Real Estate Information

To check out the types of projects and how many jobs they will create, check out

 http://www.stimuluswatch.org/project/by_state

thanks,

Kevin Hildebrand

The Shocking Difference Between 

FORECLOSURES &  SHORT SALES

A Short Sale is a Special Transaction that allows a home owner to sell their property for less than what they owe. It is a negotiated settlement that occurs when a lender agrees to accept less than the amount owed to a payoff of a home loan as an alternative to a foreclosure. .

A Foreclosure is when a homeowner defaults by failing to make payments on his or her mortgage, the bank or financial institution that holds the mortgage note may foreclose on the property. Foreclosure gives the legal ownership of a property to the bank to allow the bank to recoup its investment.

Take a look at these issues within Foreclosure and Short Sales.

Issue: Future Fannie Mae Loan for a Primary Residence

FORECLOSURE: A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 Years.

SHORT SALE: A homeowner that successfully negotiates and closes a Short Sale is eligible for a Fannie Mae backed mortgage after 2 Years.

Issue: Future Fannie Mae Loan for Non-Primary Residence

FORECLOSURE: An Investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed loan for 7 Years.

SHORT SALE: An Investor who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed investment loan after 2 Years.

Issue: Future Loan with any Mortgage Company

 FORECLOSURE: On any future 1003 Application, a prospective borrower will have to answer YES to question C in Section VIII of the Standard 1003 that asks, "Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will in turn, affect future rates.

SHORT SALE: The is no similar declaration or question regarding a short sale.

Issue: Credit Score

FORECLOSURE: Score may be lowered anywhere from 250 to OVER 300 Points! A Foreclosure will affect your Credit Score for over 3 Years.

SHORT SALE: Only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 Points if all other payments are being made. A Short Sale's affect can be as brief as 12-18 Months.

Issue: Credit History

FORECLOSURE: Foreclosure will remain as a public record on a person's Credit History for 10 Years.

SHORT SALE: IS NOT REPORTED ON A CREDIT HISTORY. There is no specific reporting item for ‘short sale’. The loan is typically reported as ‘paid in full’ or ‘settled’.

These are just some of the Issues that are most important to an individual who wants to move on after choosing what they might do if they are facing this situation.

DON’T LET TIME RUN OUT if you or anyone you know is Facing Foreclosure.

The Kevin Hildebrand Team CAN help.

Click Here if you would like additional Information on our Short Sale Program.

This Information is from the Distressed Property Institute, LLC

PLEASE CONSULT LEGAL ADVICE REGARDING ANY TAX QUESTIONS.  

The Shocking Difference Between 

FORECLOSURES &  SHORT SALES

A Short Sale is a Special Transaction that allows a home owner to sell their property for less than what they owe. It is a negotiated settlement that occurs when a lender agrees to accept less than the amount owed to a payoff of a home loan as an alternative to a foreclosure. .

A Foreclosure is when a homeowner defaults by failing to make payments on his or her mortgage, the bank or financial institution that holds the mortgage note may foreclose on the property. Foreclosure gives the legal ownership of a property to the bank to allow the bank to recoup its investment.

Take a look at these issues within Foreclosure and Short Sales.

Issue: Future Fannie Mae Loan for a Primary Residence

FORECLOSURE: A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 Years.

SHORT SALE: A homeowner that successfully negotiates and closes a Short Sale is eligible for a Fannie Mae backed mortgage after 2 Years.

Issue: Future Fannie Mae Loan for Non-Primary Residence

FORECLOSURE: An Investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed loan for 7 Years.

SHORT SALE: An Investor who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed investment loan after 2 Years.

Issue: Future Loan with any Mortgage Company

 FORECLOSURE: On any future 1003 Application, a prospective borrower will have to answer YES to question C in Section VIII of the Standard 1003 that asks, "Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will in turn, affect future rates.

SHORT SALE: The is no similar declaration or question regarding a short sale.

Issue: Credit Score

FORECLOSURE: Score may be lowered anywhere from 250 to OVER 300 Points! A Foreclosure will affect your Credit Score for over 3 Years.

SHORT SALE: Only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 Points if all other payments are being made. A Short Sale's affect can be as brief as 12-18 Months.

Issue: Credit History

FORECLOSURE: Foreclosure will remain as a public record on a person's Credit History for 10 Years.

SHORT SALE: IS NOT REPORTED ON A CREDIT HISTORY. There is no specific reporting item for ‘short sale’. The loan is typically reported as ‘paid in full’ or ‘settled’.

These are just some of the Issues that are most important to an individual who wants to move on after choosing what they might do if they are facing this situation.

DON’T LET TIME RUN OUT if you or anyone you know is Facing Foreclosure.

The Kevin Hildebrand Team CAN help.

Click Here if you would like additional Information on our Short Sale Program.

This Information is from the Distressed Property Institute, LLC

PLEASE CONSULT LEGAL ADVICE REGARDING ANY TAX QUESTIONS.  

Today is Stimulus Plan Day.  Congress will vote on the Stimulus Plan this afternoon (between 1:30 and 2:00 pm).  The Senate will vote on it tonight and it will then go to President Obama’s desk this weekend for his signature putting the plan into law.  As you have heard there have been some changes made to the package.  The major part of the “change” hits our industry with the tax credit that homebuyers will be receiving.  We had hoped for ALL homebuyers to receive a $15,000 tax credit but that has been changed.  Here are some of the details regarding the tax credit that have been released so far:

The tax credit has been scaled down to $8,000 from $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November.  It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.

More details are to come, and I will be sharing with you the impact of the stimulus plan once I go through the final version that is signed into law.

Thank you again for allowing me to assist yourself and your clients.  I look forward to working with you in the near future and I greatly appreciate your business.

Sincerely,

 Kevin

My phone has been ringing off the hook from home owners asking me if it is a good time to refinance their existing home.  For many of my clients the answer is YES and they should refinance especially since many of the mortgage loans available offer a fixed interest rate ranging between 4.5% to 5.5%.  However, there is a large segment of clients who should not refinance.  

If you are thinking about refinancing I would like for you to consider a few questions BEFORE you contact a mortgage lender:

1. Do you plan on staying in your home long enough to see the long term benefit of refinancing?
2. Do you have the necessary equity and will your home appraise high enough to support refinancing?
3. Do you have the cash in savings for the closing costs that are associated with refinancing?
4. If you are planning on adding the refinance closing costs on top of your existing loan balance, how long will it take for you to recoup these added costs and get your loan balance back to where it is today?  

Last Monday it was  sunny and 65 degrees out and this Monday I am looking out the window in my office and there is 12 inches of snow. The first day of spring is around the corner. The longer winter drags out the more people I meet that are in a bad mood. We are all tired of winter.

It was funny because on Friday when all the bad weather was coming I had 3 people ask me, Why do we live here?

For most of us we were born here and its a great place to live and raise a family. In the summer we can go to Kings Island, Loveland Bike trail, Ceasars Creek and the Cincinnati Zoo. In the winter we have the Great Wolf Lodge, sled riding, american idol and many days off school.

Housing is also affordable in the Cincinnati area unlike other parts of the country. Homes for sale in Mason Ohio, Maineville Ohio and the whole Cincinnati area are a great value. Real Estate in our market is down right now but if you sell your home at wholesale you should be able to buy at wholesale so its still a great time to move with rates being around 6-6.25%. Yes you may sell your home for less than you were hoping but you may save even more money on what you buy.

There are many great reasons to live here!!! Florida is too hot in the summer anyway!!!!!