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To stem foreclosures, committee recommends loan modication bill
May 14, 2012
Stop foreclosure! There are a variety of options for distressed home owners such as loan modifications, deed-in-lieu or a short sale. Find out which option helps you the best!
New news and new avenue for distressed home owners! Please see the Boston Herald article reprinted below. There is a new hotline in Massachusetts for residents facing foreclosure. If you are facing foreclosure, there are a variety of options available to you. Call or email to me to find out what they are. You can also visit www.dontforeclosenow.com to review them.
“In an effort to stem the tide of foreclosures, a key legislative committee on Wednesday advanced a bill that would require banks to make loan modifications available to homeowners when financially feasible to prevent families from unnecessarily losing their homes.
The Joint Committee on Financial Services unanimously recommended passage of the bill (H 1219) on Wednesday, with 10 of the 17 committee members voting in favor of the legislation, which has been a priority for Attorney General Martha Coakley.
“This is a fair and balanced approach that brings both the bank and the borrower to the table to look at the mortgage,” said Rep. Michael Costello, a Newburyport Democrat and co-chair of the Financial Services Committee.
The bill, filed by Rep. Steven Walsh (D-Lynn), would require banks and other lenders to assess a borrower’s ability to pay and the value of a loan modification compared to the cost of foreclosure before entering into foreclosure proceedings. If a modified loan is worth more than the amount the bank expects to recover through foreclosure, the lender must offer a modified loan to the borrower, according to the bill.
The legislation also addresses two recent Supreme Judicial Court decisions by requiring that lenders produce proper documentation showing they are the legal holders of the mortgage before foreclosing.
Coakley, who says foreclosures are a major obstacle to a full economic recovery, applauded the advancement of the bill on Wednesday. Coakley has said that in addition to pushing families out of their homes, unnecessary foreclosures have led to more abandoned property in cities and towns.
“Addressing the foreclosure crisis is a critical step toward moving our economy forward. This bill would promote reasonable loan modifications that keep people in their homes, keep properties on the tax rolls, and without requiring banks to sacrifice the bottom line,” Coakley said in a statement.
Among those who cast votes, the bill received unanimous support in the Financial Services Committee. Ten members voted in favor, four did not vote and three Republicans reserved their rights. Sen. Michael Knapik and Reps. Nicholas Boldyga and Marc Lombardo reserved their rights, while Sen. Brian Joyce and Reps. Kevin Murphy, Lori Ehrlich and James Cantwell did not vote.
According to Costello’s office, more than 45,000 Massachusetts residents have lost their homes due to foreclosure since the start of 2007. In February, there were almost 1,400 new foreclosures started, more than double the amount from a year ago and showing that the problem has not gone away even as the economy has rebounded.
The Warren Group recently reported completed foreclosures in Massachusetts dropped more than 30 percent last year, compared to 2010, but analysts believe the drop was partly due to lenders slowing the process down.
With $44.5 million paid to Massachusetts as part of a national settlement over illegal foreclosures and loan servicing with Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and GMAC/Ally, Coakley two weeks ago launched a HomeCorps program featuring the hotline (617-573-5333), which makes loan modification experts available to advise residents.
Coakley said last week that the hotline had been inundated with calls from more than 1,000 homeowners calling in the first week, averaging 200 to 300 calls a day.
“We are going to try to help everybody we can to stay in their homes,” Coakley told Fox 25. “For a lot of people this can be real relief.”
Under the national settlement, the banks are also ordered to provide about $14.6 million in cash payments to Bay State borrowers and $257 million worth of mortgage relief across Massachusetts, money that Coakley said can be used for refinancing or principal reduction.
By Matt Murphy / State House News Service
National Open House Weekend…here’s your free pass
April 24, 2012
Well…they are all free open houses but here is your way to go through the houses without being stalked by the listing agent. Print off this flyer and hand it to the agent as you sign in. Make sure you include your name as they do need to track who is in their client’s homes. You’ll be able to freely view the house at your own pace and enjoy your time!
If you have additional questions afterwards or would like a free list of the open houses in your target area – just let me know!
National Open House Weekend…it’s THIS weekend!
April 24, 2012
What is going on this weekend? NATIONAL OPEN HOUSE WEEKEND! The 2012 event will be bigger and better than ever, with hundreds of thousands of Open Houses across the nation and currently in 13 other countries… It’s gone global! RE/MAX Professional Associates is taking a huge part in this (inter)national weekend with many of our available listings. Please see below for a brief list but be sure to send me an email or give me a call to find out everything that is open in your area. I would be happy to provide you with a complete list of homes with times!
Saturday April 28th
77 Congress St, Fitchburg: 12pm – 2pm
Classic Victorian! Short sale opportunity with over 2700 sq feet!
