Chance Gates' Blog

Here is some more on a homeowner right to mediation before foreclosure.

Once a homeowner receives a notice of default(after July 1st 2009), they have 30 days to request mediation. The notice of default must include contact information for the lender or someone with authority to negotiate a loan modification on behalf of the lender. The mediation must occur within 90 days after the notice of default is recorded. It’s worth noting the representative of the lender must produce the original or certified copy of the deed of trust, the promissory note and each assignment of either.
Finally, if a borrower believes that the lender has participated in bad faith they may file a petition for judicial review.

It is important to realize that mediation is a form of dispute resolution and as always it is best to seek legal advice from an attorney.

source of this article come from www.buildersmagazine.com

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates

Thursday game was great we continued our winning streak to 4 games. The highlight was one of the player that hasn’t had a goal all year scored twice. That makes 6 of the 7 players have now scored a goal this season.

We lost Saturdays game and once again coaches error came into play. One of our players was running a tempature and missed Thursday’s game was back and ready to play. This is also the player who has not scored a goal yet and I left him forward a little to long. So being a person always trying to improve my coaching abilities lesson learned. We have 3 game left before the tournament begins and hopefully coaches errors wont be an issue.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates

HUD (the US Department of Housing and Urban Development) has announced a sales incentive program which allows qualified buyers to buy HUD homes with a down payment of only $100, as long as:
• The buyer will live in the property for at least one year (investors do not qualify for this incentive)
• The buyer offers the full asking price for the home, and
• The buyer uses an FHA loan for the purchase.
Bank owned homes do not qualify for this program

OTHER PROGRAM REQUIREMENTS:
Loan types available
FHA Fixed Rate 30 year, FHA Fixed Rate 15 year, FHA Secure 30 or 15 year, FHA Stimulus 5/1 ARM (Adjustable Rate Mortgage)
Income
Must be able to document enough income that your debt to income ratios are 31% / 47%
Maximum loan amount
$362,790
Property types
Single family residences, townhomes, Planned Unit Development homes, condos
•Program Subject To Additional Eligibility Requirements

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates

Wow still rolling, thanks to a last second goal that propelled us to a 3-2 win, making our record 3-2 on the season. Another player scored his first goal of the season. That makes 5 of the 7 player have scored at least one goal.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted.  I can be reached by email at  chance at ballard-company.com or http://www.myspace.com/chancegates

Being house broke or house poor which ever you prefer, is when the majority of your income goes toward paying bills.

I talked with a loan modification expert this morning, and learned something new (I like it when that happens).

If you are working and have 75% to 125% of your income going to pay bills, you might qualify for a loan modification. This could reduce your interest down between 2-4% for the next 5 years. If you are upside down in your house (owing more than the house is worth) the loan modification might even be able to reduce your principle. The nice part about it is you don’t even have to be behind in your payments.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted.  I can be reached by email at  chance at ballard-company.com or http://www.myspace.com/chancegates

Legislation was introduced in the Senate…….

that will increase the tax credit from $8000.00 to $15000.00 and be for all home buyers.  So the question is what do you prefer the bird in the hand or two in the bush.  There is no guarantee that this bill will get passed or how it will be changed if it is passed.   Buying a house is one of the biggest purchases a person will make and should not be rushed into without knowing all the possible situations.

As a Reno/Sparks real estate professional I encourage all questions and comment on the Reno/Sparks real estate market or any article posted.  I can be reached by email at  chance at ballard-company.com or  http://www.myspace.com/chancegates