Antoinette's Blog

Is Your Short Sale or Loan Modification Being Turned Down?

Antoinette Murphy, GRI (RE/MAX Atlantic) — Wed, 16 Sep 2009 20:14:46 -0700

If you are behind in your mortgage payment and want to avoid a foreclosure, you can contact a Realtor who specialies in Short Sales. Keep in mind that Short Sales are not cut and dry. There are a lot of determining factors which can control the outcome of a Short Sale.

It is important to find out who holds the note on the loan before proceeding with a Short Sale.

Read the information below to understand some of the detours that can be encountered in the process.

Via Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.):

Has your short sale or loan modification been turned down and you have no idea why? Let's examine some of the reasons. These reasons may not make you feel any better or maybe they are just excuses by your lender, however there are a few things you may not even know about your loan.

Let's say that you make your mortgage payment to Wells Fargo. You can no longer handle your payments so you ask Wells Fargo to modify your loan- to do a loan modification for you. You are behind in your payments. You are in fact, in foreclosure but you are still living in your home and the judge in your case has not ordered the sale of your home at auction yet. You are scared. You see your neighbors losing their homes all around you. You are hopeful because you see on the news and in the newspapers that the Federal Making Homes Affordable Program has been helping some folks keep their home and get a loan modification.

You are no longer making your mortgage payment because your adjustable rate has been applied and your mortgage payment has gone from $1600 a month to $2300 per month. You just can not make these payments. You have been trying for almost 2 years now to get Wells Fargo to approve your loan modification. You even hired an attorney to help you with your foreclosure defense.

Wells Fargo turns down your loan modification request. You wonder, how could this be? After all, Wells Fargo is one of the large lenders and is participating in the government's Federal Making Homes Affordable program.

But Wells Fargo tells you that the investor is the one that will not allow you to get a loan modification. What in the world is an investor doing making decisions on your loan you wonder. Well, you are not alone in your confusion. Every day we are explaining the whole mortgage note owner thing to buyers agents, real estate agents and homeowners.

Just because you make your house payments to Wells Fargo does not mean they own that note that you are paying on. They are the servicer. Other words you will hear them called are asset management companies.

The very first thing you need to do before you ask for a loan modification is to find out who actually owns your note. You can do this by calling who you make your mortgage payments to and asking them.

If it is Freddie Mac or Fannie Mae that own your note- you have a much better chance at getting your loan modification approved if you qualify. If it is a private group of investors, your chances go way down. Why would this happen?

One in eight homeowners' loans were sold to investors on Wall Street. What happens is that a bunch of loans are packaged together. These are called mortgage-backed securities. They are then sold off to investors. Homeowners who have mortgage-backed securitized loan are five times more likely to be late on their house payments. Many of these borrowers were given loans they were not qualified for from the beginning. Many of the homeowners getting these loans did not read the fine print and did not realize how high their mortgage payments might go when adjusted.

The rules to allow modifications, short sales and terms of foreclosures and deficiencies are ambiguous at best. Homeowners who are told no by the investor have little recourse.

The federal Making Homes Affordable program lenders who participate in the program must modify all homeowners that qualify. The exception is when the investor has a rule that they do not allow modifications.

The Federal Housing Finance Agency reported to Congress on June 3rd that these securitized mortgages are a "hurdle" to the success of the Making Homes Affordable program. The treasury department has not disclosed why the modifications are denied so there are little to no facts to go on.

Why would the investors say no to your loan modification? Well, Wells Fargo's response is that the investors need their money. Wells Fargo has one situation where the borrowers ( the homeowners) are trying to get their loan modified but Goldman Sachs is the issuer and Deutsche Bank is the trustee. But when you go and talk to these investors and we have on several occasions when doing short sale negotiations for our sellers; the investor passes the buck back to the servicer. For instance, Deutsche Bank says that Wells Fargo is solely responsible for the decision to modify a loan or not.

Some people say that the investors are the scapegoats. Everything can easily be blamed on them. Since you rarely get to speak to anyone at the investors' group it is hard to tell who is telling the truth. In this particular situation Wells Fargo is saying that the investor is not forgiving the past due debt and that makes the payment go up on a loan modification because then Wells Fargo would have to put that past due balance along with all the penalties and fees into the loan modification which then may cause the homeowner to not qualify financially for the loan modification.