39 Tannery Road, Sturbridge: 11 am – 1 pm
Beautiful newer colonial with all the extras – hardwoods, maple cabinets and granite!
240 Dudley-Southbridge Road, Dudley: 2pm – 3:30 pm
So many updates and so affordable! Title V in hand! NOT a short sale or bank owned so quick close!
5 Pleasant Street, Marlborough: 12pm – 2pm
Classic west side Victorian with double French doors to the sun porch and four bedrooms! Walk up attic – so much space and so well cared for!
24 Wales Street, Millbury: 12pm – 2pm
Easy to own and easy to update! Great price on this 3 bed/1.5 bath with 2 car heated garage that is in a great commuter location but with a private yard!
12 Cottage Street, Ware: 2pm – 4pm
HUGE updated Victorian in a great location off Church Street! 6 bedrooms, 2.5 baths and 4,400+ sq feet! 2 story barn and 2 car garage! NOT a short!
101 Temple Street, West Boylston: 11am – 1pm
Newer construction with full in-law and 2.9 acres right by the lake! Great commuter location and this house has all the extras – granite, hardwoods, solid cabinets, TWO master bedrooms with private baths!
6 Carol Lane, Blackstone: 11am – 12:30pm
Great price on this newer colonial on a quiet street! Updated kitchen with ceramic tile and granite – new roof, new siding, new deck, refinished hardwoods. 4 beds/2.5 baths/2 car garage
1565 Main Street, Holden: 1pm – 3pm
NEW construction with a flair! 4 beds/3baths and location location location! All the extras are here PLUS some you didn’t know you wanted!
374 Mashapaug Rd, Holland – 12pm – 2:30pm
Charming 2BR Ranch, fantastic lot, inground pool w/patio, rustic stone fireplace in walkout basement, cathedral ceilings in living room
7 Knollwood Rd, Brimfield – 2:30pm -4:30 pm
New construction w/hdwd flrs, ss appls, cntr islnd, 1car gar, opn flr pln, deck, near Lake Sherman.
Sunday April 29th
13 Leisure Drive, Holland: 12pm – 1:30 pm
WATERFRONT with 3 beds and 1.5 baths! Over 50 feet of frontage and triple sliders to enjoy it!
17 Forrest St, Brookfield: 12pm – 2pm
WOW! Cedar log home! Private lot with 3 bed/2 baths/2 car garage! Must see!
9 Ansonia, Worcester: 12pm – 2pm
3 bed/1.5 bath with a fireplace and near UMASS! Great price and great alternative to renting!
45 Channing St, Worcester: 12pm – 2pm
Charming turn of the century cape with 4 beds/2 baths and priced to make you move!
17 St. John St, North Brookfield: 12pm – 2pm
All the major updates are DONE in this colonial! Bonus is 500 gallons of FREE OIL! 5 bed/2.5 baths
57 Old Webster Rd, Oxford: 12pm – 1:30pm
Old meets new in this 4 bed/3 bath home that appears to be out of Old Sturbridge Village! Come see the distressed pine floors and claw foot tub!
33 Mendon, Worcester: 2:30pm – 4pm
Huge yard and easy in-town location! Perfect dollhouse and SO affordable!
6 Brown Street, North Brookfield: 2:30pm – 4pm
Retiring builder has offered up this unfinished new construction! Great price to get in and finish it off as YOU want!
39 Wilson St, Spencer: 2:30pm – 4pm
REAL country living with this home! NOT a short NOT bank owned NO septic issues! WOW!
82 Saundersdale, Charlton: 1pm – 3pm
Great location off of Dresser Hill with a full in-law! Land, 3 car garage and two living levels are highlights to this newer home. NOT a short sale!
67 Laurel Hill Lane, Holden: 12pm – 2pm
SO affordable with PRE-APPROVED short sale! Newer roof, newer windows, great yard and pool!
15 Canterbury Way, Marlborough: 1pm – 3pm
Beautiful end-unit in the 55+ community of Villages of Crane Meadow! One owner – all upgraded with fireplace!
275 Rumonoski Drive, Northbridge: 11am – 2:30pm
Great opportunity to own in a fantastic area! Comes with one year home warranty. Not a short sale or bank owned – just a solid house at a great price!
179 Rocky Road, Northbridge: 1pm – 2:30pm
Stunning colonial with massive family room on a beautiful tree-lined street. 15 mins to Worcester, 19 miles to Providence. Have it all for a great price on this 4 bed/2.5 bath/2 car colonial with custom build and first floor office.
39 July Road, Sudbury: 1pm – 3pm
So affordable for Sudbury and this charming updated home has a fantastic ½ acre wooded lot! Central a/c, updated kitchen, hardwoods, garage and finished area in basement. Own in Sudbury! Not a short!
