Bisendra Melaram, Realtor®

Normally this time of year many of us are thinking about upgrading a few personal items we own. Some upgrade their cellphones, some upgrade their computers or even the car they drive.

My family and I recently upgraded from our humble 1400 Square foot home in Queens, NY to our new 3100 Square foot home in Nassau County. While this may not seem abnormal for most but the kicker here is we bought this new home for 50k less than what we sold our previous home for in what is now known as a down market! Although this may seem as though it is quite a feat, but in reality can be done. I've done it for other families and I've done it for my own. I've said it before and I'll say it again, "it's an upgrade market".

While not every family will be able to complete this type of transaction how I've done it- as all markets are different, and each families circumstances contrasting.

Like most young families we outgrew our starter home within five years... we were now the parents of two beautiful girls and needed more space for the kids and for entertaining.

My wife was hesitant like most to put our home on the market during this time when home prices were at an all time low- being a buyers market an all, even-though I've always told her all markets are relative not as cut and dry as the news portrays it. After showing my wife (my toughest buyer and seller to date) the comps and how much we would expect on the sale of our home, and the market price of the types of homes we were interested in- in the school districts we wanted to be within for our girls. Our home it the market running at market price.

As I marketed my home for sale, my wife (did I mention she was my toughest seller/buyer to date) kept me busy with school and crime statistics for the areas we were interested in. We viewed and made several offers on quite a handful of Short Sales and Foreclosed Properties- after all I am a Short Sale and Foreclosure Specialized Agent.

We had a gap of about six months between sale and purchase- and this is where the strong stomach comes in. I'm not going to get into specifics but it is quite difficult to orchestrate a sale and a purchase within close proximity when the purchase is a Short Sale. Buyers don't normally want to wait six months to buy a home they made an offer on six months prior. A lot of things can happen within that time, the buyer can find a different property or the buyer may not qualify for the loan when it comes time to close are just two of the pleura of things that can happen. Luckily I am well versed in contract negotiations and was able to schedule the sale and purchase as close together as possible- three months apart! Fortunately for my family we were able to stay with relatives during this time. Like I've said before- you'll need a strong stomach!

As many times as I've told this story in recent days, I am frequently asked "why did you wait that long?" Well truth be told, the property was our "Dream Home" which we did'nt think we would be able to afford for another 5 to 10 years, it was located in the town we wanted to live in, our girls would go to the school we wanted them to attend and it wasn't too far from public transportation and other amenities.

The best part of purchasing our "Dream Home" now was we were able to purchase it at lower price, borrow the money from the bank at a much lower interest rate than our previous loan home loan and have set our family up in a property that will undoubtedly appreciate in value over the next few years.

I can't stress it enough that this type of transaction isn't for everyone and not everyone will be able to accomplish it, it's all dependent on your local market and your current living and financial arrangements. Don't forget the Pepto!

If you currently live within the boroughs of New York, Nassau or Suffolk Counties and are interested in upgrading or downgrading in today's market feel free to contact me at (718) 909-0233 to schedule a one on one to find out what all of your options are.

Most people make the assumption that Real Estate agents and Realtors® are one in the same, when in fact they are very much different.

Real Estate Agents have undergone the very basic of licensing pre-requisites. They have there license to sell and that is it.

Realtors® on the other hand are not only licensed real estate agents, but are members of the National Association of Realtors®. This membership provides Realtors® with powerful tools and information, which enables them to better handle there Real Estate market. Including but not limited to sales trends- the number of days a particular property was on the market, sales price, properties currently for sale. All that useful information can be used cumulatively to better determine the value and sales price of a home. Which I firmly believe will help stabalize the nations Real Estate market, and help a homeowner sell for top dollar.

The most significant difference between the two is considerably important in today's Real Estate Market, where Short Sales have increased. This increase has undoubtedly opened the door for unscrupulous individuals.

A REALTOR® holds ethical conduct in the utmost regard.

Home Affordable Foreclosure Alternatives (HAFA) $3,000 Cash Relocation

Assistance Program For MINEOLA, NY Homeowners. "Certain Terms Apply"

Exit Gracefully

​If homeownership is no longer affordable or the weight of homeownership has become too much to bear, Making Homes Affordable (MHA) has a program that allows you to exit gracefully from the property with $3,000 in relocation assistance. The HAFA short sale program is designed to help underwater sellers either modify their loans or sell their homes as a short sale to avoid foreclosure. Through Home Affordable Foreclosure Alternatives (HAFA), you won't owe any more for the property after selling, and you will be free from the threat of foreclosure. The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and the amount that your home sells for. That's right if you qualify you walk away free and clear!

