Last February, just as repo homes filings in the country reached more than 290,000, representing a 30 percent increase from a year ago, the Obama Administration launched its Homeowner Affordability and Stability Plan to help distressed homeowners reduce their mortgage payments through refinancing or loan modification.
The rapid spread of repo homes has been blamed by economists and lawmakers on reckless borrowing and irresponsible lending. Since August 2007, about 1.2 million repo homes were reported while 11 percent of mortgages were on the brink of foreclosures.
An estimated 12 million homeowners have mortgages that surpassed the fair market value of their properties, while about 4 million were behind on their mortgage payments. And to top it all, both home prices and sales plummeted to an all-time low.
The $75 billion repo homes prevention plan is expected to help distressed homeowners protect their properties from foreclosures and stabilize the housing market.
Under the refinancing component of the plan, troubled borrowers whose mortgages are owned or backed by Federal Home Loan Mortgage Corp. and Federal National Mortgage Association may be eligible to change their mortgages into 15-year or 30-year fixed-rate loans.
The refinancing plan is expected to help nearly 5 million distressed homeowners whose loans are owned and backed by the two government-sponsored enterprises. To quality, homeowners must not be behind on their mortgage payments for over 30 days in the past year and they must owe not more than 105 percent of the fair market value of their properties.
Meanwhile, the loan modification component allows mortgage servicers to voluntarily lower interest rates to allow troubled borrowers to save their properties from being added to the growing list of repo homes. The federal government would subsidize a portion of the amount needed to reduce borrowers’ mortgage payments.
For the almost 4 million distressed homeowners targeted by the loan modification plan, they must not be behind on their loan payments or on the verge of defaulting to qualify for this component of the repo homes prevention plan.
Qualified homeowners may take advantage of reduce monthly payments to 31 percent of gross income.
Another program aimed at reducing the number of foreclosure properties is aimed at first-time homebuyers. They will be given tax credits of almost $8,000 for every foreclosed home they will purchase from January 1 to November 30, 2009.
The affordability plan is part of the $275 billion foreclosure prevention plan of the Obama Administration.
Tuesday, April 21, 2009
New Agents Enter Foreclosure-Clouded Market
New York foreclosures have not put a significant dent on the number of new real estate agents entering the industry. In November last year, 565 real estate licensure exams were administered and in December, more than 700 exams were held.
Despite bleak prospects in one of the worst housing markets in New York’s history, hundreds of professionals are still paying for real estate classes to be able to enter one of the most competitive residential markets in the country.
The wannabees range from recent college graduates to suddenly-unemployed professionals and from adventurous retirees to service workers raring to get out of their dreary jobs. Many are preparing for possible downsizing in their companies; some are looking for ways to earn more money to pay bills, and perhaps to save their homes from foreclosure.
Kendra Elise Tomas, a 27-year-old newly-licensed agent, carries a determined and positive attitude common among newer entrants into the real estate sales industry. Tomas, who has signed with brokerage firm Urban Sanctuary, said she is determined to succeed.
Tomas has already achieved some sort of success in her fashion designing business, having sold some clothes to boutiques in the area. But because of the current retail downturn, she had to change course, determined to sell despite challenges arising from foreclosed properties.
Kyle Wolhers, 22 years old, is another young person with wide-eyed eagerness to conquer the real estate world after passing her licensure exam. She says she wants to learn the real world of real estate while still studying because being already established when the foreclosure crisis is over would be in her favor.
Stephen Love, a broker and head recruiter at Ardor New York Real Estate, advises anyone entering real estate sales to first have savings that could pay bills and food for at least six months. Glenn Davis, a model-turned-sales agent said brokers need to work and put in hours to get results.
Misty Rice, a 37-year-old photographer, has other reasons for entering the industry. She said she wants to have an insider knowledge of the real estate world so that she would know where to invest, especially during these times when foreclosure has turned the housing market upside down.
Charles Badalamenti, a 30-year-old bartender-turned agent, said he is concerned about how foreclosure has affected the industry, but all the same, he said success in the sector would depend on one’s effort and determination to make money.
Despite bleak prospects in one of the worst housing markets in New York’s history, hundreds of professionals are still paying for real estate classes to be able to enter one of the most competitive residential markets in the country.
The wannabees range from recent college graduates to suddenly-unemployed professionals and from adventurous retirees to service workers raring to get out of their dreary jobs. Many are preparing for possible downsizing in their companies; some are looking for ways to earn more money to pay bills, and perhaps to save their homes from foreclosure.
Kendra Elise Tomas, a 27-year-old newly-licensed agent, carries a determined and positive attitude common among newer entrants into the real estate sales industry. Tomas, who has signed with brokerage firm Urban Sanctuary, said she is determined to succeed.
Tomas has already achieved some sort of success in her fashion designing business, having sold some clothes to boutiques in the area. But because of the current retail downturn, she had to change course, determined to sell despite challenges arising from foreclosed properties.
Kyle Wolhers, 22 years old, is another young person with wide-eyed eagerness to conquer the real estate world after passing her licensure exam. She says she wants to learn the real world of real estate while still studying because being already established when the foreclosure crisis is over would be in her favor.
Stephen Love, a broker and head recruiter at Ardor New York Real Estate, advises anyone entering real estate sales to first have savings that could pay bills and food for at least six months. Glenn Davis, a model-turned-sales agent said brokers need to work and put in hours to get results.