10 Cranberry Meadow Shore Rd., Charlton: 12pm – 2pm
Brand new 2BR 2BA Ranch, open floor plan, granite counters, hardwoods all over, c-tile floors in kitchen & baths. 2 car attached garage.
1 Merrian St Auburn: 10:30am – 12pm
Reduced price on this charming cape on ¾ of an acre with a new Peerless Furnace! First floor laundry!
225 Highland Street, Holden: 12:30pm – 1:30pm
Fireplace…french doors…open family room…private wooded lot! This cape has it all with a great Holden location!
18 Nancy Drive, Rutland: 2pm – 3:30pm
10 room, 6 bedrooms and 2.5 baths in the colonial WITH an in-law! New roof, new windows, new hot water tank. Come see!
15 Laurel Dr, Ware –11:30am -1pm
3BR Ranch, lrg fenced private back yard.
13 Stony Brook Drive, Sturbridge – 11am – 1pm
Charming 3+BR center hall Cape w/2car gar, flat lot, granite, hdwds, multi-tierd deck on cul de sac.
217 Greenwich Rd, Ware – 10am – 11:15am
Beautiful brand new 3BR 2.5BA Ranch. Open concept kit/LR/DR, hdwds, fireplace.
77 Providence St, Mendon – 12pm – 2pm
4BR 2BA Dutch Col log home w/farmer’s porch, 3 seas sunroom, wide hdwd floors 2car gar
119 Stafford Rd, Unit 60, Charlton – 2:30pm – 4pm
Bright, light filled 2nd floor 2BR condo w/appl, w/d hkup in unit. Commuter friendly location & small pets allowed
“There’s a reason owning a home is called the American Dream,” says NAR President Ron Phipps. “Home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy. We hope that everyone who aspires to become a home owner will come out this weekend, not only to learn about the homes for sale in their local market, but also to find out more about how current and future public policies may affect their ability to achieve and sustain home ownership, now and in the future.”
Come out this weekend – take a peak! Not sure where to start – let me know and I’ll get you going. amymullen@remax.net, 508-784-0504, http://www.amymullenrealestate.com
MORE houses added to the open for this Sunday in Holden! WOW!
March 8, 2012
Yep…Holden is officially OPEN this coming Sunday! Please take a look at one or some of the SIXTEEN houses that will be open this coming Sunday (3/11) in Holden. There is something to fit everyone’s taste and budget and the weather is going to be beautiful! Come to Holden…grab a coffee a Dunks on your way into town and then take a tour!
If you would like more information about any of these listings, just let me know. All houses open 1 to 3pm unless noted otherwise:
46 Acorn Drive
4 Birch Hill (1:30 to 3)
238 Fisher Rd
89 Fox Hill
2 Greenbriar Lane (12 to 2)
37 Heather Circle
225 Highland Street
84 Homestead (11:30 to 1)
67 Laurel Hill Lane
823 Main Street (11am to 1pm)
1565 Main Street
476 Manning Street
769 Mason Rd
96 Nelson Street (12pm to 2pm)
395 Salisbury Street (12pm to 2pm)
12 Tanya Drive
Holden’ Open Holden! This Sunday – take a drive to Holden and preview any or all 12 listings!
March 5, 2012
This coming Sunday HOLDEN IS OPEN!!! We are holding 12 listings open in Holden on 3/11!
According to Neighborhood Scout, “Holden is the 108th largest community in Massachusetts and has more people living here who work in computers and math than 95% of the places in the US.
In addition, Holden is home to many people who could be described as “urban sophisticates”. Urban sophisticates are people who are both educated and wealthy, and thus tend to be older, richer, and more established than young professionals. “Urban sophisticates” is not just about being educated and well-off financially: it is a point of view and state of mind, one that you might call ‘urbaneness’. But such people can and do regularly live in small towns, suburbs and rural areas, as well as in big cities. They read, support the arts and high-end shops, and love travel.
Because of many things, Holden is a very good place for families to consider. With an enviable combination of good schools, low crime, college-educated neighbors who tend to support education because of their own experiences, and a high rate of home ownership in predominantly single-family properties”
So come see for yourself! All listings are open 1pm to 3pm unless noted:
46 Acorn Drive
238 Fisher Rd
89 Fox Hill
2 Greenbriar Lane (12 to 2)
37 Heather Circle
225 Highland Street
67 Laurel Lane
823 Main Street (11am to 1pm)
1565 Main Street
476 Manning Street
769 Mason Rd
12 Tanya Drive
Banks Tempt Underwater Home Owners with Cash — Would You Take It?
February 25, 2012
— 1 Comment
A short sale might be worth more than avoiding a foreclosure on your credit report. For some, it means cold hard cash.
If your lender offered you as much as five figures to move out of your home because you couldn’t make your mortgage payment, would you do it or wait for the lender to foreclose?
