Real Homeowner Story #3: A Miracle in the Form of a Red Envelope

For homeowners who are in danger of losing their home to foreclosure, it is common to feel like you are alone and that there is no one to help. This simply isn’t true. There are real people who have been in the same situation who have found solutions. Take, for example, Punipuao W. of Hawaii.

Punipuao found herself struggling to keep her home after her husband passed away.  “With only my income, I was no longer able to make my monthly mortgage payment,” she said. Faced with the prospect of losing the home she and her husband had bought together, she began looking for alternatives to help her keep the home.

 She pleaded with the bank for relief, “but their responses gave me little information and even less hope.”

 The prospect of losing the home she and her husband had shared for over 20 years was difficult. “I was so distraught,” she said. “I did not know where to turn.

 “Then, one day, my miracle came through a red envelope in the mail.”

In the envelope was a note from a local real estate agent with the Certified Distressed Property Expert designation (or CDPE). This designation meant that the agent was trained specifically to help people like Punipuao. She called the agent.

“About four hours after I made the call, he was at my door offering help. I told him my story.” In merely two days, she received a call from the bank saying that the president of the bank was reviewing her file. “That was a good sign,” she said.

A few days after that, Punipuao had been approved for a trial loan modification. “There were many tears of gratitude at the miracle that came to me in the form of my agent. I thank god for sending me that miracle.”

Punipuao’s story is just one of many. I have a report entitled “From Foreclosure to Freedom” which tells other stories of real homeowners who faced foreclosure and found relief. Download the report, read the stories, and then contact me for a free, confidential consultation.

Rob Sales
Smart Short Sales-Providing Dignified Solutions

CDPE Advance, DPP, REO Specialist, CIAS
912-655-7674

Prudential Southeast Coastal Properties - Savannah, GA   Associate Broker

 

 

 

 

 

Prudential Great Smokys Realty - Sylva, NC      Broker 

5 Ways to Beat Foreclosure!

In the news, there is talk of a housing recovery. Experts feel more optimistic about the state of housing industry in America. However, if you or someone you know is one of the millions of homeowners who is stuck with a home on which you owe more than the property is worth, the feeling of helplessness can be overwhelming and frustrating.

 

Many people don’t realize that just because they are in danger of losing their home to foreclosure doesn’t mean they have to wait around for it to happen. With help, they can take matters into their own hands.

 

YOU HAVE OPTIONS!

 

As a Certified Distressed Property Expert (CDPE), I make it my business to know all of the ins-and-outs of the options available for people who are in danger of losing their homes and help them meet challenges head-on.

1. Reinstatement

Was the reason you missed your payments temporary and now the issue has been resolved? If you can make a one-time payment that includes all missed payments, legal fees and late fees, you are eligible to be reinstated back into your loan agreement.

2. Mortgage Modification

In some cases, you may be eligible to modify your loan in a way that reduces principle or lowers payments. Some of these programs vary from bank to bank, but there are also government-sponsored programs that are available to help homeowners in distress

 

3. Refinance

 

If you have enough equity in your home, refinancing may help you get back to more affordable payments. This will be determined by whether or not you are current on your loan, how much the property is worth and your credit.

 

4. Bankruptcy

In some cases, bankruptcy is an option. It may stop foreclosure and allow you to reorganize your debt. The stoppage is only temporary, however, and if you are still unable to make payments after the bankruptcy, the foreclosure will go through. It also makes a property much more difficult to sell.

5. Short Sale

You sell your property for less than it is worth and the bank, realizing that some money is better than no money at all, agrees to release you from your obligation to the remainder of the loan. In some cases, you are able to walk away from the loan clear of any obligation.

For more information regarding your options, contact me!

Rob Sales

Smart Short Sales-Providing Dignified Solutions
CDPE Advance, DPP, REO Specialist, CIAS
912-655-7674

Prudential Southeast Coastal Properties - Savannah, GA   Associate Broker

 

 

 

 

 

Prudential Great Smokys Realty - Sylva, NC      Broker 

 

 

 

More Housing Investment Trend News

From CNBC, Diana Olick reports latest real estate investment trends.  I am a Certified Investor Agent Specialist (CIAS)  and can provide you with the tools and information whether you are looking to avoid foreclosure, or investing in the housing market.  Foreclosure sales are on the rise and investors are waiting to pounce on the opportunity.  Contact me for more information.

 

New Housing Barons Widen Their Sights and Bets

 Published: Thursday, 2 May 2013 | 10:16 AM ET

By: Diana Olick CNBC Real Estate Reporter

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Hedge Funds As Landlords

Thursday, 2 May 2013 | 11:25 AM ET

Hedge fund managers are shifting strategies to make more money on foreclosures, reports CNBC's Diana Olick.

As home prices rise, there are fewer bargains in single family homes, but not fewer investors. Their ranks and property portfolios continue to grow. Last month Five Ten Capital, a Piedmont, California-based asset manager, inked a one hundred million dollar deal with Deutsche Bank to open a new fund to buy and manage single family rental homes, expanding Five Ten's range to Texas and Missouri.
"Obviously, home prices are up, so did you miss an opportunity? Yes, you'd have been better off buying a year ago than today, but we think for the most part we are in the third inning of this housing recovery," said Rob Bloemker, Five Ten's CEO.

