Montgomery AL Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 3.91% in April while the number of foreclosed homes dropped from 108 to 101.

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 0.03% lower than national statistics, 0.03% higher than Alabama and 0.01% higher than Montgomery County statistics for April 2012.

A 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.

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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.

1909 Graham Street Montgomery, Al 36106

MLS#29217

Great Cloverdale Cottage with 3 bedrooms and 3 full baths plus a bonus room is ready for move-in. Wonderful updated kitchen with concrete countertops, only steps away from Cloverdale entertainment areas. Sold in 2008 for $186k, owner has priced to sell so take advantage of this excellent buy before it gets away! You won't be disappointed!! Call us or your favorite agent to see today.

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.

1333 S Perry Street Montgomery, AL 36104

MLS#292704

This gorgeous turn-of-the-century home is a classic transition from traditional Queen Anne and Prairie style. Known more commonly as "four-square," it embodies the grand entrance, high ceilings, and decorative fireplaces found in the older style. Spacious rooms provide comfortable living, with all the modern benefits of newer homes like a fantastic kitchen, "Wynlakes" style master bathroom, and live-in size walk-in closet. Upgrades galore make this historic Garden District home a must-see, and just a block from the Alabama Governor's mansion, you will always have "good" neighbors!

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.

3336 LeBron Avenue Montgomery, AL 36106

MLS#292687

From the professionally landscaped exterior to the intriguing nooks and crannies right on through to the cook's delight kitchen, we dare you not to lose your heart to this elegantly renovated Cloverdale home. And when you see the list of other recent improvements. You will appreciate being able to move right in and live trouble-free. Walking distance to all the fun, too, so call now!

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.

3224 LeBron Avenue Montgomery, Avenue Montgomery, AL 36106

MLS#292445

Looking for a charming Cloverdale cottage with 3 bedrooms 2 full baths in a great location and great condition? Look no further...your search is over!! It's only a short walk to the lower Park and under $200k. Beautiful hardwood floors and transoms you expect in a home of this vintage add to the historic charm. This home features many classic details. You will find an updated kitchen which opens to rear wrap-around deck perfect for cookouts and entertaining. Two bedrooms and a bath down, nice size main bedroom-bath suite upstairs with lots of closet, storage space, and even a trunk room.  Attached bonus room now being used as office complements bedroom suite. Covered porch off dining room is a great place to sit relax and watch your neighbors stroll past. This home has had but 3 owners and comes with an original set of blueprints. Walk to the Capri movie theater, Cloverdale Playhouse, 1048 Blues club or one of many other local restaurants or hot spots!! Motivated seller has priced it to sell! Please give us or your favorite agent a call to see today!

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.

Although 80% of homeowners with burglar alarms rated them rated them as effective, the financial cost for this peace of mind is not inexpensive.  Consumer Reports magazine says the owner of a Montgomery AL home should expect to pay $1-$2 per square foot and at least $25 monthly for monitoring.  Start-up expenses also need to be investigated.  Before purchasing or leasing any system or monitoring service, make sure that you get multiple quotes, know the type that is best for your house, and check the contract for specifics concerning early cancellation fees and company liability limits.  You can also read online reviews and ask for references for present and past owners.  Homesecurity.com offers tips on assessing types of systems, choosing what is best for your home, and comparing the prices of alarm companies.

The most effective security system is actually the least expensive--the monitored burglar alarm. The following list summarizes some options along with the pros and cons of each.

• Wireless home security system: inexpensive, runs on batteries and will alert you to fire and gas emergencies as well as burglaries. Needs to be monitored to keep the batteries charged; if it does not call authorities, it may not be effective against burglary in rural areas.
• Home burglar alarm system: makes a lot of noise letting neighbors know to call authorities. Drawback: if neighbors are at work at the same time you are, there may be no one there to call for you. Also, burglars know how to disarm these and go on about their behavior.
• Home security camera: lets you see what is going on at your Montgomery AL home from work as long as you have access to a computer. Drawback: the system can be expensive, and if you are supposed to be working, you may not have the time to pay attention to your home.
• Motion Detector (Lights) Alarm with Telephone dialer: this alarm connects to a telephone socket and will automatically dial a preset number if motion is detected within 20 feet. It will also set off a 125 decibel siren, although you can select the silent alarm option. The only drawback to this one is that you have to remember to set the alarm when you leave the house. This is the cheapest and most effective option, especially when combined with door and window contact sensors.
• Driveway alert: uses a weather-proof, infrared motion detector that sends a signal to a base unit located inside the house. The base unit then sets off an alarm. Drawback: A smart crook probably won’t come down the driveway.
• Door and window contact magnets: sensors featuring a magnetic seal that detects movement if a door or window is disturbed. Not particularly effective by themselves, but very effective when installed as part of a monitored system.

