MeLisa Minter, MBA, Realtor - 469-766-7379

Many mornings after I drop my son off at school, I venture into one of the County's cutest coffee shops, The Servants Bookstore & Coffee Bar on Washington Street in Kaufman. I have become a regular customer there, I even have my own Membership Card.



Now grant it most mornings I go through the drive-thru; but on the visits that I do have the opportunity to go inside and sit down to enjoy my latte, it's like I'm in another world. The employees there are always welcoming and helpful with their daily concoctions. I get a kick out of watching the barista mix-up my favorite Peppermint Patti Mocha. I thought this place was the best thing to happen to Kaufman.

When you walk into the store, you are immediately calmed and the scent of the coffee, along with the Christian Music, just makes you want to relax. While waiting for your latte, you can browse the many Christian Books, Arts and Gifts that will suit anyone's taste. And the upstairs area contains a plethura of readings you could never imagine.

That's why my heart dropped when I learned that the store is up for sale and may be closing pretty soon. For a city girl like me, I thought this store was a sure-fire hit. When it was built about 3 years ago, I just knew it would be packed daily with housewives in the mornings, professionals for the lunch crowd and teens for the afterschool crowd, but for some unknown reason, it didn't happen that way.

I know the economy is probably the main reason for the store's closing, but I hope the owners will continue to brainstorm and research ideas to keep the shop open. Believe me, I know that being in business is not cheap. I am a small business developer, so I am familiar with the strains of reduced sales, increased prices and employee retention; but I'm also familiar with keeping the Faith.

And that's what I'll ask of the owner's of my favorite cuppa joe...Keep the Faith and things will work out.

The Servants Bookstore and Coffee Bar
1301 S. Washington
Kaufman, Texas 75142

Hi All,

I just had the opportunity to review the Obama Administration's Foreclosure Alternative Program. You know the new program that allows borrowers/homeowners who do not qualify to have their loans modified under the Making Home Affordable Loan Modification Program; the option of a putting their homes up for Short Sale or giving it back to the lender via Deed In Lieu of Foreclosure. http://makinghomeaffordable.gov/pr_051409.html

This seems like a great idea, as did most of the previous programs, tax credits, modification plans, etc. But my question is how will this program affect the Realtors' business? I mean if servicers are going to be advising borrowers to sell their home as a short sale or deed in lieu of foreclosure, are these servicers going to have a list of Real Estate Professionals that they recommend? Or is it going to be basically like it is now, when a borrower calls their lender for help and the lender suggest that the borrower finds a Realtor experienced with Short Sales.

I think that the lenders should have a list of preferred realtors that they recommend for short sales just like they have a list of provide appraisers or agents to do BPO's.

This could be a great opportunity for Realtors like me who don't mind doing short sales or would prefer to only do short sales. Maybe the lenders will come up with a list for those of us who would like to become preferred agents. If lenders really want to help their borrowers find qualified Real Estate professionals, then I think they should:

• start compiling a list of qualified agents in different areas, regions or cities.
• set requirements for agents to meet.
• schedule a training program for the agents that will educate them on your short sale process.
• Charge a fee for agents that want to be on the preferred agent's list.

This is just my thoughts and opinions. I think it could work. Lenders are currently doing the same thing for agents that do BPO's REO's and foreclosed properties, so why not do it for Short Sales or Deeds in Lieu.

Tell me your thoughts.

MeLisa Minter, MBA, Realtor

www.homesmint2be.com

melisa@homesmint2be.com

If you are a first-time homebuyer, I'm sure you have been hearing or reading about the NEW $8,000 First-Time Homebuyer Tax Credit, but you may be thinking, "what does that mean for me as a first-time homebuyer?"

Ok... to put it in everyday language; in an effort to help stimulate our poor economy and to jumpstart the housing market, Congress enacted legislation that will provide an $8,000 tax credit to first-time homebuyers. Now if you remember, last year (2008) Congress enacted a $7,500 Tax Credit for first-time homebuyers as well.

So what's the difference between the two? Well unlike the $7,500 tax credit of 2008 that had to be repaid and was basically an interest-free loan, the new $8,000 tax credit of 2009 does not have to be repaid. This means that if you are a first-time homebuyer, you would essentially be getting $8,000 in free money.

The requirements for the new tax credit are:

1. The tax credit is only for first-time homebuyers - meaning you must not have owned a prinicpal residence in the three years prior to your current purchase.
2. This tax credit does not have to be repaid.
3. The tax credit is equal to 10% of the home's purchase price up to $8,000 max.
4. The credit is available for homes purchased between January 1, 2009 - December 31, 2009.
5. Single taxpayers with income up to $75,000 and married tax payers with income up to $150,000 can qualify for the full tax credit.

What's your next step as a first-time homebuyer if you're interested in this FREE MONEY?

First and foremost, if you have tax questions about the credit and how it will apply to your Federal Income Tax Return, be certain to consult with a Tax Professional. There are several ways that you can claim the credit, even if you've already filed your 2008 tax return.

Secondly, be sure you are working with local real estate professionals, like me, who know the tax credit rules and how you can use them to your advantage with your new home purchase.

Finally, you can visit my website at www.homesmint2be.com and sign up for a FREE "First-Time Homebuyer $8,000 Tax Credit Report, including the FAQs about the program.

