Inn had immediate success and was consistently pushed to over 90% of its overall capacity. In fact, the hotel had such great business that Ferreri was pressed to expand. In 1980 he began the construction of a new high-rise for his Hotel, and in just one year an additional seventeen story tower was built: making the shell of the structure that you see today.

But despite the initial success of Ferreri’s expanded hotel and the overall consistent business he was receiving from the community at large, only a few years after the construction of the Hotel’s new high-rise, Joe Ferreri was forced to sell the Ramada Inn. In the early 1980s there was a major economic recession, much like the most recent economic events of the late 21st Century. Rising interest rates on the debts incurred from Ferreri’s construction, along with the overall state of the economy and slowing business, forced Ferreri out of his prized construction. The result was a loss of over 32 million dollars in assets and personal funds. Ferreri was left only with his home, a single car, and his family.

Since then what began as the Ramada Inn has switched ownership several times, becoming most recently what it is known as today: the Plaza Hotel. And it would appear that a similar fate befell the success of the Plaza Hotel’s business, the inevitable slip to bankruptcy that caused the hotel to close its doors for the last time in 2010.

Unfortunately, the story does not end there. After the abandonment of the Plaza Hotel, the twelve acre site of prime real-estate has become a hot-spot for crime, vandalism, and drug use. Criminals have been simply unable to avoid the alluring pull of an abandoned, seventeen story shelter full of furniture, walls, and glass. Security has been gradually increasing over the past few months, but authorities have become hard-pressed for the funds to support the coverage of such a broad area when the use of civil authorities is generally looked for elsewhere. So what is the result? Demolition.

The demolition project has been delegated to the local Civil Engineering Company, Mitchell and Morgan. Veronica Morgan is the lead Civil Engineer in charge of the implosion, which is currently set to occur around 6:30am this Thursday, the 24th of May. The event will be free and open to the public. Veronica Morgan herself hopes the implosion “will be an event for the community.” Many are certainly looking forward to the removal of the towering Plaza Hotel, which has been described by as an ‘eyesore’ to the community at large.

While future construction in the Plaza Hotel area is still unclear (there has been speculation about student housing, shopping/eating centers, night clubs, etc.), it is obvious and in popular demand that the archaic, outdated shell of the 1960s Ramada Inn be destroyed and replaced with a more aesthetically appealing structure. While the overall value of the land has decreased 28.7% from 2008 to 2010, it is still located in a prime location with an excellent promise of prosperous business. The city allegedly has had multiple propositions processed over the past several months, and the entire community is excited to find out what the future will hold.

PS – Susan Hilton is Bryan College Station, Texas’ real estate specialist in foreclosure sales and real estate agent career building so if you need help – CALL! 979-219-3970

Fannie Mae is in fact the largest lender throughout the United States. And the current exponential growth of their real estate ownership is primarily due to the incredible number of recent foreclosures. It is a reality of the market that when a bank forecloses on a house, businesses like Fannie Mae stoop in to relieve the Bank of their loss, while turning a small profit of their own in return. However, with the drastic quantity of foreclosures across the nation, the prices and values of these homes have plummeted. And now more than ever these foreclosed homes that are being re-released into the market are selling at some of the lowest prices out there.

So what is this program? And how can a prospective home buyer use it?

The program is called HomePath, and can be used through navigation of the website address, www.homepath.com. This program offers many advantages, including the convenience of an online web page. However, it also gives buyers and lenders a more relaxed approach to the finance requirements. In other words, you’re not just buying the house through Fannie Mae: you’re also getting access to the HomePath mortgage and buying process.

The advantages of a loan through Fannie Mae’s HomePath program are surprisingly appealing. First, home buyers are required to make a down-payment of as little as 3% the total cost of the home. Along with this, neither mortgage insurance nor appraisals are required. And to top it all off, the requirements for credit scores are much more flexible than your average loan. So for potential home-owners, looking for a great deal as well as an opportunity to start over or begin fresh, this program is particularly appealing.

So how can you use this program? First off, if you go to the HomePath website and browse through the homes by location, price range, size, number of bedrooms and baths, etc., you will find a button that reads “Make an Offer.” Upon clicking this you will view a note explaining how all offers must be submitted by licensed real estate agents. As a licensed real estate agent, you will then have the opportunity to register for a profile through HomePath.

As a registered member of HomePath, a Realtor is allowed to place offers on homes and evaluate them in various ways. The program also offers assistance in finding homes of outstanding affordability through the “Great Buys” link. Some homes will be listed as “Needing Renovation.” Fannie Mae then allows for eligible home buyers to use the HomePath Renovation tool, which will actually help to finance the repairs on the home. This aspect of the program literally assists in financing the repairs for distressed properties that need a little help before they are entirely ready for people to be living in them.

When all is done, and properties have been weighed, examined, and inspected by home buyers and realtors alike, HomePath allows for the purchase of properties through the website itself. As stated before, there is the “Make an Offer” button, which requires the login of a licensed real estate professional. But then beyond that there is even a way to “Offer to Purchase.” This can be done conveniently and effectively through the website since HomePath actually offers the required documentation via upload. Many of these forms may then be submitted online through the Realtors account, or uploaded through the website immediately.