Unlike the "flippers" of the last decade, today's investors in single family homes have a longer-term strategy. They buy largely with cash and seem intent on growing their portfolios, rather than recycling them. While some credit these bulk buyers with saving the housing market, they seem uneasy with that characterization.
(Read More: Map: Tracking the US Real Estate Recovery)
"I think investor activity has accelerated the recovery, but I don't think investor activity is responsible for the recovery," said Rick Sharga of Carrington Mortgage Holdings, a Connecticut-based group that invests in distressed homes and distressed mortgages. "If all 10 billion dollars of investor-announced funding had been spent last year, what percentage of the $1.7 trillion in mortgages written would that have accounted for? It's a rounding error really."
But these investors did help to clean up much of the distress created by the housing crash, especially in the hardest-hit markets, like Phoenix, Las Vegas and parts of California. Investors still accounted for 53 percent of home purchases in Las Vegas in March, according to DataQuick. Multi-home buyers bought 647 homes in the Las Vegas area in March, which amounts to 14.4 percent of all homes sold—a 20 percent increase from March of 2012.
There had been concern that as home prices rose, these investors would dump their homes back onto the market, and reverse the recovery. That is not the strategy, at least not yet.
"Investors aren't going to dump a lot of properties into a market and run the risk of losing money or devaluating the rest of their portfolios," noted Sharga.
They may not be selling, but some are changing their strategies, as they search for higher yields.
"We're not buying a lot [of homes] right now. We think the market is a little bit too frothy. We're very, very particular about our model and what we will buy," Sharga said. "We've been very active in the non-performing loan market. We'll look at other trades that don't have same kind of high-volume competition that artificially drives up some of those prices."

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Los Angeles-based Colony Capital, which boasts approximately ten thousand single-family rental homes in its portfolio, had centered its investments largely in the Southwest and West, but is now shifting to other markets.
(Read More: US Pending Home Sales Tick Upward in March)
"In terms of our mix, less is going to Arizona and California today," said Justin Chang a principal at Colony. "Our mix is increasing on east coast, Georgia, Florida, we're active in Texas. I think over time some of the early markets will become a smaller part of our overall portfolio."
Some investors are also starting to look at new construction, as home builders start to ramp up production again. The key is to find new product that is cheaper than replacement costs, which still is not that easy. So far investment has mostly gone only as far as distressed new homes, but as prices rise, that may change.
"On home building, there's a lot of chatter about that. We are in some conversations with builders," explained Chang, who admits the economics have not been compelling yet. "Over time you'll see more and more of these transactions, and we may do one as well."
Another potential strategy going forward is a consolidation, as investors turn away from distressed properties and focus on so-called "Mom and Pop" landlords, who may buy just one or two properties. There are an estimated 14 million single family rental homes owned by this cohort.
"If you think about all of the major institutions maybe owning 70,000 total homes compared to the market size of 14 million homes, the long term potential is enormous. Institutions are literally a fly on an elephant," said Aaron Edelheit, CEO of The American Home, an Atlanta-based company that owns and manages about 2,500 homes. "We may look back and realize that the REO [real estate owned] to rental space was only the foundation for an exponentially larger industry with institutions owning hundreds of thousands, if not millions, of homes."
(Read More: Next Boom? 'Spec' Homes Are Back)
There are 7.2 million more renters today than there were in 2004, and just 400,000 more homeowners, according to the U.S. Census.
Despite the recovery in home sales, the homeownership rate continues to fall, from an all-time high of 69.2 percent to 65 percent in the first quarter of 2013. As home prices rise and the employment picture improves, more people will come back to home ownership, and some of the new rental homes will inevitably be sold, but certainly not all of them.
"If you buy homes in areas with below-median income, I think the mortgage market is going to have harder time providing credit to these people, and it's going to take longer for that to recover," said Bloemker. "We think that these homes are more likely to be long term rentals, and those are likely to end up in the hands of institutional investors."
—By CNBC's Diana Olick; Follow her on Twitter @Diana_Olick or on Facebook at facebook.com/DianaOlickCNBC—CNBC's Stephanie Dhue contributed to this story
Questions? Comments? RealtyCheck@cnbc.com

Smart Short Sales is Expanding!

That's right, we're expanding! 

 

North Carolina holds a special place in my heart...there's no place like home!  I was born and raised in Western Carolina, specifically Brevard.  I attended Western Carolina University and played football for the Catamounts.   I became a school teacher right out of college, married my high school sweetheart and acquired my first real estate license in 1972.  Life has taken me all over our great country--even all the way to Alaska!

For the last several decades, I have resided in Georgia, but I have remained attached to my roots in North Carolina as well.  The housing crisis we are experiencing in this country is widespread.  I feel I offer invaluable resources, including my own personal experience, in helping people find a dignified solution to their own housing crisis.

I am proud to continue to represent Prudential Real Estate from the Prudential Great Smokys Realty group in Sylva, North Carolina as a licensed broker. I will continue working in Savannah, Georgia as well! The housing crisis is far from over, and statistics tell us that 2013 will be a big year for homes entering foreclosure status. As an Advanced Certified Distressed Property Expert, I am qualified to help you or someone you know avoid foreclosure. The latest reports from RealtyTrac show us that Bryson City is well below the national average for foreclosure rates, but since the end of 2012 has seen significant increase in foreclosure filings.

Please don't hesistate to contact me for more information on how I can help you find a dignified solution!

Rob Sales
Smart Short Sales-Providing Dignified Solutions
CDPE Advance, DPP, REO Specialist, CIAS
(912) 655-7674

Broker, Prudential Great Smokys Realty (Sylva, North Carolina)

Associate Broker, Prudential Southeast Coastal Properties (Savannah, Georgia)