It’s time to take another look at short sales

Only a few short months ago, if you told a real estate agent who specialized in short sales that they would soon be raving about a lender’s great service and faster approval times—not to mention significant cash incentives for financially strapped homeowners for pursuing a short sale—you’d have gotten some strange looks.

That’s all changed.  And it’s changed faster and to a greater extent than most real estate professionals ever could have imagined.

With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure. So they’ve sharpened their focus on short sales in a big way.

Some of the biggest lenders in the country have staffed up to ensure rapid processing of short sale applications. They’ve come up with cash incentives at closing for homeowners who pursue a short sale. And they’re proactively reaching out to CDPE agents and putting them in touch with delinquent borrowers.

This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales is probably no longer the case. 

As a member of the CDPEAdvanced community, I’m tapped into major lenders and on top of major developments affecting short sales and bank-owned properties.  I invite you to visit my website 

www.RichmondForeclosureAlternatives.com to learn more and feel free to contact me any time at (804) 482-1252 or RichmondForeclosureSolutions@gmail.com if you or anyone you know is struggling with an unmanageable mortgage.

Renewed trust for tough times

Does it feel like trust is one of the major casualties of the economic meltdown of 2008 – followed by the “Great Recession,” the “Jobless Recovery” and now the threat of a “Double Dip Recession?” 

Weren't we assured that home values were destined to go up and up and up?

There have been lots of promises that help is on the way—and lots of warnings of scams and schemes that have only served to confuse the matter.

So where is a homeowner who is underwater or over-leveraged to turn?

The bottom line: the choices that homeowners make when they feel they are at the end of their rope will have ramifications for years to come on their ability to qualify for credit, their job prospects, their security clearance and their overall finances. When a family’s financial trajectory is rapidly heading in a negative direction, there’s no substitute for the helping hand of a knowledgeable expert who has the integrity, the experience and the training to reverse the course—someone who is tapped into regulatory initiatives and can separate fact from fiction.

It's my mission to serve as a credible source of information and perspective to homeowners who have found themselves in a tough situation and need help sorting through their options. That’s why I sought out the Certified Distressed Property (CDPE) designation among others and it’s why I continue to stay on top of regulatory and industry developments that impact options available to homeowners who are struggling with their current financial situations.

My message to homeowners who don't know where to turn: there is hope. Foreclosure is not inevitable and neither the government nor your bank wants to see that happen. No one expected to find themselves on the brink of foreclosure, but I have worked with countless clients who have managed to turn their financial trajectory around and get on a path of financial recovery. 

It CAN be done! And it would be my privilege to help.

Handling the Stress of an Unaffordable Mortgage Payment

Researching the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes is amazing. It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need help is a driving force for me to continue doing what I do.


In fact, I just released another report made available on my website http://www.RichmondForeclosureAlternatives.com today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.


The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.
It is my passion and privilege to act as a resource for more homeowners who have questions about what they should do. If you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.


Deb Orth
Licensed Virginia Realtor
Keller Williams Realty
6600 West Broad St.
Richmond, VA 23230
www.RichmondHomes4You.com
www.RichmondRealEstateProfessional.com
www.RichmondForeclosureAlternatives.com
mailto:Deb@RichmondHomes4You.com
(804) 314-4575

Missing Mortgage Payments? It’s Not Too Late

Wondering what a homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

First, here’s what a distressed homeowner should expect to happen when payments are missed:

30 Days Late: The lender will attempt phone contact or send a notice in the mail.

60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.

90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.

120 Days or More Late: The lender’s attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

Not late yet, but about to be?

Homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn’t work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders who would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with homeowners to avoid being late.

If you are visiting my website, you or someone you care about may miss mortgage payments in the near future. I can help navigate the process and put you back on a path to financial stability. Contact me today to discuss how I may be able to help you alleviate the stress that comes with unaffordable mortgage payments.

Six Ways to Save Money in Your Home and in Your Car

Saving money, especially with the cost of gas these days, is even more important than ever.  The recession has taken a tool on the finances of most Americans.  


You can help save the planet while also saving cash, according to the Alliance to Save Energy. 

The average U.S. household spends about $3,425 to power a car and $2,175 on home energy costs--in other words, about $5,600 on energy costs per year. That number is likely even greater with rising fuel and utility costs.
In honor of Earth Day, the Alliance to Save Energy is offering up some pointers on how to trim those yearly expenses with some easy ways to go “green.” Here are a few of its tips:  6 Ways to Save Money from www.realtor.org

The Importance of Pricing It Right

Back in the day, when buyers were competing to buy homes and when almost any house could sell for any price, regardless of condition, sellers felt they could afford to over price the home or “test the market”,  or price it with “wiggle room”  because they were confident someone would make an offer to the their liking.  Well, that ship has sailed and won’t be returning to port for many years to come, if ever.

The tide has turned and buyers are in the driver’s seat.  They can choose from hundreds and hundreds of homes on the market and can pretty much get their price because sellers are more motivated than ever.  Add to this mix the fact that foreclosures and short sale properties, many of which are in pretty good condition, sell almost 30% less than their competition!

So, my message, dear homeowners, is price your home “ahead” of the market. If you offer it for sale at least 5% less than your competition, you will shorten the number of days on market and get your home sold at the best possible price.

How to Rebuild Your Credit

Did You Know that one late payment can drop your score by 80 or more points? Has this happened to you?  If your credit score is suffering in today’s economy, there IS help.If you are frustrated with your score and the many claims to help you, then Clean Slate is the only credit restoration program that guarantees results or service is free. Most clients receive 80 to 100 boosts to their score upon graduating from this program.  More info by clicking on the link below
http://www.640orfree.com/creditbuilder 

Help for Buyers Of FannieMae Homes

Fannie Mae wants to help more buyers afford to purchase their new home. That is why they are offering up to 3.5% in closing cost assistance for HomePath® (foreclosed) properties beginning April 11 through June 30, 2011. Great opportunity for qualified buyers who will occupy the home.  More information can be found here: http://www.homepath.com/incentive/index.html