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avery group: What is the Credit Crisis? - 07/16/09 02:41 PM
What is the Credit Crisis? Check out this video to find out!!!!!
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
There are a couple of key things to take from this. One, it doesn't matter what you think about the area in which you live. YOU ARE NOT INSULATED FROM THIS. Yes, there are some markets that will be worse, like Detroit and the car industry, but EVERYONE will be affected.
Two, its coming to Charlottesville and fast. There have been more and more REOs and Short Sales in Charlottesville month after month. We have an over supply … (0 comments)
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avery group: Preforeclosures Rising in Charlottesville, now ranked #4 in VA - 07/16/09 02:29 PM
Here is a map from Realty Trac that shows the trends in Virginia in Preforeclosures:
This map shows the number of preforeclosures in the state of Virginia. Right there in Central Virginia is Albemarle County and Charlottesville Ranking #4. You can see the actual map by clicking on the picture of the one above. The definition of preforeclosure on realtytrac.com is the number of people that are at least 90 days behind and the banks have submitted it to their credit report. This is a new development in our area and further proves that the Charlottesville Real Estate market is going … (2 comments)
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avery group: Your Mortgage is Stealing Your Future - What Banks Don't Want You to Know - 05/06/09 01:59 PM
Did you know that on your typical 30-year mortgage, it takes approximately 21 years just to pay down less than half of the principal of your loan? The Mortgage industry's big secret has been kept away from the public since the Roosevelt administration. This little known secret has been taking you (and every other homeowner) for a very costly ride. Your 6% LOW INTEREST MORTGAGE IS REALLY costing you upwards of 60% or more! You might be asking how you could possibly be paying THAT much without knowing it? It is because ALL mortgages are front end loaded, meaning you're paying … (0 comments)
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avery group: US Foreclosures Up 24 Percent In 1st Quarter 2009 - 05/06/09 01:51 PM
The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday, April 16th, 2009.
The big unknown for the coming months, however, is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, … (0 comments)
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avery group: No Bankruptcy Help For Homeowners - 05/06/09 01:48 PM
The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure on Thursday, April 30th, 2009 after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages. The defeat left many housing advocates questioning the effectiveness of the president's loan modification plan. The so-called cramdown provision, which would allow judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.
The financial industry lobbied hard against the bill, arguing that letting judges change mortgage contracts would add instability to the market and raise interest rates. … (0 comments)
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avery group: Foreclosure Filings In Record Jump - 05/06/09 01:38 PM
Lenders continued to rewrite troubled mortgages at a fast clip during March, 2009 but the weakening economy still sent foreclosure starts soaring to a record high.
Repayment plans merely postpone payments for delinquent borrowers without making them any more affordable. Mortgage modifications are changes in the terms of loans that reduce or freeze interest rates, extend the life of the loan, reduce loan balances or any combination of those three, to, ideally, lower the amount borrowers pay monthly. Modifications are considered more effective that repayment plans. The lending industry is steadily working out solutions for homeowners and keeping as many as … (0 comments)
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avery group: Spotsylvania County Has Highest Forelcosure Rate in Virginia - 05/05/09 11:38 AM
Data from RealtyTrac.com shows that Spotsylvania County had the highest foreclosure rate in Virginia in February.
According to the data, statewide, one in 679 housing units received a foreclosure filing in the last month. That includes notices of default or auction sale, and bank repossessions.
The national rate was one in 440, up from one in 466 in January. In Spotsylvania, the rate was one in 199 housing units.
The top of the list of Virginia's 134 localities also included Stafford County, Manassas, Prince William County, Orange, Caroline, Culpeper, Fauquier, Fredericksburg and Louisa.
… (0 comments)
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avery group: Buying Properties "Subject To" - 05/04/09 12:10 PM
Taking over a property "Subject To" an existing loan is not as hard as it may seem as long as you know what it is.
If you know what it is and how to explain it to the seller, and what steps to use to protect the loan from being called, you can buy many more properties faster than you can if you have to go get new loans on each purchase.
Here is how . . .
When financing a property, the note says I owe x amount of money and the Deed of Trust or Mortgage says, "here is … (0 comments)
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avery group: The Truth About Hard Money Lenders - 05/04/09 12:04 PM
So many first time investors are curious about hard money lenders. Who are they? What is it? How do I get some? Is it beneficial? Let me share with you some of the basic principals about hard money lenders. First of all, lets determine what the term "hard money" means. When money is discussed between investors, it is considered to either be "soft" or "hard". Typically soft money is easier to qualify for and the terms are flexible. Hard money, on the other hand, is just the opposite. It is much more restrictive. Not in that it's more difficult to obtain, … (0 comments)
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avery group: What is a Tax Lien Certificate? - 05/04/09 11:58 AM
A tax lien certificate is nothing more than a lien on a property for not paying taxes. Essentially, each and every year owners of real estate have a tax lien (aka financial obligation to pay taxes) placed on their real estate. If the property taxes are paid on time the tax lien is removed. If they are not paid, in due time the county government will allow investors to pay on behalf of the real estate owner. The winning bidder at the public tax lien auction receives a tax lien certificate as proof of purchase. As the owner of the tax lien … (0 comments)
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avery group: What are the Options of Homeowners in Foreclosure? - 05/04/09 11:57 AM
1. You can call your bank or lender and ask them to reinstate the loan. You may be allowed to reinstate or make the loan current by paying a lump sum or making scheduled payments to your lender over a given amount of time. Just explain to them you had a few bad months and things are now better and most lenders will try to work something out with you.
