Is Your Credit Score as High as You Think?
It is common to assume that paying bills on time automatically means having a high credit score. Unfortunately, that's not always the case. There are many misperceptions about how scores are calculated -- and yours could be lower than you might expect.
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How to Repair Your Home Without Damaging Your Wallet
Some homeowners have a long laundry list of to-do repairs and, interestingly enough, many of those items don't get addressed until (or if at all) it's time to sell the house.
In hot real estate markets, repairs are sometimes not done before the sale. Remember bidding wars over properties that needed work? Well, today sellers are looking for the advantage that makes their home stand out.
While fixing up a home to sell can be costly, there are some ways to reduce the damage to your wallet.
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Below please find an excerpt from a new web site found at www.houselogic.com developed by the National Association of Realtors. This site offers a lot of good and timely advise and information covering the entire range of the home owning, buying, selling and renting issues.
This article, written by Jerry DeMuth, attempts to inform you of your options if you are unable to keep up with your mortgage payments. More such valuable content can be found at NAR's www.houselogic.com site:
"Excerpt Start"
A record high 2.8 million properties were hit with foreclosure notices in 2009. That's the bad news. The good news: About two-thirds of notices don't result in actual foreclosures, says Doug Robinson of NeighborWorks, a nonprofit group that offers foreclosure counseling.
Many homeowners find alternatives to foreclosure by negotiating with lenders, often with the help of foreclosure counselors. If you're facing foreclosure, call your lender right now to determine your options, which can include loan modification, forbearance, or a short sale.
Foreclosure process takes time
The entire foreclosure process can take anywhere from two to 12 months, depending on how fast your lender acts and where you live. Some states allow a nonjudicial process that's speedier, while others require time-consuming judicial proceedings.
Once you miss at least one mortgage payment, the steps leading up to an actual foreclosure sale can include demand letters, notices of default, a recorded notice of foreclosure, publication of the debt, and the scheduling of a foreclosure auction. Even when an auction is scheduled, however, it may never occur, or it may occur but a qualified buyer doesn't materialize.
Bottom line: Foreclosure can be a long slog, which gives you enough time to come up with an alternative. Meantime, if your goal is to salvage your home, think about keeping up with payments for homeowners insurance and property taxes. Otherwise, you could compound your problems by getting hit with an uncovered casualty loss or liability suit, or tax liens.
Read the fine print
Start by reviewing all correspondence you've received from your lender. The letters-and phone calls-probably began once you were 30 days past due. Also review your mortgage documents, which should outline what steps your lender can take. For instance, is there a "power of sale" clause that authorizes the sale of your home to pay off a mortgage after you miss payments?
Determine the specific foreclosure laws for your state. What's the timeline? Do you have "right of redemption," essentially a grace period in which you can reverse a foreclosure? Are deficiency judgments that hold you responsible for the difference between what your home sells for and your loan's outstanding balance allowed? Get answers.
Pick up the phone
Don't give up because you missed a mortgage payment or two and received a notice of default. Foreclosure isn't a foregone conclusion, but it's heading in that direction if you don't call your lender. Dial the number on your mortgage statement, and ask for the Loss Mitigation Department. You might stay on hold for a while, but don't hang up. Once you do get someone on the line, take notes and record names.
The next call should be to a foreclosure avoidance counselor approved by the U.S. Department of Housing and Urban Development. One of these counselors can, free of charge, explain your state's foreclosure laws, discuss alternatives to foreclosure, help you organize financial documents, and even represent you in negotiations with your lender. Be wary of unsolicited offers of help, since foreclosure rescue scams are common.
Be sure to let your lender know that you're working with a counselor. Not only does it demonstrate your resolve, but according to NeighborWorks, homeowners who receive foreclosure counseling are 1.6 times more likely to avoid losing their homes than those who don't. Homeowners who receive loan modifications with the help of a counselor also reduce monthly mortgage payments by $454 more than homeowners who receive a modification without the aid of a counselor.
Lender alternatives to foreclosure
Hope Now, an alliance of mortgage companies and housing counselors, can aid homeowners facing foreclosure. A self-assessment tool will give you an idea whether you might be eligible for help from your lender, and there are direct links to HUD-approved counseling agencies and lenders' foreclosure-prevention programs.
