Focus On Davis, CA Real Estate

Whether you are facing foreclosure or simply need to reduce your payment, Mortgage Outreach Services can help and there is no out of pocket costs to you.

If you’re a homeowner worried about how to pay your mortgage, we can help you understand what options are available and which is the best fit for you:

Refinance: Getting out of your old loan and into a new one can free you from the instability of an adjustable mortgage by putting you into a low-rate fixed mortgage. Rates are at all-time lows, and loans can be extended to as long as 40 years to keep payments low.

Loan Modification: Having your lender modify your loan can reduce your interest rate and payment. In some cases, a lender will modify your loan to reduce the amount of your mortgage balance.

Short Sale: For homeowners in areas where prices have fallen dramatically, the best option may be a short sale. In a short sale, the lender agrees to accept less than the full amount of the mortgage so the property can be sold at the current market price.

As a borrower and homeowner, you have options.  Start by making a Consultation Request or call Carmen Isais directly at 530.601.1003. Let’s meet… once we have some basic information about your situation, we can work together and help you exercise your options.

Written by Carmen Isais

More and more lately the calls I am receiving from would be and past clients has to do with Foreclosure. Anyone who knows me knows that I make an effort to be positive. That being said, more people than I might care to admit are living on the edge of financial chaos. For some of these individuals, property ownership has become a financial burden and they call me with the same question. “What are the alternatives to foreclosure?”

While each case is different, here are my first two usual answers:

Contact the Lender

Before you walk away from your property, have a short sale or decided to return the deed to the bank in lieu of foreclosure, contact the holder of the note (the bank) to see what can be done that is in the best interest of all concerned.

In this market the lenders are more receptive to working out a new payment plan then to have another property on their books. Moreover, what looks good to you in the short term may appear differently when the market does come around and you were wishing you still had that property to sell.

Consider a Short Sale

If you are current on your mortgage and can remain so while your home sells, consider the short sale of your property before jumping ahead to foreclosure or deed-in-lieu of foreclosure.

Why?

Simply put, it makes more financial sense for YOU. Period.

Under the Fannie Mae Announcement 08-16 (released 06/26/2008), short sales or those engaging in pre-foreclosure sales will be cleared to borrow on another home via Fannie Mae in just two years from completion date of the short sale.

This may be painful, but two years is far preferable to the alternative of 5 to 7 years if the home goes to foreclosure and 4 to 7 years if one opts for deed-in-lieu of foreclosure.

One Important Note:

If you are wondering how an Short Sale will effect your credit score as opposed to how a foreclosure will effect it, know that all these alternatives ( foreclosure, short sales, and deeds-in-lieu of foreclosure) are all “not paid as agreed” accounts, and considered the same by your FICO® score. This is not to say that these may not be better options for you from a financial perspective, just that they will be considered no better or worse for your FICO score.

Contact a Realtor…

… to help you through the process.
… to answer your questions.
… to talk to the bank on your behalf.
… to market and sell your home, NOW, before foreclosure is your only option.

In most cases of foreclosure I have personally seen, one common denominator has been a lack of resources. That is, the homeowners I know who have gone straight into foreclosure were simply not away of what alternatives where available to them. But, you are reading this article, so you don’t have the luxury of claiming ignorance.

Seriously…

These are all painful choices, I know.  And it is easy to avoid facing and dealing with an overwhelming situation. But, reaching out immediately can save you years of struggling and financial moratorium. If you or someone you know is facing the possibility of foreclosure, call me today at 530.601.1003 or otherwise contact me, Carmen Isais,  I can help.

Posted by Carmen Isais

While our neighbors in Woodland, and West Sacramento have not been as fortunate, the Davis real estate market has yet to see many foreclosures. Last year, nearby areas saw REOs in the hundreds, but Davis had a whopping 13 REO’s and short sales combined in 2007. Why the Davis real estate market is different is the topic of another blog entry.

Today, I’m more interested in this curious new small business that, due to the large number of vacant, bank owned properties is ever in demand– Grass Painting.

Banks aren’t in the business of property management. The homes owned by them are usually managed by the Realtors who have them listed. And while I have been known to clean up a clients yard prior to listing, regular lawn maintenance is not within the scope of in this realtor’s job description.

For a fee of $200 to $700, Always Green Grass Painting Service in Sacramento will visit your home or business and put the green back into your turf. The company states that the paint used is non-toxic and environmentally friendly.

Or for you do-it-yourself types there is GrassBGreen, that sells all the supplies you need to give your lawn the makeover that will turn your neighbors green with envy. Sorry, I couldn’t help myself.