Real Estate Information Archive

Blog

Displaying blog entries 1-5 of 5

Federal Help for Troubled Real Estate Owners

by The Hat Team

Although the outlook for the housing industry has improved in recent months, far too many owners who recently received the assessments on their Montgomery AL real estate learned that their mortgages are (still) underwater. 

helpThe federal government has six programs, some older, some recently revised, and one brand new, specifically for those in jeopardy of losing their homes.  Listed below are the “barebones” of each one and some sites at which to garner further information:

  • HAMP Tier 1 and Tier 2 - The Home Affordable Modification Program (HAMP) has been extended through 2013 and expanded to help more homeowners. HAMP Tier 2 is now an option for homeowners who want to modify a home that is not their primary residence, did not previously qualify for modification, or who defaulted on a HAMP plan in the past.
  • Home Affordable Foreclosure Alternatives (HAFA) Updates – This program is designed to help homeowners not backed by Fannie Mae or Freddie Mac transition to more affordable housing. HAFA provides two options: a short sale or a Deed-in-Lieu for foreclosure.
  • Independent Foreclosure Review Alternative Settlement - In January thirteen servicers/lenders reached an agreement with federal regulators to pay more than $8.8 billion in cash payments and other assistance to help borrowers.  More than 3.9 million borrowers, whose homes were in foreclosure in 2009 and 2010, are expected to receive cash compensation in a timely manner.
  • Fannie Mae Refinancing Incentive - Fannie Mae announced in January that lenders will be allowed to offer a refinancing incentive for Montgomery AL real estate which would be used to obtain a lower payment or move to a more stable mortgage product.  Click here for details.
  • Hardest Hit Funds - In 2007 the Federal government allocated Hardest Hit Funds to 18 states and the District of Columbia to help homeowners who are unemployed or underemployed. Many of the states have recently made program changes to help more homeowners.  States have until the end of 2017 to utilize the funds allocated through this program. To find out more regarding specific Hardest Hit Fund programs in your state, contact the Housing Finance Agency,
  • The federal government recently announced a new loan-modification program (for Fannie and Freddie-backed mortgages) requiring no documentation of income or financial hardship. Launched by the Federal Housing Finance Agency, the program went into effect July 1, 2013.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home? Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

Montgomery AL Foreclosure Trends - May 2013

by The Hat Team

There are currently 557 properties in Montgomery, AL that are in some stage of foreclosure (default, auction or bank owned), according to RealtyTrac.com.

In May, the number of properties that received a foreclosure filing in Montgomery, AL was 88% higher than the previous month and 14% higher than the same time last year.

Montgomery AL Foreclosure Activity and 30 Year Interest Rate

montgomery al foreclosure


Foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or bank repossession – each month. Interest rate is based on the average 30-year fixed rate from Freddie Mac Primary Mortgage Market Survey.

Montgomery AL Foreclosure Geographical Comparison

Montgomery AL foreclosure activity was 0.04% higher than national statistics, 0.08% higher than Alabama and 0.01% higher than Montgomery County statistics in May 2013.

montgomery al foreclosure

Montgomery AL Foreclosure Activity by Month

The number of Bank-Owned properties increased 316.7% compared to April and increased 138.1% compared to May 2012. The number of Auctions decreased 17.3% compared to April and 48.2% from May 2012.

montgomery al foreclosure

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

Interested in buying a bank-owned home. Get bank-owned listings alerts FREE!

You can reach Sandra by filling out the online contact form below or give her a call anytime.

When the Obama administration rolled out the Home Affordable Modification Program (HAMP) in 2009, officials estimated 3 to 4 million borrowers would seek relief from their mortgages through the program during the worst recession and housing market collapse in decades. More than two years later, however, those projections have proven to be optimistic, to say the least. According to the Treasury Department, only about 700,000 homeowners had sought aid from HAMP through the third quarter of 2011.

montgomery al real estateA major reason for the smaller number is that many distressed owners of Montgomery AL real estate are intimidated by the confusing process involved in applying for HAMP and don’t know how to go about getting the help they need.  It doesn’t have to be that way, however.

Stephfan Nurse, a loan modification expert and founder of ConsumerEducationOnline.com, says, “The key is knowing and understanding your options. With education, you are empowered."  His online site is designed to give owners of Montgomery AL real estate the information they need to navigate the process. It includes a free pre-qualifier, where homeowners can input their figures and determine for which modification program they qualify.  It also offers software to assist in preparing financial statements and necessary documents, thus reducing stress on the applicant.

