GOLD Team's Blog

Alternatives to Foreclosure

GOLD Team Bristow (RE/MAX Olympic) — Mon, 01 Jun 2009 09:10:33 -0500

ALTERNATIVES TO FORECLOSURE
Copyright (c) 2009 Deanna & Jim's GOLD Team

Keywords: foreclosure, short sale, deed in lieu, loan mod

(Disclaimer: Author is a licensed real estate agent in Virginia, NOT an attorney, not a tax advisor,
not a credit counselor. You should seek the counsel of those licensed to assist with the
kind of activities you are considering.)

Life delivers challenges. Sometimes we find ourselves financially over-extended.

If you are having difficulty making your mortgage payments here are some choices available.
The choices are listed in order of increasing damage to your credit, hence decreasing
desirability.

YOU STAY IN THE HOUSE

1. Tough It Out

This popular choice is little fun but most practical for many. You increase your household income
if possible (second jobs, another person working, charging rent to your still home
adult child, renting out the room over the garage, etc.) And you make adjustments
elsewhere in your monthly expenses to enable you to keep paying in full on time.

2. Loan Mod

First mortgage holders are obliged to consider all serious requests for loan modification based
on hardship. Recent initiative by the federal government have provided them both incentives and
tools to allow them to change your loan terms in ways that may work out to your advantage.
This choice is NOT available for investment (not owner-occupied) property. Not everyone will
qualify, but it is always better to talk about these possibilities with your lendor before
you stop paying in full.

3. Short Pay

Some think that they can pay part of their mortgage payment, just pay the first, just pay the second,
or maybe skip a payment on the home equity line of credit. Paying less than the
full amount due on any loan secured by your house will head you to foreclosure just
as fast as stopping payment on all of them. And - unless you resolve any partial/incomplete
payment within 30 days of failing to make it you will be headed towards one of the other
alternatives below swiftly.

YOU ARE MOVING

4. RENT IT OUT

Very frequently the market values will result in the rent you earn not covering your mortgage payment.
Owning a cash-eating rental can have tax advantages for some but is not generally
recommended as a good long term proposition. Once a property is leased the only way to get
the tenants out prior to the end of the lease may require foreclosure.

5. PAY TO GO

List the house with a qualified Realtor(r), sell it for market value and bring money to the table if, and as required, to pay off
all loans in full. ((Or you can sell if For Sale By Owner and get less for it!))
Most people who can afford to do this can afford to keep paying their
mortgage. If the shortfall is small this option is not as distasteful.

6. Sell in Short (Short Sale)

In this choice you list your house for sale with a Realtor(R) specializing in short sales,
a buyer makes an offer to purchase, and your agent negotiates with the bank (banks if you have
more than one lienholder) seeking their approval for a sale which yields them
a "short" payoff of the amounts due to them. If successful you get zero and the damage
to your credit is limited to an entry that your loans were paid off for amounts less
than the full balance. This bruises your credit but is much less damaging than a
foreclosure. Lendors often choose to approve such sales because their only alternative
is a time-consuming and costly foreclosure or a deed-in-lieu "friendly foreclosure," both
of which requiring them to take ownership, maintenance and marketing responsibilities.

We are not aware of any lendors who will consider Short Sales where the borrowers sell
For Sale By Owner (without listing their house in the local Multiple Listing Service).

7. Friendly Foreclosure (Deed in Lieu)

In this choice you give the lendor the keys to the house and the deed and they agree to
consider the loan paid. Damage to your credit is more than a Short Sale, less than a foreclosure.
Many lendors would rather just foreclose.

8. Just Walk Away

This results in foreclosure but creates more damage to both the lendor and your credit because
of the time interval between when you leave and when the lendor figures it out. Deed in Lieu
is better for you and for them.

9. Foreclosure

Eventually, whether you stay in the house ignoring the notice, or you have left, you may end up
here. If you stayed the friendly Realtor to whom the bank assigns responsibility for marketing
the house they now own will show up and begin negotiating terms of your moving out. They will
probably offer you some cash in exchange for you moving within 30 days. If you don't cooperate
the sheriff will show up in 45-60 days and assist you in seeing things more clearly.

FILING BANKRUPTCY

If you face financial challenges beyond making your mortgage payments you may wish to
consider filing bankruptcy. You should consult local bankruptcy attorneys if this is your
situation.

If you file Chapter 7 the Bankruptcy Trustee will almost always require that you allow them to sell your house
forthwith. Consult your bankruptcy attorney.

If you file Chapter 13 you may be allowed to keep your house if you keep making your payments in
full in a timely fashion. Consult your bankruptcy attorney.

