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Archive for the 'Foreclosure Prevention' Category
February 3rd, 2010
You May Still OWE on Your Foreclosed Home, Even Though You Don’t OWN It Anymore
Carlsbad, CA - Are you considering a foreclosure as a way to eliminate that payment?
In today’s real estate market, more and more people are looking foreclosure out of both necessity and financial strategy. If you give back your house, they can’t still hold you accountable for the loan, can they?
Although California is a non-recourse state that typically says no – more and more banks are finding themselves successful in recouping losses from borrowers who refinanced their homes and used the funds for things other than improving the home itself!
In addition to the more severe credit penalties, a debt on a house you don’t even own anymore is really making foreclosures less desirable. If you can not afford to make the payment on your home, you really may want to talk to a real estate professional about the possibility of a short sale instead. In a short sale, you actually sign documents with the lender, releasing yourself from the obligation of the loan. If you have any questions at all about your possibilities of a foreclosure or short sale, please contact The Mewborn Team. We would be happy to schedule a no obligation marketing consultation.
November 30th, 2009
Carlsbad Real Estate News – Credit Score Damage Points
| DAMAGE POINTS: HOW MISTAKES AFFECT FICO SCORES |
||
|---|---|---|
| Credit mistake | If your score is 680 | If your score is 780 |
| Maxed-out card |
Down 10 to 30 pts. |
Down 25 to 45 pts. |
| 30-day late payment |
Down 60 to 80 pts. |
Down 90 to 110 pts. |
| Debt settlement |
Down 45 to 65 pts. |
Down 105 to 125 pts. |
| Foreclosure |
Down 85 to 105 pts. |
Down 140 to 160 pts. |
| Bankruptcy |
Down 130 to 150 pts. |
Down 220 to 240 pts. |
| Source: FICO | ||
Carlsbad, CA - You may know your credit score – but do you have any idea how it is calculated? In a formula that is so secretive that they could tell you – but then they’d have to kill you, we never know how our actions will affect that score.
How will your credit score change if you close a credit card? Should you go through the hassle of a short sale, or just allow your house to go into foreclosure? What if things are tight, and you go over your credit card limit?
Your credit score is a three digit number normally between 300 and 850. It is the number used to determine the risk of giving you a loan.Scores over about 715 are considered good scores, and typically will get you the best interest rates. Scores over 600 and under 715 are moderate scores.
And although you may get a loan, you may pay a premium interest rate to get it. Scores under 600 are typically considered to be a high risk borrower. These borrowers either may not get a loan, or may pay much higher interest rates on their loan.
October 20th, 2009
Carlsbad, CA Mortgage Modifications Not as Simple as Originally Hoped
Carlsbad, CA - According to CNN Money, Half a million people are now in trial modifications under the Obama administration’s mortgage rescue plan, but getting them permanent help is proving to be much more difficult.
The foreclosure prevention plan, is meant to reduce eligible borrowers’ monthly payments to no more than 31% of their pre-tax income. In order to qualify, a homeowner must make three on-time monthly payments before they can receive a permanent modification. Read the rest of this entry »
August 24th, 2009
Carlsbad Real Estate For Sale – Is a Rent To Own Right For You?
Carlsbad, CA – With Carlsbad real estate buyers scarce and Carlsbad mortgages tight, some home sellers are offering rent-to-own options to potential buyers in place of your traditional transaction.
Rent-to-own contracts, usually require buyers to pay a premium on each month’s rent and sometimes an up front fee/deposit of about 5% of the purchase price. The regular rent then goes in owner’s pocket (presumably to pay the mortgage), but the additional payments are used to buy down the price of the home. Read the rest of this entry »
June 24th, 2009
Carlsbad FAQ – What’s The Difference Between a Short Sale and a Foreclosure?
Short sale – the sale of a property for less than is owed to the lender. The lender must agree to take less for the property. The current owner is involved in the sale of the property. Read the rest of this entry »
June 19th, 2009
That Carlsbad Foreclosure is Doing More Than Just Dropping Your Property Value
We already know those Carlsbad, San Elijo, and La Costa foreclosures are dragging down our property values. In many La Costa and San Elijo neighborhoods in particular, the foreclosures and short sales alone have caused our property values to decline over 25%. If you, as a La Costa or Carlsbad real estate seller, have to sell your home – you are competing with that La Costa or Carlsbad foreclosure next door, or the next street over. Read the rest of this entry »
June 5th, 2009
Really? Every 13 Seconds?
As of this week, 1 million new foreclosures have been filed in 2009, according to estimates by the Center for Responsible Lending, a nonprofit research and policy organization dedicated to preserving home ownership.
A new foreclosure starts every 13 seconds – nearly 6,500 a day (many in La Costa, Carlsbad, and throughout San Diego).
And although we look around and think, that’s horrible for the families losing their homes – it really is costing ALL of us money. It is causing declining property values, the inability to get loans, decreased consumer confidence, and ultimately reduced consumer spending.
If you or someone you know are facing foreclosure, please contact us. We may be able to help you investigate your alternatives.
If you, or someone you know is facing foreclosure, please contact us. We may be able to help or at least answer any questions you may have.
Source: Center for Responsible Lending (06/01/2009)
Mike & Amy Mewborn Real Estate Specialists
Mike: 858.205.2000
Amy:760.213.6653
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