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Blog Entry 6 of 12 What's Going On In This Crazy Real Estate Market

NOTHING EVER STAYS THE SAME..So Goes The REAL ESTATE MARKET. As a Certified General Real Estate Appraiser and Real Estate Broker, I have lived in this commuity for 43 years and worked in Real Estate for the past 38 of them. Having worked with banks, mortgage companies,CPA's, Lawyers, Buyers, Sellers and Investors who hire me as a FEE Appraiser to value the property and as a Broker to negotiate the Real Estate transaction. Call me if you have appraisal or real estate questions. 805-582-1150 or email judyaronsonrealtor@yahoo.com.or visit www.CaresUnlimited.com.

Blog Url: http://vc.yourhub.com/~RealtorJudyJudy

Mortgage Payments Getting Bigger and Bigger

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Contributed by: Judy Aronson on 9/23/2007

If you are a victim of the mortgage "Teaser Rates" of a few years ago and now they are coming to maturity with increased monthly payments. What are you options if you can't afford the payments? Well here are some options.

1. If you have 5% or more equity in your property you may be able to refinance. especially with the new "FHA H.R. 1852 Bill that has just been passed in the House of Representatives. However, if your credit isn't the best and there is no equity in the property then refinancing may not be an option. It is important to know exactly how much your property is worth.

2. You can contact your lender and ask if they can restructure you loan. Many times they will rewrite or reconstruct your original loan with some revised underwriting critera. This is more commonplace now than in the past due to the current real estate climate.

3. Selling the property is the last resort. Don't wait too long to analyze the process. If you find yourself "underwater" with your home, or that it is worth less than the loans against it . A "short sale" may be the only answer to avoid foreclosure. Continue to make your payments but give me a call or email me if you need some guidance. The short sale process is long and tedioius, but it may be the only answer....Judy Aronson....805-582-1150 email judyaronsonrealtor@yahoo.com

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