Jul
7
Let’s Get on the Right Path…Again
Posted by elopez5 under For Buyers, For Sellers, General Information
How many of you are feeling the effects of a declining market in many areas of the country? Are you wondering how your finances or credit may be affected by the loss of your job, loss of equity in your home and how to move forward from whatever situation is impacting your living situation? The best suggestion is to consult with the experts. I am talking about lenders and financial advisors. When I suggest you speak to lenders, I am not necessarily referring to the one that holds the paper to your current property (especially if you are teetering on the edge of default). Start thinking ahead. Start thinking about how to rebuild and start over again once you get past the hump. Whatever your financial situation is, whenever you want to entertain the thought of homeownership again, be prepared. Sit down with a lender and ask what path you need to follow so that you can perhaps own a home again (if this is your situation) OR if you would like to buy your first home. You must know the stringent guidelines that are now in place and how you can satisfy objections in a home purchase. Remember, the country is going to have to rebuild and it has to start with each individual taking a step on the right path to start the process. Good luck!
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Aug
13
Tell Me Your Modification Story
Posted by elopez5 under For Buyers, For Realty Professionals, For Sellers, General Information
To all my readers who may have entered into a Loan Modification in the past year, I want to hear from you.
I would simply like to get a pulse of whether a Loan Modification was successful for you and did you ultimately stay in your home or did you end up losing your home. It’s just a human interest need and I think it’s important to share based on recent media stories of how so many people tried to enter into modifications and were unsuccessful.
I encourage you to post your story on my blog. I want to learn more from the “real people” who are so deeply affected by this economy.
Thank you again for taking time to read my blog.
One Response to “Tell Me Your Modification Story”
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Jul
28
Turning the Corner through the Season
Posted by elopez5 under For Sellers, General Information
Turning the Corner
Summertime, like every other season has a beginning, a middle and an end. We have reached the middle of Summer, yet for many of us, it feels like we have turned the corner to the end of Summer. Schools are sending out notifications and telling us what to expect in the next few weeks as we prepare to send our children out the door. The reality is that Summer doesn™t end when school starts. There are still several weeks left to go until we greet Fall, and then we turn the corner into another season.
How does this relate to Real Estate? Many times, realtors will refer to seasons and how it impacts the selling or buying market. Yes, traditionally, there is an increase for buyer traffic from early Spring through Summer, but just because we turn a corner into another season, it doesn™t mean the market stops moving. Personally, I can honestly remember looking forward to the end of the year when companies tended to relocate more employees. Unfortunately, our economy no longer lends itself to as many relocations as in the past. The trend I have seen is families are relocated out and we aren™t replacing as many homes with transfers back into our community.
With that said, let™s go back to turning the corner. When we move from beginning, middle or end of one season into the next, do not think of your home as becoming less marketable. Yes, buyer traffic ebbs and flows, but buyers are always out in the market. Let™s keep school in mind. We know it™s inevitable and we are told to prepare for that first day. Why not look at your home in this perspective? When you list your home, it™s the beginning. As your home is marketed and shown, it™s the middle. So how do you get to the end? How do you capture that buyer? You know the season is changing and the perception is œWe™ve turned the corner of the selling season. Get that out of your head. Revisit your homes value. Discuss it with your realtor. Be realistic. The market changes daily. Just like school where we are told to prepare our students with the tools for the first day, start looking at your home in another perspective. Utilize the tools that your realtor has access to, such as another market analysis. Take a step back and prepare, again, for the next type of season in your market. Any realtors goal when they list your home is the œend, to bring together seller and buyer so everyone can transition on into the next season.
Remember, every house sells eventually, but you must be realistic about your expectations.
*This was my article to be published in this weeks Gazette. I thought it was relevant to share here on my blog.
