Danielle Groeneweg

Foreclosure Fairness Act Info

Many home owners today do not know about the Foreclosure Fairness Act of 2011. It took effect in August and applies accordingly:

~Only for owner-occupied residences

~Guarantees homeowners the right to a face to face (or phone to phone) meeting with their lender – the person representing their lender must have authority to make binding decisions

~In order to take advantage of this FFA, homeowner must respond to a letter from their mortgage lender called a ‘Notice of Pre-Foreclosure Options’ or NOPFO.

~If home owner does not respond before a deadline, teh homeowner LOSES the right to meet w/lender.

~Home owner should be assigned Housing Counselor who helps prepare for meeting w/lender. If home owner responds within 30 days of date of NOPFO letter, the foreclosure process is delayed another 60 days to allow negotiation.

Said negotiation can include approval of short sale or allowance to attempt short sale. This means that if homeowner is fearful they are too close to foreclosure to do a short sale, this may help give more time.

For more information about this very important act, please visit

http://www.commerce.wa.gov/site/1367/default.aspx

Short Sale Tidbit #5

2) Short Sale Alternative Info cont’d

i)
Foreclosure
timeline

(1)
Warning
letter => Notice of Default (30 days) => Notice of Sale (30 days) =>
Trustees Sale (90 days) => Borrower must vacate (20 days)

ii) Agricultural land must be Judicial FC

(1)
Under any Judicial FC, seller has 1 year to buy back their
home/property at the amount the buyer paid for it at the auction + nominal
interest

(2)
Buyer beware – if buying a Judicially
FC’d property, wait at least 1 year before making any improvements

iii) Bankruptcy

(1)
If
borrower has numerous other unsecured debts

(2)
Large
second mortgage with ongoing liability after SS or FC

(3)
Tax
debts or other competing complications

(4) Advise
client to talk to a lawyer => if they refuse, have sign acknowledgment that
you advised atty

Please remember to read the first 3 Short Sale Tidbit blog entries for more information. As always, if you have any questions about short sales and need some expert advise, please contact Danielle anytime at 360.483.6490 or via email dgroeneweg@muljatgroupnorth.com!

This Market is Heating UP! Current sold stats

The market is heating up right now due to smart investors and those who want to take advantage of the amazing interest rates that may not be around much longer. Take a look at our local stats below from the month of Dec to Jan. Some areas are doing better than others, but for the market to be this busy during the slower time of the year – something is happening. Stay tuned for updates on changes from Jan to Feb – we are sure to see an even more significant increase in sales and pendings. There is light at the end of the tunnel.

As always, if you would like more information or a FREE Current Market Analysis for your home please call me (Danielle) anytime 360.483.6490

% Change from
Dec. to Jan.
Ferndale
Pendings -11%
Solds 173%
Lynden
Pendings -14%
Solds 950%
Blaine
Pendings -7%
Solds 275%
Nooksack Area
Pendings 100%
Solds 300%
Bellingham
Pendings -30%
Solds 150%
Whatcom County
total
Pendings 215%
Solds -17%

January newsletter

Thought we’d start putting our monthly newsletter online in case anyone who doesn’t get it via mail would like to check it out. Always packed w/great and helpful real estate information, as well as a coupon and fun crossword puzzle! Enjoy and if you want it mailed, let us know.
~Danielle 360.483.6490

January Newsletter Front pages

January Newsletter Back pages

Must see Custom Craftsman over 3k sq ft!

Must See Custom Craftsman style home on near .5 acre, prime mid-county location! This home has everything: 3 car gar, 4 bdrms, an office & bonus room. Beautiful custom kitchen w/granite, ss appliances, walk-in pantry, all open to the great room w/built-in speakers, high coffered ceilings, & beam work defining the formal dining. Enjoy entertaining outdoors w/your own gas fp, TV & 2 built-in grills finished w/ceiling speakers & lighting. Smart Home system controls lights, music, fp, fans & more!

For more info or to request a viewing, please call Danielle anytime! 360.483.6490

Short Sale Tidbit #4

i) General Short Sale Difficulties

(a) If <1 lien holder, SS can be at least 4 times harder

(i) PMI counts as lien holder – must ok the SS (only servicer can get ok from PMI)

(b) If auction is within couple weeks, SS very difficult (maybe impossible)

(c) If debt is not house related, SS won’t help (refer client to atty) i.e – medical bills, recent divorce, lost job

1) Short Sale Alternative Info

i) Deed in Lieu (just give house back to bank)

(1) Only available if seller has just 1 lien on house

(a) Lender will step into position of seller, so does not want any other liens to now be held accountable for

(2) Results in no deficiency (same as non-judicial FC)

(a) Entire balance owed on FC lien is gone

(b) Junior liens not discharged if proceeds can’t pay (from re-sale of home)

(i) This debt is now unsecured and can be collected from seller
Please remember to read the first 3 Short Sale Tidbit blog entries for more information. As always, if you have any questions about short sales and need some expert advise, please contact Danielle anytime at 360.483.6490 or via email dgroeneweg@muljatgroupnorth.com!

Recent stats for changes in Pends/Sales from Oct.-Nov

Just pulled stats of changes in number of pending & sold homes in Whatcom Co. from October to current date in November. These stats are for Whatcom County only. Overall, the number of pending sales in the month of November vs the month of October has increased immensely. The number of solds have decreased a bit, but a lot of the properties that are currently pending should be sold by next month, increasing the number of solds for December. Personally, I can say the amount of action I’ve seen lately w/new buyers looking for a home is quite surprising. Usually this is the slow time of the year. Our market is at least temporarily stablizing a little bit.
As always, if you would like more info about this or know anyone who is looking to buy or sell please give me a call. I am never too busy for your referrals!
~Danielle 360.483.6490

% Change from Oct. to Nov.

Ferndale

Pendings

69%

Solds

-10%

Lynden

Pendings

156%

Solds

-45%

Blaine

Pendings

173%

Solds

44%

Nooksack Area

Pendings

-25%

Solds

-11%

Bellingham

Pendings

144%

Solds

-4%

Disclaimer: While these statistics are deemed reliable, they cannot be guaranteed.

Want to Build a Fence in Lynden?

If you are a Lynden, WA resident and are wondering what the requirements are before building a fence in Lynden (if any), I have the answers for you. First, you will need a fence installation permit (can obtain one at the local city hall or contact me for a copy (360.483.6490).
Some requirements:
Need to draw a detailed site plan (including your property lines, location of building, setbacks if applicable, and location of streets).
Fence must end at least 5 feet back from front corner of house.
Fence must end at least 30 feet back from road or street.
Fence must be at least 36″ from sidewalk.
Fence height can be 72″ max.
Information is deemed reliable, but cannot be guaranteed.

ATTENTION BUYERS!!!*** Important info

After working the fair booth this year, I’ve discovered that a lot of buyers may not know something very important about how buying real estate works (we also didn’t know this when we first bought). Buyers, you DO NOT have to pay at all to use your own Realtor to find a house to buy. This service is FREE to you. The seller incurs this cost when your agent brings you to buy their home. I encourange all buyers to get their own Realtor to assist in their search and represent their interests in the transaction! If you have any questions on this, please call me anytime (360.483.6490)!