Christian Real Estate Professionals

How Do I Rebuild My Credit After a Charlotte Foreclosure?   

As you well know, when you go through a Charlotte foreclosure, your credit score drops considerably.  You CAN rebuild your credit and now is the best time to begin doing so.  Going through a foreclosure can be devastating but, as soon as you settle in to your ‘post-foreclosure’ life, you really need to set the following plans into motion.  Here are a few tips to help:
Create a budget:  A budget allows you to see exactly how much money you have to spend each month.  It also helps you track where you spend your money. Put together a budget that fits your lifestyle and then stick to it.  It’s okay if you stray from your budget--the key is to revise it rather than thinking that you can’t ‘stick’ to it.

Build an emergency fund:  You never know when an emergency will happen.  When you’re prepared for a financial emergency, you’re far better protected from financial problems.

Repair your credit:  Review your credit reports from all three credit bureaus.  Dispute any errors which you find and dispute it NOW.  Removing errors from your credit reports help improve your credit.

Establish new credit:  This can be tricky after a Charlotte foreclosure. New credit will give you a chance to prove you can manage debt. However, you certainly don’t want to find yourself owing more than you can possibly pay. If you can get a traditional credit card, your interest rate will be very high, so choose and use your credit cards wisely and only charge the amount that you can afford to pay off at the end of the month.  An alternative is to apply for a secured credit card, which requires that you put money down as a deposit before credit is extended to you. Use your card regularly but lightly, and you will see your credit start to improve as you make consistent payments.

Have patience:  It takes time to rebuild your credit.  Don’t expect your credit score to be in the good or excellent range within weeks or even months after your Charlotte foreclosure.  Be diligent about following your budget, maintaining an emergency fund and begin saving for that new home purchase in a few years.  You’ll be glad you began this process early!

A foreclosure is not the end of the world. Let me know if I can help.  Give me a call or email me.

Charlotte Real Estate and Relocation Specialist
__________________________________________________________________________________

Debe Maxwell offers many years of experience helping those relocating to the Charlotte area as well as providing an aggressive marketing strategy for homes for sale in Charlotte.  If you're relocating to Charlotte, Debe will help you locate the perfect Charlotte neighborhood first, then locate the perfect home for sale which fits your lifestyle and your budget to a 't.'

Search Charlotte Neighborhoods
Search all Charlotte Real Estate and Homes for Sale

For your relocation needs, email Debe or give her a call today!

Mobile: (704) 491-3310
Fax:      (704) 749-9531

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

Need Extra Time to Finalize Your Charlotte Home Purchase to Qualify for Tax Credits?

The government has approved a plan giving homebuyers an extra three months to complete qualifying for federal tax incentives, however this approval does not apply to new Contracts.   You will have until September 30, 2010, to close on your Charlotte home and qualify for tax credits of up to $8,000 only if you were under Contract as of April 30, 2010.  (First-time buyers are eligible for a tax credit of up to $8,000.  Current owners who bought and are moving into another home could qualify for a credit of up to $6,500)

Who Qualifies?

Originally, you had to sign a contract to purchase a home by April 30, 2010, and Close no later than June 30, 2010.  With this extension, anyone who had a signed purchase agreement by April 30 will have until September 30 to Close on the sale of that home which was under Contract by April 30, 2010.

Why the Extension?

Mortgage lenders have been swamped with borrowers trying to get their Charlotte home purchases approved by June 30.  Many potential borrowers were having difficulty meeting that deadline.  As well, many buyers have made Offers on short sales in Charlotte NC and are pending bank approval on those Contracts.

The National Association of REALTORS® (NAR) estimates that 180,000 buyers are likely to have missed the June 30 deadline "because of delays in the process."  This is particularly true of short sales.

How do I Apply?

Get the details from the IRS regarding specific guidelines and applying for the tax credit after Closing.

Have questions about the federal tax credits or any other questions about Charlotte homes?  Give me a call today at 704-491-3310 or email me at Debe@DebeMaxwell.com.  I’ll respond promptly and personally.

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  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

Do You Stay and Pay or Do You Walk Away?

Today, the topic of conversation has been that of strategic default.  Imagine that, a holiday spent talking about America and her celebrations as well as her problems.  Believe it or not, the conversation came up as a result of a post by Lenn Harley that I recently read.  The post, FANNIE MAE SET TO COLLECT ON DEFICIENCY JUDGMENTS CAUSED BY STRATEGIC DEFAULTS, got the wheels turning about this topic and I decided to ask the question--"Would you strategically default if you were upside down on your mortgage and could afford to make the payments?"  

