Great blog on options for taking advantage of current interest rates and low market prices when you want to buy without selling your current home.

Situated in Kinderlou Forest, Valdosta's newest gated golf course community designed by renowned PGA Tour professional Davis Love III. Complete craftsmanship & detail has gone into this very stylish Georgian home. A stately 3800SF with 4BR/3.5BA nestled on just under an acre. Unique features include reclaimed heart pine wood & ceramic tile flooring. Master suite is complete with sitting area, fireplace & bay windows that overlook the backyard. Granite countertops & custom cabinets throughout home. Includes intercom, speaker & security system. Kenmore Elite appliances, butlers pantry, & 3 car garage. Offered at $532,000

Read more about Kinderlou Forest Golf Community HERE

I read an article this morning in SmartMoney regarding another Federal program offering money to struggling homeowners.

Called the Emergency Homeowners Loan Program, it is offering loans of up $50,000 that don't have to repaid if applicants meet certain criteria. This is another attempt to slow the flood of pending foreclosures.

This is being offered to those homeowners who look like they will be able to get back on their feet in a relatively short period of time. Will this help or hinder the homeowner? There are stipulations to not needing to repay the loan.

Payments will be made directly to lender to cover mortgage payments, missed payments and arrearages. When the assistance period ends, which could run up to two years for the homeowner, 20% of the loan is forgiven, and another 20% for each passing year thereafter. So, in order to not repay the loan you must maintain residence another 4 years after the assitance period ends.

If you sell or otherwise vacate the property by other means you will be held responsible for paying back a portion of the loan.

 So, what's your opinion on this? Will offering struggling homeowners more debt cure the problem? Or is it just a band-aid effect as the article mentions? It is only being offered to about 30,000 applicants (according to the article roughly 4 to 4.5 million borrowers are behind on their mortgages by at least 90 days or are in foreclosure, accounting for roughly 8% of all mortgages) is this really enough to make a difference with this mortgage crisis?

The program started last week and will take applications through July 22

Seems as though this particular set of words is getting around. I find more and more people becoming intimately aquainted with what a short sale is, and there are mixed reviews. Some pleasant some not so pleasant.

I don't believe there is any one process that is going to leave everyone happy in the end. Certainly not the lenders. But, there are alternatives to foreclosure that might make it a bit more bearable, and a bank short sale is one of them.

 What exactly is a Short Sale? Well, Wikipedia defines a short sale as:

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sal eprocess, because it allows them to avoid foreclosure, which involves hefty fees for th bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

The short version: the lender accepts less on the house then what is owed, and if all works out borrower walks away with a deficiency waiver which means the lender has agreed to relinguish its right to come after you at a later date to collect the difference in what was owed and what the house actually sold for.

Not all short sales are created the same. Do they all work out? No, not all of them. But here are some tips that may help you to a successful short sale closing.

1. Hire, not only a trained Realtor, but one who has experience with short sales. Unfortunately, not all agents are created equally. There are tons of short sale training courses, but these courses do not fully prepare you to negotiate and close a short sale. Nothing like first hand experience.
2. Gather all your financial paper work. Bills, paystubs, tax records, bank statements etc. The lender will require to be on file for review. Keep all future bank statements and paystubs, they do from time to time ask for updates. And since time is of the essense if you already have them handy you won't have to go hunting for them.around. I find more and more people becoming
3. Communication! This is a biggie, if anything changes with your situation or you have received communcation for the bank or the banks attorney call your Realtor ASAP! Some things can be avoided if we keep the line of communication open.
4. Patience. You have surely heard the term "patience is a virtue." This will come into play over and over again throughout the Short Sale process. There is sometimes a lot of frustration involved, let your Realtor handle that. Your job is to concentrate on your family and life and leave the details up to the agent representing you.

The July 4th weekend is sure to be a big celebration in Valdosta. Anytime we can get together with family and friends and celebrate our independance as a country, as well as honor our military should be fully taken advantage of.

Here are a couple of things happening July 4th!

Saturday July 2, 2011 - Monday July 4, 2011

All Fired Up: A Fourth of July Celebration at Wild Adventures

The park celebrates Independence Day with three days of explosive entertainment - Saturday, July 2 - Monday, July 4.  Don't miss out on the most patriotic event in South Georgia, north Florida.

