What is HOPE NOW?HOPE NOW is an alliance between counselors, servicers, investors, and other mortgage market participants to maximize outreach efforts to at-risk homeowners and help them stay in their homes. Go to hopenow.com to see full list of Alliance members.
If I can’t pay my mortgage, why should I call my mortgage lender/servicer?Your mortgage lender can help you identify the options available to you, should you have trouble paying your mortgage.
When should I call my lender?You should contact your lender as soon as you know you will have difficulty meeting your mortgage payments. You do not have to wait until your interest rate re-sets, nor do you have to wait until you are already behind in your payments. In fact, the sooner you call, the more options will be available to you. No matter what your situation is, CALL TODAY.
What if I don’t want to call my lender?Call the Homeowners HOPE™ Hotline – 1.888.995.HOPE. This hotline is staffed by HUD-approved credit counselors who can guide you through possible options.
How do I apply for, got to hopenow.com.
What is a loan workout?Either a loan modification or a repayment plan.
What is a loan modification?A modification occurs any time any term of the original loan contract is permanently altered. This can involved a reduction in the interest rate, forgiveness of a portion of principal or extension of the maturity date of the loan.
What is a repayment plan?A plan that allows the borrower to become current and catch up on missed payments that are appropriate to the borrower’s circumstances
Where can I find the data HOPE NOW is collecting?got to: hopenow.com
Cyber Monday Shoppers Specials at the South Jersey Shore. PLease check out our website and buy your family a great holiday present.
Don't stand in line after the holidays with presents you do not like or don't fit. Buy a home at the South Jersey Shore...a Gift That Will Keep On Giving For The Entire Family!!
The interest rates and the prices are down. This is the best time to buy.
View our listings at http://www.southjerseyshorehome.com/Prudential-Listings
Happy Thanksgiving to all friends, family, and visitors to our website and blog.
God Bless! and enjoy your time and please do consider all that you have to be grateful. Thanks....
We are committed in letting our clients know what is selling in Brigantine NJ, 08203. This statistics are broken down in various categories. You will find how many single family homes, condos, multi family, commercial, and lots for sale in Brigantine. The numbers are broken down by sold, unsold and price not sold. You will also see the average days a home is on the market and sale price to list price ratio. Let us know if you have any questions. You can post your comments below by signing in to our blog.. Thanks.
Market Statistics All MLS
"Retirement accounts are taking a beating. Where do you put your money? If you're investing long-term, the real estate market has the best results, not the sudden fluctuations you see in the stock market."
Do what some people are doing and look to invest your money in the real estate market at the shore. Ocean City real estate market is seeing a come back and according to the tax assessor the market is stabilizing. According to the Ocean City Board of Realtors the board numbers show a improvement over last years numbers.
You can never time the market, so if you are thinking of shifting your investment $$ dollars this might be the right time to do this.
Buy now, the market is close to bottom and as long as you buy within the 10% of the bottom of the market you will do fine. You must hold the property for a long term investment.
Call your local Prudential Fox & Roach Realtor to help you find a home here at the South Jersey Shore. We cover Atlantic City, Brigantine, Ventnor, Margate, Longport and Ocean City areas.
Please check the full article at the AC Press "Ocean City bullish on real estate investment" published 11/16/08
Dear [ Decision Maker ],
As a constituent I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation's housing markets. Efforts to boost the economy must calm jittery real estate markets. Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would: *Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness. *Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability. *Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices. *Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover. Thank you for your hard work.
Send your the letter to the following people:
Senator Robert Menendez
U.S. Senate
317 Hart Senate Office Building
Washington, DC 20510-0001
Representative Frank LoBiondo
U.S. House of Representatives
2427 Rayburn House Office Building
Washington, DC 20515-0001
Senator Frank Lautenberg
324 Hart Senate Office Building
As REALTORS®, we know that at its core, the current economic crisis is the result of problems in our nation's housing and mortgage markets. With Congress considering a return to Washington this month for another economic stimulus effort, NAR (National Assoication of Realtors) has put forth a Four-Point Plan that must be included in any stimulus effort in order to boost the economy and calm jittery real estate markets. Housing has always lifted our economy out of past economic downturns. Immediate action is imperative to foster a housing recovery that historically leads any overall economic recovery.
Stabilizing real estate markets must be the core of any additional economic stimulus bill. As REALTORS, we must all come together and make our voice of experience heard on Capitol Hill. Please contact Congress today.
Real estate prices are at rock bottom... maybe it's time to buy. You can search for homes, condos, multi-family homes and commercial properties for sale in Atlantic County. Find out by searching our MLS to see some of these listings:
http://www.southjerseyshorehome.com/SearchLocalMLSListings
You can never time the bottom of the market. When January roles around, people tend to increase their prices. Now is the time to purchase a new vacation home, or investment property here at the South Jersey Shore.
