A lot of homeowners are out of jobs and are struggling to keep up with mortgage payments. Not only that but a large portion of Hudson Valley residents are relocating of the surrounding counties and even out of NY State. This has resulted in many homeowners calling on house buying companies after failing to find a buyer themselves on the open market.

A lot of homeowners who had purchased their properties over the last 6 years now find themselves in a situation where they are no longer capable of making repayments towards their mortgage.

They now feel that selling their property is the best option for them than trying to hold on to it and keep struggling financially. Today Hudson Valley’ homeowners are more concerned about putting food on the table than keeping their obligation to their mortgage lender. Selling can be a much easier solution while finding a rental accommodation or a cheaper property to live in. When people fail to sell their home fast on the open market they start looking for other options and solutions to get their home sold quickly.

A company that buys houses or that offers a variety of real estate solutions to get homeowners home sold fast is the best answer in today’s market.

Home Buying Companies are indeed a creative bunch in today’s’ difficult market. Thinking outside the box and offering a variety of options to selling is key. Simply getting your home sold by listing it with an agent isn’t as easy to achieve as it used to be. In some area’s including our own property values continue to slide downwards, and people fear that they will soon be left in negative equity situation and totally be unable to sell their home. For those that cant afford their mortgage, this leaves them facing foreclosure and looking at the possibility of a short sale.

Paragon Equities offers real real estate solutions and real offers for house sale solutions to all homeowners. If you are a homeowner who needs help in getting your property sold even if you have no equity then give our expert staff a call today – 914-297-6644

If you are a homeowner is underwater and stopped making payments then you can use this little script in the link below to stop the banks from harassing phone calls about your mortgage.

Homeowner Script<<——–Get it here!

Delinquencies (30 – 180 days late) remain for 7 years from the date of the initial missed payment.

Collection Accounts remain on your credit report for 7 years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked “paid collection” on the credit report.

Charged Off remain for 7 years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

Closed accounts are accounts that are no longer available for further use.Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain 7 years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain at least 10 years.

Lost credit card – If there are no delinquencies, credit cards that are reported lost will continue to be listed for 2 years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.

Bankruptcy- Chapters 7, 11, and 12 remain for 10 years from the filing date.

Chapter 13 remains 7 years from the filing date. Accounts included in bankruptcy remain 7 years from the date they were reported as included in the bankruptcy.

Judgments (child support, civil & small claims) remain on your report for 7 years from the date the judgment is filed.

Tax Liens – (city, county, state, and federal) Unpaid tax liens remain 15years from the filing date. Paid tax liens remain 7 years from the paid dateof the lien.

Inquiries remain on your credit report for 2 years, with those in the last 6 months usually given the most consideration.
Positive Accounts remain indefinitely and paid positive accounts remain 10 years.

The credit experts at Waterfield Credit know the credit laws and how to use the laws to your advantage. They know how to analyze your credit report toidentify inaccurate, misleading and unverifiable items. Waterfield Creditworks with you during the dispute process to achieve the best possibleoutcome for you to eliminate negative items that are impacting your credit life..

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No matter what your situation might be, if your Hudson Valley house qualifies and you are flexible on price and terms, we can buy your Hudson Valley New York house…NOW! Sometimes life can put you in a bind that makes you realize “I need to sell my hudson valley house fast.” Paragon Equities can help. We can buy your Hudson Valley house fast no matter what your situation, even if you don’t have equity. If you are looking to avoid foreclosure we have a variety of solutions and options that can help too.

From the moment you call us and say “sell my home” to the day you have the money from the sale in hand, you’ll realize we do things differently. There are many companies that buy houses in the Hudson Valley, but we treat you as though we are doing business with family. We want to help end the worry and the sleepless nights you have spent wondering how you were going to sell your house fast, especially in this market.

Even if you have not had much luck selling your house via the For Sale by Owner listings, Paragon Equities can help. We can work with you to create a solution that is beneficial to everyone. Get your Hudson Valley house sold fast and walk away smiling.

Experts emphasized that the foreclosure numbers don’t fully reflect the extent of distress at the high end, because for expensive homes, banks are more likely to pursue short sales, in which the homeowner stays put while marketing the home for less than is owed on the mortgage. “Banks take the time on the high end to short-sale properties because they get a higher return and better valuation,” said Pat Lashinsky, CEO of Emeryville’s ZipRealty, a nationwide brokerage. Buyers of high-end homes during the real estate boom years often relied on option ARMs, which allowed them to start off paying just the interest – or even less than the interest, thus adding on to their mortgage balance. Most option ARMs had an initial period of five years before loans recast, causing payments to soar.