There are alternatives to foreclosure that your lender might accept. The most attractive option that'll allow you to keep your home is a loan modification that reduces your monthly payment. A modification can entail lowering the interest rate, changing a loan from an adjustable rate to a fixed rate, extending the term of a loan, or eliminating past-due balances. Another option, forbearance, can temporarily suspend payments, though the amount will likely be tacked on to the end of the loan.
If you're unable to make even reduced payments, and assuming a conventional sale isn't possible, then it may be best to turn your home over to your lender before a foreclosure is completed. A completed foreclosure can decimate a credit score, which will make it hard not only to purchase another home someday, but also to rent a home in the immediate future.
Your lender can approve a short sale, in which the proceeds are less than what's still owed on your mortgage. A deed-in-lieu of foreclosure, which amounts to handing over your keys to your lender, is another possibility. The earlier you begin talks with your lender, the more likelihood of success.
Explore government programs
The federal government's Making Home Affordable program offers two options: loan modification and refinancing. A self-assessment will indicate which option might be right for you, but you need to apply for the program through your lender. A Making Home Affordable loan modification requires a three-month trial period before it can become permanent.
Fannie Mae and Freddie Mac have their own foreclosure-prevention programs as well. Check to determine if either Fannie or Freddie owns your mortgage. Present this information to your lender and your counselor. Fannie and Freddie also have rental programs under which former owners can remain in recently foreclosed homes on a month-to-month basis.
The federal Home Affordable Foreclosure Alternatives program, which takes full effect in April 2010, offers lenders financial incentives to approve short sales and deeds-in-lieu of foreclosure. It also provides $1,500 in relocation assistance to borrowers. Again, talk to your lender and counselor.
Written by: Jerry DeMuth, who has written about mortgages and other financial issues for more than two decades for trade publications, major newspapers, and consumer magazines. His writing has received four awards and has been included in eight non-fiction books.
"Excerpt End"
Exterior Remodeling Proves Best Bang for Your Buck
Despite a slight decrease in the resale value of most remodeling projects, Realtors® report that the smartest home improvement investments may also be some of the least expensive and intrusive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to a survey completed by Realtors®.
On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000.
Sell Faster & For More Money When You Understand The Buyers Mindset
When most sellers list their home for sale the first thing they think about is how much will I get and how soon will I get the money. It's understandable that those two concerns are on top of your list. After all, you are selling your home most likely to buy another one or want to invest the proceeds into something else.
However, if as a seller, you can get into the buyer's mindset, the sale of your home can come faster and for more money.
Phyllis Lerner, Realtor, Broker, Co-Owner - Legends Realty Group - Westchester County, NY - Serving all communities within & all Hudson River towns - www.westchester-real-estate.us - 914.438.7556
Hello and thank you for visiting!
It is my goal as your full service real estate agent specializing in the Lower Hudson River Towns & Villages to provide you with superior service at all times. My local expertise and extensive real estate experience within Westchester County, especially Tarrytown, Sleepy Hollow, Briarcliff Manor, Pocantico Hills, Pleasantville, Dobbs Ferry, Irvington, Ossining, Croton-On-Hudson and Cortlandt Manor, will benefit you whether you are serious about buying or selling a home at this time, or are a returning client checking out the many homeowner resources I offer.
Buying a home? I look forward to helping you select and aquire the home of your dreams by taking time to listen to your needs and desires.
Selling a home? My real estate expertise and many effective marketing programs will give you the exposure and edge you need to sell your home quickly for top dollar.
Returning Client? I appreciate the opportunity to continue to serve you and hope you take advantage of the valuable resources I provide. Come back to visit often!
I consider these communities excellent places to reside and would love to share with you my enthusiasm for the various and unique neighborhoods within them. I pride myself on providing unparalleled service in a friendly, attentive and honest manner and look forward to developing a long-term relationship with you. Please feel free to contact me if you would like to discuss how I can best assist you with your real estate needs.
Sincerely,
Phyllis Lerner
Co-Owner / Broker / Realtor
Legends Realty Group LLC
914-438-7556
www.phyllislerner.com or www.westchester-real-estate.us
Just A Little Bit About Me
I am a life long Westchester County resident and a licensed real estate agent and Realtor® specializing in the Lower Hudson River Towns & Villages.
