Since my blog is dedicated to strong women I thought i would talk about my Mom today and since Mother’s Day isn’t too far behind us, I thought this would be a nice tribute. Wow what can I say about my Mom. She is a hard worker and is absolutely tough as nails. Growing up she didn’t just want to be the secretary at Edward Jones she wanted to be more than that. So, in addition to her working full time, being a single mom, raising 2 kids, she decided to take the Series 7 & Series 9 tests. They are two very tough tests and she is now able to buy and sell stocks. These tests were not just a test but they gave her the freedom to achieve something more out of life. My Mom was able to leave her job and get a better job at the bank because she had those liscenses under her belt.
THis is a great article it talks about how we have become a slave to the email.
The foreclosure rate is still really high in the United States.
Some of the information I got is from
The mortgage servicing industry completed 271,563 total loan workouts in October, according to Hope Now, the private sector alliance of mortgage servicers, investors, insurers and non-profit counselors.
Workouts included 198,373 repayment plans and 73,190 modifications. At the same time, the industry completed 94,450 foreclosure sales and initiated another 222,107 foreclosure starts.
Total 316,557 foreclosure sales and starts outnumbered modifications more than 4 to 1 and repayment plans about 1.6 to 1. Hope Now attributes some of the slow-down in modifications to the Home Affordable Modification Program (HAMP) sponsored by the US Treasury Department.
Another alternative to foreclosure is Short sales.
A Short sale allows the homeowners to negotiate with the lender and they can walk away from the home. THe short sale doesn’t ruin your credit and it allows the homeowner peace of mind. The homeowner can still get a car loan, and other types of banking services.
Short sales allow the homeowners to move on with their lives.
There is a program out there called Home Affordable Modification Program, known as HAMP.
Now, the unemployed who apply for HAMP are evaluated for forbearance plans, which can reduce or suspend their payments for at least three months.
I work for a real estate company and we are about to lose a home to foreclosure on Monday. It is such a shame when that happens. We tried to sell the home and market it, unfortunately the buyers fell through. IT is such as shame the bank won’t give us an extension. IT is a great home in St Louis County ( south county) and it had an open floor plan. Unfortunately we couldn’t save the home and it is such a shame.
Short sales can take an average of 6 months so it is very important to be patient with them.
Short sales require bank negotiations and tax returns. What is going in and what is going out cash wise. THe banks require a hardship letter, bank statements etc.
All of the paperwork is worth it because short sales don’t ruin your credit. You are allowed to walk away from your home. Also with a new government program called HAFA. You might get 3,000 in moving costs.
Check it out http://www.myhafainfo.com/
This is a pretty interesting article about consumer confidence in the housing market. The number of people who feel confident in the housing market is only 1-4% and the numbers aren’t supposed to be in the double digits until 2011. THe housing market is not expected to recover according to this article til 2015. Check it out
This is a good article about getting rid of debt and some ways to improve your credit score. It is a great article about credit card debt and managing your money
HAFA is a program set up the government that allows homeowners who have fallen behind on their mortgage and would like to do a short sale.
You do need to qualify for this program, if you qualify the government pays you up to 3,000 and your lender pays all of your closing costs, comissions, etc
You can sell your home for less than you owe, allowing you to walk away worry free
THis is a good article about how bad the foreclosure crisis has gotten. They are thinking about passing a bill that would allow the people who are about to be foreclosed to live in their homes and rent the home for up to 5 yrs. It sounds like a great alternative to foreclosure. Another option is the hafa program and the website is http://www.myhafainfo.com
Check out the article here