Hope All Is Well,

MeLisa Minter, MBA, Realtor
Kim Roulias Realty
www.homesmint2be.com
melisa@homesmint2be.com

Ok, I was just on whitehouse.gov trying to decipher the soon to be launched Homeowner Refinancing Initiative and Loan Modification Plan.

From what I can understand, the Refinancing Initiative will be for borrowers who are current on their mortgage but are struggling to keep current because of economic hardship situations, i.e. loss of job. These people also have conforming loans that are backed by Fannie Mae, Freddie Mac and other private institutions. This is the catch. For borrowers who are current but live in a community where the value has dropped dramatically, there will be a special program for them, but not for the borrowers who obtained a loan way beyond what they could initially afford. All of this will be unveiled in a detailed plan by the government on March 4th, 2009.

My concern is about the borrowers who are upside down or "underwater" in a community that took a huge decrease in value. How would they refinance down to what the current market value is? I guess this is something the new programs will cover. I mean, for example, if you purchased your home two years ago at $250,000, but your market value today is $160,000, how do you refinance that?? I'm anxious to see how this will work. To me, these people were prime candidates for short sales, since they are paying on a mortgage that is undervalued, and this is probably causing the homeowners to experience economic hardships trying to make these payments. Now grant it, these programs will only be able to help about 3 to 4 Million homeowners, for the others, hopefully the lenders can restructure or modify the payments or the terms. This is where the Modification Plan comes into play.

The Loan Modification Plan, which is not for investor-owner or flippers, is designed for homeowners who are current, but are on the verge of becoming late or defaulting. The idea is to help these borrowers before trouble starts...which I think is an excellent idea. Borrowers who have lost their jobs, took a huge pay cut or have had their interest rate reset, are the borrowers that this program is designed for. The problem will be getting the lenders to see it as such. I'm sure they (the lenders) will probably have raised brows whenever a borrower calls and state that they need their loan modified. In other words, they don't want people taking advantage of the plan simply because they decided to go on an around the world cruise for two months instead of paying their mortgage. So here's another need for oversight as well.

The Loan Modification Plan will also give incentives to the borrowers and lenders. Borrowers can receive up to $1000 per year incentive payment - up to $5000- if they succeed in their modification. Lenders will also receive incentive payments for helping borrowers modify their loans.

Now my personal opinion with loan modifications and lenders is that it is a very arduous and tedious process. I've had clients apply several times for modifications only to have their files misplaced or "never received" by the lenders. There is so much red-tape in getting to speak with a loss mitigator or negotiator, that your average person may give up on modifying their loans. By all means, if you qualify...Modify. You will benefit greatly in the end. It may be a headache and it may be stressful and if you don't have the time and energy to do it, then you may want to seek the service of a professional that does.

These programs are a great opportunity to the American Homeowner. Now grant it, everyone cannot be saved and some of those who are saved may still end up in foreclosure. It is up to you as homeowners to decide which one you will be. If you can have your interest rate reduced by at least 2%, then you will be saving nearly $200 per month....heck that's groceries, child care or a car payment. Take advantage!! Do your due diligence and get prepared by:

• Compiling the necessary/correct information.
• Submitting the proper documents in a timely manner.
• Following-up to see if it has been received
• Staying on top of it until it's DONE.
• Finally, Sticking to the plan you helped devise.

If you don't have the time or patience, then seek out a professional...yes there may be a nice fee involved. There has been much debate throughout the real estate and mortgage industries over whether borrowers should pay a third-party to assist them in modifying their loans. I personally think that if you need to pay for help, then so be it. Just be careful, check references and check past clients. Take the same attitude that you would if you were hiring any other service provider. Check back soon and I may have a list of verified and trustworthy providers.

Whether you participate in the Refinancing Initiative or the Loan Modification Plan these programs should hopefully get you back on the right track. I'm just hoping they will work and are not simply a band-aid to bigger problems.

Good Luck.

MeLisa Minter, MBA, Realtor

469-766-7379

melisa@homesmint2be.com

The advice and opinions on this blog are strictly mine and are in no way meant to be acted upon without first consulting your lender, or other experts.

Are You Upside Down

with your mortgage? A SHORT SALE could be your solution.

If you live in certain new communities in Forney, Texas, such as Travis Ranch, The Villages of Fox Hollow or the Trails of Chestnut Meadows, just to name a few, you are probably aware that there have been several foreclosures in your community lately. Needless to say, these foreclosures have affected the Value of your Investment...Big Time!!

If the Market Value of your property is considerably less than what you paid for it, say three to four years ago, then you are what we call in the Real Estate Industry, "UPSIDE DOWN" in your mortgage. Meaning you owe more for the home than it is worth.

You are not alone, so don't feel discouraged. But if you are getting to where you can't make the payments on your mortgage for some unseen financial hardship reason, then you may qualify for a Short Sale.

What is a Short Sale? A Short Sale occurs when the seller request that the lender accepts less on the mortgage than is due. Short Sales can occur if you are upside down in your mortgage loan - upside down meaning that you owe more on your home than its current market value. This can also happen if there are numerous foreclosures in our community or the values have decreased overall and you cannot sell your home for more than you owe on the mortgage.

Visit our website for more information on short sales and to register for your FREE Short Sale Report. We are helping residences of Kaufman County AVOID FORECLOSURE.

Integrity in Real Estate since 1997.

Call or Click for more information and to register for your FREE Short Sale Report!

469-766-7379

www.homesmint2be.com

MeLisa Minter, MBA, Realtor