First, let's define strategic default:

Now, let's further stipulate the following with regards to my question:

• You ARE financially capable of making your mortgage payments
• Your home IS showing negative equity (basically, you're upside-down)

The question again now, "Would you strategically default if you were upside-down on your mortgage and could afford to make the payments?"

100% of those I asked said that they were committed via contracts with the bank and would not partake in this practice.

I do, however, personally know several people who have done this--they made a good real estate decision at the time that they purchased but, with the market tanking, those living in the suburbs (and even in the Uptown/Midtown areas of Charlotte) have found that our values have simply plummeted.  These homeowners have made, what they call,  'business' or 'financial' decisions to default on their mortgages--none of them were in a distressed situation, they just chose to leave the keys on the counter, vacate the property and never make another mortgage payment.  Many of whom have already made other real estate purchases--getting 'great deals' on property and purchasing before their previous payment history becomes a negative on their credit report.

I, for one, am in the same boat that they are/were--I own two properties that have each lost well over $100K in the last 3 years.  My credit score is near perfect and VERY valuable to me so, perhaps foolishly in some minds, I am staying put and not walking away from either one of these mortgages.  Keep in mind that both are in great areas (one in the city, one in the 'burbs') but regardless of that fact, the values are plumeting in both areas.  On the street that I live, there are now two rentals--absolutely UNHEARD OF in the past several years!  Those homeowners made the decision to hold onto the property and rent for several years until they've either paid a hefty amount on their principle or the market turns around considerably.  There are alternatives to walking away.

It is frustrating for me to see folks who are in no distress strategically default.  I signed a CONTRACT that I would re-pay both of these mortgages and plan to continue doing so.  I will not walk away from my word.  As I see it, that's what strategic default really is. 

On the other hand, I'm extremely angry with the government's handling of the economy; I too am a 'victim,' if you will but, I will not go back on my word when I am financially capable of continuing to pay these mortgages--I am NOT in distress and neither are those who strategically default (hence the name "strategic default").

We're not talking about those who are defaulting because they have had major financial strains that have put them in short sale or foreclosure situations--we're talking about people who don't keep their word yet, who COULD keep their word--and I feel, SHOULD.   Their claim of default being a 'business' decision is what I have a problem with--who wants to do business with someone who doesn't keep their word or goes back on it--leaving the bank holding the proverbial empty bag?  

Their rationalization is that the banks can afford it--or they're the cause of their losses!  All banks were not the villans here--many took TARP money because they HAD to, not because they WANTED to--another Paulson-brilliant-idea but, that's a whole other can of worms.

In my opinion, your word is your bond. 

Let me add that I've been in situations representing clients who have done everything in their power to get the banks to give them a helping hand--who truly need the help--with no response or a flat-out denial with regards to refinancing or restructuring their mortgages.  We then, put their homes on the market as a short sale, and despite having a Contract submitted, (and are 4-5 days from Closing), the bank forecloses--out of the blue!  We've had the bank provide commitment to hold off on the foreclosure for 4 weeks beyond the Closing date, yet still, the bank foreclosed.   Yes, another can of worms that will be opened one day in another post!

I guess I'm writing this post to both inspire discussion and give me a reason--a good, solid, respectable reason--that you would consider default.  

For me, the keyword here is respectable but, convince me, nonetheless.

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

Why Get Pre-approved for a Charlotte NC Home Loan?

There are a few things you can do to make the process of buying a new Charlotte NC home easier and faster.  Getting pre-approved for financing is one of them.  Here are four advantages of loan pre-approval:

REALTORS® Take You Seriously

When you walk into an agent’s office or meet an agent for the first time with pre-approved financing, the agent knows he is not going to be wasting his time showing you homes. If you do not have pre-approved financing, be prepared for agents to ask a lot of questions and likely will request that you get financing in hand. They are not trying to be invasive, rather they are avoiding "tire kickers" while, at the same time, helping you streamline the process.

View Homes that Work for You...Financially

Looking at properties that fit your financial qualifications works best for both you and your Realtor®.  Touring homes that are beyond your 'means,' not only wastes your time and your agent's time but, later finding that you need to be looking at homes that are lower priced can lead to disappointment for you.  If you think you qualify for homes that are higher priced, locate one that you love and find out that the price is beyond your qualifications, it is nearly impossible to find a 'replacement' home in a lower price range.

