Archive | November, 2009

Federal Government Pressuring Banks?

Posted on 30 November 2009 by Aaron Hofmann

As the foreclosure crisis appears to show no sign of slowing, the president wants to increase pressure on mortgage companies to help people remain in their homes.

A new program is to be announced and the goal will be to increase the rate at which distressed home loans are convereted into new loans with lower monthly payments.

The Treasury is also expected to announce that the loan modifications must be permanent before it will pay cash incentives to lenders that lower mortgage payments.

Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area.

Under the current $75 billion program, the Treasury awards lenders $1,000 initially — and $1,000 annually for up to three years — each time they agree to lower a troubled borrower’s payments rather than foreclose on the property. Those cash incentives come from the government’s $700-billion financial bailout package.

But critics say the incentives aren’t making enough of a dent in foreclosures.

Analysts said the foreclosure crisis is likely to persist well into next year as high unemployment pushes more people out of their homes.

A report last week from the Mortgage Bankers Assn. found that 14% of homeowners with mortgages were either behind on payments or in foreclosure at the end of September, a record level for the ninth straight quarter.

Rising foreclosures depress home prices and threaten the sustainability of the fledgling economic recovery.

The Congressional Oversight Panel, a committee that monitors spending under Treasury’s bailout program, concluded in a report last month that foreclosures are now threatening families who took out conventional, fixed-rate mortgages and put down payments of 10 to 20 percent on homes that would have been within their means in a normal market.

Contact us today to learn more about your options in avoiding foreclosure.

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Black Friday

Posted on 26 November 2009 by Aaron Hofmann

I always look forward to Thanksgiving every year. It’s time for some turkey, time to give thanks and time for some extra football. Thanksgiving time. It’s certainly a time of year when we get to spend time with friends and family and realize that we are fortunate.

But for some savvy shoppers, this is also the time of year to prepare to assault the stores on what has become known as Black Friday. Now while you may be looking to take advantage of the latest deals, keep in mind that not all deals are found in the stores.

For example, you can find lots of great deals online.

Another option is in the Atlanta real estate market. Home prices have been reduced, interest rates are phenomenal and if you’re a first-time homebuyer you can qualify for $8,000 and if you’re a move-up homebuyer you can qualify for $6,500.

These kind of deals are going to be hard to beat in the stores or even online. To make your Black Friday shopping spree, easier, we’ve compiled up-to-date lists of Atlanta short sales as well as foreclosures in Atlanta. We’ve also broken the list down to include some other popular communities in metro Atlanta.

Alpharetta
Short Sales
Alpharetta
Foreclosures
Brookhaven
Short Sales
Brookhaven
Foreclosures
Buckhead
Short Sales
Buckhead
Foreclosures
Decatur
Short Sales
Decatur
Foreclosures
Duluth
Short Sales
Duluth
Foreclosures
Dunwoody
Short Sales
Dunwoody
Foreclosures
East
Cobb Short Sales
East
Cobb Foreclosures
Johns
Creek Short Sales
Johns
Creek Foreclosures
Mableton
Short Sales
Mableton
Foreclosures
Marietta
Short Sales
Marietta
Foreclosures
Midtown
Short Sales
Midtown
Foreclosures
Milton
Short Sales
Milton
Foreclosures
Norcross
Short Sales
Norcross
Foreclosures
Roswell
Short Sales
Roswell
Foreclosures
Sandy
Springs Short Sales
Sandy
Springs Foreclosures
Smyrna
Short Sales
Smyrna
Foreclosures
Vinings
Short Sales
Vinings
Foreclosures

If you’re interested in taking advantage of the Sandy Springs Black Friday deals in the real estate market, be sure to contact us for your free buyer consultation.

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Great News for Homebuyers Interested in Short Sales and Foreclosures!

Posted on 08 November 2009 by Carl Martens

What is this great news you might ask?  The first-time homebuyer tax credit has been extended and expanded.

What this means is that homebuyers have a chance to not only get a great deal on a short sale or a foreclosure, but they will also receive an extra bonus; for first-time hombuyers a tax credit of up to $8,000 and for homeowners that have owned a home for the past five years a tax credit of up to $6,500.

Do not hesitate, but act now and invest in a short sale or foreclosure and start building your equity today!

Contact the H2 Realty team to setup a time to view the short sales and foreclosures in Atlanta.

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Obama Set to Sign New Homebuyer Tax Credit Bill

Posted on 06 November 2009 by Carl Martens

If you thought you missed your chance of $8,000 from the government, think again!  Buy a home before May 1 and collect up to $6,500 from the government.  If you’re a first-time homebuyer, get up to $8,000.  That’s right…President Obama is set to sign an extension of the $8,000 first-time homebuyer tax credit and this new bill also includes a credit for current homeowners.

Already passed by the Senate, the House voted 403-12 Thursday to expand on the current $8,000 first-time homebuyer tax credit.  Included in the bill is an extension of unemployment benefits and expands a tax break for money-losing businesses.  It is expected that President Obama will sign the bill today.

Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. First-time homebuyers — or people who haven’t owned homes in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes.

The credit is equal to 10 percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for others.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that were included in a bill extending unemployment benefits for those without jobs for more than a year. The other tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years.

That break would help industries that have suffered big losses in the recession, including retailers, homebuilders and newspapers.

Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.

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Homebuyer Tax Credit Passed by Congress

Posted on 05 November 2009 by Aaron Hofmann

The House of Representatives overwhelmingly passed a bill today that would extend the $8,000 first-time homebuyer tax credit to home purchases under contract by April 30, 2010 and closed by June 30, 2010. This is an extension of the credit that was set to expire on November 30th.

This is the same bill passed by the Senate on Wednesday and could be signed by the President as early as Friday.

The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. These homes would also need to be under contract by April 30th and closed by June 30th.

The credit would be available only for the purchase of principal residences priced at $800,000 or less.

The bill also raises the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

This is a great opportunity for first-time homebuyers and move-up homebuyers and we’ll be discussing the value and opportunity for both of these targeted groups.

This is an advantage for buyers who are looking for Atlanta short sale and Atlanta foreclosure deals as it buys them the time necessary to find the perfect home and get it closed. Contact us if we can be of assistance in finding some great opportunities in the Atlanta short sale and foreclosure market.

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Short Sales and Foreclosures Seminar from Atlanta Home Builders Association

Posted on 01 November 2009 by Carl Martens

Come join the Greater Atlanta Home Builders Assoication for a free short sales and foreclosure seminar on Tuesday, November 4th.  The session is free to HBA members and will begin at 9:00 a.m. at the housing center in Tucker.

Participants of the session will learn how to:

  • Get to the closing table.
  • Prepare for a foreclosure.
  • Prepare for a short sale.
  • Understand short sale requirements.
  • Understand the complications with foreclosures.

Josefina Knapp of O’Kelley & Sorohan will facilitate the session which will last three and a half hours. The course has been approved by the Housing Institute and the Georgia Real Estate Commission for three continuing education credits.

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