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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.

Lets look at the statistics in our local real estate market? 

Midtown Montgomery real estate sales statistics for March show the average sales price decreased by 26% to $95,339 when compared to March 2011.  The number of homes sold increased by 33% in March 2012.  The median sales prices decreased by 51%, and market times increased by 8% or 11 days.  The highest selling home price increased by 7%, and the lowest selling home price increased by 67%.

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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.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

Determining if your home qualifies

• Call me with your property address and I will check Fannie/Freddie’s website
• Your current home, rental property, second home qualifies
• If you have a 2^nd mortgage, the 2^nd mortgage holder must agree to “subordinate.”

What you will need to apply

• Estimate of the current value of your home based on comps from a real estate agent
• 30-days’ worth of paycheck stubs
• Bank statements
• Decent credit scores
• Copy of driver’s license
• Private Mortgage Insurance (did you have to include on your original loan?)
• Copy of title policy
• Copy of homeowner’s insurance policy

What is “unknown”

• Fannie/Freddie may require additional documents once the file is submitted to underwriting
• You may have to bring money to closing
• How long it will take to process your loan
• Fannie/Freddie may determine whether or not you will need an appraisal.

What are the benefits?

• Lower interest rate
• Decrease in the number of years left to pay off your mortgage
• No appraisal required (if determined by Fannie/Freddie)
• PMI insurance may decrease or be eliminated.

There is a huge window of opportunity for you to take advantage of a lower interest rate and reduce the number of years on your mortgage, with lower closing costs.  Call me to see if you qualify! 

 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. 

Montgomery AL Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 3.95% in March while the number of foreclosed homes rose from 80 to 109.

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% lower than national statistics, 0.03% higher than Alabama and the same as Montgomery County statistics for the month of March 2012.

2836 Spann Place Montgomery, Al 36107

MLS#290129

Attention Investors--Lender's Loss is Your Gain! Own this sweet little cottage for about 1/3 of what current owner paid a few short years ago. Great cash flow with good tenant already in place! No worries about making payments on a vacant house or finding a reliable property manager. Short sale subject to lender approval so you'll have to be patient and your patience will be rewarded with a great deal!

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.

2832 Spann Place Montgomery, Al 36107

MLS#290128

Become a landlord the easy way. Buy this sweet little cottage with a good tenant already in place! No worries about making payments on a vacant house or finding a reliable property manager. Short sale subject to lender approval so you'll have to be patient. And your patience will be rewarded with a great deal!

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.

121 Bradley Drive Montgomery, Al 36109

MLS#290124

Become a landlord the easy way. Buy this sweet little cottage with a good tenant already in place! No worries about making payments on a vacant house or finding a reliable property manager. Short sale subject to lender approval so you'll have to be patient. And your patience will be rewarded with a great deal!

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.

1919 Madison Avenue Montgomery, AL 36107

MLS#291773

Historic Madison Avenue brick bungalow! Beautiful architectural style roof and tudor details add to the character of this classic home. Standard high ceiling, transoms and hardwood floors you expect in a house of this era lend a quality feel. Updated eat in kitchen will impress the fussiest cooks. Separate laundry room with sink will make this chore a pleasure. Three nice size bedrooms and one with it's own private bath make this layout flow. Separate room at rear of home will make a great office, study or whatever you desire. Last but not least you will own a wonderful large covered front porch perfect for entertaining. Please give us or your favorite agent a call to view today!

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.

REASONS F0R A LOW APPRAISAL:

• Overpricing by seller
• Declining market values
• An abundance of foreclosures or short sales in the neighborhood
• Inflated price resulting from multiple offers
• Incorrect evaluation by the appraiser
• Cash back to buyer from the seller
• Error(s) on the part of the appraiser

WHAT A SELLER CAN DO:

• Lower the price of the Montgomery AL real estate.  After researching and analyzing the latest comps with your Realtor, realistically reconsider your asking price and decide whether you are willing to begin the selling process all over again.
• Offer to carry a second mortgage for the buyer if the above option is not possible.

WHAT A BUYER CAN DO:

• Ask the seller to make up the difference in cash.
• Ask the lender for a new appraisal after presenting your justification for this request.