Servicers have agreements, contracts that they sign with investors. These agreements contain the rules for modifications. These agreements are called Pooling and Servicing Agreements which is known as PSA's. The PSA is most often what the servicer says is the reason for them not being able to do the loan modification or release the deficiency on a short sale.

But when you talk to other people in the management areas or to the investors they claim that there is nothing in the PSA's that would prevent the servicer from approving loan modifications, short sales and releases. There is a new study coming out from a law school wherein they state that only 8% of these mortgage-backed securities agreements contain any language that says the servicer is not allowed to do a loan modification for these notes. That means that about 92% of all the NO's; could actually be YES's. So why would that even happen?

Fear of law suits! The language in the PSA in question here, Wells Fargo and Deutsche Bank- it says that Wells Fargo can "waive, modify or vary any term" as long as Wells Fargo as the servicer makes a "reasonable and prudent determination" that the modification is in the investor's best interest. Attorneys examining these agreements say there is quite a bit of room for servicers to make these decisions. But the language itself in this agreement is enough for the servicers legal counsel to be concerned with the investor suing them for not acting in the best interest of the investor. They can not, no matter how inhumane this sounds, put the homeowner ahead of the investor. This is about business and if they want business from investors they need to make sure they are looking out for the interests of the investors.

The treasury department has stated that the fear of law suits is the biggest deterrent to getting the servicers to approve loan modifications and short sales. So doing little or simply turning down the loan modifications are the answer many servicers choose. This is not personal and this is not against you, the homeowner. The position of the servicers is to watch their own backs and to protect the assets to which they have been entrusted with, your mortgage-backed security. The Treasury Department says they can relieve some of the pressure of the fear of lawsuits by standardizing requirements for loan modifications and also provide some type of calculation to figure out if the investor will make more money by the loan modification or by the foreclosure.

We need to keep in mind one big thing in all of this and that is that these investors end up being regular people because most of these mortgage-backed securities were bought by pension funds and retirement plans of folks like your parents or even yourselves. You may well be one of the shareholders of the very loan you can not pay.

T o view Florida Short Sales- Click here . We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

By TwitterButton

Is Your Short Sale Or Loan Modification Being Turned Down?-was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Is Your Short Sale Or Loan Modification Being Turned Down?*

Home for Sale | Galloway | University Park

Antoinette Murphy, GRI (RE/MAX Atlantic) — Wed, 09 Sep 2009 17:24:11 -0700

Immaculate University Park former model home (Yale) on largest lot in development. Professionally finished with crown modling and chair rails. This home is ready for you to move right in. 1st floor has 9' ceilings & hardwood floors thru-out, 42" cabinets, gas fireplace,cen vac. Park-like private fenced yard with new Sundance Hot Tub and 3 tier paver patio and exquisite landscaping. Free use of irrigation well till 2016. Extra 100 AMP box in basemt with outlets easy to finish w/ Humidex, Culligan water purification system.

CALL ALL OF YOUR BUYERS to see this well-maintained almost NEW home! Bruce floor, all custom blinds and curtains. Phone & cable in every room + basement. Epoxy sealed garage floor. Wooded side yard and behind property. This home is IDEAL for your buyer who is looking for a move-in ready home that needs to settle quickly. Priced to sell--Sellers are ready to move and NOT contingent upon finding another home. Yard has perfect southern exposure for future pool, yet patio has shade. Easy to show, just call and make appointment.

Go to: www.BuyOrSellnj.com or Call Antoinette Murphy, Sales Associate direct at 609-412-5703

RE/MAX Atlantic - 703 White Horse Pike, Absecon, New Jersey 609-641-8600 x 32

For more photos, see below:

Condo for Rent | Galloway | Society Hill 2

Antoinette Murphy, GRI (RE/MAX Atlantic) — Wed, 09 Sep 2009 16:31:13 -0700

$980 / 2br - Penthouse Condo for Rent - (Galloway, NJ) (map)

Very clean and spacious 2 bedroom, 2 bath condo for Rent at Society Hill 2. Available October 1.

Beautiful, tastefully decorated 3rd floor penthouse condo with cathedral ceilings. Ceramic tile flooring in kitchen. Walk-in closet and Master bath with garden tub. Balcony overlooks woods.

