Cheryl Powell - ABR, Broker, Realtor - Remax Signature- Concord NC Real Estate

Do you live in Harrisburg North Carolina or the surrounding area and need to sell your home NOW to avoid foreclosure? But, due to current real estate market conditions you won't be able to sell it for a high enough price to pay off your mortgage(s), the Realtor's listing commission and other seller fees? Well, you aren't alone!

Unfortunately, owners in Harrisburg North Carolina and across the country are finding that their home's current market value is less than they paid for it. Even more tragically, the value of their home is less than the loan payoff. They always heard that home values will go up over time, they thought they were building equity in their home... thus saving for retirement or for a downpayment to move up to a larger home in a few years.

If possible, home owners should stay in their home, keep their mortgage current and ride out the "mortgage crisis". Most specialists are predicting that the real estate market will turn around in time. However, some home owners find them selves in situations that cause them to fall behind in their mortgage payment... they either loose their job, have a serious illness or death in the family, have a divorce, are transferred to another location with their job, or experience some other tragic situation in their life.

Once a home owner falls behind in their mortgage payments, their lender will start to call them... sometimes incessantly. When this happens many homeowners stop communicating with their lender, which is the wrong way to handle this matter and avoid foreclosure. If the home owner wants to stay in their home, they should contact their lender as soon as they know there is a problem (even before they miss a payment if possible). Lenders don't want more foreclosures, they want home owners to stay in their homes and make their mortgage payments. Therefore, they will work with home owners to find a solution that will benefit everyone involved.

Here are a few of the options that may be offered by your lender, to avoid foreclosure:

A revised repayment plan - Forbearance - Loan modification - Short Sale - Short Refinance

In the case of a Short Sale, the lender may allow you to sell your home for less than the outstanding loan amount, take the proceeds and forgive you of any remaining debt.

A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. A Realtor can help you through this process and negotiate with the bank on your behalf.

Currently, if you are an owner occupant of a property, the tax code allows you to avoid paying taxes on the shortfall (a 1099 was previously sent in the amount of the shortfall and the owner was responsible for paying income tax on that amount)... this can be a huge savings for owner occupants who decide to sell their home as a short sale. Contact your tax consultant or CPA for detailed information about how a short sale may affect your tax liability.

The short sale option will have much less negative effect on your credit than a foreclosure would, so a short sale may be the best course of action for you if you've fallen behind on your mortgage payments. But don't wait too long, since foreclosure proceedings will begin once you miss 4 regularly scheduled payments.

Home owners in this situation should contact an experieced short sale Realtor to list and market their home, communicate and negotiate with the bank on their behalf, and handle the entire sale and short sale process for them.

I have the knowledge and experience it takes to help you avoid foreclosure and negotiate a short sale with your lender, so contact me anytime if I can help.

I serve Harrisburg NC and the surrounding areas including Charlotte, Concord, Kannapolis, Mooresville, Salisbury, China Grove, Landis, Cornelius and Huntersville.

For months now, real estate professionals have been advising their clients to buy real estate. We tell them that "Real Estate prices are low", "Inventories are high", and"Mortgage Rates are the lowest in history". But if Donald Trump were to say the same thing, perhaps more people would listen.

That is exactly what he did, according to this article from ABC News. Check it out and let me know what you think!

To search ALL currently available real estate listings and homes for sale in Harrisburg North Carolina in Cabarrus County, and surrounding areas, visit The Powell Team - Property Search Website.

When you are ready to contact a Realtor, I'd appreciate the opportunity to earn your business. As a Real Estate Broker, Realtor, and Accredited Buyer's Representative (ABR) with more than 9 years of new construction and residential real estate experience, I have the knowledge and dedication that you are looking for. Contact me today for one-on-one professional help and advice!

You can also access many other helpful real estate tools on our website, such as:

• Search Foreclosure & Preforeclosure Properties in Harrisburg NC and the across the US.
• FREE Personal Home Search Website, custom designed and updated daily directly from the MLS, displaying only the homes meeting your specific criteria. Contact Cheryl Powell with The Powell Team today or Complete This Form to get your website today!
• Get Your Home's Value Instantly get an estimate of your home's current market value & receive a list of recent sales of homes similar to yours, compiled from local county records.
• Request a FREE, No Obligation CMA if you would prefer a more extensive professionally prepared estimate of your homes current market value.

For more information about homes for sale in Cabarrus County and Harrisburg NC, or general information about Harrisburg NC area real estate visit our team website at www.ThePowellTeam.net. CONTACT Cheryl Powell with The Powell Team at 704-363-8902 anytime to discuss your real estate needs.

Even amidst a severe recession and soaring unemployment rates, Charlotte NC is still one of the hottest real estate markets in the country... partially because of its continued influx of new residents.

Recently Forbes.com released a list of "10 Cities Where Americans Are Relocating". According to their information, Charlotte NC is the 3rd fastest growing Metro area in the country... with a population growth of 3.36% to 1.7 million.

Since there is a wide selection of available homes on the market with many available at bargain prices, interest rates are near all time lows, and the government is offering an $8000 first time homebuyer tax credit if you purchase a home between January 1 & December 1, 2009... NOW is the time to buy a home in the Charlotte NC area!

In my opinion, there will never be a better opportunity to get more house for your money at a lower monthly payment.

Contact me anytime to discuss the Charlotte real estate market and your real estate needs!

Great Wolf Lodge, the southeast's first indoor water park, opened in Concord NC on March 31, 2009! The massive 475,000 square foot structure cost over 100 million dollars to build. The lodge boasts over 400 guest suites and an 80,000 square feet, four-story tall indoor water park.

The lodge is located just off Bruton Smith Blvd/Concord Mills Blvd, near two of the biggest NC tourist attractions, Lowes Motor Speedway and Concord Mills Mall.

Some local residents were disappointed to find out that the water park is ONLY open to lodge guests. So, if you want to play in the indoor water park, you will have to rent a room. Water park admission is included in the room rental rate.

It seems that many NASCAR fans are turning race week into a true family affair... I heard through the grapevine that Great Wolf Lodge is already completely booked for the spring and fall NASCAR race weeks at Lowes Motor Speedway!

If you'd like to find out more about Great Wolf Lodge or book a room, visit their website at www.greatwolf.com/concord