Bothell, WA

I found out a couple weeks ago that one of our neighbors abandoned their home. The rumor was that they might have had one of those 3 year ARM loans when they bought the property and either they could not refinance or the husband might have lost his job... Nobody knows what happened to the family. All we know is one night, there was a truck on their driveway and they were loading their belongings and nobody saw them since then. Nobody knows where they are. I am sure there must be a reason why they had to leave, but how do they explain to their teenage kids what they are doing.... I wonder why they did not try to do a short sale when they were behind in one or two mortgage payments or why they didn't file for bankruptcy? Why did they run away? There are so many 'whys'... I wonder how long it would take for the property to be on the market as REO...?

I know there will be more and more short sales coming up. I took a short sale class a couple of days ago and the instructor said the mortgage payments could go up by 6 times after the 3 year ARM is over. I hope any home owners who are at risk of losing their homes will contact a real estate professional (especially a short sale specialist), real estate attorney or a loan officer and see if they can get help. We are here to help.

I finally made my Real Estate website. Please visit my page if you are interested in selling/buying a home or if you just want to check it out what is going on in your area... This website is there for you to search any properties in WA.

http://yunomarionirealtor.com/

Thank you. I look foward to the opportunity of working with you.

11330 East Riverside Drive #26 Bothell, WA 98011

Status: Active
Price: $12,500
MLS #: 29098658
Listing Agent: Toby Barnett
Call: 425.210.0709 - Map it

This mobile home is located in the River Shores 55+ community just off Riverside Drive, east of downtown Bothell. The mobile is in great location to conveniences, hospitals, community parks, walking trails, and is ideal for low cost living.

River Shores is an affordable park at $410.00 per month, which includes garbage and sewer, and has been well maintained for comfort and enjoyment.

This mobile home is situated on a corner lot near the back of River Shores, adding to the quietness and appeal. It features air conditioning, vinyl windows, new shower and tub, carport with an extra storage shed and addition parking in the driveway, and a covered front porch.

Property Details
- 2 Bedrooms
- 1 Bathroom
- Built in 1979

School District: Northshore

FORECLOSURES AND FALLING HOUSE PRICES, WASHINGTON

Foreclosures are continuing to rise across Washington with no end in sight, and according to Barclays Capital, U.S. foreclosures will peak in the second half of 2010 with home prices continuing to decline through the end of that year. According to S&P/Case-Shiller, U.S. home prices have dropped 33 percent since July 2006. Amidst a growing number of discounted foreclosures, homeowners attempting to sell their homes are finding themselves trapped in a losing situation. If the current trend continues, 2009 will become the lowest year for new-home sales since the Census Bureau began taking records in 1963.

According to Michelle Meyer, an economist at Barclays Capital in New York, "Home prices are likely to continue to fall, albeit at a slowing pace, even after the economy technically emerges from the recession." Based on the S&P/Case-Shiller home price index of 20 U.S. cities, the prices of homes may drop another 7 percent, leaving thousands of Washington homeowners "underwater," owing more than their homes are worth on the market. Nearly 22 percent of all mortgage holders in America were underwater in March 2009, while around 15 million homeowners currently owe more than the value of their homes. [Bloomberg, 7/02/2009]

As a result of the mounting threat of foreclosure faced by homeowners, the government has announced an adjustment to the Making Home Affordable program. Unfortunately for the majority of homeowners looking to refinance their mortgages, the plummeting value of homes has made new government programs unavailable to them. Refinancing activity is already in decline due to the rising interest rates. At the current moment, homeowners owing 5% more than the value of their homes can refinance mortgages through Fannie Mae and Freddie Mac. According to USA Today, Housing Secretary Shaun Donovan said on July 1 that the program is being expanded to allow homeowners who owe 25% more than their homes are worth on the market get refinancing help through the federal agencies. [USA Today, 7/02/2009]

As interest rates are presumed to skyrocket, refinancing no longer makes financial sense for a growing number of homeowners looking to find a lower fixed-rate mortgage. According to Freddie Mac, the average rate on a 30-year fixed loan has increased from 4.82% on May 21 to 5.42% as of June 25. Unable to secure a lower interest rate, and while their home value falls, homeowners are left with only one option: loan modification.

Without new fixed rates lower than 5%, at the current rate refinancing does not make sense without modifying the loan itself. As the interest rates continue to rise, refinancing activity is quickly diminishing with the realization that loan modification is the only cure.

Most of Washington's troubled homeowners now qualify for hundreds of dollars in monthly savings with a loan modification under the Obama administration’s “Making Home Affordable” plan. Thanks to the HAMP program, a homeowner’s mortgage payment cannot exceed 31% of their gross income, and because most home loans exceed 31%, the majority of borrowers are eligible for assistance.

Every homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modify.

OBAMA PLAN AVOIDS FORECLOSURES IN WASHINGTON

With a loan modification under the Obama Plan regulations, Washington homeowners have a greater chance to avoid foreclosure than was ever possible. As most have seen in the news, a great number of changes have occurred in recent months which have impacted American homeowners. The "Homeowner Affordability and Stability Plan" is part of President Obama's strategy to help the American economy and housing markets get back on track.

The Obama plan will save up to 9 million families from foreclosure with a loan modification or by refinancing their mortgages in order to avoid foreclosure, indirectly helping all Washington homeowners. Responsible homeowners on the verge of defaulting are now able to find help in the escalating housing crisis. As defaults and foreclosures contribute to falling home values, falling local businesses, and lost jobs, this plan may help prevent neighborhoods and communities from falling over the edge. [White House, 2/18/2009; U.S. Treasury, 2/18/2009]

Obama stated back in January, 2009:

"My commitment is that we are going to fundamentally change some of the practices in using this next phase of the program. We're going to focus on housing foreclosures, we're going to focus on small businesses, we're going to focus on what's required to make sure that credit is flowing to consumers and businesses." [Reuters, 1/12/09]

In March President Barack Obama passed new legislation to help American homeowners, including a now-expanded $75 Billion program to help borrowers avoid foreclosure, preventing up to 9 million U.S. homeowners from losing their homes, as well as stabilize the falling housing market at the root of the current widening recession. Several large lenders, including Bank of America and Wells Fargo, praised the program which may provide homeowners with interest rates temporarily cut to as low as 2 percent. Initially, the Obama administration focused upon owner-occupied properties like Fannie Mae and Freddie Mac, however, loans for second homes and investment properties may also be refinanced. [WA Post, 5/5/2009]

Some of this Federal government bail out money is for you!!

Obama's housing plan helping borrowers avoid foreclosure was aimed to help struggling homeowners like you. Now, under the HAMP program, a homeowner's mortgage payment cannot exceed 31% of their gross income. Since most borrowers' home loans exceed 31%, the majority of homeowners are eligible for assistance. ALL Washington homeowners should immedialy begin exploring their options and confirming whether or not they qualify for the Obama Plan savings.

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