Rosemary West

Overcoming Common Foreclosure Fears

As foreclosure numbers continue to rise, you might be one of the many homeowners worried about losing your home. The truth is, foreclosure can be prevented, however, most homeowners are too confused or afraid to confront their mortgage problems and, therefore, neglect taking the necessary steps to potentially save their homes. As a member of the Top 5 in Real Estate Network®, I have helped put many financially-challenged clients on the path toward avoiding foreclosure. The first and biggest step is always overcoming their fears.

Here are six of the most common foreclosure fears the Consumer Credit Counseling Service (www.cccsinc.org) encounters, along with the steps homeowners can take to overcome them and start taking action to save their homes.

Fear: Homeowners are afraid to let the mortgage company know they are having a problem because they think it will speed up the foreclosure process.

Contacting your lender must be the first step as it gives you a chance to explain why you have fallen behind on your payments and what steps you are taking to get back on track. Most lenders have a financial interest in keeping you in your home and may be willing to alter the terms of your loan or devise a repayment plan.

Fear: Homeowners believe that if their mortgage company has already turned them down for a loan modification, there is no point in contacting a counseling agency.

Many homeowners are turned down for a loan modification because the information they provide to their lender indicates that their expenses exceed their income or that they have not provided accurate documentation and information about their loan. A housing counselor may be able to suggest alternatives that better suit your current financial situation or help you make adjustments that make you a better candidate for a loan modification with your lender.

Fear: Homeowners fear being judged by others for seeking help.

These are challenging financial times. While it may feel like you are the only one struggling, the reality is that many of your friends and neighbors are also finding it difficult to stay afloat.

Fear: Homeowners think it is better to use all of their financial resources before seeking help.

Many homeowners try to ride out the financial storm, using their savings and depleting their retirement accounts before seeking help. By the time they do seek help, they are in an even more desperate financial situation and they have spent the resources that may have given them more options in dealing with their mortgage crisis.

Fear: Homeowners facing foreclosure fear that their situation is hopeless.

While for some, seeking help may mean saving their home, it is inevitable that some homeowners will end up in foreclosure. A certified housing counselor or real estate professional can help homeowners work through the foreclosure and build a new path for long-term financial success.

Fear: Companies claiming they can save your home charge large, up-front fees.

You can receive counseling from a reputable, nonprofit housing counseling agency at no charge. While there are unscrupulous businesses looking to take advantage of homeowners, there are also many HUD-approved housing counseling agencies that offer help for struggling consumers.

Please don’t let fear stand in the way of saving your home. Feel free to e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> for guidance on your specific situation and please pass this along to any friends and family members who may also need to confront these fears and get proactive.

Sincerely,

Rosemary

Rosemary West

RE/MAX of Joliet

Rosemary's Assistant

rosemarywest5@comcast.net

<http:www.RosemaryWestTeam.com//>

How to Expedite the Loan Modification Process

As a Member of the Top 5 in Real Estate Network®, I am frequently asked these days for my advice on loan modification…specifically, how quickly new loan terms can be arranged. Waiting to find out if your application for loan modification has been accepted can be a nerve-wracking and frustrating experience—especially if you’re still receiving late payment notices and creditor calls. Here are some important insights into the loan modification process from consumer advocate and author Ralph R.

Roberts.

1. The loan modification process typically takes 30 to 90 days, depending mostly on your lender. The loan modification timeline, however, is not set in stone. The more complex your situation, the longer the process takes. Borrowers with a lot of collateral issues can see their loans take longer than what has become the typical 30- to 90-day timeframe.

2. A professional can often reduce the amount of time required by processing your paperwork efficiently, presenting your application exactly the way the lender wants it, and knowing from past experience what the lender is able and typically willing to agree to. Find out how long the process is likely to take and mark the dates on your calendar.

3. Refer all matters to the professional who is representing your loan modification. Anything you say to the lender could confuse things or compromise your representative’s ability to negotiate the best deal on your behalf.

4. Log all phone calls and correspondence between you and your lender or representative. Keep track of important dates. Consistent follow up is paramount to a successful modification.

5. Explore other options. If the lender denies your request for a loan modification or presents an offer that you cannot accept, you will need a plan B. Consult a real estate agent about listing your home for sale.

Talk to a mortgage broker or loan officer about refinancing. Speak with a bankruptcy attorney to find out whether filing bankruptcy would be a better choice.

6. You might continue to receive delinquency notices or late payment phone calls. Push to have all default and foreclosure actions put on hold while your workout attempts are underway.

The loan modification process can be long and trying, but doing your part to keep the process on track by remaining informed can increase your chances of a positive outcome and reduce stress. For more advice on loan modification, please e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> —I can point you in the right direction. Please also forward this important information to your social network; it just might help someone you know.

Sincerely,

Rosemary

Rosemary West

RE/MAX of Joliet

Rosemary's Assistant

rosemarywest5@comcast.net <mailto:rosemarywest5@comcast.net>

<http:RosemaryWestTeam.com//>

Fast Ways to Update Your Kitchen, Increase Value

While there are many different variables that contribute to selling a home, during the course of my real estate career, I have witnessed one constant: the kitchen.

Today, the kitchen has become more of a multi-functional space than ever before, where cooking happens alongside bill paying and homework, not to mention the kitchen’s role as social hub for family and friends. That’s why it’s more important than ever to buyers and sellers alike that this key room be fresh and inviting.

While home improvement experts report that kitchen remodels provide anywhere from an 80-100% return on investment, based on my years of experience working with homeowners, I have found that just by updating certain aspects, the entire look and feel of the kitchen can be refreshed and modernized—and your home’s value increased in the process.

