Patricia "Pattie " Romano Your HomeTown Realtor 609 3129043

Patricia " PATTIE" Romano
REALTOR® Associate
RE/MAX At Barnegat Bay
31 North Main Street ( RT 9 )
Manahawkin,NJ 08050
www.soldbypattie.com
609-978-4046
Direct cell-609-312-9043
eve: 609-978-5985 - till midnight
Toll free-(888) 860-9177

The Gift to save or improve the life of a child will be forever.

Join us in GIVING BACK to The Childrens Miracle Network Fundrasior

InMemorial Of William "Bill" Donnelly

Broker/Owner Of RE/MAX At Barnegat Bay

	September 18, 2008 CMN EVENT 8th Annual Cocktail Party Hosted By RE/MAX at Barnegat Bay RE/MAX at Barnegat Bay is pleased to announce that they will be hosting their 8th annual cocktail and dinner party in support of the Children's Miracle Network. The event will be held on Friday, October 17th at the Captain's Inn in Forked River. Through the generous support of friends and business associates they have raised over $340,000 over the years for CMN! The event will feature a silent auction as well as cocktails and fabulous food! There are many sponsorship opportunities available if you would like to donate, or if you would just like to attend the event, tickets are available for $70.00 each. We would like to thank you in advance for your generosity and participation with Children's Miracle Network. For sponsorship information or to purchase tickets, contact RE/MAX at Barnegat Bay at any of their three locations: Forked River - (609) 693-5002 Toms River - (732) 914-0074 Manahawkin - (609) 978-4046

Patricia " PATTIE" Romano
REALTOR® Associate
RE/MAX At Barnegat Bay
31 North Main Street ( RT 9 )
Manahawkin,NJ 08050
www.soldbypattie.com
609-978-4046
Direct cell-609-312-9043
eve: 609-978-5985 - till midnight
Toll free-(888) 860-9177

In remeberance of my friends Monica Goldstein, Age 25 of New York, N.Y. Richard G Catarelli-47 of New York

I happened to see an article in the paper the other day where at The Republican National Convention a video was played to remind of us what we have faced in our lives with terrorist and 9-11

It brought the attack back in the forefront of the News. not just because of a tribute, But more of a reminder, Some call it scare tactics, Although it was heart wrenching, It was a reality we all need to face,

I am not going to say whether it was right or wrong, Nor am I making this into a political forum, I will say I was angry and hurt How the Commentators and Blogs I have been reading are saying,writing,blogging,utuping, and even suggesting it's time to 'move on' from remembering those lost on September 11?

But I have found in being part of this project that just learning what you can about

One life lost on September 11,2001 seems to make that person's life, and loss, a part of your heart And that, I believe, helps us to remain true to the words so many said after that day "Never Forget."

I have not forgotten those previously posted about for Project 2,996 a site devoted to the Loss of life

Please Click on This link and Join me, In Keeping the lives that were lost, the lives touched by the loss and always remember. JUST NEVER FORGET!

I have chosen the following to honor and keep in my heart, These children under the age of 18 with their innocence ,and lack of How cruel the world can be, Only strengthens my should and may they all rest in peace and may we never forget

These are all those murdered on 9/11/2001 who were under the age of eighteen at the time of their death.

American Airlines Flight 77 Passengers

• Asia Cottom, Age 11 of Washington, D.C.
• Bernard Curtis Brown, Age 11 of Washington, D.C.
• Dana Falkenberg, Age 3 of of University Park, Md.
• Rodney Dickens, Age 11 of Washington, D.C.
• Zoe Falkenberg, Age 8 of University Park, Md.

United Airlines Flight 175 Passengers

• Christine Lee Hanson, Age 2 of Groton, Mass.
• David Reed Gamboa Brandhorst, Age 3 of Los Angeles, Calif.
• Juliana Valentine McCourt, Age 4 of New London, Conn.

let us NEVER FORGET

www.wethankyou.net

Your credit may be adversely affected by a foreclosure, a short sale may be the answer.

Given today's real estate market, many homeowners are left with little or no equity in their property , facing a foreclosure process because you owe close to if not more than the value of the loan on your home. In these types of cases, lenders may sometimes accept discounts on mortgages to allow the sale of the property and avoid potential foreclosures and bankruptcies.

They are not doing this out of charity. These lending institutions don't like bad loans on their books. They are also not in the business of selling real estate. More importantly it may cost them considerably more time and money to sell these properties at the conclusion of the foreclosure process. The premise behind a short sale is that the borrower is also in severe financial stress.

For example, consider that a homeowner with a $200,000 mortgage is late on his or her loan payments and is facing foreclosure. With the consent of the homeowner, an offer is made to the lender for $150,000 as full payment for the loan, which is accepted. The home is than sold to the buyer and the mortgage debt is forgiven.

Hardship letter

Most lenders will request a hardship letter that details the reasons a homeowner has not made the defaulted mortgage payments. This is usually an extensive request, which may require the homeowner to submit pay stubs, tax records and other personal financial records, along with the letter. It is essential that you submit everything that is requested.

