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Congress Passes New Act that Will Reduce Mortgage Payments for Unemployed Homeowners

by the zac team @ RE/MAX Greater Atlanta

 

Greetings neighbors,

There's more great news for those who are in distress in regards to their home mortgages thanks to a recent bill passed last week. The Restoring American Financial Stability Act passed by Congress, will reduce mortgage payments for those who are unemployed.

In addition, the program will supply 3 billion dollars which will come from the Troubled Asset Relief Program or TARP, which will give approximately $50,000 to those who are unemployed and own a home. These homeowners are expected to resume their regular payments within two years.

The newly presented program was modeled after Pennsylvania's Homeowners' Emergency Mortgage Assistance Program (HEMAP). Introduced to the state of Pennsylvania in 1983, HEMAP has since provided $236 million to unemployed homeowners.

It has been said that lawmakers hope to have the new Act signed by President Obama by July 4, 2010 recess.

Should States Pay the Mortgages for Distressed Homeowners?

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

How would you feel if the state paid off your mortgage in troubling times? Many distressed homeowners would welcome this idea, who wouldn't? According to recent reports, 4 states are considering doing just that. Florida, Michigan, California, and Arizona are expecting $1.4 billion from the Obama administration to assist with those who are unemployed/underwater avoid foreclosure.

However, there are both opposers and supporters of the idea of the government assisting with mortgages. Some believe that helping unemployed/underwater owners avoid foreclosure will lead to a lack of interest in actually finding a job. Those that are for the government paying mortgages feel something needs to be done in the already suffering housing market to prevent property values from declining any further.

When the administration first introduced what is being called the Hardest Hit Fund initiative this past February, it hoped to find new and creative programs to help the unemployed/underwater.

So far the federal government is issuing out a total of $2.1 billion to 10 U.S. states. Therefore in addition to Florida, Michigan, California, and Arizona 6 other states will also receive money and they are: Nevada, North Carolina, South Carolina, Rhode Island, Ohio, and Oregon.

As for the remaining states, they have yet to submit their plans to the Treasury for approval or have not publicly released their information.

HAMP is Starting to Look Up with a Rise in Permanent Mortgage Modifications

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

It looks like the Obama Administration's $75 billion foreclosure prevention program is making some type of progress slowly but surely. According to recent numbers, permanent loan modifications rose by approximately 13% during April of this year. Out of the total 1.2 million trial modifications, 295,348 were made permanent.

 During the trial period, homeowners received reduced monthly payments for a total of 90 days by approximately $500. In order for the modifications to become permanent, homeowners were required to make the reduced monthly payments and submit additional paper work.

However, there have been some cancellations in both trial and permanent modifications. Through the month of April, there were a total of 277,640 trial modifications canceled and 3,744 permanent modifications canceled by servicers. Failure to verify income before granting temporary modifications by servicers is said to be one of the chief reasons in the cancellation of these modifications.

In attempts to alleviate this issue, starting June 1, 2010, modifications will only be granted after verifying the homeowner’s income.

Because many have been criticizing the program's not so hasty pace, the Obama administration started pushing mortgage services to pick up the pace in the conversion of modifications from trial to permanent last December. This push from the Obama administration tripled the number of modifications.

As for the city with the most activity with the Home Affordable Modification Program (HAMP), Los Angeles-Orange County accounts for 6.2% with 57,758 modifications.

"What are the most common mistakes that can prevent a short sale from happening?"

Short sales are very viable alternatives to foreclosure and can save you and your family a lot of heartache. However, you need to ensure they are done absolutely correctly or else you risk the deal falling through. One of the most common short sale mistakes is that the proposal is incomplete. Most agents do not understand the short sale process and what your lender will be looking for.

As a Certified Distressed Property Expert, Zac understands the short sale process in detail and will work with you to present a complete and cohesive proposal to your lender (in fact, he is working on a few short sale proposals today).

Not sure what constitutes a "financial hardship" that you would submit in your proposal? Click here for our blog on qualifying for a financial hardship for the short sale of your Atlanta or Decatur home.

For a free report with the seven most dangerous short sale pitfalls, please visit the zac team online at www.SavingFamiliesFromForeclosure.com and indicate which report you would like. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

"What consitutes a financial hardship and how do I qualify for a short sale of my Atlanta home?"

Many Atlanta, Decatur, and Buckhead residents are asking themselves this question and our phones have been ringing with these and other foreclosure prevention inquiries.
The simple definition for financial hardship is as follows:

A material change in between the day the mortgage was signed and today that has affected your ability to pay.