HOW WE CAN HELP

Deanna and Jim's GOLD Team is a 3-person, full-time, family team of RE/MAX agents with over 350
residential real estate transactions in the last 8 years. We work with dozens of banks, asset management
companies, and loan servicers to market bank-owner foreclosure property. We handle numbers of short
sales every year. We are pleased to handle normal sales for those who need to move. And
we love to work with buyers of all kinds - ranging from first-time buyers to seasoned investors.

We are led by an associate broker and we have 3 master's degrees. We have extensive formal
training and deep experience in the negotiation and mediation of real estate matters.
And...we'll knock your socks off with responsive personal service.

At Your Service!

At Your Service
Deanna & Jim's GOLD Team
Licensed in Virginia
RE/MAX Olympic Realty
9214 Center St
Manassas, VA 20110

brokerjim@gmail.com 703-969-0410 http://www.1ajent.com

Prince William Country Foreclosures Rapidly Increased from Jan 07- Aug 07

GOLD Team Bristow (RE/MAX Olympic) — Tue, 18 Sep 2007 18:56:14 -0500

1/2 acre, 4-bedroom, 2.5 bath, 1-garage colonial $319,900!

GOLD Team Bristow (RE/MAX Olympic) — Tue, 18 Sep 2007 18:19:00 -0500

Deanna & Jim's GOLD Team | RE/MAX Olympic Realty | 703-969-0410

Mountainview, Marshall, VA

Minutes to Manassas+Centreville but country quiet! A real updated colonial home on 1/2 acre with a garage for TH price!

4 Bdrm Single Family House

offered at $319,900

Year Built	1992
Sq Footage	1,397
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	2
Parking	2 Car garage
Lot Size	22,150 sqft
HOA/Maint	$0 per month

DESCRIPTION

Minutes to Manassas+Centreville but country quiet! A real colonial home on 1/2 acre with a garage for TH price! Updates:vinyl windows, pergo main flrs,slider,washer,big deck. 4BR+2BA on top. BR#2 is huge. Buy, rent, lease-option, or lease-purchase. Pix/tours: 1ajent.com

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Walk-in closet	Hardwood floor	Living room
Dining room	Dishwasher	Refrigerator
Stove/Oven	Microwave	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Yard

COMMUNITY FEATURES

Garage parking

Guest parking

OTHER SPECIAL FEATURES

1/2 acre flat grassy lot, NO HOA

ADDITIONAL PHOTOS

Seller contact info:

Deanna & Jim's GOLD Team

RE/MAX Olympic Realty

703-969-0410

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 18, 2007, 5:00pm PDT

DOMINION VALLEY BARGAIN! 1/4 acre, 4240 sq ft, granite/cherry kitchen

GOLD Team Bristow (RE/MAX Olympic) — Tue, 18 Sep 2007 17:45:55 -0500

Deanna & Jim's GOLD Team | RE/MAX Olympic Realty | brokerjim@gmail.com | 703-969-0410

Mellon, Haymarket, VA

4240 Sq Ft Short Sale BARGAIN! Granite/cherry/hardwd island kit. Screened porch. Lo-maint deck.

4 Bdrm Single Family House

offered at $650,000

Year Built	2005
Sq Footage	4,240
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	Unspecified
Parking	2 Car garage
Lot Size	0.25 acres
HOA/Maint	$132 per month

DESCRIPTION

Huge Harvard plan with 4200+ square feet above grade plus screened-in porch and low-maint deck. Dramatic 2-sty foyer in gleaming hardwood. 2-sty light-flooded family room. Huge master with spacious superbath. Backs to treed commons. AS IS; Needs minor TLC: some paint,repair chewed molding. 3rd part appr reqd.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Tile floor	Family room	Living room
Office/Den	Dining room	Breakfast nook
Dishwasher	Refrigerator	Stove/Oven
Microwave	Granite countertop	Basement
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Garage parking	Clubhouse	Swimming pool(s)
Tennis court(s)	Golf course	Playground
Gated property	Secured entry

OTHER SPECIAL FEATURES

AS IS, BELOW COMPS, 3rd PARTY APPR REQD

ADDITIONAL PHOTOS

Seller contact info:

Deanna & Jim's GOLD Team

RE/MAX Olympic Realty

brokerjim@gmail.com

703-969-0410

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 18, 2007, 4:35pm PDT

FREE Foreclosure/Short Sale/Fixer-Upper Buyer Seminar 9/22 1-4PM Strayer Univ. Manassas