Here is an example:Ed falls behind 3 payments on his house. He pays $2000 a month for a mortgage payment. Then we add on $500 in late fees. Ed owes a … (0 comments)
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avery group: Investing in Foreclosures online is simple - 04/30/09 12:45 PM
The recent economic climate is providing awesome opportunities for savvy investors. Right now there is an ample supply of empty, under-priced and foreclosure listings of properties in nearly every city in the United States. These properties are available at every price level and in every condition.
Real estate markets will go in cycles. Right now we are really seeing the downward cycle and many foreclosure listings but this trend will sooner or later reverse and the prices will start to rise again. It's inevitable. If you follow the investors maxim of "buy low, sell high" then now is the time to … (0 comments)
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avery group: Techniques on Financing Foreclosures - 04/30/09 12:39 PM
Charlottesville and Central Virginia Short Sales, Foreclosures, and Real Estate ExplainedTechniques on Financing Foreclosures.Financing foreclosures is the part of this business that people are worried about most. Most people automatically assume that you have to have money to invest in foreclosures, which is what keeps them from investing. You will be happy to learn that you don't have to have money to start investing. Obviously everyone is in a different financial situation, so not every technique we share with you will work. You just need to find one that works for you and go with it. Even those with bad credit, … (0 comments)
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avery group: 3 Stages of Buying Foreclosures - 04/30/09 12:10 PM
3 Stages of Buying Foreclosures
The strategy of buying pre-foreclosures is to create a situation where everyone wins. This type of strategy involves just you, the homeowner, and in some cases the lender. Because the homeowner has been delinquent on his or her mortgage payments, they are now in a position to entertain offers made by investors. Keep in mind, you may not be the only investor looking at this property. However, when buying pre-foreclosures, you can expect very little competition.
When buying pre-foreclosures like this and in turn make a profit, you must do some research on these types of … (0 comments)
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avery group: Where do you find foreclosure properties? - 04/30/09 11:51 AM
Where do you find foreclosure properties?
There are a plethora of places to look when you want to find foreclosure properties. The key is finding them before someone else does. You can find foreclosure properties on the web, newspapers, lis pendens lists, seminars, direct mail, word of mouth, friends, real estate agents, real estate offices, and lending institutions just to name a few.
The internet is a good place to search for foreclosure properties. Several foreclosure listing companies actually search out notifications of default and sell a subscription to those who are willing to pay for this information. Just remember, … (0 comments)
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avery group: What is Trust Deed Foreclosure? - 04/30/09 11:42 AM
What is Trust Deed Foreclosure?
Trust Deed foreclosure is different than that of a mortgage foreclosure because there are no courts involved. Simply put, most investors refer to trust deed foreclosure as a third party action.
Investors use different terms when dealing with a trust deed foreclosure. The borrower is called the trustor, the lender is called the beneficiary, and the third party representative (the one who is holding the title) is called the trustee. The trustee, who represents the lender or beneficiary, is brought on for the sole purpose of holding the title of the property as a security … (0 comments)
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avery group: What is Mortgage Foreclosure? - 04/30/09 11:33 AM
What is Mortgage Foreclosure?
Mortgage foreclosure simply means the deed can only be foreclosed through court action. Mortgage foreclosure is usually referred to as a judicial foreclosure.
A mortgage is a security document that allows the borrower to keep title of the property while using the property as security or collateral for a loan. The lender then places a lien on the property in the event the owner does not pay the agreed payment. When the borrower pays off the loan, the lender gives the borrower a satisfaction of mortgage that removes the lien from the property. About half the states … (0 comments)
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avery group: What is Foreclosure? - 04/30/09 11:18 AM
What is Foreclosure?
Foreclosure is to shut out, to bar, to extinguish a mortgagor's right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.
Foreclosure numbers are growing daily. Of the one hundred twenty or so million homes in America, more than 4% or roughly 4.8 million of them are facing foreclosure. Some of these homeowners are able to work their way out of foreclosure, however, according to MBA there were about 500,000 homes … (0 comments)
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avery group: How Short Sales Work - 04/30/09 11:12 AM
How Short Sales Work
Short Sales are one of the most effective techniques for discounting loans in real estate. Short sales create huge investment opportunities and are a must if you want to be competitive in this market. One of the most important steps in the short sales process is getting the deed. Too many times, beginning investors will skip this vital step. Why do we want to get the deed from the homeowner(s)? Because all too often, homeowners change their minds, or want to back out of deals because they are scared, or they want to re-negotiate. Without the deed, … (0 comments)
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avery group: What is a Short Sale? - 04/30/09 11:10 AM
What is a Short Sale?
A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $300,000. You write an offer to the lender for $220,000, which is accepted as full payment for the loan. This is a short sale. Why are they willing to take such a discount? Several reasons. First of all, banks do not like excess … (0 comments)
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A comprehensive blog about Charlottesville Real Estate including articles on short sales, foreclosures, market updates, news, resources and more.
Charlottesville Real Estate news and information. All new updates and market conditions as well as charlottesville short sale information, charlottesville foreclosure listings, avoiding foreclosure help, buying and selling information, central virginia updates, mortgage updates, charlottesville happenings, and tips and tricks in a slower market by Rob Alley, Realtor of Keller Williams Charlottesville
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