The answer would seem to be a resounding “hell, yes.” But many people sit tight.
When Bank of America offered short-sale incentives of $5,000 to $20,000 to 20,000 Florida home owners late last year, only 3,000 home owners expressed an interest in participating.
One reason? Folks can often live rent-free while the foreclosure process winds its way through the red tape.
But, a cash “bonus” paired with a short sale that lets you avoid a foreclosure on your credit history can be a sweet deal.
An incentive payment might be as little as $3,000 via the federal government’s Home Affordable Foreclosure Alternatives program. But private lender programs offer 10 times that much, depending on where you live, which short sale program you use, and which company holds your mortgage, says BusinessWeek.
“Banks are nudging potential sellers by pre-approving deals, streamlining the closing process, forgoing their right to pursue unpaid debt, and in some cases providing large cash incentives,” Moody’s Senior Credit Officer Bill Fricke told the magazine.
Of course, incentives have their catches. You have to:
1. Help the bank sell your home. In a short sale, you find someone willing to buy your home for less than what you owe on the mortgage and your lender agrees to take the sale price.
2. Move on without a fight.
3. Probably live in a state where it takes years, rather than months, for the bank to foreclose. In those areas, it’s cheaper for the bank to pay you to do a short sale than to pay the cost of a multi-year-long foreclosure.
If you bank makes an offer and you bite, these four steps will ensure the smoothest possible process:
1. Make sure the lender can’t come after you later to collect any shortfall between what you owe on the mortgage and what you’re selling your home for. Some, but not all, states prohibit that.
2. Talk to an attorney and a tax adviser so you know what will happen financially after the short sale. If you sell now through the end of 2012, the tax rules for short sales say you won’t owe any income tax on $1 million (singles) to $2 million in forgiven mortgage debt (married couples). Those tax rules, part of the Mortgage Forgiveness Debt Relief Act, expire at the end of this year and only apply to your primary residence.
3. Hire a REALTOR® experienced in short sales to handle the transaction. Look for an agent who’s earned the CDPE (Certified Distressed Property Expert) designation.
4. Figure out where you’re going to move and sign a lease now because your credit score will likely drop if you stop paying your mortgage and short sell your home. A low credit score can make it difficult to get a rental home.
By the way, you can ask your bank if it’s willing to work with you on a short sale, but asking for an incentive too? That’s not how it works. Banks choose you for an incentive program, and how they decide isn’t clear, though they’re less likely to offer cash in states where it only takes a couple of months to foreclose.
So would you take the cash and short sale, or hold out?
Considering a short sale? Visit www.dontforeclosenow.com to get more information.
Short Sale Update in Central Mass
February 6, 2012
Amy Mullen and Pam Crawford give a little update on the Short Sale process in Worcester County…
Many short sales behind them they have recently closed several more the end of 2011 and January 2012. The most noted change in the process is that the process is still long, and bank seem to be countering buyers more. However the homes are still closing for significantly less than market value. It’s a good way for a buyer to get a good price on a home and allows the seller to have a dignified solution to their issue. A short sale allows the seller to have more control over when they leave the property and a much better effect on their credit and income in the long run.
All in all – despite the recent challenges in short sales in Worcester County it’s a very viable solution for both sides of the transaction.
For more information: dontforeclosenow.com
Freddie Mac Announces Up to 12 Month Forbearance for Unemployed
January 11, 2012
Freddie Mac and Fannie Mae postponed foreclosures through the holidays but things are back on schedule now. Freddie Mac has announced a forbearance if the home owner is unemployed. This video explains how to obtain that:
Not sure if Freddie Mac owns your loan – visit their site here: https://ww3.freddiemac.com/corporate/
If you are struggling with your mortgage or know someone who is, please find out all your options. This site will give you several different options depending on where you are in the foreclosure process: www.dontforeclosenow.com
Deficiency Judgment Explained with video
December 22, 2011
This is an excellent video that explains what a deficiency judgement is. I was speaking with a distressed home owner this afternoon and her biggest obstacle in her efforts to get a mortgage modification was that she could not understand exactly what the various terms meant when she was speaking with her mortgage company. She was hesitant to agree to conditions that she didn’t fully understand.
This video describes a lender’s right to a “deficiency judgment” when a property is sold in a short sale or foreclosed upon. Agents who hold the Certified Distressed Property Expert (CDPE) designation are trained to help homeowners navigate alternatives to foreclosure, and can provide answers to the many questions surrounding America’s foreclosure crisis.
I am a CDPE and you can contact me at 508-784-0504 or amymullen@remax.net for a free consultation to find out if a Short Sale is right for you. You can also visit www.dontforeclosenow.com to review all of your options.
Real Estate and *stuff * 