Make an Offer from a Stronger Position

Sellers feel more confident dealing with buyers with pre-approvals in-hand.  When you have pre-approved financing, sellers are more apt to work with you on price, or other needs, in order to close the deal. They know that there are not going to be contingencies on a loan, or waiting and wondering if you qualify for the loan. They know they don't have to worry about turning other prospects away and then finding out you haven't been able to get a loan.

Quicker, Smoother Closings

Getting pre-approved for a loan means no waiting on the biggest of all hurdles before Closing.  Other items needed to Close on a Charlotte NC home purchase usually move quickly, but loan applications can drag out and require setting a Closing date far into the future to allow for the time needed.

Less Stress for Both Buyers and Sellers

Above all else, having your financing in-hand prior to beginning your search for the perfect Charlotte NC home for sale, makes the entire process less stressful for you and everyone else involved. Knowing that you have the money to back you up when you do locate the home of your dreams is much better than finding paradise and then having to worry about getting financed and possibly losing your dream home.

If you would like to find out more about pre-approved home loans, I am happy to send you a list of lenders who can get you pre-approved and ready to go house shopping!. Contact me at (704) 491-3310 or email me at Debe@DebeMaxwell.com

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

Short Sale Q & A - What are the Pros and Cons of Short Sales

Q -  What are the pros and cons of a short sale ?

A -  A short sale occurs when your lender agrees to accept less than the balance remaining on your home.  It is a way for you, as a seller, to avoid foreclosure and sell your home.

For those who owe more on their home than it’s worth, it sounds like a great way to avoid foreclosure but, that doesn’t mean it is right for everyone.  Should you consider a short sale on your home?  My first advice is to consult either a tax attorney or your CPA as well as a real estate attorney who specializes in handling distressed properties.  There are pros and cons to doing a short sale; with regards to your options, consult a real estate agent who specializes in short sales.

Pros to doing a short sale:

•    You will be able to sell your property, get out from under a mortgage you cannot afford and lower your debt.
•    You are still able to sell your property in a declining real estate market, even if you owe more than your home is worth.
•    Buyers who couldn’t previously afford a home in a popular market area, may now be able to buy a home at market value in that area.
•    While a short sale isn't always an ideal situation, it is typically better than a foreclosure, which stays on your credit report for 7 - 10 years.
•    If your home does into foreclosure and is sold at auction for less than the mortgage, you can still be held responsible for making up the difference.

Cons to doing a short sale:

•    Your lender may refuse to do the short sale, or they may still hold you responsible for the remaining debt.
•    The bank’s loss is considered taxable income for you, and you may have to pay taxes on that amount.
•    Short sales do stay on your credit report for approximately two years and may make it difficult for you to a get loan in the near future.
•    You may have to find a real estate agent willing to work with short sales.
•    Short sales take longer to close than traditional home sales.

Our short sale team can review your options with you in order to help you decide if a short sale on your Charlotte NC home is right for you. Call today - (704)491-3310 or email Debe@DebeMaxwell.com to discuss your options.

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

Federal Tax Credit Extended - What You as a Buyer Need to Know

Tax Credits are available for both first time home buyers as well as those purchasing primary residences who have owned a home for 5 of the last 10 years. Condos, townhomes and single family homes apply and the maximum purchase price is $800,000.  Two income caps have been set:

• If an individual makes $125,000 or higher, they will not be eligible.
• If a couple's joint income is $225,000 or higher, they will not be eligible.

The federal tax credit application form can be found here (IRS form 5405).  

Here's a quick video version of the new federal tax credit explanation as well. (Scroll to the bottom of the web page to view the video).

This new bill is going to cost $10 billion just for the home buyer tax credit.  Here's a more detailed version of the explanation of the extended $8,000 and $6,500 federal tax credit:

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

UPsides to Short Sales

Really? you ask.  IS there an upside to this miserable process?  In fact, there is!  Short sales have become a way of life for many Realtors® in several states over the last few years and it seems to be spreading to even more states, as more of the ARM loans are coming due or homeowners lose their jobs or for any number of reasons.

Short selling seems to have even become epidemic in some areas. The fact is, that we all are going to eventually HAVE to engage in the process and we'd best become accustomed to it as it can be a positive experience if handled by the right people.

Myth:  It could take 6-8 months to Close on a short sale.
UPside:  Depending upon the bank and the negotiator, the process can easily be completed in 60 to 90 days, some even sooner.

Myth:  Buyers are not getting that much of a 'deal' when they purchase a short sale property.
UPside:  The properties that are typically selling in very short periods of time ARE the short sales--and the reason being, they're priced BELOW market value in order to get a quick sale.

