Aug 25, 2011 | Foreclosures, Mortgage, Real Estate
Mortgage delinquenies continue to exist in high numbers, but TransUnion is reporting that we have had six consecutive quarters of decline in mortgage delinquencies. The rate at the end of the second quarter of 2011 was 5.8% for the national average. The rate is still about three times higher than pre-recession norms, but anytime we are moving in a positive direction it is worth talking about. The story also mentions that unemployment and lower home values keep pressure on the delinquency rates, but that tighter lending practices will continue to help improve the rates.
To see how the stricter guidelines are helping the numbers consider that according to the Federal Reserve Bank of Dallas, at the end of 2010 mortgage delinquency rates in Collin County were 5.9 percent for prime loans and 41.08 for subprime loans. Luckily the number of prime loans in Collin County were 114,093 and subprime only accounted for 2,354, but the numbers are similar throughout the North Texas area as to default rates for both types of loans. Dallas was one of the eight counties (out of 30 tracked) that had prime loans past due in the double-digit percentages at 10.19.
While Texas did not experience a drastic home appreciation and thus the region has not been into a mortgage crisis as severe as in other parts of the nation it has still changed the real estate market. Keep in mind that this means that in general about 6 out of every 100 people you know may be facing tough times paying their mortgage. If you or someone you know is facing foreclosure, talk to someone early in the process to help show you options whether it be loan modifications, short sale, selling, leasing or a variety of other options based on their specific circumstances. Tina Marr, of the Marr Team, has been certified as a Short Sale and Foreclosure Resource (SFR) and has helped other homeowners avoid foreclosure. Call today for a private, no-obligation consultation to discuss your situation.
See Mortgage Deliquencies Continue to Fall Full Article Here
Apr 13, 2011 | Foreclosures, Sellers, Short Sales
Sometimes selling your home may not be the only (or the best) option for you depending on your long and short-term real estate goals. When you have a knowledgeable, experienced real estate consultant we can help show you all the options that are available to you and how they could benefit you.
Options May Include:
Selling Your Property. Sometimes you just need to sell your property, and unfortunately that may not happen the first time you list it for sale. Let’s visit about why it may not have sold, make necessary corrections and get it back on the market with a customized marketing plan to get it sold.
Short Selling Your Property. If you are having trouble making the mortgage payments, facing foreclosure, owe more than you can sell your home for or must relocate immediately whether your home sells or not then you may be a candidate for a short sale, also referred to as pre-foreclosure sale. Your lender does not really want to own your home, that’s not their goal, so they may agree to accept less than what is currently owed on the note to not have to incur expensive foreclosure costs. Currently in the financing world lenders look at short sales more favorably on your credit report than a foreclosure and say you may be able to reapply for another mortage in as little as two years as opposed to the seven usually required for a foreclosure. I am a certified Short Sale and Foreclosure specialist with the coveted SFR designation meaning I have had the most up-to-date training available currently for the real estate industry in this new and specialized area. Even if the foreclosure is looming close – it still may not be too late!
Leasing Your Property. Maybe your neighborhood has experienced a recent decline in property values so now is not the best time for you to sell. The leasing market is very hot right now and may allow you to “cover” your mortgage and wait for a better time to sell in the future. Or maybe the investment option of gaining equity in a property without making the payment yourself is appealing to you. Our team can help with our leasing and/or property management services.
These are some of the most common options used by sellers to achieve their real estate goals, but it is not all of them. Call me to schedule an appointment to discuss your specific situation and goals and let’s see what we can do. How will you know if we can help, unless you call?