Financial hardship leading to a short sale can include issues such as:

  • Mortgage payment adjustment
  • Job loss
  • Too much debt
  • Business failure
  • Divorce or death of a co-borrower

First and foremost, a financial hardship is a verifiable issue that has or will cause you to miss payments or have financial difficulties.

For a free report with the other two must-have qualifications for a short sale, please visit the zac team online at www.SavingFamiliesFromForeclosure.com. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Free Report: Foreclosure Versus Short Sale: Homeowner Consequences

by the zac team @ RE/MAX Greater Atlanta

Many Atlanta and Decatur homeowners don’t realize that a successful short sale is a feasible way to avoid foreclosure. Did you know that your current employment could be at stake if your home goes into foreclosure? Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. However, a short sale is not reported on a credit report and is therefore not a challenge to employment.

 

For your FREE REPORT with a side-by-side comparison chart of short sales versus foreclosure with this information and more, please visit the zac team online at www.SavingFamiliesFromForeclosure.com. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

 

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Free Report: The 7 Most Common Short Sale Pitfalls

by the zac team @ RE/MAX Greater Atlanta

A short sale on your home can be a viable option to avoiding the heartache of foreclosure. You want to ensure that you and your family avoid seven common traps that agents and homeowners fall into during this process!

The most common pitfall is pricing a property incorrectly, resulting in more expired and unsold properties. So how do you solve this issue?

For your FREE REPORT with the solution to this and the other six most common pitfalls, please visit the zac team online at www.SavingFamiliesFromForeclosure.com. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

You don’t have to go another day living with the stress and fear of foreclosure! There are options such as a short sale, which can help you sell your home without the damaging and lasting effects of foreclosure!

 

A short sale can be an excellent solution for a homeowner who owes more on their home than what it is worth and has to sell. Unfortunately a number of myths about short sales have developed and it is important you understand the reality of this process if this is a solution that you feel meets your current needs.

Some of these myths are:

You must be behind on your mortgage in order to negotiate a short sale

Listing my home as a short sale is an embarrassment

There is not enough time to negotiate a short sale before my foreclosure

Find out the truth behind these and four other common short sale myths with your FREE REPORT from the zac team. Just visit us online at www.SavingFamiliesFromForeclosure.com to request your copy. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Free Report: Options and Solutions for Homeowners in Foreclosure

by the zac team @ RE/MAX Greater Atlanta

The current US housing market and national financial crisis has caused untold stress and heartache for many American families. Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. Don’t wait another day! The options for foreclosure are many and this FREE REPORT gives you a brief explanation of these solutions.

Did you know that you may be able to take advantage of a forbearance plan that could temporarily suspend your mortgage payments? Or a repayment plan that allows you to pay back portions of back payments over time?

Find out more about these and other foreclosure avoidance options with our FREE REPORT,Options and Solutions for Homeowners in Foreclosure.” Just visit us online at www.SavingFamiliesFromForeclosure.com to request your copy. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Free Report: Three Must-Have Qualifications for a Short Sale Homeowner

by the zac team @ RE/MAX Greater Atlanta

While the misconceptions of what qualifies a seller for a short sale are many, the reality is actually very simple. Don’t wait for another day or another missed payment to go by! Find out if you qualify for a short sale and save your home from foreclosure!

In this FREE REPORT, we will explain the three major items that most lenders are looking for to see if you will qualify. The first thing a lender is going to look for in a short sale is that you qualify for a “financial hardship.” This is a verifiable issue that has or will cause you to miss payments or have financial difficulties. These issues can include mortgage payment adjustment, job loss, business failure, etc.

For your FREE REPORT with the definition of “financial hardship” (and to find out the other two must-have qualifications for a short sale), please visit the zac team online at www.SavingFamiliesFromForeclosure.com. You can also request more information and a confidential consultation from our Certified Distressed Property Experts at www.SavingFamiliesFromForeclosure.com or call Zac directly at 404.564.7272.

We also invite any of our neighbors who are worried about foreclosure to join us on the first and third Saturday of every month for our “Foreclosure Prevention Initiative: A Community Workshop.” This is a joint effort by the zac team and other local organizations to help our Atlanta and Decatur homeowners avoid foreclosure. We will provide a presentation and a workbook with valuable materials. The workshop begins at 10 a.m. in our office near Virginia Highland. Please RSVP to Jenny by emailing jenny@zac.biz or calling 404.564.7250!

Displaying blog entries 1-10 of 10

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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