Do I qualify for a short sale?
The qualifications for a short sale include any or all of the following:
1.Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2.Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3.Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
Friday, January 29, 2010
Wednesday, January 27, 2010
Put the WOW in your short sale home
Short sales really need the WOW factor
In today’s market, sellers are having a hard time getting the interest and prices that they are looking for. This is especially true of short sale homes. As a REALTOR in Aurora, I've noticed some trends with short sale homes. Here are a few things that you can do to spruce up your home. Most people think that if they paint the inside, it will sell their home. What they aren't thinking about is the first impression. What does the outside of your home look like?
1) Wash and paint the outside. This may seem like a major expense, but if your prospective buyers are turned off before they even walk inside, then you've already hurt your chances of selling to them.
2) How does your yard and landscaping look? Often, with just a few dollars and a weekends worth of time, you can really change those first thoughts.
3) Clean up and repair. Fix the screens on your windows and doors, wash the windows, and spray down the front steps and driveway.
Now that you've got them inside, don't blow it.
4) Clean the carpets, buff the hardwood floors, polish the cabinets.
5) Rearrange your furniture. This may sound strange, but if your buyers can't see their furniture in the home, they won't be as likely to want it. But just moving things into other rooms, can make a huge difference.
6) If possible, get warranties on your big appliances, this gives the buyer a piece of mind.
7) The interior probably does need painting, but don't use just straight white, odd colors or paint each room in a theme. Use something simple like a light yellow for the walls and a cream for the trim.
8) If it's broken, fix it. Most items that need to be fixed, mildew, holes in the walls ect can be taken care of easily and inexpensively. The upside is that it will drastically improve the overall impression of your home.
9) Tidy up the places you take for granted. Roll the refrigerator out, clean inside the closets and by all means do a deep cleaning on the kitchen and bathrooms.
10) Go as green as you can. Get energy efficient light bulbs, better insulation and replace outdated fixtures.
For more information on what to do in a short sale situation, please go to my web site
In today’s market, sellers are having a hard time getting the interest and prices that they are looking for. This is especially true of short sale homes. As a REALTOR in Aurora, I've noticed some trends with short sale homes. Here are a few things that you can do to spruce up your home. Most people think that if they paint the inside, it will sell their home. What they aren't thinking about is the first impression. What does the outside of your home look like?
1) Wash and paint the outside. This may seem like a major expense, but if your prospective buyers are turned off before they even walk inside, then you've already hurt your chances of selling to them.
2) How does your yard and landscaping look? Often, with just a few dollars and a weekends worth of time, you can really change those first thoughts.
3) Clean up and repair. Fix the screens on your windows and doors, wash the windows, and spray down the front steps and driveway.
Now that you've got them inside, don't blow it.
4) Clean the carpets, buff the hardwood floors, polish the cabinets.
5) Rearrange your furniture. This may sound strange, but if your buyers can't see their furniture in the home, they won't be as likely to want it. But just moving things into other rooms, can make a huge difference.
6) If possible, get warranties on your big appliances, this gives the buyer a piece of mind.
7) The interior probably does need painting, but don't use just straight white, odd colors or paint each room in a theme. Use something simple like a light yellow for the walls and a cream for the trim.
8) If it's broken, fix it. Most items that need to be fixed, mildew, holes in the walls ect can be taken care of easily and inexpensively. The upside is that it will drastically improve the overall impression of your home.
9) Tidy up the places you take for granted. Roll the refrigerator out, clean inside the closets and by all means do a deep cleaning on the kitchen and bathrooms.
10) Go as green as you can. Get energy efficient light bulbs, better insulation and replace outdated fixtures.
For more information on what to do in a short sale situation, please go to my web site
Tuesday, January 26, 2010
Teen Drinking May Cause Irreversible Brain Damage
Teen Drinking May Cause Irreversible Brain Damage
by Michelle Trudeau
January 25, 2010
Courtesy of Susan Tapert/Tim McQueeny, UCSDThe red specks highlight where the integrity of the brain's white matter is significantly less in the teens who binge drink, compared to those who do not. For teenagers, the effects of a drunken night out may linger long after the hangover wears off.