Includes washer/dryer and storage space. Common area includes clubhouse, tennis courts and playground. Tenant pays gas, electric and water.

Credit check necessary.

Navajo at Collins (google map) (yahoo map)

Location: Galloway, NJ
it's NOT ok to contact this poster with services or other commercial interests

PostingID: 1366374494

Weight-Loss and Nutrition Business for Sale only $40K

Antoinette Murphy, GRI (RE/MAX Atlantic) — Wed, 09 Sep 2009 13:52:08 -0700

Business-Weight-Loss & Nutrition - $40000 (Somers Point, NJ)

www.BuyOrSellnj.com

Great opportunity to be your own boss -Health-Nutrition-Weight loss Turn Key Operation with immediate profit potential.

This is a growing business that has great potential for health minded individual. Nutrition and weight-loss business selling products as an Independant Distributor of a Billion Dollar NYSE Listed Company. Fianancials will be supplied for serious buyers and Non-disclosure with Pre-qualification or financial statement.

Selling business only with list of clientele, fixtures, tables, chairs, equiptment. Training provided. Owner relocating and opening same business in different state.

Location: Somers Point, NJ
it's NOT ok to contact this poster with services or other commercial interests

PostingID: 1366052115

http://southjersey.craigslist.org/bfs/1366052115.html

Owe more on mortgage than home is worth?

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 15 Aug 2009 20:53:09 -0700

Do you owe more on your mortgage than your home is worth and don't know what to do?

The answer is to contact your mortgage company and negotiate a remodification. Someone like myself, can communicate with your mortgage company and try to negotiate your loan with them, at no cost to you. You will have to supply a set a financials, copies of the tax returns, bank statements, pay stubs and a list of your assets and expenses. Most importantly, you need to prepare a letter of hardship explaining why you no longer can afford to keep up with the monthly mortgage payments.

If your mortgage company is not willing to modify your loan, and you don't see the light at the end of the tunnel, we can help list your home at a price that will sell, and keep you from going into foreclosure. This is a long and tedious procedure, but you will be able to stay in the home until it sells and save your credit.

If you have any questions regarding this procedure, you can contact me and I can answer your questions.

It is always a good idea to get legal advise and/or speak to a tax accountant.

Antoinette Murphy, GRI

RE/MAX Atlantic

703 White Horse Pike

Absecon, NJ 08201

Direct: 609-412-5703

www.BuyOrSellNJ.com

See what's ahead if you decide to move in with your in-laws!

Antoinette Murphy, GRI (RE/MAX Atlantic) — Thu, 30 Jul 2009 20:29:53 -0700

Check out this great youtube video.

http://www.youtube.com/watch?v=50jDlRcjqGI&feature=channel_page

If you know an engaged couple, take the following steps:

1 - send them this clip

2 - have them call this number 609-412-5703

3 - tell them that time is running out for the first-time home buyer $8,000 tax credit!

4 - Ask them to make an appointment ASAP to start looking for their first home.

We will take care of the rest.

The Real Estate Expert Team

Antoinette and Robert Murphy

RE/MAX Atlantic

609-412-5703 or

609-412-0605

www.BuyOrSellNJ.com

Always wanted your own place at the Jersey shore?

Antoinette Murphy, GRI (RE/MAX Atlantic) — Thu, 30 Jul 2009 20:16:33 -0700

Have you always wanted to buy a home at the Jersey Shore?

Check out this youtube video. Send it to your friends.

http://www.youtube.com/watch?v=Fs0mbeHG52o&feature=channel_page

If you would like a real estate team that knows their stuff, call The Real Estate Expert Team. We are here to help!

Antoinette Murphy, GRI Robert Murphy, Buyer's Specialist

RE/MAX Atlantic

703 White Horse Pike

Absecon, NJ 08201

Direct: 609-412-5703

www.BuyOrSellNJ.com

Don't miss the boat or the $8,000 Tax Credit

Antoinette Murphy, GRI (RE/MAX Atlantic) — Tue, 30 Jun 2009 15:55:42 -0700

Don't miss the boat or the $8,000 Tax Credit!

Affording a new home just got a lot easier! Congress has passed a new housing stimulus bill-- THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 -- that will help 1st time home buyers. If you have not owned a home, or haven't in the last three years - you may qualify for an $8,000 tax credit!