These communities are excellent places to reside and I would love to share with you my enthusiasm for the various and unique neighborhoods within them. I pride myself on providing unparalleled, personalized service in a friendly, attentive and honest manner and look forward to developing a long-term relationship with my clients. To put it into other words: "Service is my #1 priority!" Please see my Client Testimonials, Virtual Tour for Buyers, and Virtual Tour for Sellers to get a better idea of the full scope and quality of the services I am offering.
Before I excelled in my real estate career, I spent over twenty-five years in key managerial, marketing and sales positions, representing, with much success and recognition, some of the top brands of the high end gift and collectibles industry, including W. Goebel, M.I. Hummel, Swarovski and Disney.
Buyers agent - First time home buyers - Investors - Sellers agent - Condos, co-ops, homes, luxury homes and estates - Residential & commercial real estate services - Covering all of Westchester County especially Tarrytown, Sleepy Hollow, Briarcliff Manor, Dobbs Ferry, Cortlandt Manor, Ossining, Pleasantville, Pocantico Hills, Scarborough, Irvington, Croton, Bronxville & White Plains
Top achievement awards from Westchester County Board of Realtors for 2003 (Silver Award), and for 2004, 2005, 2006, 2008 (Gold Awards), and 2007 (Platinum Award).
Member of County Board of Realtors (WCBR)
Member of Westchester Putnam Multiple Listing Service (WPMLS)
Member of Point2 National Listings Service (Point2NLS)
Member of New York State Association of Realtors (NYSAR)
Member of National Association of Realtors (NAR)
Member of Board of Pocantico Hills Resident Association (PHRA)
Member of Active Rain Realtor Network
Member of Trulia.com Real Estate Network
Member of Zillow.com Real Estate Network
Member of Realtor.com Real Estate Network
Member of Top 5 Real Estate Network
Just A Little Bit About Legends Realty Group LLC
Legends Realty Group LLC, is a dynamic, state-of-the-art Westchester County real estate brokerage located in Sleepy Hollow, New York.
The company was founded by the area's top-producing agents who bring a combined total of 100 years of experience with them. They wanted to attract the best and most respected real estate professionals in the industry and, by putting them under one roof, create a company that ensures superior service to individuals buying and selling homes. Their partnership is based on the belief that a better and different business model would empower them in their future ventures. They are actively involved in the community and can share a wealth of information and knowledge with their clients.
Charter members of Legends Realty Group LLC are Mary Case Friedner, Phyllis Lerner, Karen Stroub, Robin Birrittella, Elvira Aloia, with managerial support from Marcene Hedayati.
"The Legend begins with the faces you have come to know and trust."
Real estate is one of the most exciting investments one can make and it should be a fun and rewarding experience. We are committed to the highest standards of practice and pride ourselves in the knowledge and experience our agents offer. We guarantee superior service because we adhere to strict training guidelines, demonstrate well-honed skills and practice all regulations vigorously. Our goal is to provide you with unsurpassed service at all times, so please do not hesitate to contact us and tell us about your real estate objectives!