A recent study led by neuroscientist Susan Tapert of the University of California, San Diego compared the brain scans of teens who drink heavily with the scans of teens who don't.
Tapert's team found damaged nerve tissue in the brains of the teens who drank. The researchers believe this damage negatively affects attention span in boys, and girls' ability to comprehend and interpret visual information.
"First of all, the adolescent brain is still undergoing several maturational processes that render it more vulnerable to some of the effects of substances," Tapert says.
In other words, key areas of the brain are still under construction during the adolescent years, and are more sensitive to the toxic effects of drugs and alcohol.
For the study, published last month in the journal Psychology of Addictive Behaviors, Tapert looked at 12- to 14-year-olds before they used any alcohol or drugs. Over time, some of the kids started to drink, a few rather heavily — consuming four or five drinks per occasion, two or three times a month — classic binge drinking behavior in teens.
Comparing the young people who drank heavily with those who remained non-drinkers, Tapert's team found that the binge drinkers did worse on thinking and memory tests. There was also a distinct gender difference.
"For girls who had been engaging in heavy drinking during adolescence, it looks like they're performing more poorly on tests of spatial functioning, which links to mathematics, engineering kinds of functions," Tapert says.
And the boys?
"For boys who engaged in binge drinking during adolescence, we see poor performance on tests of attention — so being able to focus on something that might be somewhat boring, for a sustained period of time," Tapert says. "The magnitude of the difference is 10 percent. I like to think of it as the difference between an A and a B."
Teenage Tendency To Experiment To Blame
Pediatrician and brain researcher Ron Dahl from the University of Pittsburgh notes that adolescents seem to have a higher tolerance for the negative immediate effects of binge drinking, such as feeling ill and nauseated.
"Which makes it easier to consume higher amounts and enjoy some of the positive aspects," Dahl says. "But, of course, that also creates a liability for the spiral of addiction and binge use of these substances."
He adds that there is a unique feature of the teenage brain that drives much behavior during adolescence: The teen brain is primed and ready for intense, all-consuming learning.
"Becoming passionate about a particular activity, a particular sport, passionate about literature or changing the world or a particular religion" is a normal, predictable part of being a teenager, he says.
"But those same tendencies to explore and try new things and try on new identities may also increase the likelihood of starting on negative pathways," he adds.
Damaged Brain Tissue
Tapert wanted to find out in what way binge drinking affects a teen's developing brain. So using brain imaging, she focused on the white matter, or nerve tissue, of the brain.
"White matter is very important for the relay of information between brain cells; and we know that it is continuing to develop during adolescence," Tapert says.
So Tapert imaged the brains of two groups of high school students: binge drinkers and a matched group of teens with no history of binge drinking. She reports in her recent study a marked difference in the white matter of the binge drinkers.
"They appeared to have a number of little dings throughout their brains' white matter, indicating poor quality," Tapert says.
And poor quality of the brain's white matter indicates poor, inefficient communication between brain cells.
"These results were actually surprising to me because the binge drinking kids hadn't, in fact, engaged in a great deal of binge drinking. They were drinking on average once or twice a month, but when they did drink, it was to a relatively high quantity of at least four or five drinks an occasion," she says.
In another study, Tapert reported abnormal functioning in the hippocampus — a key area for memory formation — in teen binge drinkers. Reflecting their abnormal brain scans, the teen drinkers did more poorly on learning verbal material than their non-drinking counterparts.
What remains unknown, says Tapert, is if the cognitive downward slide in teenage binge drinkers is reversible.
This has been reprinted from the NPR ezine
by Michelle Trudeau
January 25, 2010
Courtesy of Susan Tapert/Tim McQueeny, UCSDThe red specks highlight where the integrity of the brain's white matter is significantly less in the teens who binge drink, compared to those who do not. For teenagers, the effects of a drunken night out may linger long after the hangover wears off.
A recent study led by neuroscientist Susan Tapert of the University of California, San Diego compared the brain scans of teens who drink heavily with the scans of teens who don't.
