Susan Hilton College Station Real Estate
Realtor & Vice President of Sales of Bryan College Station Real Estate
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Selling Category
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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Are You Behind on Your Mortgage Payment in Bryan or College Station, Tx?
November 3rd, 2011 Categories: Buying, Foreclosures, Real Estate, Selling, Short Sales
Are you behind on your mortgage payments? Do you know someone in Bryan or College Station, Tx who is? Do you know what happens next?
Since going through a foreclosure is one of the most traumatic things that can happen with a family, outside death or illness, if this can be prevented let’s choose THAT option!
Bank of America has published a Home Transition Guide to help provide specific instructions on how to go through the process.
Remember if you are behind on your payments you have several options -
- Make up your payments
- Loan Modification through the lender
- Short Sale so you can get out from under the house payment
- Deed in Lieu of Foreclosure so you can give the house back to the bank without having a foreclosure
- Foreclosure, Eviction and Relocation
Over the next few weeks I will be amending this post and adding links for each of the above topics. I will also be posting ideas and plans for homeowners to consider. My one request is… PLEASE don’t wait until the bank starts calling. If you find you are going to miss a house payment CALL ME and let me help you communicate with the bank and figure out if a loan modification or short sale is an option. The last thing you want is to get behind in your payments, not be able to catch up, have the house foreclosed, be evicted from the house, and then after you lose the home…. owe INCOME TAXES ON THE BANK’s LOSS!!!!!
Last week I had someone call saying they purchased a home, lost their job, lost the home to foreclosure, ruined their credit for years and thought it was all over. NO! Now they have received a letter stating they had a loan guaranteed by the federal government and now they STILL OWE $58,000 MORE. If they had $58,000 they would have made their house payments. If they cannot pay the $58,000 this debt will be reported to the IRS and is now a federal lien which will not go away. If they had gone through the Short Sale process rather than the foreclosure process this could have been avoided. So, Don’t Wait if you are behind in your payments!!!
Susan Hilton
979-764-2100
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Simple Guidelines to a Pet-Friendly House in Bryan College Station
June 9th, 2011 Categories: Buying, Real Estate, Selling
Nowadays, a family pet is considered an essential part of the majority of households especially in Bryan College Station, Tx. It is also one of the determining points when buyers are scouting for a brand new residence. In accordance with the American Pet Products Association’s 2009/2010 National Pet Owners Survey, 62 percent of U.S. households are pet owners. Forty-five percent of households have dogs as their pet, while thirty-eight percent of households own cats.
Here are the helpful hints to ensure that you get a property that meets the needs of your pets.
Obtain the essential information
Know the essential information about your pet such as age, weight, breed, and, of course, its exercise Read the rest of this entry »
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Reasons to Consider Selling Now in Bryan College Station Texas
June 6th, 2011 Categories: Real Estate, Selling
Are you one of those who are planning to relocate anytime this year in or out of the Brazos Valley? If so, here are the reasons why you should strongly consider selling your house now rather than waiting until later in the year.
This is the best time your property gets the most exposure
Majority of the buyers venture into the world of real estate market during spring, specifically the month of May. Thus, this sudden increase in the number of buyers dramatically increases the exposure for your property. The greater the exposure of your property in the market, the greater the chance of it being sold. Certainly, NOW is the best time in order to get good, and possibly multiple, offers.
In about 90 days, foreclosures and short sales will proliferate
On a positive note, the number of people that pay their mortgage on time continuously increases. Thus, in effect, this will lead to a reduction in distressed property sales later this year and all through 2012. However, on the other hand, there is still a large supply of existing foreclosures and short sales that will be available in the market.
In fact, in their latest mortgage monitor, LPS reported that
*The number of foreclosure starts is thrice the number of foreclosure sales
*The number of loans going 90+ days delinquent is double that Read the rest of this entry »
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Tips On How To Increase The Value of Your Bryan-College Station Home
April 21st, 2011 Categories: Home Improvement & Design, Selling
These are a few easy steps to help your home become more appealing to a possible buyer.
Of course people who are looking to sale there home do not want to pay a ton of money and go above and beyond repairing their home if they are about to move! Good news, we have some steps you can take to increase the value and make your home very appealing!
So read over these steps and consider following through with them before selling your home!
- Improve the efficiency of your kitchen. Replace old kitchen appliances with something that looks more modern and does not make your electric bill go up a fortune.
- Get rid of old carpets! When a possible buyer is looking at a house and see’s carpets with stains it is sometimes hard for them to see past this. New carpets or hardwood floors look great when showing a house.
- Paint your walls. You do not have to necessarily paint your home a bold color, but you want to make the house look fresh. The color you choose should depend on the style of the home. Regardless of the color, new paint helps freshen up a room!
- Fix up those bathrooms and make them look fresh. Buyers look very hard at bathrooms.
- Work on the outside of the home. Something easy to do is work on your yard; mowing, trimming and planting a few flowers go a long way! You can also use a power washer to make the home have more of a fresh-clean look to it!
- Fix any minor repairs that need to be fixed. Take some time to fix anything around the house that you have been needing to do but have been putting off.
If you are thinking about selling your home these are some steps to definitely think about doing.
Susan Hilton
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