Myth:  Sellers are still having to sign promissory notes to contribute to the lender payoff.
UPside:  On occasion, the lenders may require a small promissory note but, for the most part, the seller is given a clean approval letter with every short sale that we have seen.

Short sales prevent homeowners who are experiencing overwhelming debt, avoid severely damaging credit issues with foreclosures.  If the buyer can and will be patient and not expect a 30- or even 60-day Closing on a short sale, that Buyer can certainly purchase a below-market value home and make this a win-win for both sides of the transaction.

Agents--Don't be afraid of representing clients in the short sale process--rather inform your Buyers that this could be a long process (but, not 6-8 months!) and prepare them along the way. Keep them informed of the status of the short sale status with the bank and have their own loan process ready to go to underwriting upon bank approval of the short sale.  

Agents--If you're asked to represent a Seller in a short sale transaction and have never participated in one, PLEASE ask for experienced assistance or refer your client out to an experienced short sale Realtor®.  You do NOT want to attempt this process and be unsuccessful with the short sale, thus potentially sending your Seller into foreclosure.

About the author:

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

Charlotte NC Short Sales:  Edna Wellons, our first partner to complete her CDPE (Certified Distressed Property Expert), has begun her work as a short sale expert with three new short sale clients in the last two weeks.  Our team is committed to helping those property owners in distress, to re-negotiate their current mortgage or complete a short sale before their property goes into foreclosure with the bank/mortgage lender.   If you're in need of a short sale expert in Charlotte NC, give one of the Maxwell House Group partners a call today.

We have had many inquiries about short sales in the recent past and thought we'd help clear up as many questions as we can for those Charlotte NC homeowners who are in need of short sale guidance. Charlotte NC short sales have proven difficult for many agents as they have not had a short sale transaction and do not have knowledge of the process. Our goal is to ascertain that you are walked through this process as painlessly as possible, by someone who is an expert in short sales in Charlotte NC.  

What is a short sale?

A short sale is the sale of real estate in which the proceeds from the sale fall short of the balance owed on that properties mortgage. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to economic or financial hardship circumstances of the homeowner. These circumstances are generally related to the current real estate market and/or the borrower's financial situation, whether it be job loss or other financial hardships.  The negotiation process is done through communication with a bank's loss mitigation department. The homeowner sells the mortgaged property for less than the outstanding balance of the mortgage loan, turning all proceeds of the sale over to the lender, sometimes (but not always) in full satisfaction of the debt, other times, not.  The lender has the right to approve or disapprove any and all proposed sales. Each bank or lender is different and extenuating circumstances influence whether or not the bank or lender will discount the mortgage loan balance. 

Typically a short sale is executed to prevent property foreclosure and the decision to proceed with a short sale is predicated by the most economic way for the bank to recover the amount owed on the property. A bank/lender will often accept a short sale if they believe that it will result in a smaller financial loss than foreclosing, as there are carrying and additional costs that are associated with a foreclosure.  A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from a Broker Price Opinion (BPO) or through a valuation of an appraisal. For the homeowner the advantage is avoidance of a foreclosure on their credit history.  A short sale is typically quicker and less expensive than a foreclosure. 

In a nutshell, a short sale is nothing more than negotiating with lien holders, a payoff for less than what they are owed for the property.  This does not mean that the bank or mortgage lender will extinguish the remaining balance unless settlement is clearly indicated at the time of acceptance of the offer.

Short sales are common in business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit.  When it makes no business sense or is not economically feasible to retain that asset, businesses default on their loans. This principle, now being practiced with individual property mortgages, is what is known as a short sale.  

I can't express strongly enough that if you're in need of a short sale expert in Charlotte NC, ACT NOW--do not delay!

About the author:

Debe Maxwell is a Charlotte Residential Real Estate Broker, Certified Neighborhood & Relocation Specialist, ABR & e-PRO who can assist you with the purchase and/or sale of real estate in the Charlotte NC Metro Area.  Let Debe connect you with any member of her team of relocation professionals in your destination or exit city of choice.  The destination service is of no cost to you!  The Maxwell House Group's quality service guarantee assures that you are provided unsurpassed customer service.  Debe Maxwell -- Helen Adams Realty -- 704.491.3310  Copyright© 2009 By Debe Maxwell, All Rights Reserved...**What is a Short Sale?  Do I Need a Short Sale Expert in Charlotte NC?**

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  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

Are You in Need of a Short Sale Expert in Charlotte NC?

