Category Archives: Bank Owned

Limited Opportunity for Homeowners in Distress to Get No Interest Mortgage Payments!

We need more of our homes for sale to benefit individuals, not banks via foreclosure.  Foreclosures are putting banks in possession of too many properties being sold and those that once were homeowners become renters.  This decreases home values and increases rent everywhere and people still struggling to keep their homes are spending all their money on living expenses and not on other things which is what causes the economy to suffer.  So for all you homeowners that have fallen behind on your mortgage; HUD has a possible solution.

HUD’s program opening right now is called Emergency Homeowner’s Loan Program (EHLP).  I would call it H.E.L.P (Homeowner’s Emergency Loan Program).  They did it before earlier in the year but the deadline was in July; now they have decided to reopen the program and accept new applications until September 15, 2011 because HUD believes there are enough funds to help more people.  Funding comes from the Dodd-Frank Wall Street Reform and Consumer Protection Act.  You can read about it in this recent article in DSNews.com.

To be eligible you must be a homeowner who is struggling to pay due to involuntary loss of income, such as a lay-off, salary reduction, or a medical condition.  A list of required documents and instructions to apply can be found at FindEHLP.org or you can click on this link to the HUD site describing the program.  There are also HUD housing counselors that you can talk to for further help.

Hurry, because time is running out soon and it is a first come-first-serve basis.  We are lucky that Washington is one of the 27 states that is able to participate in this program.  This could be one more tool used to preventing more foreclosures and healing our economy.

~Stephanie Paz

Awesome New Way to Search for Homes Provided by AOL

AOL has launched a new search tool for finding homes, market values, or even a place for rent!  AOL RealEstate has made it a goal to be “…a singular destination where users can be both inspired and empowered in their search for a new home.” – Jay Kirsch, VP of AOL Money and Finance in this article in DSNews.com.

I decided to check it out myself to see if it was really any better or any different than real estate search tools online.  The main ones I have used in the past are TheMLSOnline.com and Realtor.com, there are many others, many of which operate very similarly.  This one however, really impressed me.

First, I searched for property values in my area (by zip code).  It gave me a map with tags to almost every single home on the map indicating estimates of that property’s value.  If I clicked on a property it gave me basic stats and told me if it was on the market now or had been recently.  I even found my house with its proper value assessment at the price I paid and it was indicated that it was sold.  It even knew the date it was sold, something I had already forgotten.

Then, surprisingly it listed other houses in the nearby area that is for sale and I found a home up for auction with a starting bid at …..$25,000!  This is a 3 bedroom, 1 bathroom home with a two car garage on a lot the same size as mine and its starting bid is at $25,000.  Amazing!  If only this tool existed when I was searching for my home.  I actually had fun navigating around; the site is extremely user-friendly.  I encourage anyone who will ever move again to check it out, whether you are just curious about the market in a specific area or perhaps even looking to rent still, this site has it all.

Click here to see for yourself!

~Stephanie Paz

RE/Max Continues to Out Perform