Tips On How To Craft A Short Sale Hardship Letter

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A short sale is when a property is sold for less than its remaining mortgage principal balance, and executed as a way for both the existing homeowner and mortgage lender to reduce their respective losses. Typically, although not always, short sales are reserved for situations of extreme financial hardship; just prior a bank beginning foreclosure proceedings. Short sales are not automatic, however. Homeowners must often prove the merits a short sale to their lender, which often involves documenting that selling the home for less than its worth is the best and most viable option for all parties involved. The short sale process starts with a letter of hardship. To prove your short sale worthiness to the bank, you’ll be asked to submit a cover letter which explains your hardship, and to provide full financial disclosure. You will also need your original purchase contract, a balance sheet of your income and expenses, your asset statements and proof of income, and two years of federal tax
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Existing Home Sales Show Improvement In The Northeast And Midwest Region

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March sales of existing homes exceeded expectations at a seasonally adjusted annual rate of 4.59 million sales according to the NAR. Analysts projected that existing home sales would reach 4.55 million based on February’s reading of 4.50 million sales. The pace of existing home sales declined by 0.20 percent as compared to February’s reading. Headwinds Cause Slower Pace Of Home Sales Analysts cited poor winter weather and rapidly rising home prices as factors that kept buyers away, although the Northeast and Midwest regions reported improvements in home sales in March. NAR said that the national average home price increased to $198,500, which was a year-over-year increase of 7.90 percent. New mortgage regulations, which have caused mortgage lenders to take a conservative position with their lending policies, are also seen as a discouragement to buyers with less-than-perfect credit, first-time and moderate income home buyers. Experts expressed concerns that current home prices and
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It Pays Off To Refinance Your Mortgage

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To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations. Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no “rule of thumb” that says how far rates should drop for a refinance to be sensible. Compare your closing costs to your monthly savings, and determine whether the math makes sense for your situation. Shorten Your Loan Term Refinancing your 30-year fixed rate mortgage to a 20-year fixed rate or a 15-year fixed rate is a sensible way to reduce your long-term mortgage costs, and to own your home sooner. As a bonus, with mortgage rates currently near all-time lows, an increase to your monthly payment from a shorter loan term may be negligible. Convert ARM To Fixed R
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Invest In Real Estate Like A Pro With These Quick Tips

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Real estate investments are still going strong and will probably continue to be a popular method of financial gain into the future. Real estate is solid. It is a tangible product that is attractive to both beginning investors and experienced pros. The most important part of getting started in real estate investing is knowing what you’re getting into and what to watch out for. Here are 4 top tips from real estate investment professionals: Understand The Realities Real estate investment, like any form of investment, is risky. Do not use money you cannot afford to lose. Careful study, understanding the market, and practice help alleviate a lot of the risks but things happen in the best of situations so don’t play with what you can’t afford to lose. Research Is A Constant Research in real estate investment isn’t something you do once. Research is constant. It is a daily part of your efforts and should always be at the forefront of your mind. From changing banking methods to market
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Six Creative Lighting Installations That Will Enhance Your Home

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When people purchase their home, one of their common requests is “plenty of light.” And for good reason! This is a critical factor for enjoying your home, and when designing your interior, you should pay special attention to just that: your sources of light. See them not only as a way to brighten up your room, but also as an opportunity to infuse your home with a fashionable design and aesthetic appeal. You’d be surprised at how much lighting can dramatically enhance any given room in your home. Here are our six favorite lighting installations that are bound to give you and your home that “wow” factor. The Chandelier For Pretty Places Chandeliers provide arguably the prettiest and most classic fixtures possible, and they are a growing trend right now in interior design. Acting as the “centerpiece” if you will to any room, chandeliers offer the perfect amount of brilliance and light, while instantly multiplying the room’s feeling of warmth and appeal. Create a pretty pl
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How You Can Get The Full Selling Price You Want For Your Home