Tapert's team found damaged nerve tissue in the brains of the teens who drank. The researchers believe this damage negatively affects attention span in boys, and girls' ability to comprehend and interpret visual information.
"First of all, the adolescent brain is still undergoing several maturational processes that render it more vulnerable to some of the effects of substances," Tapert says.
In other words, key areas of the brain are still under construction during the adolescent years, and are more sensitive to the toxic effects of drugs and alcohol.
For the study, published last month in the journal Psychology of Addictive Behaviors, Tapert looked at 12- to 14-year-olds before they used any alcohol or drugs. Over time, some of the kids started to drink, a few rather heavily — consuming four or five drinks per occasion, two or three times a month — classic binge drinking behavior in teens.
Comparing the young people who drank heavily with those who remained non-drinkers, Tapert's team found that the binge drinkers did worse on thinking and memory tests. There was also a distinct gender difference.
"For girls who had been engaging in heavy drinking during adolescence, it looks like they're performing more poorly on tests of spatial functioning, which links to mathematics, engineering kinds of functions," Tapert says.
And the boys?
"For boys who engaged in binge drinking during adolescence, we see poor performance on tests of attention — so being able to focus on something that might be somewhat boring, for a sustained period of time," Tapert says. "The magnitude of the difference is 10 percent. I like to think of it as the difference between an A and a B."
Teenage Tendency To Experiment To Blame
Pediatrician and brain researcher Ron Dahl from the University of Pittsburgh notes that adolescents seem to have a higher tolerance for the negative immediate effects of binge drinking, such as feeling ill and nauseated.
"Which makes it easier to consume higher amounts and enjoy some of the positive aspects," Dahl says. "But, of course, that also creates a liability for the spiral of addiction and binge use of these substances."
He adds that there is a unique feature of the teenage brain that drives much behavior during adolescence: The teen brain is primed and ready for intense, all-consuming learning.
"Becoming passionate about a particular activity, a particular sport, passionate about literature or changing the world or a particular religion" is a normal, predictable part of being a teenager, he says.
"But those same tendencies to explore and try new things and try on new identities may also increase the likelihood of starting on negative pathways," he adds.
Damaged Brain Tissue
Tapert wanted to find out in what way binge drinking affects a teen's developing brain. So using brain imaging, she focused on the white matter, or nerve tissue, of the brain.
"White matter is very important for the relay of information between brain cells; and we know that it is continuing to develop during adolescence," Tapert says.
So Tapert imaged the brains of two groups of high school students: binge drinkers and a matched group of teens with no history of binge drinking. She reports in her recent study a marked difference in the white matter of the binge drinkers.
"They appeared to have a number of little dings throughout their brains' white matter, indicating poor quality," Tapert says.
And poor quality of the brain's white matter indicates poor, inefficient communication between brain cells.
"These results were actually surprising to me because the binge drinking kids hadn't, in fact, engaged in a great deal of binge drinking. They were drinking on average once or twice a month, but when they did drink, it was to a relatively high quantity of at least four or five drinks an occasion," she says.
In another study, Tapert reported abnormal functioning in the hippocampus — a key area for memory formation — in teen binge drinkers. Reflecting their abnormal brain scans, the teen drinkers did more poorly on learning verbal material than their non-drinking counterparts.
What remains unknown, says Tapert, is if the cognitive downward slide in teenage binge drinkers is reversible.
This has been reprinted from the NPR ezine
Thursday, January 21, 2010
Wednesday, January 20, 2010
Top 9 Reverse Mortgage Myths - What is fact and what is fiction
RISMEDIA, January 20, 2010—Recent headlines pointing to the detriments of reverse mortgages aren’t getting the story straight. One of the nation’s leading reverse mortgage lenders, Generation Mortgage Company, wants to separate fact from fiction.
“Because so many Americans over the age of 62 are facing significant financial stress due to dropping retirement and savings account balances, as well as higher healthcare costs, many groups are targeting seniors under the guise of helping them,” said Scott Peters, CEO and President of Generation Mortgage. “HECM reverse mortgages are Federal Housing Administration-insured products and are heavily scrutinized by regulators and legislators looking to protect seniors’ best interests. As a result, more than 600,000 American seniors have obtained reverse mortgages that have enriched their lives by allowing them to stay in their homes and pay off their bills.”