Come for the thrills and adventures and stay for the best fireworks in the South and the All Star Tribute Concert featuring the music of Tina Turner, Rod Stewart, Faith Hill and Elvis performed by world renowned tribute artists.

Fireworks over the lake at twilight.

VALDOSTA 5K 

Proceeds to benefit Lowndes Veterans Council.

Course: Starts on North Ashley Street, in front of Get Active - Running and more. Travels the length of Patterson Street to the Talk 92.1 FM Radio Valdosta studio's perched atop The Firm Fitness Center, between Central Avenue and Hill Avenue.

Additional Information: Call Get Active Running & more...229-219-0010

Keep checking back. I will ad events as the information becomes available!

Located in Naylor Georgia, but still inside Lowndes County this beautiful 4 Bedroom/ 3 bath 4210 square feet on 10.35 acres. Specatular views from all around this spacious home. Large kitchen for entertaining, breakfast area with bay windows overlook back deck. Master bedroom downstairs with garden tub and separate shower in master bath. Three other bedrooms upstairs one with private bath other two with jack and jill bath. Loft area with room for office. Hardwood floors, carpet and tile. Twelve foot ceilings down stairs. Large greatroom/media room with fireplace and vaulted ceiling. Outside room to roam  on 10.35 acres with stocked pond. Wrap around driveway, two car garage and carport.

Property subject to short sale approval from lender.

Monthly Market Stats for Lowndes County and Surrounding Areas (November 2010)

Market Report for Lowndes County/Valdosta Georgia and surrounding areas - Single Family Homes

Counties Include: Lowndes, Berrien, Brooks, Cook, and Lanier

WOW! Room for all cars, golf carts & lawn mowers in the 4 car garage. 37x13 back porch that overlooks the 9th tee at Stone Creek. Step into the foyer w/voluminous ceiling to formal dining & living room area. Newly remodeled kitchen features a walk-in pantry, island & copper vent hood. Makes the wonderful cook that you are come alive. Master bedroom is over-sized with large bath & great closet space. All bedrooms are very spacious with unusual amount of closets throughout. Home is nestled in the beautiful shade trees & wonderful landscaping. Golf community, convenient to Valdosta State College, & So. Ga. Medical Center.

As we all hurry back to our lives, homes, work etc. from this long holiday weekend. Let us not forget the meaning behind this day.

This is a day of conflicting meaning with both rememberance and celebration. Memorial day means different things to different people. Some only seeing it as a long 3 day weekend and a start to summer vacations, beach parties and cookouts. While others see it as a day to remember the fallen and pray for those still fighting the battle.

As a military wife and mother, my husband now retired airforce and my son-in-law currently serving in the airforce, I feel very blessed to be a part of the military family, and a citizen of the United States.

These men and women serve and have served proudly. Some fallen, some wounded and other continue to serve our country with many sacrifices.

This is not a time to mourn, but a time to honor and celebrate the lives of those who have fought for our country so diligently, those who have given the ulitmate sacrifice of their lives.

Wikipedia's definition of Memorial Day:

Memorial Day is a United States federal holiday observed on the last Monday of May. Formerly known as Decoration Day, it commemorates U.S. Service Members who died while in the military service. First enacted by formerly enslaved African-Americans  to honor Union soldiers of the American Civil War - it was extended after World War I to honor Americans who have died in all wars.

Please help keep the true meaning of this day in the forefront of everyone's mind. Do it for those who have died and for those who coninue to put their lives on the line each and every day.

We closed this short sale on May 26, 2011. This particular house is located in Stone Creek Golf Community.

Investor: Fannie Mae

Servicer: Chase Bank, N.A

MI Company: United Guaranty

Closed in: 66 days (from offer date to closing table)

As short sales and other foreclosure alternatives are becoming more common place  these days is it crucial to find an agent who is trained and experienced in this delicate area of real estate.

Short sales allow the distressed homeowner to repay the mortgage at the price that the home sells for, even if it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

Today, more than 13 percent of homeowners are delinquent on their mortgage or in the foreclosure process. This is occurring across all price ranges, and the fastest-growing category of homes in foreclosure is the luxury home market.

I work with homeowners and lenders on complicated short sales.  This can be a very stressful time for anyone, why make it more stressful by going it alone?