GOLD Team Bristow (RE/MAX Olympic) — Tue, 18 Sep 2007 14:52:48 -0500

HOW TO BUY NOW & $SAVE! 1st Time Buyers & Investors Foreclosures & Fixer-Uppers! "Buy a House Without Losing Your Shirt!' SMART BUYER'S SEMINAR SATURDAY, SEPTEMBER 22, 2007 1-4 PM FREE REFERENCES & HANDOUTS * Free Lists of Bargains Available Now * Free Credit Reports * Free Closing Cost Reduction Coupons * Free Buyer/Investor Feasibility Analysis * Free Copies of All Presentation Materials * Free Signups for Daily Email List Updates Sponsered by: Deanna & Jim's GOLD Team, RE/MAX Olympic Eric Bumgardner, First Horizon Home Loans Mina Croson, Stonewall Title STRAYER UNIVERSITY Manassas Campus 9990 Battleview Pkwy Manassas, VA 20109: I-66 W, Exit 47B, R Rt 234, R Battleview Free Registration Opens 12:45 PM

Agent Rating Review - Daughter buys, sells; Parents sell

GOLD Team Bristow (RE/MAX Olympic) — Mon, 03 Sep 2007 12:54:46 -0500

Agent Rating Review - Daughter buys, sells, parents sell

Frank and Nancy's daughter Natalie needed to buy her first house. She picked the GOLD Team 6 years ago and bought a townhome in Beau Ridge Estates in Woodbridge, near Montclair.

Several years later Natalie got engaged and needed to sell to move to another state. She picked the GOLD Team again.

Last year her Frank and Nancy bought a new home in Bristow directly from a builder. To sell their Montclair home they picked the GOLD Team, even though they had a satisfactory relationship with the agent they had previously used to buy the house.

Here are Frank and Nancy's comments about the GOLD Team's Jim Gilbert:

"Jim is competent and thorough. We trust him completely to do the best possible job for us. Our family has uses him for 2 sales and 1 purchase and will use him again when we buy or sell our next home."

Agent Rating Review - Buyer refers 6 Listings

GOLD Team Bristow (RE/MAX Olympic) — Mon, 03 Sep 2007 09:19:59 -0500

Nic A. needed to buy a 2-bedroom condo near his family in Lake Ridge. Nic chose the GOLD Team and succeeded immediately in winning the purchase of his selected home out in a 5-offer contest.

A year later Nic needed to sell and chose The GOLD Team again. Again his objective was achieved swiftly.

Subsequently Nic referred Johnny and Rosa to The GOLD Team. They listed 5 properties for sale with us!

Here are some of Nic's comments about the GOLD Team's service:

"Deanna and Jim are the consumate real estate professionals. Available, knowledgeable, thorough and fair. I wouldn't change a thing!"

Agent Rating Review: One Sale Triggers 2 More in Family

GOLD Team Bristow (RE/MAX Olympic) — Mon, 03 Sep 2007 09:05:06 -0500

James and Stacey O. owned a newer home in Woodbridge near Manassas. The builder was nearing completion of their new home. Their parents and their adult brother were going to be buying neighboring houses in the new subdivision enabling easy access for grandchildren, cousins and socializing among the homes.

The only trouble was that James & Stacey's existing home had been on the market for months with no offers despite being listed with an established, capable, and reputable local agent. James & Stacey relisted their home with the GOLD Team and it was sold swiftly.

James and Stacey then referred both their parents and their siblings to the GOLD Team to market those houses. The siblings house sold and the parents leased their house out.

All three families were able to move into their new houses on time!

Here are some of the comments James & Stacey had about the GOLD Team:

"The Deanna & Jim GOLD Team did an incredible job! The marketing was very professional. We appreciated the open and honest communication and your accessibility. Email correspondence, late at night, worked well with our schedule. Your knowledge fo the market and guidnce helped us make informed decisions."

Agent Review: Investor, buyer, seller rates GOLD Team

GOLD Team Bristow (RE/MAX Olympic) — Mon, 03 Sep 2007 08:49:46 -0500

Oscar Aguilar is a small business owner, an experienced real estate investor, and a Manassas homeowner.

Recently Oscar attended a GOLD Team Open House and decided to buy the home. As an experienced buyer he requested - and the GOLD Team accomodated - that we write his offer to purchase even though acknowleging in writing that we represented the seller. After some interesting negotiations the house was his.

Subsequently Oscar asked us to list and sell his single family home in Gainesville, which was swiftly and successfully accomplished.

And now Oscar has referred his brother to us who has listed a Burke single family home with the GOLD Team.

When we asked Oscar why he liked the GOLD Team over his prior agents he said simply, "You worry all the time to give good service!"

Handyman, paint, carpet, flooring, tile, plumbing, electrical, carpenter, remodel

GOLD Team Bristow (RE/MAX Olympic) — Mon, 03 Sep 2007 08:44:58 -0500

Oscar Aguilar is both a small business owner, a homeowner, and a real estate investor. He has bought and sold a number of homes in northern Virginia.