Misty Rice, a 37-year-old photographer, has other reasons for entering the industry. She said she wants to have an insider knowledge of the real estate world so that she would know where to invest, especially during these times when foreclosure has turned the housing market upside down.
Charles Badalamenti, a 30-year-old bartender-turned agent, said he is concerned about how foreclosure has affected the industry, but all the same, he said success in the sector would depend on one’s effort and determination to make money.
Monday, April 20, 2009
About Property Busters
Property Busters LLC started out as a small junk removal service. We are becoming one of the fastest growing property preservation service in the US. We believe this is due to the dedication of our workers to client satisfaction.
Our core values are that “We Value, Property Value.” We are dedicated to raising and maintaining neighborhoods to sustain the economic crisis. We stand for safer and cleaner neighborhoods and the neighbor next door. We employ reliable, responsible and dependable staff. Our motto is “Go above and beyond.”
Our core values are that “We Value, Property Value.” We are dedicated to raising and maintaining neighborhoods to sustain the economic crisis. We stand for safer and cleaner neighborhoods and the neighbor next door. We employ reliable, responsible and dependable staff. Our motto is “Go above and beyond.”
Cleaning Vacant Properties
Everyone on the planet knows that foreclosures are rising. What happens to the properties that go on the market that no one purchases? Basically, they are left bringing down the value of your home. Our mission at Property Busters is to maintain neighborhood values one property at a time. According to Foreclosedpropertiesdata.com, in some homes that have code violations, inhabitants are the rightful owners but do not have the funds to do the rehabilitation work or pay rent while rehab is performed. Such cases would need support from the city and from other sectors.
Since the Neighborhood Stabilization plan was passed, money is going to local governments to help alleviate the problems in keeping up with rehab and preservation of these homes.
Will this be enough?
Our communities are being inundated countless numbers of foreclosures every single day.
RealtyTrac has reported that approximately 300,000 notices about different types of foreclosures have been served in the month of February alone. The report also said that some hundreds of the thousand notices might have already been sent after that month.
Property Busters LLC is owned by Jennifer Williams. This Atlanta-based company is mainly concerned with property maintenance and keeping the environment clean in the process. As a matter of fact, Property Busters specializes in the cleaning and maintenance of foreclosed homes.
One of the company’s main jobs is to gather the properties left behind by the families who have occupied the foreclosure homes. The experiences she gained from her company taught her the literal meaning of ‘expect the unexpected’
Williams said that at first, she was surprised to find that families seemed to leave behind valuable things that seemed to be of some importance at one point in time. Williams also said that, generally, people leave a lot of things in their former homes that they would have taken if they could.
Williams states that most families leave their foreclosed homes in a hurry for fear of being left out in the cold. These families have reached their breaking point and the majority have no one to turn to.
What does this mean for the thousands of properties left vacant?According to Williams, these properties are left to become breeding grounds for vandalism, squatters, and theft. Williams states, people don't realize the significance the downward spiral has had on people from all walks of life. You can find squatters in million dollar homes. "These people are like you and me. They just bit off a little more than they can chew."says Williams
Property Busters ensures that the value of the neighborhood doesn't continue to fall due to something that can be prevented. Such as the up keep and protection of these properties. Williams states, our company specializes in getting these properties assessed, cleaned, and protected. Our Property Concierges are available 24/7 to ensure these properties are being cleaned out and properly monitored afterwards. We want to keep all neighborhoods prosperous and safe. Our motto is "We Value, Property Value."
For more information on Property Busters LLC services call 404-484-7595 and leave a message
Since the Neighborhood Stabilization plan was passed, money is going to local governments to help alleviate the problems in keeping up with rehab and preservation of these homes.
Will this be enough?
Our communities are being inundated countless numbers of foreclosures every single day.
RealtyTrac has reported that approximately 300,000 notices about different types of foreclosures have been served in the month of February alone. The report also said that some hundreds of the thousand notices might have already been sent after that month.
Property Busters LLC is owned by Jennifer Williams. This Atlanta-based company is mainly concerned with property maintenance and keeping the environment clean in the process. As a matter of fact, Property Busters specializes in the cleaning and maintenance of foreclosed homes.
One of the company’s main jobs is to gather the properties left behind by the families who have occupied the foreclosure homes. The experiences she gained from her company taught her the literal meaning of ‘expect the unexpected’
Williams said that at first, she was surprised to find that families seemed to leave behind valuable things that seemed to be of some importance at one point in time. Williams also said that, generally, people leave a lot of things in their former homes that they would have taken if they could.
Williams states that most families leave their foreclosed homes in a hurry for fear of being left out in the cold. These families have reached their breaking point and the majority have no one to turn to.
What does this mean for the thousands of properties left vacant?According to Williams, these properties are left to become breeding grounds for vandalism, squatters, and theft. Williams states, people don't realize the significance the downward spiral has had on people from all walks of life. You can find squatters in million dollar homes. "These people are like you and me. They just bit off a little more than they can chew."says Williams
Property Busters ensures that the value of the neighborhood doesn't continue to fall due to something that can be prevented. Such as the up keep and protection of these properties. Williams states, our company specializes in getting these properties assessed, cleaned, and protected. Our Property Concierges are available 24/7 to ensure these properties are being cleaned out and properly monitored afterwards. We want to keep all neighborhoods prosperous and safe. Our motto is "We Value, Property Value."
For more information on Property Busters LLC services call 404-484-7595 and leave a message
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