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Jun
5
SUMMERTIME HAS ARRIVED AND IT’S STILL A GREAT TIME TO BUY A HOUSE
Posted by elopez5 under For Buyers, For Sellers, General Information
With Memorial Day now behind us, it™s safe to say summer is finally here. The weather has turned for the better and homeowners are busy mulching, painting and putting out the grill and patio furniture. This is also the time when school is ending and families who have been waiting to move are generally ready to start looking. Many times, a family will want the transition to occur during the summer months so school isn™t interrupted. With that in mind, if you have your home on the market, be prepared for activity to pick up. There is no crystal ball to predict buyer traffic, but generally, this is an active time for families eager to get settled. The good news here is your home will never be cleaner than when it is on the market to sell, and to make that challenge more colossal, your children will be home to remind you that all you can do is clean up after them. When does school start again?
On the buyer side of the transaction, they will be looking for the perfect house and looking for the opportunity to enjoy their home for part of the summer because when the heat arrives in August, no one likes to move. If you are considering purchasing a home, get your pre-approval first! I have written about this before, but realtors must always emphasize the importance of knowing what you can truly afford. I have just returned from Spring Conferences for the Ohio Association of Realtors in Columbus and I sat in on the forum presented by the Ohio Housing Finance Agency. This forum spelled out the entire 2010 Homeownership Programs and exactly what is available. I am strongly encouraging all of you that are First Time Homebuyers, Active Military, Veterans, Law Enforcement, Public Safety, Teachers, Healthcare Workers and Graduate Students from college that you should investigate this avenue of financing. Do not misinterpret this as anything other than showing you all the opportunities that are available to you regarding your choice of how you borrow. With all the focus on the tax credit and the big push to find a house to beat the deadline, I simply want you to know, that are many other programs that will offer you equally great opportunity to buy that house and get settled in for the summer.
In the meantime, make a pitcher of lemonade and fire up the grill!
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Jan
14
If you love Social Media
Posted by elopez5 under For Buyers, For Realty Professionals, For Sellers, General Information
I just wanted to share a FREE website for those of you that use Social Media. Whether you are a beginner or pro at navigating through all the different venues, here’s a site that keeps you current on daily social media news. Enjoy!
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Jan
14
Ohio Assoc of Realtors Legal Issues Forum
Posted by elopez5 under For Buyers, For Realty Professionals, For Sellers, General Information
Happy New Year! I have been trying to think of my content for my first Blog post of this year and I have just returned from Winter Conferences in Columbus for the Ohio Association of Realtors. I always gather so much great information at these meetings and I thought I might pass on some of the updates I heard while attending.
I attended the Legal Issues Forum and heard from the Ohio Attorney General’s Office. Here is a brief overview of what they discussed. Please keep in mind, this is only relevant in Ohio but it may have you asking “What’s happening in my state?”.
First of all, they covered the Top Complaints with the Ohio Attorney General’s office in 2009 and I found this interesting. #1 was Motorized Vehicles (sales, service &repair). Why do I find that so interesting? All we have heard about is the foreclosure mess and the personal experience I had with working with my lender and yet Mortgage complaints ranked 6th on the list! It looks like the media never mentioned that #1 complaint. The Ohio Attorney General’s office also predicts that in 2010, the #2 complaint will be debt collection. Stay tuned!
Another issue impacting the Attorney General’s Office is the Foreclosure Rescue Scams. Again, keep in mind these are Ohio statistics so for those of you reading this in other states, it might be worth knowing this information in your corner of the world. Last year, the AGO received 126 complaints against companies who promised foreclosure help and never delivered. This past year, they received over 300 complaints, more than doubling that of 2008. As a result of this, the AGO has issued cease and desist notices to shut down deceptive practices of nearly 30 foreclosure rescue companies and have filed 7 lawsuits to engage the courts in protecting Ohioans.
Please be cautious if you are someone looking for help in trying to avoid foreclosure. Never, never, never, sign over your home to anyone that has approached you by email, phone or knocking on your door. Call your lender first….always. If you need help, the Hope Hotline is available. Don’t give in to high pressure tactics of “act now” or “regardless of your financial situation” and claims that they are “faster than” a non-profit counseling agency. This is your home until the bank tells you that it is not. Proceed with caution and start with your local government for guidance. In Ohio we have the Save the Dream Hotline that connects homeowners with the appropriate help you need. The toll free number is 1-888-404-4674 and is open Monday through Friday 7am-7pm.