This credit is available on homes that go to settlement on or before November 30, 2009. The best part - unlike previous tax credits, is that this tax credit does not have to be repaid so long as you keep the house for at least three years. Don't wait, or you will MISS THE BOAT!

Contact The Real Estate Expert Team directly at 609-412-5703 to get more information WWW.BUYorSELLnj.com Antoinette Murphy, GRI - Robert Murphy, Buyer Specialist RE/MAX Atlantic 703 White Horse Pike, Absecon, NJ 08201

The Real Estate Market is Moving...people are buying!

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 06 Jun 2009 19:22:12 -0700

Accoring the the New Jersey Association of REALTORS, pending home sales are up for teh third consecutive month.

Record low mortgage interest rates boosted the NATIONAL ASSOCIATION OF REALTORS^®' (NAR) forward-looking pending home sales index 6.7 percent in April to 90.3 from 84.6 in March, 2009. April 2009 was 3.2 percent above April 2008. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market, too," says NAR Chief Economist Lawrence Yun. The index in the Northeast shot up 32.6 percent from March, 2009 to 78.9 in April, 2009.

For more information, read NAR's press release or watch a video interview of Lawrence Yun on the latest index figures.

Buyers should be out in droves with the sales prices down to afforadable levels and the mortgage rates still low. Let's not forget the $8,000 First Time Homebuyer tax credit. Buy now and don't utter the words "IF ONLY!" a few years down the road.

What Does the Rising Interest Rate Mean?

Antoinette Murphy, GRI (RE/MAX Atlantic) — Fri, 29 May 2009 09:10:05 -0700

What does the rising interest rate mean? For starters, it means that the house you were thinking of buying is now less affordable to you. For every 1% rise in the interest rate, that means that this dream home will now cost you $9,000 more. No, not because the current owners decided to put down fresh sod on the front lawn, or upgrade to brand new stainless steel appliances because they like you. It's because the interest rates are rising...!

Yes, interest rates are on the rise, and big time. I hope this means that the economy is starting to recover. We have noticed in the real estate market that things have picked up dramatically. There are multiple offers on properties now that have been sitting idle for months and months without a single offer. Of course the prices are dropping at alarming rates. The buyers are presenting very low offers on these properties, but I think this is about to change.

When buyers loose out on not one but two houses they presented contracts on because of higher bids, by the third house they find, they are willing to offer a price that the seller won't just laugh at. By this time they are offering a price that is more realistic and in line with the current market conditions. When this happens, there is something to work with.

If you want to take advantage of the $8,000 First Time Buyer Tax Credit, you should be out looking for a full-time Realtor who is committed to finding you the right house for the right price. We are professionals and know the market. There is a time frame involved in buying or selling a home. You more than likely will not find your dream home on the first run. Have your Realtor schedule not more than 5 homes at one time because after a while, you can't remember what house had one feature.

When you find the home you want to present a contract on, it may take a couple of days to iron out all of the wrinkles with the price and provisions in the contract. Then there is the attorney review period. Let's not forget, in order for your mortgage rep to submit your mortgage application, they need the a fully executed contract and completed application and required fee. You're looking at a approximately 45 days to settlement from the time you have a contract signed by all parties.

Sooooo, that brings us back to the $8,000 First Time Buyer Tax Credit. Don't wait until October to start looking for your new home. The fast approaching dealine to qualify is December 1, 2009. That means you have to settle on your new home by that day at the latest...no exceptions. I certainly would not reccomend that you sit at the settlement table on December 1. There may be some unforeseen delay that may bump you to the next day, and that could cost you. You don't want to be up against a wall to make a very large investment like buying a home. You want time to shop and be comfortable that you have chosen the right property. Give yourself plenty of time. Remember the early shoppers get the best deals.

Galloway | Homes for Sale | Real Estate

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:20:18 -0700

465 Upas Avenue
Galloway, NJ 08205

Price: $189,000
Main Features:
Single Family Home,3 Bedrooms,1 Bathroom

More Info: http://www.buyorsellnj.com/338486

Description:
Immaculate home remodelled and ready to move in. Brand new appliances and tiled eat-in kitchen with open floor plan. Beautiful new carpeting in the living room and bedrooms and new tiled bath. Easy access walk-up attic. Makes a perfect starter home. Convenient for public transportation. Quick cloising possible.