HUD-1 settlement statement

A lender will also require a written contract between the homeowner and the buyer. A preliminary HUD-1 settlement statement will reassure the lender that the homeowner isn't receiving any proceeds from the short sale. The HUD-1 form will disclose all charges imposed upon the homeowner and buyer for the real estate transaction.

It usually takes several weeks or months to receive an answer from the lender once you have submitted the HUD-1 settlement statement and all of the other supporting materials.

Keep in mind that if the foreclosure process is moving along during this short sale request, It's not a bad idea to ask the lender to extend it until he or she has had time to consider your offer.

as always if you have any questions ,Please feel free to contact me with any questions

Patricia " PATTIE" Romano
REALTOR® Associate
RE/MAX At Barnegat Bay
31 North Main Street ( RT 9 )
Manahawkin,NJ 08050
www.soldbypattie.com
609-978-4046
Direct cell-609-312-9043
eve: 609-978-5985 - till midnight
Toll free-(888) 860-9177

As home prices have dropped in some areas of the country, a growing number of homeowners are finding their home is worth less than the mortgage amount still owed to their lender (known as being "under water" or "upside down" in the mortgage). Owners may find themselves in this situation because they purchased their home at the peak of the local market, just before prices began to drop. Or, using an interest-only or payment-option loan, their monthly payments did not reduce the principal owed--and the home's value dropped. Some tapped too much home equity through second loans or lines of credit, even as much as 125% of the home's value.

Those "upside down" mortgage holders who can still make their monthly mortgage payments are safe if they don't need to move. They can wait out the market--perhaps even benefiting from lower property taxes from a lowered tax assessment--until the correction is complete and home prices again begin to appreciate.

Others, however, find themselves caught by escalating mortgage payments and other household expenses they can no longer afford. Although some borrowers can negotiate "workouts" and "loan modifications" with their lenders, others don't have those options. The only choice left to avoid foreclosure is a "short sale"--where the lender agrees to accept, as fulfillment of the borrower's obligation, a sales price lower than the amount still owed on the mortgage.

If you find yourself in this situation, or you know someone else who is, here are five critical factors every short-sale seller must know.

Short Sale Beats Foreclosure On Credit Report
A foreclosure is a court settlement process involving legal action and possible attorney fees. A short sale, on the other hand, is a negotiated settlement with the lender--no attorneys required. Both show up on the borrower's credit profile, but the difference between a foreclosure and a short sale is the difference between broken credit and badly dented credit. The "short sale" consumer has better options sooner in terms of buying another home, qualifying for loans or credit cards, securing reasonable interest rates, finding rental housing, even applying for insurance.

Often Lenders Prefer Short Sales To Foreclosure
Foreclosing is an expensive, time-consuming process for lenders (costing an average $50,000 per property, according to a 2007 report by the Joint Economic Committee of Congress). In a foreclosure, the lender sells the property at auction--which may also result in lower net than the outstanding mortgage--or repossesses and sells the property as "lender owned" real estate, which is a "non-performing asset" that negatively impacts the lender's ability to make loans. In short, lenders want your money not your home.

You Need An Offer To Get Short-Sale Approval
Lenders generally do not "pre-approve" borrowers to conduct a short sale. Instead, the seller-borrower finds a buyer, who makes an offer that is presented as part of a short-sale package for the lender's consideration. The package will include information such as the purchase contract, an estimate of the net from sale, a complete seller's financial disclosure and a hardship letter stating why the seller can no longer make payments. The lender often requires other information as well.

If the lender is open to a short sale, their loss mitigation department orders a Broker's Price Opinion (BPO), asking a knowledgeable real estate professional to render an opinion on the market value of the property (by looking at sold prices of comparable properties, the cost of making repairs and any other factors that might impact the property's value).

Assuming everything is to the lender's satisfaction, if the buyer's offer meets or exceeds the BPO, chances are the lender will accept the short-sale offer and "forgive" the difference between the offer and the outstanding mortgage

New Law Waives Income Tax On Forgiven Debt
Until recently, mortgage debt forgiven by a lender was considered to be part of the borrower's taxable income, meaning the taxpayer would have to pay income taxes on the forgiven amount. That rule has changed: On December 20, 2007 President Bush signed into law the Mortgage Forgiveness Debt Relief Act of 2007, which excludes forgiven mortgage debt from taxation. The exclusion only applies to a taxpayer's principal residence and to indebtedness forgiven between January 1, 2007 and January 1, 2010. The excludable amount of debt is limited to $2 million. Other restrictions apply; consult a knowledgeable tax professional for all the details.

Short-Sale Process Requires Professional Help
Conducting a short sale is not a simple process, as it requires negotiations with the lender (often more than one lender is involved) as well as the buyer, who may not understand the unique intricacies of the process. That's where our expertise becomes essential. We understand the complexities and critical timing of short-sale procedures and can guide you--whether you want to sell your property as a short sale or you're interested in purchasing a short sale. Please feel free to give us a call for more information. I'll be happy to discuss all your options!

Patricia " PATTIE" Romano
REALTOR® Associate
RE/MAX At Barnegat Bay
31 North Main Street ( RT 9 )
Manahawkin,NJ 08050
www.soldbypattie.com
609-978-4046
Direct cell-609-312-9043
eve: 609-978-5985 - till midnight
Toll free-(888) 860-9177