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When it comes to selling your home and getting the full selling price you want, there are certain tactics and methods you can employ to ensure that this wish becomes a reality. Avoiding the commonly made mistakes that end up lowering the value of your home and discouraging people from viewing it is ultimately the key in getting top dollar, as well carrying out the showings and sale of your home in a professional manner. Listen to the professionals, and make sure you employ these real estate sale methods to get your desired number on your home sale. Listing Tactic: Adding A Buffer Always dependent on the type of market you find yourself in, a common and successful tactic in getting the price you really want for your home is adding a buffer on the list price. This means that if you want $500,000 for your home, you should list your home somewhere around $510,000 to $520,000 to allow for some negotiating room. Even if you’d prefer not to negotiate, the majority of buyers will always ass
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How Sustainable Is The Micro Housing Trend?

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Something that the Europeans have been doing for decades has finally made its way over the Atlantic Ocean to North America: the trend is called micro housing, and it’s turned into an entirely new way of living. With micro housing, we’re beginning to do away with oversize condos and even detached homes, learning to live in a more minimalistic manner and curbing our hoarding habits for good. The affordability of micro housing is making it possible even for young adults and students to purchase their homes in the city centers across North America. But one must ask, is the micro housing trend good for the globe too? Sustainability Of Micro Condominiums Being able to pack a higher number of salable units into one building and lowering the prices to widen the market and encourage young buyers to purchase instead of rent is certainly economically beneficial; but is this trend sustainable and beneficial for the planet too? As it turns out, the cost of building a micro-apartment structure
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Ultimate Guide To Winning At Auction

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While the traditional method of trawling for sale listings, making bids, and negotiating with the seller has been a popular rite of passage for many home buyers, buying a house at auction is swiftly becoming a favored way to purchase property. Buying a home through auction can be tricky, so it’s best to do your research and keep your cool on auction day, lest you find yourself stuck with a less-than-ideal place to live for a price you didn’t expect to pay. If you’re in the market to buy through auction for the first time, here are some things you need to know. How To Find Houses Up for Auction Real estate agents will often use the same methods to sell a house by auction as they do in a traditional sale: adverts in newspapers and online, posters in their office windows, and signs outside the property. Depending on the reason for the sale, a home auction may be held at a local courthouse, an auction house, or, in some cases, online. Viewing A House Before Auction It’s always bes
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Green Living: Water Saving Tips For Spring

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Water is the planet’s most precious resource. Access to clean water is a privilege that, unfortunately, many people still take for granted. By utilizing new water efficiency technologies and age-old conservation methods, we can help preserve the water supply for future generations. Cutting down on consumption whenever possible is something that everyone can do to live a little greener. Making Sure Your Home Holds Water The first stop on your journey to save water is to ensure your home is free of water leaks. Make your way through your home, and properly shut off the water at all fixtures and faucets. Air-cooling systems and other devices that use water should also be shut of. Read your water meter, wait two hours (without using any water), and check it again. If your water meter gives you two different readings, you are losing water somewhere, and the problem needs farther investigating. If you find yourself flooded with problems, it may be time to call your local real estate profe
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4 Of The Best Questions To Ask Before Refinancing Your Mortgage

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1) Do I Have Enough Equity To Get A Mortgage? To get a conventional loan, you will usually need to have at least 20 percent equity. This means that your house will have to be worth at least $250,000 to get a $200,000 loan. If you have less equity, you could end up having to pay for private mortgage insurance, which can easily add $100 or more to your monthly payment. 2) How’s My Credit? Most lenders will look at your credit score as a part of determining whether or not to make you a loan. With conventional lenders, your rate will depend on your score and the higher it is, the lower your payment will be. Other lenders, like the FHA and VA programs have an all or nothing rule. If you qualify, your rate won’t be based on your credit, but if your score is too low, you won’t be able to get any loan. Generally, 620 credit scores are the lowest that will qualify you for any loan. 3) What Do I Want To Accomplish? Mortgages typically offer a choice as to their term. While the 30-year loa
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