Galloway | Land for Sale | Acreage | Real Estate

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:18:31 -0700

309 Avenue A
Galloway, NJ 08205

Price: $35,000
Main Features:
Lots and Lands,Lot: 0.22 acre(s)

More Info: http://www.buyorsellnj.com/338588

Galloway | Homes for Sale | Real Estate

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:16:36 -0700

817 Flora Court
Galloway, NJ 08205

Price: $279,000
Main Features:
Single Family Home,4 Bedrooms,2 Bathrooms,1 Partial Bathroom,Lot: 0.35 acre(s)

More Info: http://www.buyorsellnj.com/328891

Berlin | Andes Run | Homes for Sale | Camden County

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:14:47 -0700

16 Hillside Lane
Berlin, NJ 08009

Price: $464,000
Main Features:
Single Family Home,4 Bedrooms,2 Bathrooms,2 Partial Bathrooms,Interior: 3436 sqft

More Info: http://www.buyorsellnj.com/328891

Description:
Spectacular custom built home in a great community.Â This is a large (3436 sf excluding basement) 4 bedroom, 2 bath, 2 powder room home with a Sun Room with French Pocket doors and a cathedral ceiling. Large kitchen with oak cabinets and center island cooktop, double wall ovens, and dinette that opens onto a hugh 15 x 31 Familyroom. The basement(1369 sf) is partially finished with heat/ac with plumbing to add a fireplace and bar. Entrance foyer with cathedral ceiling. Laundry room equiped with sink and cabinets. Large 21 x 23 master bedroom with vaulted ceiling, walk in closet, and bath with double sinks, jacuzzi tub, shower, and makeup table. Each room has phone and cable.Â Backyard deck. Storage attic with heat/acÂ This home should be seen to appreciate its exceptional extras and quality.

Absecon | Homes for Sale | Atlantic County | Real Estate

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:12:26 -0700

301 West Church Street
Absecon, NJ 08201

Price: $199,900
Main Features:
Single Family Home,2 Bedrooms,1 Bathroom

More Info: http://www.buyorsellnj.com/333344

Galloway | Condos for Sale | Atlantic County | Real Estate

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:10:28 -0700

276 East Lakefront Circle
Galloway, NJ 08205

Price: $199,000
Main Features:
Condominium,3 Bedrooms,2 Bathrooms,1 Partial Bathroom

More Info: http://www.buyorsellnj.com/334143

Cherry Hill | Barlow | Homes for Sale | Camden County

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:08:17 -0700

241 6th Avenue
Cherry Hill, NJ 08002

Price: $190,000
Main Features:
Single Family Home,4 Bedrooms,2 Bathrooms

More Info: http://www.buyorsellnj.com/334320

Description:
Home renovated in 1992. New tile in bath, new dishwasher, refrigerator, heater. Wall to wall carpet over hardwood. House needs new roof. Being sold in"AS IS" condition. Home inspection allowed for informational purposes. 1.4 miles from Cherry Hill Mall.

Galloway | Acreage | Homes for Sale | Real Estate

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:06:12 -0700

427 West Herschel Street
Galloway, NJ 08205

Price: $589,900
Main Features:
Single Family Home,4 Bedrooms,3 Bathrooms,1 Partial Bathroom,Lot: 8.00 acre(s)

More Info: http://www.buyorsellnj.com/335677

Description:
2 Houses for the price of 1 on over 8 secluded acres. A beautiful & unique 4 bedroom 3 + bath home ideal for entertaining with twin ponds, 3 gazebos,greenhouse, horse barn w/ water & electic, shed w/ heat and electric, and a bonus ranch style home thats separate and apart with its own kitchen, 2 bedrms,& garage, ideal for extended family/in-law quarters or to rent for income.

