Tuesday, July 24, 2012
Tyler Homes for sale Tyler Texas Homes 10 Lessons to learn as the Housine market Recovers
10 Lessons to Learn as the Housing Market Recovers
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by Shy Shinalt Tyler Homes Keller Williams Tyler Texas (TX),
Headlines abound: The Housing Bust is over… In June, a survey of economists concluded that housing has hit bottom. homeowners and renters, Americans, and citizens of the world all are sighing with collective relief. The economy and housing values both have cycles. It has been more than eighty years since the difference between the top and the bottom was so great.
As Realtors®, we are relieved that we are at the bottom, but we are realistic with the changes in the market and our work. In the not too distant past, the overwhelming majority of our work was prior to sales agreement, now it can be after. In that same time, most transactions closed. The”fallout rate” was nonexistent. Most sobering is what is now required to get to closing and how many things can derail a transaction for a “willing, ready, and able” buyer.
So we are cautiously engaging the new reality, but first we need to pause. If we do not learn from history, we are bound to repeat it. We do not want to repeat the last ten years. So what are the lessons we should learn? Here are 10 lessons that come to mind:
- The economy cannot recover without housing.
- Everyone needs shelter, but not everyone needs to own their shelter.
- High homeownership rates are important but they must be sustainable.
- Home prices go up and go DOWN.
- The process of purchasing /financing a home is more complicated.
- Sound underwriting of mortgages is critical.
- Home equity should not be used for ordinary living expenses.
- Financial reserves for family, companies, and countries are necessary.
- Homeowners confidence in the economy is directly related the value of their own homes.
- The economy is global.
What lessons did the last decade teach you? We would love to know what you learned from the last cycle.
What is important is that we remember what happened as we prepare to write the future. Most importantly, we should also have a sense of accomplishment that we endured these life lessons.
There are seasons in the weather: spring, summer, fall and winter. So there are in economic cycles. It is great to be at the thaw of winter and the budding of spring.
Shy Shinalt
903.533.8114
Tyler Homes Tyler Texas ~ Tyler Homes for sale
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Thursday, July 19, 2012
Monday, July 16, 2012
Saturday, March 3, 2012
Can the HOA sue me if it doesn’t exist?
Dear Shy: We tried to refinance our mortgage, but the bank informed us that a lien exists on our property. In 1995, our former homeowners association filed a lien for nonpayment of dues on our property – this is news to us. We’ve lived here since 1979 and have never missed a payment on anything. The HOA doesn’t exist anymore, so there’s no one we can contact to clear this up. The bank is asking for a release of the lien before the new loan can proceed. How can we fix this?
Answer: If the lien was filed in 1995, the ability to foreclose is probably past the statute of limitations, so it can’t be enforced. Sec. 209.004 (d) of the Property Code states that if the HOA has not filed a management certificate, they lose the right to collect amounts owed to the HOA. Assuming suit has not been filed and no management certificate has been recorded, the entity no longer exists (check with the Texas secretary of state for verification), so there is very little likelihood of risk. The title company can insure the lien priority to the lender and assume that risk. If they will not, change the title company.
Shy Shinalt
Keller Williams Tyler
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Sunday, February 12, 2012
6 tips for a successful loan mod
www.shyshinalt.com
Avoid rookie mistakes when preparing, submitting your document package
Millions of mortgage borrowers who can no longer afford their mortgage payments but can afford a lower payment can avoid foreclosure by getting a modification of their loan contract. While the path to a modification remains torturous, it is not quite as bad as when I wrote addressed the issue in a 2009 column.
Are you unqualified?
It is not possible for borrowers acting on their own to determine whether they qualify for a modification because they don't have access to all the criteria. Some is kept under wraps by loan servicers. However, borrowers can determine that they are not qualified for a government-supported modification by accessing a questionnaire provided by the U.S. Treasury Department.
Bear in mind, however, that servicers also offer modifications outside of the government's program. You might qualify for one even if you don't meet the government's requirements.
Compiling the information the servicer wants
The single most important step in obtaining a loan modification is providing the servicer with the exact information the servicer needs to make a decision. Each servicer has its own set of forms that must be completed, and its own requirements for the documentation you must provide.
