My Country Walk Blog

Alternatives to Foreclosure

So, your house is in foreclosure… now what?!? Georgia has one of the highest foreclosure rates in the country and homes in Country Walk are no exception.  Try to look at the situation without attaching your emotions. If viewing the situation from a strictly business viewpoint, you can more successfully analyze which option might best suit your needs and desires and move you towards resolving your financial difficulty. One very important thing to remember: Time is of the essence, so sit and take serious thought of your situation and take quick action in order to allow yourself enough time to complete the chosen process.

Nine options when facing Foreclosure

1. Do Nothing – If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information. Not the best option. The Sheriff or Marshall will certainly show up one day and give you from 20-30 minutes to gather what belongings you can carry and vacate the premises. There is no dignity in this scenario.

2. Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home. With the recent foreclsoure prevention initiatives passed by congress, this may be more of an option than you might think.

3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.

5. Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required by the lender to show that you are able to meet the new payment plan requirements. You must show you can recover from the hardship.

6. Partial Claim – A loan from the lender for a 2^nd loan to include back payments, costs and fees. Credit must be hugh enough to qualify.

7. Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks require the home be well maintained, all mortgage payment and taxes must be current. The home must be listed at fair market value for at least 90 days with no offers before this option may be exercised. Most loan applications ask if this has ever happened.

8. Bankruptcy – This option can liquidate debt and/or allow more time. Be sure to consider if this is an actual solution or are you just buying time to avoid the inevitable?

–Chapter 7 (Liquidation) To completely settle personal debt.

–Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.

–Chapter 11 (Business Reorganization) A business debt solution.

9. Sale – If the property has equity (money left over after all loans and monetary encumbrances are paid). The homeowner may sell the home without lender approval through a conventional home sale. In this case, the homeowner will get cash from the sale.

On the other hand, a Short Sale, also known as a pre-foreclosure sale, can be negotiated with your lender by an experienced Real Estate Professional if what is owed is MORE than the property’s current value.

*Make sure that your real estate professional has experience and training regarding the short sale process and do not pay any huge upfront fees for home retention services.

If you sell the home your credit record may simply reflect that you had some late payments and now you have a $0 balance.  It will be much easier to re-establish credit and obtain a mortgage in the future.

 The bottom line is this - Communicate with your lender! They do not want your house.  Some lender also contract with home retention specialists to communicate with the home owner.  If you are contacted be sure to comminicate.  The job of the home retention specialistis to help you avoid foreclosure - they are collection agents.

 If you need help please be sure to ask for it.  Do not ignore the situation.

 In addition to being a REALTOR(R), I am a Home Retention Specialist with Titanium Solutions.  I have successfully negotiated several short sales (including the home that I am living in) and helped several home owners re instate their mortgage and keep their homes.

Please fell free to contact me if I can help.  770-656-9134 or countrywalk@AgentBobSells.com

Country Walk subdivision is located in Powder Springs, Georgia, 30127.  To view Country Walk homes for sale visit  www.MyCountryWalkHome.info  

How do we add value to Country Walk?

It’s all a matter of Supply and Demand

All of the following information is gathered from homes listed in FMLS.  The figure that i used for number of homes is the number that shows up in the Realist tax records. The number might not be exactly correct, but the margin of error should be similar for all of the samplings.For sale by owner or other types of private offerings and sales are not included so there is some room for a margin of error, but I would think that the margin would be approximately same for any sampling.  In essence, I would consider these statistics to be a good example for purposes of comparisons, but they are not exact or carved in stone.  With that said  let’s compare Country Walk to some other nearby neighborhoods or areas of similar size.  The number of homes for sale is as of May 8,2008.  the homes sold is for the 12 month period ending April 1, 2008

Please email me at countrywalk@agentbobsells.com for the password to read the entire post.

Okay so I did have alittel bit of cheap fun with my post regarding my last hoa letter.   I know that several people read the post so thanks for visiting. 

Several people have driven by my house and I’ve had some neighbors comment on the paint job.  I wanted to post a few before and after pics here. 

Before

The chimney was the hard part.  I hate climbing up there.

All finished!  Look mom … no hands!

Mostly it was just a lot of hard work which has never really bothered me.  The really high parts do scare me though.  Going to the top of the ladder is no problem, but climbing up the steep roof makes me a little nervous .   Some folks have asked if I am available to do side jobs and get their house painted and the answer is yes.  All I ask is to remember that this is a side deal for me, so sometimes scheduling might be an issue and there will be some days when I’m not there painting because I’m off working on my real job.

For the most part though, I am available during day time hours and I think think the quality of my work is pretty good.  I know I can help some of our Country Walk neighbors save some money.  So if your house is in need of a coat of fresh paint, or you just got an acc letter saying you have to paint,  give me a call.  Maybe I can help.

Your home could be next.  Give me a call.