Unfortunately, this topic may be one we must continue to discuss and share for some time, but do remember, there are resources available that are FREE and we must try to help preserve the American Dream.
Thank you for visiting my blog and have a great day!
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Aug
16
The credit Pendulum is stuck at stupid!
Posted by elopez5 under For Buyers, For Realty Professionals, For Sellers, General Information
Did I get your attention? Good. That was my intent. These words were quoted to me by Charles McMillan who cited a New York Times article dated July 11, 2009.
This past Friday I attended a forum hosted by The City Club of Cleveland with speaker Charles McMillan, President of the National Association of Realtors. It was an honor to hear him speak and I was thrilled to be introduced afterward.
What I found of most value from this forum was the information Charles McMillan shared regarding his testimony to Congress regarding the $8000 tax credit. What he explained was simple in theory and related it to the Clunkers for Cash program. He explained to Congress that while the Clunkers for Cash was extended to all consumers, the tax credit was limited to First Time Home Buyers only. Mr. McMillan asked Congress to consider extending the tax credit for another year and to include ALL home buyers! Can you imagine what that might do to help stimulate the economy even more? I know so many people who would move on that offer!
What can you do as a realtor to help this tax credit extension? Personally, I would say stay involved at the local and state levels and write your Congressmen. If you are asked to participate in a Call to Action campaign…do it!!!! In Ohio, our Call to Action is received via email and with two clicks your voice is heard! We need to push for this extension as we hope to move our country in a better direction.
What can you do as a consumer? Write your Congressmen! If we don’t like our economic situation then we must make our voices heard and push for what we want. Kick, scream or yell…but email works just fine.
This is nothing less than a no brainer so let’s hope Congress gets it right. Keep your ears open on this topic and if I hear anything more on this I shall post an update. Let’s hope they get this one right.
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Aug
16
My Modification Story..a continuation
Posted by elopez5 under For Buyers, For Realty Professionals, For Sellers, General Information
Hello all and happy Sunday. It has been a while since I posted any update to my story, but I felt I should write today as I am winding down (I hope) to a final conclusion.
Last week I received a packet in the mail from CitiMortgage. Inside were yet another set of documents for my Loan Modification. What made me the happiest is that it is finally in the context I requested. This is not a modification program put in place by the Obama Administration aka Home Owners Assistance Program, which is only a 90 day fix, but an actual Loan Modification that will remain permanent until I sell my home. My payments have been reduced by 30% and it has been extended out for 40 years. That is all I wanted and 6 months later, it is what sits in front of me ready to sign and deliver. Now, all things considered, I won’t believe it until the bank gets the documents back and actually puts this into motion and removes the Foreclosure Petition against my home. The energy and time spent on this part of my life has been a valuable lesson that when you put your mind to it, great things can be accomplished. My home no longer means anything to me other than shelter for my family. I look forward to the near future when I put my house on the market and leave this ugly nightmare behind but my market is still soft and I am looking at about a year until things improve for this particular area.
Final words of wisdom on this topic…don’t give up!
6 Responses to “My Modification Story..a continuation”
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With our economic status today, a loan modification may be the only way for a homeowner to save their home. But most banks that are big doesn’t reply with loan modification inquiries fast because they don’t care if they lose some loans to foreclosure.
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Great news! Sad thing… You pay your mortgage, you can stay in your home. Yet the treated you like someone who got way over in their head. If they actually looked at each situation, just took a little time to look out, imagine how much money Citi could save!
If PEOPLE just acted like PEOPLE!
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Mortgage loan modification has been a great way to help troubled homeowners lowering their monthly payments. Since the Obama’s administration started helping real estate owners the number of foreclosed homes has been decreasing. It is advised though to receive help from an attorney who can help you renegotiating the terms with your lender.