With the increased need for short sale expertise in Charlotte NC, our team has made a commitment to be the market leader in the area in assisting homeowners with their short sale needs.  I'd like to congratulate Edna Wellons, our first partner to complete her CDPE (Certified Distressed Property Expert).  This was not just a simple short sale course, it required vigorous studies with an examination, making Edna Charlotte's newest CDP Expert! Our team is committed to helping those property owners in distress, to re-negotiate their current mortgage or complete a short sale before the bank/mortgage lender forecloses upon their property.  If you're in need of a short sale expert in Charlotte NC, give one of the Maxwell House Group partners a call today.

Charlotte NC short sales have proven difficult for many agents as they have not had a short sale transaction and do not have knowledge of the process. Our goal is to ascertain that you are walked through this process as painlessly as possible, by someone who is an expert in short sales in Charlotte NC.  

I can't express strongly enough that if you're in need of a short sale expert in Charlotte NC, ACT NOW--do not delay!  Avoid foreclosure with an agent and a team who have your best interest in mind--give us a call today!

About the author:

Debe Maxwell is a Charlotte Residential Real Estate Broker, Certified Neighborhood & Relocation Specialist, ABR & e-PRO who can assist you with the purchase and/or sale of real estate in the Charlotte NC Metro Area.  Let Debe connect you with any member of her team of relocation professionals in your destination or exit city of choice.  The destination service is of no cost to you!  The Maxwell House Group's quality service guarantee assures that you are provided unsurpassed customer service.  Debe Maxwell -- Helen Adams Realty -- 704.491.3310  Copyright© 2009 By Debe Maxwell, All Rights Reserved...**Are YOU in Need of a Short Sale Expert?

 

      

  Charlotte NC Homes for Sale

 (THE best Charlotte home search available - no kidding!)

Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310

     

  

 

    

      

       

 

         

   

Disclosure of material contained within.

We are often handed a credit card when we wave good bye to our parents at the door. I remembered that when I left Malaysia as a young 20-year old student awaiting what life has in store for me at the University of Oklahoma at the other end of the world. It was my father's assurance or should I say a quick replacement of him when financial troubles come my way.

Another friend were handed yet another credit when he was in college. He made purchases and his exact quote, "I just kept swiping that thing without thinking that I'd ever need to pay the card back". On graduation day, his father handed a stack of bills and told him that he has been making the minimum payments. Now, it was time to make his payments on it. It took him many years to pay off those credit cards for the t-shirt and cap he didn't remember buying or the meal he didn't remember eating.

So many times, parents do not teach financial responsibility to our children. Hence, no wonder the children who then grow up to become adults never put two-and-two together. You swipe it, you pay for it. Credit education should be taught by parents at home as well as in school. But first, the adults that impart this knowledge must first understand it. Credit is not just handed off but must be used responsibly for those whom credit is issued.

When you swipe the card, you are essentially "borrowing" the money. And when you "borrow" something, you promise to pay it back.

For young adults, building credit is essential. In reality, no many people can afford to make cash real estate purchases. Read my friend John Cannata's blogs about Credit .... Your Greatest Asset and Ways to Build or Re-Build Credit. The intentions of having credit issued is to show credit "worthiness" of bigger and larger loans in the future. It is NOT for you to buy anything and everything under the sun to your heart's content.

Please use your credit wisely and use it responsibly. Pass the responsibility on to your children also, just as you pass on your morals, values and beliefs. How you and your children handle credit can affect them for the rest of their lives.

This is my first Home & Credit Savvy post as the new moderator of this group. Together with Brian Foxworth, we plan to bring home and credit awareness to Active Rain members and the public. Please accept my invitation to join and participate in this group. If you write blogs worthy of inspiring and educating others about home and credit savviness, you will become the salt and light in our world often darken with financial irresponsibility.

Please join the Home & Credit Savvy group.

Much to your success.

Note: All contents are original. Consider subscribing to my blog for fresh business ideas, often creative and unique. It is my intentions to bring you effective blog contents that will could make you feel that it was worth your time to subscribe.

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Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

I proudly serve and sell real estate in the northern suburb cities of the Dallas metroplex. If you are thinking about purchasing or selling your home in neighborhoods of Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area and other surrounding areas and more importantly, want to work with a local area expert, contact me immediately.

It is a competitive market, hence it is important that you choose to work with the realtor who knows these communities like none other. I employ a systematic market approach in selling your home - an intentionally unique proposal that most real estate agents do not use. If you care to be on your way to a successful closing, contact me immediately to see how different my proposition will be.

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Copyright © 2008 by Loreena Yeo (3:16 team REALTY). Credit is a Financial Responsibility.