Country Walk subdivision is located in Powder Springs, Georgia, 30127.  To view Country Walk homes for sale visit www.MyCountryWalkHome.info  

 I forgot to bring my camera at the beginning so let me describe as best I can for those who never ventured in.  There was no floor … I mean there was a floor you just couldn’t see it.  There was stuff and boxes of stuff everywhere.  Piled in little by little after years and years.  The biggest culprits seemed to be remnants from a past consignment sale.  There were wooden racks and steel poles for hanging clothes all over the place.  To get to anything in there you had to step over something.

  Alicia and Lauren hard at work

  Stands from a consigment sale sometime in the past. 

Hmmm… can you say LIMBO

  ??? Stand for a Christmas tree or maybe one of the cardboard palm trees??

 5 gross of votive candles

  Lots and lots of eggs.  these sure would have helped for the last egg hunt

  Anybody missing these?

 Lovely curtains … isn’t that the fall pattern from 1991?

You probably get the idea by now.  There was a lot of stuff in there!  Here is the trash pile … mostly empty boxes and a plastic pool with a hole in it.

Enough of all that.  Here is the finished cleanup.

Look .. its a floor!

If you have community goods that need to be stored we definitely have a place for them now!

Thanks again to Lauren Clark and Alicia Baker for all of your help. 

Country Walk subdivision is located in Powder Springs, Georgia, 30127.  To view Country Walk homes for sale visit www.MyCountryWalkHome.info  

OK.  Before I even get started let me say that I just don’t like to be told what to do.  That’s my independant personality.  So it should be no suprise that sometimes recieving a “fix this” letter from my HOA, sort of sets me off.  So maybe its just me. 

The entire articel is posted below.  You’ll need to email me at CW@agentbobsells.com for a password to read the entire post.  Thanks

Country Walk subdivision is located in Powder Springs, Georgia, 30127.  To view Country Walk homes for sale visit www.MyCountryWalkHome.info  

I just got back from this years annual meeting and election of new board members.

First of all let me say that I heartily commend anybody who is willing o volunteer to serve our neighborhood. Than you to everybody who stepped up and ran for the board. Whether you were elected today or not I hope that each of you will continue with your commitment to Country Walk.

Congratulations to our new board members:

Jim Galluzzo, Stan Kaady, Shirley Paxon, and Sherri Leaonard.

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Country Walk subdivision is located in Powder Springs,Ga. 30127

To see Country Walk homes for sale please visit www.MyCountryWalkHome.info

The welcome new home owners social last night was a huge success.  We lost count of the number of people in attendance but it was over 50.  Our newest residents at the party were the one’s who moved in on March 1st of this year. We had many new and long time residents there.

Special thanks to the folks who helped put it all together, Lauren Clark, Rian MacDonald, Marie Katon, and my wife Barbara.  Double,extra thanks go to chef Rian for the excellent food.  He fired up the smoker on Thursday to get ready for last night.  The time and attention that he put in really showed.  The food was awesome.

Thehuman scavenger hunt game gave us a fun opportunity to find out some interesting fun facts about our neighbors.  Did you know that there is a promonant political figure in our neighborhood tha tused to be a cheerleader? Did you know we have several neighbors who hav ebungee jumped? Speak a foreign language?

What else can I say but … If you weren’t there then you missed it!

Hoa pres Roland Craig with the newest home owners

Rian and Lauren hard at work

A good time was had by all…..

Country Walk subdivision is located in Powder Springs,Ga. 30127

To see Country Walk homes for sale please visit www.MyCountryWalkHome.info

I have been very fortunate to be part of the Country Walk social committe for several months now.  Our many and varied social activities are a huge part of what make our neighborhood vibrant and unique.

If you see an activity you like then please fell free to come on out.  Also, please remember that we are always looking for volunteers and sponsors.  Be a contributing nieghbor by participating or volunteering.  Thanks.

Here is the social calendar for Country Walk subdivision, Powder Springs Ga

April 19 – New Homeowners Party 

May 31 – End of School Party – Pool Party 

June 14 – Movies on the Lawn

June 28 – Adult Pool Party

July 4 – Parade down Country Walk Drive

 July 19 – Movies on the Lawn 

 August 1 – 2008 Surveys mailed 

August 2 – Movies on the Lawn

August 23 – End of Summer Pool Party 

September 13 – New Homeowners Party

Sept/Oct. – Fall Yard Sale 

October 11 – Fall Festival 

October 25 – Halloween Party 

October 31 – Trick or Treat for Canned Goods 

November 8 – Progressive Dinner 

December – Best Holiday Yard Décor - Judging  

December 13 – Santa Party  

December 13 – Adult Holiday Party

December TBA –Country Walk Brass Concert

Jan. 2009 TBA   - Chili Cook-off  

Jan. 2009 - date TBA   Country Walk Biggest Loser wiegh in 

Feb. 2009 TBA – Super Bowl Party 

April 2009—Easter Egg Hunt  

All dates are tentative  - Please check your newsletter

 Please contact the social committee with questions or to volunteer

Country Walk subdivision is located in Powder Springs,Ga. 30127

To see Country Walk homes for sale please visit www.MyCountryWalkHome.info