As design expert Melissa Birdsong, vice president for Trend, Design & Brand at Lowe’s Companies, Inc. (www.lowes.com), says, if the kitchen is outdated and tired, the whole house can feel that way; a few simple updates can make all the difference in getting the green light on the buying decision. So whether you want to update your kitchen for your own lifestyle enhancement or to help move it off the market, try these tips from Birdsong:

1. Color and light are the easiest, most cost-efficient elements to add personality and ambience to the kitchen. Use your vegetable bin and spice cabinet for inspiration! A scheme of natural greens, yellows, mustards and russets washed with dimmable overhead and under-cabinet lighting can add energy as well as create a level of calm.

2. If the existing cabinets are sturdy but the finish is sending out a distress signal, a well-executed paint job can turn it around. Mismatched appliances and worn flooring are other leading visual cues, so if the budget permits, replace them.

3. Last but not least, add sparkle and a new point of view to the kitchen by replacing the metals palette--cabinet hardware, faucet, lighting and outlet covers. A few thoughtfully chosen, simple finish updates can seal the deal.

As a Member of the Top 5 in Real Estate Network(R), I have access to more great ideas for improving your kitchen as well as all areas of your home…both for your own lifestyle enjoyment and to increase your home’s value. Please e-mail me to discuss other ways to improve your home’s value and please forward this email to your social network who may also find it helpful.

Sincerely,

Rosemary

Rosemary West
RE/MAX of Joliet
Rosemary's Assistant
rosemarywest5@comcast.net

Top 5 Steps Toward Improving Your Credit Score

Home prices and interest rates are down, and your desire to buy a home is high. But many of my clients worry that their credit score just isn't good enough for lenders to see them as a worthy credit risk, especially in light of today's tougher credit and lending standards.

As a member of the Top 5 in Real Estate Network®, I am often asked if there is anything that can be done to improve your credit score. There are, in fact, several steps you can take. Here are five great suggestions from Bankrate.com:

1. Order your credit reports. You can do it for free once a year at annualcreditreport.com. If you've been denied credit, you are entitled to a copy of your report from the reporting agency. The company you applied to must supply the contact information and you have 60 days after denial to request a copy.

2. Examine your credit reports. Creditors do not necessarily report to each agency, so you may find differences in reports-and credit bureaus do not verify the information they get from creditors. Note any errors, such as incomplete or outdated information or inaccurate account histories. If you find errors, such as a paid-up account that was not reported or a difference in the amount owed, proceed to step number three.

3. Dispute and document. Complete the dispute form that came with the credit report or write a letter identifying each mistake and stating why it is wrong. Include a copy of the report with errors circled and copies of any supporting documents. Keep copies of everything you send. The credit bureau must investigate disputes within 30 days of receiving your letter. Items not verified as accurate by a creditor are removed and you will be sent a free, updated report.

4. Fix negatives. Call your creditors and ask for reduced monthly payments to help you keep current. See if the repayment schedule for fixed-rate loans can be extended. This may end up costing you more, but may keep you from being reported as delinquent. Arrange to pay off accounts in collection. Slowly close out unused credit accounts. Don't cancel them all at once, as this may negatively affect your score. Remember, cutting up a card is not the same as closing the account.

5. Add positives. If you have a good credit history from a company that does not report to a credit bureau, ask them to do so. Apply for a secured credit card and build a solid payment history. Open a savings account to show creditors you are working to save and have reserves to help pay down debt.

Remember that your credit score is not always set in stone. There are actions you can take immediately to raise your score both in the short term and long term. If you would like more information on other ways to change your credit score, please e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> ; and please also be sure to forward this important article to others who may be caught in the credit-score crunch.

Sincerely,

Rosemary

Rosemary West

RE/MAX of Joliet

Rosemary's Assistant

rosemarywest5@comcast.net

<http:RosemaryWestTeam.com//>

6 Ways to Attract Great Residents to Your Rental Home

These days, many homeowners are turning into landlords. Whether you have relocated and are still waiting for your previous home to sell or whether you are trying to increase income by renting a vacation or second home, you might suddenly find yourself in need of a renter.

Of course, we've all heard nightmare stories about bad tenants destroying properties and causing prolonged evictions. As a Member of the Top 5 in Real Estate Network®, I've learned of a few simple guidelines for finding serious renters and thereby, preventing most bad occupancies:

1. Location - There is no question that the more desirable a neighborhood, the lower the risks of having a bad resident apply. It is also worth noting that the higher the rent, the lower the risk.

2. Condition - A very vital but controllable influence for attracting desirable residents is the home's condition. The formula is simple. Make it look like everything was just completely redone. Exterior property condition is very important as well.

3. Pricing - Don't be afraid to price a property slightly below what the market dictates. For every 2½ weeks a vacancy sits on the market, the annual rent could have been lowered by 5%.

4. Signage - A prospect calling from a yard sign should be treated as a serious lead. They have seen the exterior of the property and know its precise location.

5. Response Time - Rapid response time can make all the difference. Use cell phones or text messaging to allow prospects to quickly reach someone who can show the property or answer any questions.

6. Screening - Despite all of the above, screening is still vital. Be sure to adhere to a written tenant selection plan that is in compliance with all Federal, State and Local Fair Housing Laws and the Federal Fair Credit Reporting Act.

Great renters and increased income can be found by following these simple but effective steps. For more information on finding the right renters for your home, please e-mail me <mailto:rosemarywest5@comcast.net?subject=Top 5 RE Social Networking System Inquiry> . And be sure to forward this article to members of your social network who may also find it helpful.

Sincerely,

Rosemary

Rosemary West

RE/MAX of Joliet

Rosemary's Assistant

rosemarywest5@comcast.net

<http:RosemaryWestTeam.com//>