Once you have completed the forms and agreed to the terms and conditions required by the website, you have an opportunity to confirm your offer or cancel. Listing agents then have the option of receiving the offer, rejecting it, countering it, or entering it into a ‘multiple offers round.’ If the offer is accepted it is the buyer’s responsibility to contact the listing agent. If it is rejected, countered, or entered into a multiple offers round the buyer can then either revise their offer, or withdraw/rescind their offer.

The entire process of purchasing homes through HomePath is quite simple and will be a leading design for future online real estate. And through the knowledge and guidance of a licensed Realtor, nothing can be simpler. The only complication, perhaps, comes through the possibility of multiple offers. But all in all, the development of Fannie Mae’s new online program, HomePath, home buyers all over Texas and the United States have the opportunity to buy houses at lower prices and with better mortgage deals than ever before.

PS -  Susan Hilton is Bryan College Station,
Texas’ real estate specialist in foreclosure sales and real estate
agent career building so if you need help –
CALL!             979-219-3970

Beautiful new HUD foreclosure soon to be available! Probably will be available with only $100 down with good credit. Want to check it out before it officially goes on the market? Call me!
Susan 979-764-2100

If you own a home and have made a decision to go through with a “Short Sale” there are some important things you need to know.

•  What is my future debt responsibility?
•  What are my tax implications?
•  How will this affect my credit now and in the future?

These are all questions that can be answered by me or I will direct you on.

Another issue is the credit that is affected during a “Short Sale”. If a “Short Sale” is negotiated but a delinquency is reported, the credit would be affected approximately 50-140 points. The score will also depend on the amount of late or non-payments made before the close of escrow. When a home is foreclosed on the credit would be affected approximately 150-300 points and this will stay on the public record for 7 years or more.  To find more information on Foreclosure vs. Short Sale in regards to future loan potential, credit history, credit score, current employment, security clearances and future employment visit the Certified Distressed Property Expert at www.cpde.com.

Susan Hilton

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

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

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 has demonstrated a commitment to struggling homeowners, a commitment that can provide much-needed stabilization to the community.”

For more information about CDPE Designation, visit www.cdpe.com.

For more information about Susan Hilton or how to get assistance if you are behind in your house payments, call Susan at 979-764-2100 or email susan@century21bcs.com

More articles about 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?

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.

Susan Hilton – CDPE Certificate

YEA I did it! I completed the Certified Distressed Property Expert course so Century 21 Beal, Inc. can do an even better job helping the homeowners of Bryan College Station, Texas not have to go through the process of a Foreclosure and having a Foreclosure haunt them for life.  Even though I have been working with sellers avoid foreclosures for decades I had never taken the time to “get the certificate”. Now it is OFFICIAL!

More about Foreclosures in Bryan & College Station Texas

Don’t Let Them Foreclose!

We Buy HOMES but Lose Houses

Behind on Your House Payment in Bryan College Station

Frequently Asked Questions about a Short Sale in Bryan College Station, Tx.

The one reality about today’s housing market is that many people have more questions than answers. The following information is intended to help you or someone you know better understand your situation.

Do I qualify for a short sale?

The qualifications for a short sale include any or all of the following:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

What is a mortgage modification?

A mortgage modification is a process through which your mortgage lender changes any or all of the following:

• Your interest rate
• Your principal balance (through a reduction)
• Your loan terms (example: from an adjustable to a fixed rate)

This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.

Why would a lender modify my mortgage?

Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.

What do I need to qualify for a mortgage modification?

According to the Making Home Affordable Web site (www.MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:

• Information about your first mortgage, such as your monthly mortgage statement
• Information about any second mortgage or home equity line of credit on the house
• Account balances and minimum monthly payments due on all of your credit cards
• Account balances and monthly payments on all your other debts such as student loans and car loans
• Your most recent income tax return
• Information about your savings and other assets
• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources

If applicable, it may also be helpful to have a letter describing any circumstances that caused your income reduce or expenses to increase (job loss, divorce, illness, etc.)

How do I qualify for a mortgage modification?

The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):

• Loss Mitigation
• Mortgage Modification
• H.O.P.E.

Prior to contacting your mortgage lender you can quickly complete an eligibility test at www.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP).

For a list of mortgage lenders and servicers, visit www.HopeNow.org.

What is a Home Affordable Refinance?

If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.

What if I don’t qualify, can’t afford my home, and owe more than it’s worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents with the Certified Distressed Property Expert® Designation have undergone extensive training in how to process and negotiate short sales.

A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.

What are the qualifications for a Home Affordable Refinance?

According to the resources released by the government, following are a list of qualifications:

• You are the owner occupant of a one- to four-unit home
• The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
• At the time you apply, you are current on your mortgage payments (you haven’t been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
• You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
• You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan.

Looking for someone who knows how to handle a Short Sale? Looking for a CDPE (Certified Distressed Property Expert)? Look no further! Call Susan at Century 21 Beal, Inc.

979-764-2100