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Thank you in support of getting the time to talk about this, I think strongly about that and love learning a lot more on this subject. If achievable, when you acquire expertise, would you mind updating your blog with additional facts? It is extremely very helpful.
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Jul
23
Important News Regarding Modifications in Ohio
Posted by elopez5 under For Buyers, For Realty Professionals, For Sellers, General Information
As I post this article I have to say I feel like the cat that swallowed the canary. I am thrilled that the Attorney Generals office is taking action.
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Cordray Warns Mortgage Lenders Mortgage lenders who promise to work with clients facing foreclosure and fail to follow up could find themselves in court. Ohio Attorney General Richard Cordray said yesterday that he will soon sue mortgage lenders who violate consumer-protection laws. “Many lenders are pledging to work with customers and failing to do so,” Cordray said. “They’re not returning calls, paperwork gets lost, payments misappropriated.” He would not identify targets but said his office is looking at the 10 or 12 largest Ohio lenders. “The goal of the lawsuits is compliance with their promises,” Cordray said. “We want there to be accessible personnel, a reasonable process, clear steps. What we want is a change in behavior.” The news came as he and other state officials, judges and representatives of nonprofit groups met in Columbus as part of a Save Our Homes Summit designed to focus on addressing the foreclosure crisis in the state. The crisis landed in the laps of the conference, as about 20 homeowners showed up at the event — designed for organization representatives — expecting to meet with JPMorgan Chase officials about saving their homes. Ambrosia Lugo was one of them, having responded to a letter sent by Chase. “You have an opportunity to meet in person with specialists from Chase, your lender, at a local event,” said the letter, dated July 10, that Lugo and the other homeowners received. “We’ll walk you through the options available and work out the best solution to your current needs.” However, nobody from Chase was there when the summit started at 10 a.m. in an auditorium at the Ohio Department of Transportation. “This is very frustrating,” Lugo said. “I have been trying to work with them for months and keep getting the runaround.” Organizers of the event called Chase officials, who arrived about 1 p.m., while several summit speakers said the large lenders are not doing a good job of helping struggling homeowners modify their loans. Before Chase arrived, housing counselors from Empowering & Strengthening Ohio’s People, a Cleveland-based nonprofit group, set up tables outside the auditorium and began helping the 20 homeowners. The group is one of several approved by the U.S. Department of Housing and Urban Development to help homeowners work with their lenders to modify loans. “We didn’t come to the summit anticipating this,” said Shane Lightle, a manager of the group. He said working with mortgage lenders has been difficult. “They are throwing every obstacle in the way of solutions.” One of the obstacles, he said, is the requirement to provide a mountain of documents, many of which are hard to gather. “If I was a lender and didn’t want to do modifications but wanted to have the appearance of wanting to do them, this is what I’d do,” Lightle said of the paperwork. Despite the obstacles, he said his group has an 85 percent success rate in working out mortgage problems. But not all of them help the homeowner, said David Rothstein, a researcher with Policy Matters Ohio and a summit speaker. A good workout, he said, is one that lowers the principal and interest rate, reflects the current value of a home and adds up to an affordable monthly payment. “Otherwise these people will just end up in foreclosure again,” Rothstein said. But in most modifications, the amount owed is simply tacked onto the end of the mortgage, adding years of payments without reducing the monthly payment, he said. The Chase clients who went to the event hoping for help — the four who waited — did get the chance to talk about reworking their loans. For its part, Chase was apologetic. “It was a total misconnect on our part,” said Patricia Cook-Marshall, Chase vice president, homeownership preservation. “I gathered people, and we got here as soon as we could because we’re all about helping our customers.” She told the homeowners that Chase will present them with options on how to proceed in 10 days. Chase has been active in working with clients on loan modifications, a spokesman said. “We’ve helped a lot of people and hired a lot of loan counselors to help more people, but I know we need to do more,” said Chase spokesman Tom Kelly. “The number of people needing (help) is unprecedented.” Chase recently announced it has completed 138,000 trial loan modifications in the past three months through the federal Making Home Affordable program, and 155,000 more are in the review process. |
I thought this was pretty relevant to my last post and what my thoughts were on why CitiMortgage was dragging their feet. I remain positive!