In order to make the loan modification process go as smoothly as possible, it is necessary that you, the owner of Montgomery AL real estate, understand it fully and seek available help. Visit Making Home Affordable for free HUD-approved counselors, helpful phone numbers, detailed explanations of terms, etc.

Be aware that HAMP is not your only option. The fact is that more than 70 percent of modifications now are internal modifications made available by the investor holding the mortgage note. The only way to get an internal modification is to ask for one. Worth noting: HAMP bases its modifications on gross income (your mortgage must exceed 31 percent of what you make in a month) while internal modifications are based on monthly net (after-tax) income.

Another important tip: Be complete and thorough in your paperwork. Lenders receive thousands of faxes every day, so make sure your account number is on every page and that all questions and categories are filled out. It's also best to follow up with the lender weekly.  Being diligent, informed, and proactive are effective ways to hold on to your Montgomery AL real estate.

Search all Montgomery AL Real Estate And Homes For Sale.

Sandra Nickel and the Hat Team have distinguished themselves as leaders in the Montgomery AL real estate market. Sandra assists buyers looking for Montgomery real estate for sale and aggressively markets Montgomery AL homes for sale. Sandra is also an expert in helping families avoid foreclosure through short sales and is committed to helping families in financial hardship find options. For more information you can visit AvoidForeclosureMontgomery.com.

You can reach Sandra by filling out the online contact form below or give her a call anytime.

Help for Montgomery Home Owners to Avoid Foreclosure

by The Hat Team

We are proud to announce Sandra Nickel Hat Team REALTORS, Montgomery real estate specialists, have developed a marketing strategy and website that is focused on assisting distressed homeowners find information and investigate options to avoid the foreclosure process.

montgomery foreclosureA short sale is a real estate transaction option that banks will consider instead of foreclosure with specific guidelines. As a Certified Distressed Property Expert (CDPE) we are determined to provide essential knowledge to homeowners in Montgomery facing this unfortunate circumstance. 

Visitors to AvoidForeclosureMontgomeryAL.com will find information regarding the process of foreclosure, what effects foreclosure has on a homeowner, and ways to prevent the foreclosure process from continuing. The website features easy-to-understand informational tools such as a list of frequently asked questions, a glossary of terms and free reports as well as resources that allow the homeowner to get their questions addressed in a confidential manner. In addition, the website offers the homeowner information regarding short sales, often a viable solution to foreclosure that can save a distressed homeowner from the damaging effects foreclosure has on their credit. 

It is important in today’s economic conditions for homeowners to know that they have options other than the foreclosure route. Statistics show that 50% of homeowners facing this stressful situation often ignore the issue and that doesn’t have to be. There are options such as a short sale, especially if the homeowner works with an experienced REALTOR® to provide them assistance in showing the lender the hardship situation and other real estate documentation.” 

Our new website provides visitors with a description of how the short sale process works, how it compares to a foreclosure, and how a homeowner may be able to qualify for a short sale. 

For more information about foreclosures and short sales in Montgomery, please feel free to visit the website at AvoidForeclosureMontgomeryAL.com, or to contact us directly at 334-834-1500 and by emailing [email protected]reMontgomeryAL.com.

cdpe

How to Avoid Foreclosure in Montgomery AL

by The Hat Team

We have all heard and read the daunting news about the ongoing rise in the foreclosure rate across America, thanks to increasingly tightening credit standards and rising interest rates. 

 

Many homeowners are lulled into believing that it can or will not happen to them, but would you know what to do if you could no longer pay your mortgage?  It is important to know your options so that you can make an informed decision on the best way to move forward in a stressful situation such as foreclosure.

 

This article from FreddieMac.com does a great job outlining the terms associated with foreclosure and the steps to take if you think you may soon be facing foreclosure.  Among the topics covered in this helpful article:

  • What to do if you can not pay your mortgage
  • What if you can no longer afford to keep your home
  • Beware of scam artists

I would also add to the list of steps to take when facing foreclosure – contact an experienced Realtor!  Along with a reputable lender, an experienced Realtor can help explain your options and guide you through whichever choice you decide to make.

 

For more information about Montgomery AL real estate, please call me today at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com, I would be happy to help you.  You may also click here to receive a complimentary analysis of your home's value!

Displaying blog entries 1-5 of 5

Syndication

Categories

Archives

   cdpe    crsHat Lady on Zillow