Here are some comments from past and present clients of mine I like to share with you:
"My wife and I cannot express how thankful we are to Phyllis for finding us the HOME OF OUR DREAMS in Tarrytown, NY. We have moved ourselves and relocated with corporations over ten times across the country and we can attest that Phyllis is undeniably the best agent we have partnered with in so many ways. She is very patient and attentive. Phyllis worked for us for over one year to help us find our home and she consistently sent us listings that matched our needs. She is amazingly responsive and more often than not would pick-up phone calls right away or call back within 15 minutes... she made us feel as if we were her only customers! Phyllis went out out of her way to accommodate our busy corporate schedules. She met with us in the evening, weekends and even during the holidays. The most important quality Phyllis possesses that is so important in an agent is her high level of integrity and trust. We never felt pressured to place a bid on a home. She always balanced the pros versus the cons and provided us with an objective and unbiased assessment of each home we viewed with her. Even after we closed on our dream home, we continued to do business with her as she was successful and timely in renting our condo. Phyllis you are absolutely the BEST real estate agent and we thank you for all that you have done for us over the past few years." John & KumRae Lee
"Phyllis was diligent and flexible. She didn't use any pressure sales tactics, and didn't limit the houses we saw to the ones she, or her company, were trying to sell. She always went out of her way to do what needed to be done (which ended up being a lot on our case!). We felt completely comfortable working with her and would recommend her to anyone looking in the Hudson Valley area." Chris & Megan Whitten
"Dear Phyllis, words cannot express how grateful we are to have worked with you - you are kind, patient and very generous. We thank you so much from the bottom of our hearts - we could not have done this without you! We are so happy with our new home! Michele, Louis & Rosee
"Phyllis is warm, helpful, honest and committed. Everything you want and need in a real estate broker. Without her help and perseverance we would never have found the home we now love" Lisa & Paul Zedlovich
"I like to share our experience working with Phyllis Lerner. The search for our new home began three months ago prior to meeting Phyllis. During these three months, we had the trials and tribulations that come with house hunting. The agents we worked with would either show us homes that were desirable but clearly out of our communicated price range and vice versa. It was as if no one was listening. Shopping for your first home is filled with its own anxious moments to begin with and the attitudes of the agents were only exacerbating those nervous moments. That changed the day we met Phyllis Lerner. From the first conversation we had, it was obvious that what we wanted was important to her. She showed us three properties that instantly met our criteria. In addition to that, she was intimately familiar with the surrounding area; it felt as if we were getting the inside scoop with every turn we made! It just so happens, we purchased the first property she showed us. Each step of the way, Phyllis was honest and upfront about the next steps and the process. If she didn't know the answer to a specific question, she wouldn't pretend to answer; she would get back to us once she found out, in a timely fashion. Phyllis also has a very professional demeanor. That was never more obvious than during our closing. She was prepared and in control the entire time. The message here would be: buying a home, as we learned, can seem like an insurmountable burden at times. Instead of being one of these obstacles, Phyllis was a valued teammate who helped us to victory." Keith & Adrienne Johnson
"Phyllis Lerner provides the type of service that everyone wishes they could find in a real estate agent - she's diligent, patient, kind, observant of your likes and needs, and a strong advocate for her clients. Whether you're buying or selling, she delivers. She goes above and beyond for you. Once you've worked with her, you'll never want to deal with another agent again." Elizabeth & Brian Weinstein
"My wife and I recently had the good fortune to work with Phyllis Lerner in our attempt to sell our apartment and find a new home. She was professional, delightful, patient and fun to work with. We were able to sell our place (near ask) very quickly and found a new home that my wife and I both love. Throughout the process, Phyllis was truly a pleasure to work with. She was accessible and actually made the process enjoyable. We will absolutely call upon her again should we ever need a realtor's services." David and Heidi Lackowitz
"You are the first realtor I've worked with who actually listened and did not try to upsell or push us into something we would not be interested in" DP
"Phyllis listened carefully to our wants and needs for a new house. She only showed us places that fit our search profile. In the end Phyllis found us a home that she knew we would love." Robert & Brenda Misuraca
"Very knowledgeable, very responsible, and has high level of customer service. She listens and gives you what you want. Great pleasure to deal with. I have recommended her to family and some of my closest friends. She is different from other real estate agents and her commitment to the job, integrity and honesty are refreshing." H.J.S.
"We needed to relocate our growing family from Rockland to Westchester County without breaking the bank. Phyllis found us our dream home at a price we could afford. She also facilitated the sale of our old house through another realtor at our terms. We are extremely happy with our new home purchase and the way our old home was sold." Bob & Cindy Tolomeo
"Simply outstanding, effective and reliable service." Dave Burger & Joan Coffman
The best compliment I can receive is when you refer your friends and family to buy or sell their home with me. If someone you know is thinking of buying, selling or both please contact me at your earliest convenience, as I would be more than happy to take care of them with this very important transaction.
Please do not hesitate to contact me with your real estate objectives.
Phyllis Lerner
Co-Owner / Broker / Realtor
Legends Realty Group LLC
914-438-7556
www.phyllislerner.com or www.westchester-real-estate.us
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