Susan Hilton College Station Real Estate
Realtor & Vice President of Sales of Bryan College Station Real Estate
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Foreclosures Category
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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Certified Distressed Property Expert in Bryan College Station Texas
November 18th, 2011 Categories: Foreclosures, Real Estate
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
Behind on Your House Payment in Bryan College Station
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Do I Qualify for a Short Sale in Bryan College Station? Don’t Let Them Foreclose!
November 17th, 2011 Categories: Foreclosures, Real Estate
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:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- 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.
- 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
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We BUY a HOME and Lose the HOUSE to Foreclosure in Bryan College Station, Tx
November 3rd, 2011 Categories: Buying, Foreclosures, Real Estate, Selling, Short Sales
Working with buyers and sellers of the Brazos Valley I have learned that we BUY HOMES but when we lose them to foreclosure they are now just HOUSES. We want to move into a HOME for our families but when times get tough and someone gets behind on their home mortgage the bank only considers it a house – an asset.
So, if you have gotten behind in your home mortgage and you have not been able to successfully complete a loan modification the bank is going to start down the foreclosure path. Of course you may be able to bring your loan payments up to date but otherwise your options are very limited – there are no more loan options that allow you to stay in the house.
At this point our goal changes. It goes from helping you keep the home and changes to giving you more control over how you leave the house.
WHAT IS A FORECLOSURE?
When someone does not make their loan payments following the agreement made through the loan documents then the bank will foreclose taking back their asset. Foreclosure is a LEGAL process. During this process the lender (one who owns the mortgage) sells the property to recover the unpaid loan amount. Normally this process begins 30-90 days after you stop making payments. At the foreclosure sale on the first Tuesday of each month at the county court house, the lender will become the property owner if no one else buys the property. In Texas most foreclosures are non judicial – no judge or lawsuit is needed.
POSSIBLE CONSEQUENCES OF A FORECLOSURE
- negative credit rating
- difficulty in being approved for credit in the future
- higher interest rate for loans
- higher insurance rates
- eviction from your home
- house is sold
- deficiency judgement
- legal costs
- tax consequences
- and possibly more!
- eviction
- sale of the house to someone else
- CALL ME and let me work with you to see if you qualify for a short sale or can get a loan modification!!! Bryan & College Station homeowners behind on their payments should NOT have to go to foreclosure! There are options!
979-764-2100
Are You Behind on Your Mortgage Payment in Bryan or College Station, Tx?
Foreclosures Are Happening in Bryan and College Station, Tx Too!
Bryan College Station Foreclosures Available!
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