Oscar, Inc. offers handyman services for any job around your house!

Painting inside & out
Remodeling bathrooms and kitchens
Installing new windows and doors
Repairing plumbing problems and leaks
Faucets, hot water heaters & toilets
Repair and replace ceramic tile
Repair and replace cabinets
Installing & repair of wood floors and carpeting
Electrical problems
Installation of crown molding
And more

The GOLD Team has used Oscar to work on both our own house and those of clients. His rates are reasonable. His work is good quality. (And he is now our friend!)

Oscar, Inc is at 571-237-4839

Choosing a Real Estate Agent Team: One Customer's Story

GOLD Team Bristow (RE/MAX Olympic) — Mon, 03 Sep 2007 08:11:06 -0500

"This is the second time we've used RE/MAX Olympic for our real estate services - and once again we are extremely happy with not only the high level of service provided and the results achieved, but also with Jim's obvious vast knowledge of the real estate business and his eagerness to help even when we were calling multiple times a day!! :-) Thank you!"

"The services were above and beyond what I would already expect - I cannot think of anything that could be added.

Donald & Dusty McKinnon, Lake Ridge & Montclair homeowners

The McKinnons used the GOLD Team to lease out their Lake Ridge townhome, to buy their Montclair single family and referred the GOLD Team to their neighbors who listed their Lake Ridge town home and will buy with the GOLD Team.

August 2007 Prince William Sales Dip from July 2007 & August 2006 - GOLD Team Closes 4, Lists 4

GOLD Team Bristow (RE/MAX Olympic) — Thu, 30 Aug 2007 07:18:09 -0500

August '07 Prince William Sales Dip from July, 2007 & August, 2006
GOLD Team Closes 4 Sales This Week, Lists 4 Next Week
Copyright (c) 2007

MRIS data for Prince William County, Virginia, for the period from July 28 through August 28 reveal
that sales have declined and days on the market of the houses sold have increased from the same
periods a month ago and a year ago.

During this interval 1720 homes left the PW County market: 427 were sold, 1293 (more than 3/4) expired or withdrew.
The homes that sold were on the market an average of 133 days, up from 118 a month ago and 83 a year ago.
A month ago 500 were sold. A year ago 612 were sold.

The GOLD Team closed a buy and a sell on August 24 in Lake Ridge, a buy on August 28 in Montclair, and a sell on
August 30 in Centreville (near Manassas in Fairfax County). The GOLD Team has two new listings in Gainesville,
one in Lake Ridge and one in Woodbridge to put on the market in this coming week.

Historic 2007 Buyer Opportunities - May Not Last into 2008, 2009

GOLD Team Bristow (RE/MAX Olympic) — Mon, 27 Aug 2007 17:01:30 -0500

Median US Home Prices Expected to Fall in 2007 - And Maybe 2008, 2009

A historic opportunity to buy homes at lower than expected prices is forecast to exist during the remainder or 2007.

The "New York Times" reports that, for the first time since federal housing agencies began keeping statistics (in 1950),
the median price of US homes is expected to fall in 2007.

Economists forecast that the 1 to 2 percent dip forecast could (but may not) continue into 2008 and 2009. Besides the areas in the Northeast
and California that recently boomed the declines will include areas which only experienced moderate increases in the last
10 years, such as Chicago, Minneapolis and Houston.

The forecast is unusual because many housing-industry and government officials had said that a nationwide dip would never happen.

"Moody's Economy.com," a research firm, forecasts that - on an inflation-adjusted basis, the national median price (the level at which
half the homes are less expensive and half more) is not likely to return to its 2007 peak for more than 10 years.

The drop is excellent news for both first time buyers and those looking to move up. The GOLD Team has recently
helped multiple local homeowners buy larger homes who save more on the more expensive house than they "lose" on
their existing less expensive home.

Existing Home Sales Slowest Since 2002

GOLD Team Bristow (RE/MAX Olympic) — Mon, 27 Aug 2007 10:49:28 -0500

The National Association of Realtors recently reported that sales of existing homes
fell last month by 0.2 per cent to the annual rte of 5.75 million homes, seasonally adjusted.

For a record 12 straight months home prices have fallen. The median price of an existing
home sold in July was $230,200, down 0.6 per cent from July 2006.

The depressed housing market and financial markets turmoil in recent weeks have some
worried about a possible recession. The believe of many economists, however, is that the Federal
Reserve will reduce the overnight interbank rate if financial market conditions fail to stabilize shortly.
This interest rate directly affects the rates on adjustable rate mortgages which are a key component of
both the falling housing market and the issues revolving around subprime mortgages.