Under HAFA, banks must decide within 10 business days whether to approve or deny a requested short sale under the program. Banks already have an inventory of 1.1 million foreclosed houses, recent estimates by LPS Applied Analytics of Jacksonville, Fla., show. Many more will be heading for a short sale or foreclosure. The Mortgage Bankers Association said more than 9 percent of homeowners were behind at least one payment on their mortgages in the fourth quarter. LPS figures 4.8 million are delinquent or already in the start of the foreclosure process. The HAFA program can’t reach many of those houses. Lenders participating in the federal government’s effort to encourage mortgage relief for distressed homeowners — Home Affordable Modification Program — are required to participate in HAFA as well.

What qualifies as hardship in a short sale? I get this question fairly often, and it should be addressed. First, I’ll tell you what does not qualify as hardship, and that is simply being underwater. If you owe more than you are worth, being upside down alone is not adequate hardship to get a short sale approved. That is only half the equation. There has to be a financial hardship.In every case of hardship I have ever seen, a loss of income has been involved. It could be unemployment, divorce, being laid off, the failure of a business, or any of a hundred other things, but a loss or decrease of income is absolutely hardship. When your expenses remain the same and your income goes down or disappears, you have a case for hardship. You could be a ditch digger paying a $500 per month mortgage or a brain surgeon paying $10,000 per month. If you lose income, hardship is not hard to prove. In rare cases, income has remained the same but the payment has adjusted up, but the mathematical outcome, namely a deficit, is the same.That is as basic a yardstick as I can find. I’d be surprised to find a more common or less complicated theme. Loss of income is almost always a case for hardship.

And Bank of America, the country’s largest mortgage servicer, has more than doubled the number of short sales it processed in recent months. This is a huge change from even just six months ago when the short-sale market was stalled and most people would describe the process has real estate hell. Because lenders stand to lose so much on these transactions, they have been reluctant to make short sales happen, often waiting months before getting back to potential buyers. But that has been changing.

For one thing, banks realize that they make out far better financially with a short sale than a foreclosure. “The lenders lose 50% on a foreclosure and only 30% on a short sale,” said Glenn Kelman, founder of the real estate Web site Redfin. “And short sales offer a way to get distressed properties off their books quickly.” And on April 5, lenders and mortgage investors will have even more incentives to offer troubled borrowers short sales instead of foreclosing. Under the new Home Affordable Foreclosure Alternatives (HAFA) program, borrowers will earn a $3,000 “relocation incentive” and servicers will get $1,500 for handling a short sale. The investors who actually own the mortgage notes will get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders. And, finally, those second lien holders will receive up to $6,000 for releasing their claims. Lenders participating in the program must also determine the market values of properties early on
and inform the owners of just what price they’re willing to accept. Then, if owners come back to the lenders with bonafide offers, they have to be accepted within 10 days.

What’s in HAFA?

The coming boom in short sales may accelerate the end to the foreclosure crisis by cleaning out the overhang of borrowers in distress and replacing them with more stable homeowners. Plus, these sales are better for distressed borrowers because their credit scores suffer less. Going through a foreclosure can knock 200 points off a FICO score, twice as much as the penalty for a short sale. I’ll provide details as they come along, but here’s a primer from the National Association of Realtors (NAR):

- Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.

- Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.

- Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

- Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6%).

- Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).

- Uses standard processes, documents, and time-frames/deadlines.

- Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

- Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

“The realtor told me what I’m doing is illegal”, “I can’t list the property because I’m not on title”, “No realtors will work with me because the say you can’t do that in our city/county/state”

Well how about if I gave you a link to an article in Commonwealth Magazine(page 12), a publication that is “A journal for real estate professionals published by the Virginia Association of REALTORS®” And what if that article was written by Lem Marshall, VAR (Virginia Association of Realtors) Special Counsel and it basically says (and I’m paraphrasing here) “Who cares if an investor has an option contract, and who cares how much profit they make, and who cares if the end (C) buyer is taking title from someone they didn’t expect”? Would an article written by an attorney endorsed by a state’s (Virginia’s) Association of Realtors help validate that this back to back ‘flip’ transactions are legitimate? That and the fact the top lenders in the country have approved of it as well? Of coarse it would! This is a GREAT thing to share with any agent who has a short sale listing that is still active, with no offers. Changes like this will make 2010 easier to help homeowners avoid foreclosure! That is always something worth writing about.

Post submitted by http://www.paragonequities.com – Short Sale Investors.