Eligibility*

You may be eligible to apply if you meet all of the following:

• You live in the home or have lived there in the last 12 months.
• You have a documented financial hardship.
• You have not purchased a new house within the last 12 months.
• Your first mortgage is less than $729,750
• $934,200 for 2 units
• $1,129,250 for 3 units
• $1,403,400 for 4 units
• You obtained your mortgage on or before January 1, 2009.

• You are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan

• You owe more than your home is worth. (Contact Bisendra Melaram Today to Find What Your Home Is Worth)

• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or Real Estate transaction.

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HAFA Short Sale or just give Bisendra a call at 718-909-0233.

Program Availability

HAFA is available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac or serviced by over 100 HAMP participating servicers. A list of HAMP participating servicers can be found here .

How Will HAFA Program Affect My Credit?

Although a short sale will have a negative effect on your credit, by completing this transaction, you may qualify for future credit sooner than if you allow your home to go through the foreclosure process.

While your lender works with you to complete a short sale, they will continue to report the status of your account to the major credit reporting agencies. If a short sale is completed on your property, your lender will report that your loan was "paid in full for less than the full balance."

You should only consider a short sale after you've explored all other options, including modifying your loan. Please visit my page NY SHORT SALE Information for a complete list of options you may want to consider.

You should contact a tax professional to gain an understanding of any tax implications.

For More Information

If you have additional questions about getting mortgage help contact Bisendra Melaram at (718) 909-0233. He will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with an experienced HAFA Short Sale Specialist like Bisendra are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock FREE service. Help is available contact him today!!!

Program Dates

Effective April 5, 2010 - Dec. 31, 2012

Glendale is located in west-central section of the borough of Queens, NY. It is bordered by Atlantic
Avenue to the south, Fresh Pond Road to the West, Middle Village to the north and Woodhaven
Boulevard to the east. Glendale is part of Queens Community Board 5.

There is a fair ethnic mix of residents in Glendale including German, Irish, White Americans and Western
Europeans. There has also been a surge of South Americans and Asians in the area in recent years.

A hot attraction in the Glendale area is Forest Park. It boasts a golf course and is a popular spot for
skaters. For the horse lovers there are also riding trails, the stables are located off the park grounds.
A bandshell located in the park is a great place for their community shows. Glendale is surrounded
by various cemeteries that is known as Cemetery Belt. In these cemeteries you can find the graves of
Jackie Robinson, Mae West and Harry Houdini.

Glendale’s school system is located in District 24. Schools in the neighborhood include I.S. 119 The
Glendale, Learners and Leaders, P.S. 113 Isaac Chauncey, P.S. 81 Jean Paul Richter, P.S. 91 Richard
Arkwright, Redeemer Lutheran School, Sacred Heart School, St. John Evangelical Lutheran School and St.
Pancras School.

Famous past residents of Glendale include writer Dan Schneider and New York Yankees baseball player Phil Rizzuto.

Rego Park is located in the borough of Queens, NY. It is bordered by Middle Village on the west,
Forest Hills on the east and south and Elmhurst and Corona on the north. Rego Park is part of Queens
Community Board 6.

There are many Colonial and Tudor style homes with slate roofs. There is also a mix of apartment
buildings, multi-family and railroad houses which makes up the community of Rego Park. There is a
considerable Jewish population with Georgian, Russian Jewish and Bukharan ancestors. Immigrant
populations include South Korea, Asia, China, Bulgaria, Israel, Romania, Columbia and Iran.

You can reach Rego Park by using the IND Queens Boulevard Line on NYC Subway, the E, M, R, F and No. 6
trains. There are also several Express Busses the run between Manhattan and the neighborhood.

One of its famous hot spots is Rego Center shopping mall that consists of four-floors of shopping at
name bran stores and restaurants and convenient parking.

Rego Park’s school system is located in District 28. Schools in the neighborhood include Junior High
School 157 Stephen A. Halsey, Life Skills School, Our Lady of the Angelus, Our Saviour Lutheran School,
P.S. 139 Rego Park, P.S. 174 William Sidney Mount, P.S. 175 The Lynn Gross Discovery School, P.S. 206
The Horace Harding School and Resurrection Ascension School.

Famous past residents include comedians Sid Cesar and Steve Hofstetter and Drummer Tommy Ramone
from The Ramones.