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Jul
22
Update to the Modification-A Never Ending Story
Posted by elopez5 under For Buyers, For Realty Professionals, For Sellers, General Information
Hello to everyone! Todays post is one that I write with a huge feeling of FRUSTRATION! If you have been following my story you will remember that I said the only thing in life that is for sure is death and taxes. So true and relevant. In my last post I explained that CitiMortgage had agreed to terms on a modification to my mortgage. I was temporarily thrilled. I signed the documents and sent them back immediately only to find out that the investor is having “Fits”. That is a direct quote from Allen at CitiMortgage. When I asked Allen why there is an issue, I was offered the ongoing answer that I am on my ex-husbands mortgage and it appears on my credit bureau reports. Well, then I must correct this erroneous information and I will prove to the investor that they are incorrect. Allen responded by telling me that they are not requesting proof, merely an explanation.
Let’s take a moment here…..I have to wonder why Allen, CitiMortgage and the Investor would even wonder if I wouldn’t investigate their claim.
As I got off the phone feeling more frustrated then ever I proceeded to order reports from all 3 credit bureaus so I could see this so called “other mortgage” and handle this new exciting issue. What I proceeded to learn was that nowhere on all 3 reports is there any other mortgage other than my own. How interesting? I spent 4 1/2 hours talking to all 3 credit bureaus and going through these with a fine tooth comb. They all agreed, there is nothing there from Flagstar Bank. Hmmmm?
Guess who got the next phone call? If you guessed Allen, you are correct! I explained to Allen what I had just done and told him I have proof and his response was “Well, then why would they say that?” Exactly!!!!!! I offered again, to send over documentation proving the investors were incorrect. He said no, they weren’t requesting any proof. Ok, I turned it around and suggested that he tell the investors that I would like them to show me their documentation and proof that I exist on a mortgage to Flagstar Bank.. Haha! Silence. Do I feel bad for this person? No, because he is the middle man, he doesn’t care, he just takes notes over the phone and I tell him to pass all those notes on to the investor. At this point, I walked away from this nonsense for the weekend, or so I thought. In Saturday’s mail a letter arrived from the attorney representing CitiMortgage that I was copied on to Medina Courts. It was requesting that they be allowed to move forward with the Foreclosure judgement on my home. More sickening news. So now what? Back on the phones again? I can’t call anyone over the weekend, they don’t work on Saturday or Sunday. Ok. Refocus. Gameplan. Back at it on Monday.
Monday morning I realized that I had received a postcard from the Clerk of Courts and I forgot to read it’s instructions. I went to the website to reveal that the Judge has read my response to the original petiton and has ruled that based on the Defendants (me) response that this issue is appropriate for mediation and will be ordered by the courts and at this time the court is blocking any further action on my home. Good news, I have time to sort this out, and the the judge is forcing them to mediate with me in a more timely manner. As of this post I still do not have an answer from the investor but a friend of mine suggested I send all my documentation to CitiMortgage anyhow to show they have nothing valid to claim on this Flagstar Mortgage. Great advice. I will continue to jam any information I have down their throats and force them to look at it. My ex husband provided me with a copy of his original loan application showing it’s marked as “Single Man” and clearly he is the only signature and name on that application. I also included his settlement statement and I have a copy of the Dower Rights that I signed off on at his closing. So someone out there tell me….where are they getting the information that I am attached to his mortgage? Personally, I feel that they are looking for reasons to NOT modify my mortgage and just take my home. Why? Well, primarily because I am not upside down on my mortgage and I still have equity in my home, so perhaps CitiMortgage can recoup some of the other losses through the capture of my home….
It makes you think…stay tuned…it’s not over yet.
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Ohio Real Estate News is authored by Emily Lopez
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Way to go, Emily!