Handling the Stress of an Unaffordable Mortgage Payment

Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me. It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.

In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.

The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability. I'm available through my website: www.amyhelps.info or at my office at 503-371-5209.

I'll admit it - I love everything about Easter!

I attribute much of this to my Lutheran background and all the beautiful events that we are reminded of during the Lenten season.

I love Ash Wednesday and the reminder of how much we need a savior.

I used (!) to love the 40 days of Lent, and keeping up with my Catholic friends who were "giving up" something for Lent. Chocolate was always the biggie among us. What were we thinking?!?

I love Palm Sunday and the pagentry of Christ riding triumphantly into the City. I love receiving my palm and putting it in our home behind the mirror. It reminds me all year long of Christ our King.

I love Holy Wednesday and thinking about Jesus praying in the Garden of Gethsemane. How many of us have let a friend down in a moment of need? And even so, our Savior shows grace, yet again, to his 3 friends who chose to nap while he needed their prayers.

I love Maunday Thursday, Christ's last meal with his dearest friends. What must they have talked about? What events of the last three years were they reliving? How did they encourage one another about the events that were to unfold? Was the heart of Judas racing? Did he have any second thoughts? I wonder on Maunday Thursday.

I love the austerity of Good Friday in our church . There's an absolutely barren alter; no flowers, no gold adornments, no choir. Just the cross draped in black cloth, a crown of thorns hanging from the center post. There is an erie silence that compells my prayers for forgiveness.

And finally Easter Sunday. Outside, the church cross is covered in bright flowers. Kids are running everywhere. Inside the sanctuary is filled with Easter Lillies and bouquets of every kind of white flower you could think of. The cross....oh the cross, is now gloriously adorned in the purest white stole.....lillies surrounding its base. Jesus is alive!

I love everything about Easter - especially Jesus.

Christ is Risen.......He is risen indeed.

Happy Easter.

"DON'T TAKE MY WORD FOR IT!"

Some weeks are just more challenging in real estate. Last week was one of those weeks for me!

We've been in this adjusting real estate market for nearly four years now, but all of a sudden I've had a rash of sellers who don't want to hear the realities of the market.

So here's the low-down!

Homes are selling! There seems to be a pervasive myth that homes aren't selling. Well, they are. But it might not be at the price you had in mind. So strap up if you need to sell.

And that's my next subject: the need to sell. This, ladies and gentlemen, is not the market of 2004, 2005, 2006 or even 2007. We will never see that again in our lifetime. What this market and this economy is requiring from all of us is a paradigm shift from our "wants" to our "needs," especially in real estate. If you don't NEED to sell, then don't! It's no fun having your house clean all the time, strangers walking through it and waiting for an offer that just won't come if you're over priced. Plus, you probably have neighbors that do NEED to sell. Excess inventory doesn't help anyone.

What will help all of us is if we can take a deep breath and accept our new reality. This market will not be turning around for a long time. When this down-turn began four years ago, I was accused of being "negative" because I suggested it wouldn't be over by next spring! Well here we are, 4 years later, and now I get emails that go something like this: "we wish we had listened to you two years ago about the housing market." Dang, I wish they had too.

And while I wish I could report to you that we are near the bottom, I can't. We are counseling our clients to look 10 - 15 years out as they consider their real estate options. As recently as March my viewpoint was backed up by the owner of RE/Max International when he stated in his address to the RE/Max International Convention, that "we aren't even half way through this cycle in the market."

Cue: Groan loudly. I know, I know. But wouldn't you really rather know so you can plan accordingly - or change your plans if you need to??? Isn't that what a real professional does for you, is show you what's coming so you can get a jump on it? Wait, let me guess.....you don't want to believe me again. Heck, I don't want to believe myself.

So since I know, there's a lot of knashing of teeth right now, I thought I'd give you a link from the Distressed News Service, so you don't have to take my word for it. Once you've read the article (clear to the end!), please feel free to call me with any questions. There are many opportunities in real estate......you just have to know where they've shifted too!

HOME PRICES TO DOUBLE DIP IN THE WEST

Ciao for Now!

What's Up Pussycat?

There's an old song from the 60's (I think....if my memory hasn't failed me!), and it seems to describe our current real estate market and the reporting that's being done on it lately.

"What's up Pussycat? Whoa, ah, whoa ah, Whoa."

My clients tell me often how confusing the market is right now; headlines saying sales are up, but there are "For Sale" signs everywhere, in every neighborhood.

Take a look at this recent article in the REALTOR magazine. It really explains what's happening in our marketplace, and from a source who would want to paint a rosie picture if they could.

Existing Home Sales Fall in February

There are many factors affecting the stabilization of the real estate market. According to Dave Leniger, Co-Founder of RE/Max International, we're in for a see-saw recovery; some periods up, followed by some periods down. And in his opinion, were not even half way through this declining market. (I know it's a downer, but how can you make good financial decisions if you don't know the truth????)

We're trying to keep up on all the variables affecting the market, so don't hesitate to call or email us to get the skinny, 'cause we most likely will be chasing this cat for a while.

Ciao for now.

Will You Shift Your American Dream?

Secretary of the Treasury, Timothy Geithner has said that the government played a role in bringing down the housing market. But what's really interesting is that the reform that's being proposed will require a "shift of what many believe is the American Dream."

Click on this link to read more:

Government Role in Bringing Down Housing Market

What are your thoughts? Do you think, as a homeowner or future homebuyer that you should be shifting your American Dream?

Homeowners Defrauded

As a little girl, my Mom used to preach to me that "crime does not pay." To take it even a step further, she said, "if you're gonna be a criminal, you better make it big. Don't spend your time in jail over something small. A million bucks would be a good start!" Now I don't want you to think my Mother (one of the straightest arrows I ever knew) was advocating for a life of crime! Quite the opposite....I believe in those Happy Days of the '60's she was trying to set the bar so high it just looked unattainable!

Well it seems she should have set that bar higher. In this article it seems some criminals in the mortgage market were able to break through my Mother's barrier and defraud home buyers and distressed property owners of millions of dollars. Take a read:

FBI Cracks Down on Mortgage Fraud

These are interesting times in the real estate market, and Salem, OR real estate isn't immune from these sorts of scams. Don't ever hesitate to call our office if you're a first time homebuyer or a current homeowner with any question you might have about real estate or mortgage offers.

Enjoy the snow!

Loan Modifications Not Working - Surprise!

This comes as no surprise in our office that Loan Modifications have had an anemic impact on this market. There's lots of reasons; far too many for this blog report. But needless to say, short sales are another alternative. Please read the article, and feel free to call me for further details.

http://www.dsnews.com/articles/tarp-inspector-generals-report-says-hamp-is-failing-2011-01-26

For more information on real estate in the Salem, OR area, visit my website at www.amymcleod.net