The top 9 most common reverse mortgage myths include:
Myth: If I take out a reverse mortgage the lender will own my home.
Fact: False. Homeowners still retain title and ownership to their homes during the life of the loan, and can choose to sell the home at any time. As long as the house is maintained and property taxes and homeowners insurance are paid, the loan cannot be called due.
Myth: My children will be responsible for the repayment of the loan.
Fact: False. Reverse mortgages are non-recourse loans. That means, if the property is sold to pay-off the loan when the homeowner passes away or decides to leave the home for other reasons, there will be no mortgage debt for the family and heirs to repay. The maximum amount owed is the current market value of the house. If the homeowner’s heirs want to keep the home, they would pay the balance in-full to the reverse mortgage lender.
Myth: I can’t get a reverse mortgage if I have an existing mortgage.
Fact: False. With enough equity, you may be able to pay off your existing mortgage or other debt with the reverse mortgage. The reverse mortgage must be in a first lien position, so any existing mortgage must be paid off. Seniors who take out reverse mortgages are free to do anything they want with their reverse mortgage proceeds. Paying off an existing mortgage is the number one reason most seniors take out a reverse mortgage.
Myth: Only low-income seniors get reverse mortgages.
Fact: False. Although some seniors may have a greater need than others for the monthly proceeds or lump sum funds reverse mortgages offer, most simply prefer to be free of monthly mortgage payments. Without monthly mortgage payments, many homeowners find they can maintain their existing quality of life and build their savings to help with future expenses. A growing number of people who have no immediate need are taking out these loans so that they have a financial cushion for future expenses.
Myth: If I outlive my life expectancy, the lender will evict me.
Fact: False. Reverse mortgage lenders put no time limit on how long seniors can stay in their homes. Since homeowners still own the property, lenders cannot evict them, provided they follow the program guidelines.
Myth: There are no objective advisors available to seniors trying to decide if a reverse mortgage suits their needs.
Fact: False. Borrowers are required to work with independent, third party counselors approved by the U.S. Department of Housing and Urban Development (HUD) in their local communities. This educational session helps them make the right decision for their unique situations.
Myth: There are restrictions on how reverse mortgage proceeds may be used.
Fact: False. There are no restrictions. The cash proceeds from the reverse mortgage can be used for virtually any purpose and borrowers should be cautious of lenders attempting to cross sell other products. Many seniors have used reverse mortgages to pay off debt, help their kids, make ends meet or to have a financial reserve.
Myth: Reverse mortgage lenders take advantage of seniors.
Fact: False. Seniors who have been victims of reverse mortgage lending schemes are extreme exceptions and typically victims of unsavory lenders. As a consumer, you should only work with lenders who are Better Business Bureau and National Reverse Mortgage Lenders Association (NRMLA) members and adhere to those organizations’ strict Code of Ethics and Standards for Trust.
Myth: I’ve heard I won’t qualify for a reverse mortgage because of my limited income.
Fact: Unlike a traditional mortgage where mortgage payments must be made each month, a reverse mortgage pays you. Because of this, many seniors who do not qualify for traditional financing are eligible for a reverse mortgage.
“Because so many Americans over the age of 62 are facing significant financial stress due to dropping retirement and savings account balances, as well as higher healthcare costs, many groups are targeting seniors under the guise of helping them,” said Scott Peters, CEO and President of Generation Mortgage. “HECM reverse mortgages are Federal Housing Administration-insured products and are heavily scrutinized by regulators and legislators looking to protect seniors’ best interests. As a result, more than 600,000 American seniors have obtained reverse mortgages that have enriched their lives by allowing them to stay in their homes and pay off their bills.”
The top 9 most common reverse mortgage myths include:
Myth: If I take out a reverse mortgage the lender will own my home.
