Thomas Murphy - Pine Shores Real Estate



Posted by Thomas Murphy on 11/24/2013

If foreclosure is looming you may feel helpless. It is possible to still sell your home and avoid foreclosure. You must sell it quickly and that is not always easy. Here are some tips to get aggressive, and get your home sold fast. Price it right! Don't try to squeak out the extra dollar price the home aggressively among the competition. This often means pricing the house low. You are trying to sell the home as fast as possible so every last dollar isn't worth it at this point. Make sure to get real about what your home is worth. A Comparative Market Analysis (CMA) will outline properties similar to yours that have that recently sold, are pending and are currently on the market. Some experts suggest going 10% below that last sold price in your neighborhood. Communicate with your lender. You will need to get the go ahead from your lender on how low you can go. If you owe more than your home is worth complete a short sale application with your lender. Ask your lender to give you some indication of how low a sale price they will accept. Selling your home quickly and avoiding the black mark of foreclosure on your credit report is the goal. It may be hard to accept thousands less than what you paid for your home but you will be better off in the long run.





Posted by Thomas Murphy on 11/4/2011

There is good news on the home front for homeowners whose mortgages amount to more than their home’s value. These underwater homeowners may qualify for a new program HARP, or Home Affordable Refinance Program. Many homeowners have found they owe more than what their home is worth. When the housing bubble burst some homeowners were left with a $250,000 house, for example, but a $350,000 mortgage. HARP was first introduced in 2009 by President Barack Obama but the program is now being expanded to include homeowners who are unable to qualify for refinancing under conventional guidelines. HARP's previous terms included restrictions that eliminated any homeowner whose existing mortgage represented more 125% of the loan-to-value of their home. The new and improved HARP will allow borrowers whose mortgages are backed by Fannie Mae and Freddie Mac refinance. The new plan still has eligibility limits. Previous homeowners that refinanced under HARP will not be allowed to refinance at the even better rate of 4%. In order to qualify, the mortgage has to be a Fannie Mae or Freddie Mac and you must be current on all loan payments in the last six months or not have more than one missed payment over the last year. The FHFA, or Federal Housing Finance Agency, is expected to announce final program parameters by November 15.