Egg Harbor Township | Homes for Sale | Real Estate

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:04:16 -0700

4015a Tremont Avenue
Egg Harbor Township, NJ 08234

Price: $280,000
Main Features:
Single Family Home,4 Bedrooms,2 Bathrooms,1 Partial Bathroom,Interior: 2002 sqft,Lot: 00 sqft

More Info: http://www.buyorsellnj.com/336022

Devonshire Village | Four Seasons | Galloway | Homes for Sale

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:02:21 -0700

149 St. Georges Drive
Galloway, NJ 08205

Price: $319,000
Main Features:
Single Family Home,2 Bedrooms,2 Bathrooms,Lot: 0.18 acre(s)

More Info: http://www.buyorsellnj.com/5447519

Description:
Pristine home at Four Seasons adult community offers elegante living with impressive features like hardwood floors, 9ft ceilings, crown molding, high hats, Corian counters, molded double sink, 42" cabinets. Inviting all season sun room and double size patio with gas line for the grill for indoor/outdoor living. Quality extras like keyless entry, surround sound, security system, high efficiency heating package with humidifier, even an insulated garage with shelving. Live the"good life", this home has it all!

Acreage | Egg Harbor Township | Land for Sale | Atlantic County

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 02 May 2009 17:00:02 -0700

5011 Ridge Avenue
Egg Harbor Township, NJ 08234

Price: $800,000
Main Features:
Lots and Lands,Lot: 6.11 acre(s)

More Info: http://www.buyorsellnj.com/5457358

Description:
6.11 acres, Frontage 153.02 x 906 x 475.50 x 846.20 irregular. Water and sewer nearby at Lacosta Lakes subdivision. Possible 12 lot subdivision, buyer is responsible for permits and approvals. Currently has a single family home which can be moved. Beautiful piece of property, good portion partially cleared.

$8,000 First Time Home Buyer Tax Credit

Antoinette Murphy, GRI (RE/MAX Atlantic) — Tue, 28 Apr 2009 07:18:17 -0700

Now is a perfect time to buy your first home. With the interest rates at exremely low rates and this tax credit, you should start your home shopping now. Your settlement must take place by December 1, 2009. Keep in mind that once you find the perfect home, the time from contract to settlement can take 45 days. So, if we count backwords,30 days in November, and 15 days in October. You should be under contract by early October in case there are some delays involving necessary repairs, etc.

This tax bill provides for a $8,000 tax credit that is available to first-time home buyers purchasing their principal residence on or after January 1, 2009 and before December 1, 2009. This tax credit does not have to be repaid. You simply claim the credit on a tax return to reduce your income tax liability. If any credit amount remains unused, then the unused amount will be refunded to you.

If you need help or have any questions, contact me and I would be happy to forward you more information. You can go to www.BuyOrSellNJ.com to start your home search. I am available to show you any homes on the market.

Wildflowers for Earth Day at Galloway Township Middle School

Antoinette Murphy, GRI (RE/MAX Atlantic) — Wed, 22 Apr 2009 07:38:26 -0700

Today is EARTH DAY! And, the Student Council of the Galloway Township Middle School will be creating a wildflower garden in a courtyard on the school grounds. My daughter, Tina, who is the President of the Student Council asked me to go shopping for wildflower seeds. Of course I had all day to take care of this, but I had a busy day at work as a RE/MAX agent. Tina reminded me at 6:30 that I needed to pick up the seeds. After an hour and a half of searching and shopping, I tracked down the perfect wild flower seeds at my local Shoprite! Of course, I started out at the local garden center, who was totally out, but I did pick up patch seed for my lawn. Then I tried the hardware store. Everyone knows that you can always find a display of seeds at your local hardware store. Nope! Just the little packets of marigolds, morning glories, etc.

Okay, let's try Plan C: Let's check out the supermarket...never know! I drove across the street to the Shop Rite before I drive down to The Home Depot, who I called so that I would save a trip if I can find out on the phone whether they had any wildflower seeds in stock before driving there. I asked for the Garden Center and was put on hold. Well...I think they forgot me because I was on hold for at least 1/2 an hour ON MY CELL PHONE...hello! minutes ticking!! In the meantime, with help from an employee and friend, Diane, we found the perfect selection.

Thanks to the Student Council there will be beautiful flowers to admire.

www.BuyOrSellNJ.com

New Jersey Smart Start Fact Sheet

Antoinette Murphy, GRI (RE/MAX Atlantic) — Sat, 31 Jan 2009 16:26:51 -0800

What a Smart Program.

Karl, thanks for letting consumers know that there are still avenues to obtain mortgage funding. This is a great time to buy, with the rates at an all-time low and the home prices down as well. There are great deals right now, so if you know of anyone that is thinking about buying, let them know that not all of the great deals are a foreclosure or a short sale.