Fact: False. Homeowners still retain title and ownership to their homes during the life of the loan, and can choose to sell the home at any time. As long as the house is maintained and property taxes and homeowners insurance are paid, the loan cannot be called due.
Myth: My children will be responsible for the repayment of the loan.
Fact: False. Reverse mortgages are non-recourse loans. That means, if the property is sold to pay-off the loan when the homeowner passes away or decides to leave the home for other reasons, there will be no mortgage debt for the family and heirs to repay. The maximum amount owed is the current market value of the house. If the homeowner’s heirs want to keep the home, they would pay the balance in-full to the reverse mortgage lender.
Myth: I can’t get a reverse mortgage if I have an existing mortgage.
Fact: False. With enough equity, you may be able to pay off your existing mortgage or other debt with the reverse mortgage. The reverse mortgage must be in a first lien position, so any existing mortgage must be paid off. Seniors who take out reverse mortgages are free to do anything they want with their reverse mortgage proceeds. Paying off an existing mortgage is the number one reason most seniors take out a reverse mortgage.
Myth: Only low-income seniors get reverse mortgages.
Fact: False. Although some seniors may have a greater need than others for the monthly proceeds or lump sum funds reverse mortgages offer, most simply prefer to be free of monthly mortgage payments. Without monthly mortgage payments, many homeowners find they can maintain their existing quality of life and build their savings to help with future expenses. A growing number of people who have no immediate need are taking out these loans so that they have a financial cushion for future expenses.
Myth: If I outlive my life expectancy, the lender will evict me.
Fact: False. Reverse mortgage lenders put no time limit on how long seniors can stay in their homes. Since homeowners still own the property, lenders cannot evict them, provided they follow the program guidelines.
Myth: There are no objective advisors available to seniors trying to decide if a reverse mortgage suits their needs.
Fact: False. Borrowers are required to work with independent, third party counselors approved by the U.S. Department of Housing and Urban Development (HUD) in their local communities. This educational session helps them make the right decision for their unique situations.
Myth: There are restrictions on how reverse mortgage proceeds may be used.
Fact: False. There are no restrictions. The cash proceeds from the reverse mortgage can be used for virtually any purpose and borrowers should be cautious of lenders attempting to cross sell other products. Many seniors have used reverse mortgages to pay off debt, help their kids, make ends meet or to have a financial reserve.
Myth: Reverse mortgage lenders take advantage of seniors.
Fact: False. Seniors who have been victims of reverse mortgage lending schemes are extreme exceptions and typically victims of unsavory lenders. As a consumer, you should only work with lenders who are Better Business Bureau and National Reverse Mortgage Lenders Association (NRMLA) members and adhere to those organizations’ strict Code of Ethics and Standards for Trust.
Myth: I’ve heard I won’t qualify for a reverse mortgage because of my limited income.
Fact: Unlike a traditional mortgage where mortgage payments must be made each month, a reverse mortgage pays you. Because of this, many seniors who do not qualify for traditional financing are eligible for a reverse mortgage.
Tuesday, January 12, 2010
Options and Solutions
With all the information out there concerning the alternatives to foreclosure, finding the right solution for your needs can often be confusing and discouraging. Regrettably, more than 7 out of 10 homeowners facing foreclosure will proceed without ANY assistance. With my specialized CDPE training in foreclosure avoidance, I fully understand and can successfully cary out all of the alternatives available to you. Here in Aurora 1 in 304 homes are in some stage of foreclosure and I believe that number will rise.
I'm here to help!
Together, we can lay out the options so that you can choose the best solution. Until then, I can provide you with a report briefly explaining all the options at http://hosted.cdpe.com/35020, and I sincerely hope that you will use this information and pass it along to those who may need it.
Contact me any time with your concerns. I am here to help you get the facts and get to where you want to be.
I'm here to help!
Together, we can lay out the options so that you can choose the best solution. Until then, I can provide you with a report briefly explaining all the options at http://hosted.cdpe.com/35020, and I sincerely hope that you will use this information and pass it along to those who may need it.
Contact me any time with your concerns. I am here to help you get the facts and get to where you want to be.
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