Foreclosures | College Station Real Estate Bryan Real Estate Homes for Sale by Century 21

Susan Hilton College Station Real Estate

Realtor & Vice President of Sales of Bryan College Station Real Estate

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Foreclosures Category

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

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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 -

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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.

This is part 1 of 2 posts on a comparison of Short Sales versus Foreclosures. Which one do you advise your friends? Most of the time a Short Sale is MUCH MUCH better for them. And, remember with a Short Sale the homeowner has some control over the situation. They will know when the house is selling, when they need to move and how much they will owe later (if any). This is not the case with a foreclosure.

If you know someone who is having issues with the home mortgage please have them call me and we can discuss options. No homeowner in Bryan College Station should be face a foreclosure without trying a short sale first!

Susan Hilton

979-764-2100

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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

Don’t Let Them Foreclose!

We Buy HOMES but Lose Houses

Behind on Your House Payment in Bryan College Station

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