A lot of sellers are aware of the market and have priced their homes appropriately for the current market. With these deals, there is no need to get involved with the complicated foreclosure and short sales.

Via Karl Peidl (Superior Mortgage Corp):

1. PROGRAM DESCRIPTION: Accumulating the funds for downpayment and closing costs is a common barrier to potential homeowners. The Smart Start Program is available to participants in the Agency's first mortgage homebuyer's program who are purchasing homes in Smart Growth areas. The program helps these families by offering a second mortgage for downpayment and/or closing costs up to 4% of the first mortgage.

2. AVAILABLE FUNDS: As allocated by HMFA.

3. ELIGIBLE BORROWERS:Eligible households are those who qualify under the Home Buyer Program. Borrowers with sufficient personal assets to close a loan at more than 80% LTV are ineligible. Corporations and Investors are not permitted to act as borrowers.

4. OCCUPANCY: Property must be occupied as the borrower's primary residence within 60 days of closing. Borrower must maintain occupancy for the life of the loan.

5. LOAN TERMS:The Agency will make Smart Start downpayment and/closing cost loans in the amount of 2%, 3% or 4% of the first mortgage to qualified Home Buyer Program borrowers purchasing in Smart Growth areas as determined by the Agency's Smart Growth locator. (Click here to access the locator tool.) The interest rate on the Smart Start second mortgage is 0%. The Borrower may repay the unpaid principal in full or in part at any time before it is due. This is known as prepayment and no penalty shall be charged. If the Borrower continuously resides in the premises, as his/her principal residence for five (5) years from the date of the closing of the loan, the principal on the Note will have been deemed satisfied and the Lender will provide the Borrower with a cancellation of mortgage or release of lien. If the Borrower conveys, cash-out refinances or ceases to occupy the premises as his/her principal residence, full repayment of principal will be due as follows:

Months 0 through 24, the entire principal is due.

After the 24^th month, 25% of the principal on the Note will be deemed satisfied and the remaining balance will be reamortized.

After the 36^th month, an additional 25% of the principal on the Note will be deemed satisfied and the remaining balance will be reamortized.

After the 48^th month, an additional 25% of the principal on the Note will be deemed satisfied and the remaining balance will be reamortized.

After the 60^th month the entire Note will be satisfied and discharged.

6. INCOME LIMITS: Income limits are determined by the area of purchase as well as family size and must follow the same guidelines as the First Time Home Buyer Program.

7. PURCHASE PRICE LIMITS: Purchase price limits exist for both the statewide and target areas. Loans submitted using FHA, VA and/or RECD guidelines must adhere to FHA or HMFA guidelines (whichever is lower) regarding purchase price limits or mortgage loan limits.

8.FIRST MORTGAGE PRICING: The 30 year first mortgage interest note rate will vary depending on the Smart Start loan amount elected and will be fixed for the life of the loan in accordance with the following schedule:

2% Smart Start loan results in first mortgage Home Buyer Program rate + .375
3% Smart Start loan results in first mortgage Home Buyer Program rate + .50
4% Smart Start loan results in first mortgage Home Buyer Program rate + .75

The 40 year first mortgage requires an additional add-on of .125%.

The current base rate as of 1/30/09 is 6.50%.

Please contact me with any questions.

Karl Peidl

kpeidl@supmort.com

1-800-706-6671

Egg Harbor Township | Homes for Sale | Real Estate

Antoinette Murphy, GRI (RE/MAX Atlantic) — Fri, 30 Jan 2009 19:35:18 -0800

Egg Harbor Township, NJ 08234

Price: $280,000
Main Features:
Single Family Home,4 Bedrooms,2 Bathrooms,1 Partial Bathroom

This Beautiful 4 bedroom 2.5 bath home, barely lived in is ready for you to move right in, like new, great condition, only 6 months old, nice lot w/cleared back yard, 9' ceiling in unfinished basement. You don't have to wait for builder to complete, Comes with Builder's Warranty, Convenient location close to shopping.

For more photos and more info go to: http://www.buyorsellnj.com/336022

Antoinette Murphy, GRI RE/MAX Atlantic www.BuyOrSellNJ.com 609-412-5703