OPTIONS AVAILABLE TO BOTH SELLER AND BUYER:

• Check the appraiser’s report for errors (in facts or omission) in information about the Montgomery AL real estate.  Verify the accuracy of the square footage, the number of bedrooms and bathrooms.  Have any recent improvements you’ve made to the property been included?  If not, appeal the appraisal.
• Supply to the underwriter a list of recent comparable sales that justify the selling/purchase price and ask for a review of the appraisal.
• Order a new appraisal.  Although you will have to pay for it, it could be money well spent if it results in a higher appraisal. Your lender will give you a list of appraisers if the loan is an FHA one.  If it’s conventional, it is subject to the rules of the Home Valuation Code of Conduct (HVCC).
• As a last resort, cancel the transaction.  Most purchase contracts contain a loan contingency which deals with low appraisals.

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.

The cost of this insurance—from .25 to 6% of the loan—is almost always the responsibility of the buyer of Montgomery AL  real estate.  (There is such a thing as lender-paid insurance, but this type carries a higher interest rate and is non-refundable.)  Usually the borrower has a choice of payment plans, which included the following:

• Annuals. The borrower pays the first-year premium at closing; an annual renewal premium is collected monthly as part of the total monthly house payment.
   
• Monthly Premiums. The cost is slightly more than traditional mortgage insurance plans but monthly premiums dramatically reduce mortgage insurance closing costs. Borrowers pay for mortgage insurance monthly as part of their total monthly house payment but need to pay only one month's mortgage insurance premium at closing, rather than one year's. 
   
• Singles. The borrower pays a one-time single premium (instead of an initial premium and renewal premiums). Since single premiums are typically financed as part of the mortgage loan amount, no out-of-pocket cash is used for mortgage insurance with a nonrefundable premium at closing.

These plans offer the choice of refundable or nonrefundable premiums. A refundable premium allows the borrower the opportunity to receive money back on any unused portion, in the event that mortgage insurance coverage is discontinued before the loan is paid in full. The cost for a nonrefundable premium is slightly less than that of a refundable premium, thereby giving the borrower a small savings. If coverage is discontinued on a loan with a nonrefundable premium, the borrower has no opportunity for a refund.   If you are unsure which plan is best for you, visit your state mortgage insurance office.

Unfortunately, rumors and myths abound about the difficulty or even impossibility of cancelling refundable mortgage insurance.  Fortunately, however, the Homeowner’s Protection Act of 1998 requires lenders of insurance loans for Montgomery AL real estate to notify consumers of their rights in this regard on a yearly basis and to automatically cancel the insurance when the mortgage has amortized to 78% of the original property value.  In addition, you may apply for cancellation of your mortgage insurance when that percentage reaches 80%.  For specific details of the HPA requirement in terms of timing and content of these notices, click here. 

While paying for mortgage insurance does entail an extra expense for the home purchaser, it also has its benefits.  It allows new buyers to become a homeowner sooner than if they needed to have a 20% down payment and greatly increases their buying power.  Repeat buyers can gain a significant tax advantage by having more deductible interest to claim.  They can also use the money saved by not putting down 20% to cover moving costs or to put into other investments.

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.

Montgomery AL Foreclosure Activity and 30 Year Interest Rate

Montgomery interest rates averaged 3.89% in February while the number of foreclosed homes dropped from 117 to 80.

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 0.08% lower than national statistics, 0.01% higher than Alabama and the same as Montgomery County statistics for the month of February 2012.

NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments.

NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year.

What does affordability look like in our local real estate market? Take a look at February figures.

Midtown Montgomery real estate sales statistics for February show the average sales price decreased by 4% to $96,324 when compared to February 2011.  The number of homes sold decreased by 5% in February 2012.  The median sales prices decreased by 26%, and market times increased by 3% or 3 days.  The highest selling home price increased by 1%, and the lowest selling home price decreased by 77%.

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.

2263 Country Club Drive Montgomery, AL 36106

MLS#291429

Great bones and unique custom 1950's features make this home on desirable Country Club Dr. a must see. Built in 1947, this three bedroom and two bath home has a traditional layout and beautiful detail in woodwork and built-in cabinetry. In the mid 1950's the owner'/builder (noted for building Normandale Mall) added a fantastic den and playroom addition for his growing family. The vaulted ceiling, cork floor, and terrazzo fireplace are eye catching, and '50's fans will love the vintage "Brady-Bunch" staircase in the back of the room leading to the huge bonus/playroom above the two car garage. The hidden gem of this property is that it backs up to a private city park, shared only by the homes on its perimeter. With a playground for kids and large open field it is a great spot for sporting events and leisure.

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.

2108 Powell Lane Montgomery, AL 36110

MLS# 287982

Income producing duplex located behind Garrett Coliseum.

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.