Although the number of homeowners on the brink of losing their homes dipped in October, homeowners still sit in a state of fear that may prevent them from seeking help, or even looking for alternate solutions that will allow them to stay in their homes. Below are some answers to common fears:
Fear: If I alert the mortgage company there is a problem, my home will foreclose faster.
Reality: When you contact your lender, it gives you an opportunity to explain why you haven’t kept up with your payments and what steps you are taking to get back on track. Lenders want you in your home, and may be willing to change the terms of your loan or even devise a repayment plan.
Fear: My mortgage company has already turned me down for a loan modification, so there is no point in contacting a counseling agency.
Reality: There may have been a mistake in provided documentation about your loan, or the lender may have made a processing error. Get a housing counselor who can suggest alternatives to your current financial status so that you become a better candidate for a loan modification with your lender. Fear: I’ll be judged.
Reality: More friends and neighbors than you realize are finding it hard to make ends meet. Seeking help will not only increase your chances of saving your home, but it may be inadvertently inspirational to someone else.
Here is some good news on the home front…
After three years of housing declines, home prices have rallied some in June and have been slowly climbing month-to-month.
This will hopefully rebuild home equity in many homes and reduce the number of borrowers that owe more than their homes are worth, thus having less foreclousre on the market in the upcominy years.
Also,Congress last week extended and even expanded the federal tax credit for homebuyers that has been credited for boosting home sales over the last few months.
Home owners who have owned and resided in their current homes for for at least five consecutive years of the eight years prior to the purchase date are eligible for tax credits of up to $6,500, while first-time homebuyers - or anyone who hasn’t owned a home in the last three years - would still get up to $8,000. For more information about the tax credit available,
For additional information on the Tax Credit,
go to the National Association of REALTORS website: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit.
During this economy, it’s imperative that you know what to do as a homebuyer.
The tips below can help you to save money and time, as well as give you a piece of mind!
1. Make sure you get pre-approved for a mortgage before making an offer. Showing up with a pre-approval letter gives you a firm standing that you’re a serious buyer and have the backing to purchase the property.
2. Know when to quit. Keep your head. Reacting with emotion can damage your chances of getting the home you desire. Don’t get caught up in a bidding war for the sake of being the winning bidder or have yourself set living in a home in a certain area before you get a signed offer.
3. Put aside enough money to cover closing costs Find out a Good Faith Estimate of the loan-related fees are from your lender. Don’t go into the closing blind to what other costs you may have to pay for or else you may end up foregoing a new carpet for a month’s mortgage!
4. Try to have coordinating move in/move out dates Try avoiding moving all your things into storage while you live with relatives for two weeks. No one likes to move twice!
5. Home inspection? Definitely! No home inspection could mean finding a leak months later that could have been fixed before you moved in!
I Just sold this home which is close to Burlington's beautiful Town Common. It was well within walking distance of stores,resturants and public transportation. Are you looking in the areas of Middlesex County and or North of Boston for your new home? If so, contact me. I have lived in the Burlington/North of Boston area for 19 years and have lived within the Middlesex County area for over 35 years. 
When you buy or sell a home, I'll take the time to listen to see what’s important to you and put your needs first. Let me put my experience and my very successful track record to work for you.
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