We cover Brigantine, Atlantic City, Ventnor, Margate and Longport. Please call Peter or Beverly Petridis to see any homes at the shore.
Top 10 ReasonsI'm the Real Estate Agent For You!
Let's get together to talk about your home buying and/or selling plans. Call me at the office (609-264-8444 x7304) or on my cell phone (609-377-4023) or send me an e-mail (petridis@comcast.net), we'll set-up a time to meet that is easy and convenient for you. If you're not ready to meet in person, please tour my website. I'm sure you'll find the resources here useful and helpful. - Prudential Fox & Roach Realtors
Let's get together to talk about your home buying and/or selling plans. Call me at the office (609-264-8444 x7304) or on my cell phone (609-377-4023) or send me an e-mail (petridis@comcast.net), we'll set-up a time to meet that is easy and convenient for you.
If you're not ready to meet in person, please tour my website. I'm sure you'll find the resources here useful and helpful.
- Prudential Fox & Roach Realtors
Seller FinancingAs the seller, you have the option of financing the buyer's purchase with the equity you have in the property. You can finance part or the entire mortgage for the buyer. Before setting-up a private mortgage, it is wise to consult with your attorney.
Carrying Back a Second MortgageIn the case of "carrying back a second mortgage", the seller loans the buyer part of the seller's equity. In this scenario, the buyer would finance the majority of the loan with a traditional mortgage lender and finance the remaining amount with the seller. Typically the buyer would pay a slightly higher interest rate on the loan financed by the seller.
Financial Issues
The Purchase PriceThe seller and buyer's mutually agreed upon purchase price for the property. As the seller, you should know up-front that the buyer would like you to finance the deal. Knowing that you will be financing the deal may affect your willingness to make adjustments to the sales price.
The Down PaymentThe size of the down payment may affect the buyer's commitment to honoring the mortgage contract. The larger the down payment the buyer invests, the stronger his/her motivation to protect the investment. In addition to making the monthly payments, the buyer's commitment to the investment would include a willingness to maintain and upgrade the property, as well as make tax and insurance payments.
The Interest RateAt a minimum, the interest rate you charge should match current interest rates traditional mortgage lenders are offering for loans of the same term. You may want to charge an additional percentage point as compensation for the work involved with servicing the loan.
The Buyer's Credit & IncomeYou'll want to review the buyer's credit history to determine the buyer's willingness to pay his/her debts. A credit report will give you a better understanding of the buyer's financial history. Red flags would include late payments and loan defaults. If a buyer has a less than commendable credit history, you may decide not to finance the loan or you may require a larger down payment. In addition to the buyer's credit history, you'll want to review the buyer's income sources. Is the buyer's salary sufficient to make the monthly payments? Does the buyer have additional income sources that could be accessed if the buyer lost his/her job?
AmortizationThe amortization period is the length during which the loan is repaid. The longer the amortization, the longer you are at risk that the buyer will default on the loan.
Balloon PaymentA common practice is to have the full amount of the loan due on a certain date, usually in 5 to 10 years. As the lender, this gives you a profitable short-term investment with the provision that your principal investment will be recouped in just 5 to 10 years.
The buyer is usually in a better position to secure traditional financing after 5 to 10 years. Both the buyer's equity in the property and record of timely mortgage payments can help the buyer secure a loan to cover the balloon payment.
Escrow for Tax and InsuranceLenders typically require borrowers to pay 1/12 of their annual taxes and insurance costs as an escrow payment due with each mortgage payment. Then, the lender makes the borrower's annual tax and insurance payment. While this adds time and hassle to the seller-financer, it also protects you from the unfortunate situation of having a buyer make his/her mortgage payments but not tax and/or insurance payments.
Lender's Title InsuranceA smart investment is a lender's title insurance policy. The policy protects your lien on the property from being defeated by a prior lien or other interest in the property, which, if exercised, would wipe out your security. Things that can affect your rights as the seller-financer include marriage, divorce, death, forgery, a judgment for money damages, a failure to pay state or federal taxes, and more. Be sure to include the cost for your lender's title insurance as one of the buyer's closing costs.
Closing the SaleBoth buyer and seller will be responsible for paying the usual closing costs. You will also want the buyer to pay all the costs associated with setting up the mortgage financing. This would include the cost of having your attorney create the mortgage note.
Scheduled open house from 11:00am to 1:00pm on Saturday and 1:00pm to 3:00pm on Sunday. Come and tour this home in person and register to have over 1,000 doors of opportunity.
Listing information on home:
ake Offer! Luxurious Custom Built Beach Block Home with 4 Bedrooms, 3 Full Bath and 2 half baths. Custom Gourmet Kitchen, w/ Large Granite Center Island and Stainless Steel Appliances. Gas Fireplace with remote, Beautiful Hardwood Floors compliment this house throughout and ceiling fans in every room. Three Levels with Open Floor Plan, Perfect for entertaining. Best Buy!