In my first stab at this problem, I placed the information required by each of the major servicers on my website. Now borrowers can access the DMM Document Wizard, provided at my request by Default Mitigation Management LLC, which is a lot better. Based on your answers to the questions it asks, you will be provided with a customized list of forms you must complete and documents you must provide. It is free and will take the guesswork out of what you need.
Don't exaggerate your financial shortcomings
Warning: The servicer will examine your statements of income and expenses to determine whether you can afford a reduced payment. Exaggerating your financial weaknesses may open his heart but close his purse, if it makes you appear to be a lost cause.
Assuring accuracy
Having the right form is one thing, but filling it out correctly is something else. Some industry executives estimate that about 95 percent of all packages submitted are incomplete or contain errors. A package with obvious errors may fall to the bottom of the pile, or it may lead the servicer to conclude that you do not qualify for a loan modification when, in fact, you do. Remember what you were taught in second grade: Neatness counts!
In addition:
1. Use a cover sheet that identifies all documents in your package.
2. Write your name and loan number on every page.
Assuring delivery
Preparing an accurate and complete set of documents is one thing, but delivering the package to the servicer is something else. Servicer systems have been overwhelmed by requests for help, and documents routinely get "lost." You want to minimize the chances of that happening to you.
Using fax or certified mail: Make sure you have the correct contact information. Treasury provides addresses and fax numbers of every mortgage servicer. Certified mail is more reliable than fax, but neither guarantees prompt attention by the servicer, or even that the documents won't subsequently be misplaced or lost.
Using the DMM portal: The best way to deliver documents to servicers is to use the DMM portal, available through the DMM Document Wizard by clicking on "Submit," or visit http://www.dclmwp.com/. I have no financial interest in DMM.
Using the portal, your documents are delivered to the servicer electronically, and the portal then becomes a direct communication channel to the servicer. The servicer uses the portal to acknowledge receipt of your documents and to request additional information or documents. You use the portal to make corrections, to send additional information, and to update yourself on what has been completed and what remains to be done.
Questions by you are automatically directed to the specific employee who can answer them. All communications are time-stamped and remain in the portal as a record of borrower/servicer exchanges.
Unfortunately, not every servicer subscribes to the DMM Portal. The list of those that do is shown on the DMM Wizard.
Follow up, and then follow up again
Because the process of modifying mortgages remains slow and error-prone, you may need to nudge the servicer. If you faxed your documents, you should follow up to make sure the papers haven't been lost and the case is in an active queue. But even if you use the DMM Portal, you should follow up with the servicer regularly to make sure your application is on track.
Tyler homes Shy Shinalt
Keller Williams Tyler
http://www.shyshinalt.com/
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Sunday, February 5, 2012
Tyler home
Mortgage rates plunged to new all-time lows this week as investors in bonds that fund most home loans reacted to news that the economy grew more slowly than expected during the last three months of 2011.
Freddie Mac's weekly Primary Mortgage Market Survey showed rates on 30-year fixed-rate mortgages averaged 3.87 percent with an average 0.8 point for the week ending Feb. 2, down from 3.98 percent last week and 4.81 percent a year ago. That's a new all-time low in Freddie Mac survey records dating to 1971.
Rates on 15-year fixed-rate loans averaged 3.14 percent with an average 0.8 point, down from 3.24 percent last week and 4.08 percent a year ago. Rates on 15-year loans have never been lower since Freddie Mac began tracking them in 1991.
For five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.8 percent with an average 0.7 point, down from 2.85 percent last week and 3.69 percent a year ago. That's a new low in records dating to 2005.
Rates on one-year Treasury-indexed ARM averaged 2.76 percent with an average 0.6 point, up slightly from last week's record low of 2.74 percent. At this time last year, the one-year ARM averaged 3.26 percent.
"Most mortgage rates eased to all-time record lows this week as fourth-quarter growth in the economy fell short of market projections," said Freddie Mac chief economist Frank Nothaft in a statement. "The gross domestic product rose 2.8 percent in the final three months of 2011, below the market consensus forecast of 3 percent, while consumer spending in December was flat. One bright spot, however, was that fixed residential investment increased for the third consecutive quarter and residential construction spending rebounded in December, rising 0.7 percent."
Shy Shinalt
Keller Williams Tyler
www.shyshinalt.com
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