Yvette & Dennis Gardner

Many upstate homeowners are struggling to make their mortgage payments. Some have lost their job while others see their mortgage payments increase due to balloon notes with increased mortgage rates. Unfortunately, many see no way out beyond foreclosure.

There are options for these hardship cases. Mortgage Modification Programs are available that could reduce your monthly payments. The Government Program was initiated earlier this year and could help as many as 9 million homeowners retain home ownership. More details are available at http://makinghomeaffordable.gov/.

For others a Short Sale may be the best approach. In summary, the homeowner works with the bank to sell the home for less than the mortgage amount to avoid foreclosure. The homeowner will lose the home and the difference between the loan amount and the actual sales price will be reported as taxable.

For those who may have a temporary setback (such as a job loss or serious health issue) there may be another option which is rarely used, a Forbearance Agreement. Forbearance is a special agreement between the lender and the borrower to delay a foreclosure. If borrowers are having problems making payments this may cause the lender to start the foreclosure process. To avoid foreclosure, the lender and the borrower can make an agreement called "forbearance". According to this agreement, the lender delays his right to exercise foreclosure if the borrower can catch up to his payment schedule in a specified time frame. This period and the payment plan depend on the details of the agreement that are accepted by both parties.

Homeowners who are struggling should seek the advice of their Real Estate Professional and their Lenders.

Yvette & Dennis Gardner, Keller Williams Realty

dgardner@homesintheupstate.net

ygardner@homesintheupstate.net

www.HomesInTheUpstate.net

I have long been an admirer of Jeffrey Gitomer. For those of you not familiar with Jeffery (www.gitomer.com) you might want to check him out. He is an outstanding sales trainer. He does not focus on real estate, just how to sell with customer loyalty and personal development.

In his latest newsletter he gives his prospective on "Law of Attraction" and I concur with his view. The Law of Attraction is not to focus on your dreams and believe they will just happen, it is about making it happen with action! He calls it the Law of Reciprocity. Put value first and the world pays you back.

His 2 and ½ rule is very simple:

"Position yourself as attractive with your valuable information that others can use and benefit from".

"Build a platform where people can easily find you and get the information or message you're trying to convey".

"Work your ass off!"

"Action is the difference between curious or create. Are you just curious, or are you willing to work to create attraction?"

Thanks Jeffery.

Let me know what you think and I hope this helps you to become a better sales person too.

Our business, as well as life is never a perfect path. There are always puddles along the way. These puddles slow you down, but never stop you from reaching your objectives. Sometimes you can go through them while other times you simply go around them, never changing course.

However, there are those times when the puddle becomes a river which cannot be crossed. In this case you are better served by changing course while never loosing focus on your destination. For some change is difficult. But for those whose vision is the destination it is only a distraction. The road to success is never a smooth paved surface. Expect changes in the course and don't let the puddles stop you.

This Saturday and Sunday (May 16/17) are the last two days for The Home Builders Association of Greater Spartanburg 2009 Showcase of Homes. This year's showcase is in Shallow Brook which is an Environmentally Friendly Community, developed by Angel Properties, LLC. Each of the homes features a number of green building elements and some very unique designs. The hours for this weekend are:

Saturday Hours: Noon to 5:00 p.m. Sunday Hours: 1:00 p.m. to 6:00 p.m.

Driving Directions: Take Reidville Road towards Reidville. Turn Left onto Hwy 417. Cross over 290. Shallow Brook will be approximately 1 mile on your right. From I-85: Take exit 63. Turn east towards Moore. Proceed approximately 4.5 miles. Turn right onto Highway 417. Shallow Brook will be approximately 1 mile on the right.

This is a great opportunity to view the work of our local builders and to view this new subdivision.

The South Carolina Supreme Court has ordered a halt to foreclosure proceedings. The reason for this is to allow home owners additional time to qualify for the Mortgage Modification Program and potentially remain in their home and avoid foreclosure.

From a real estate point of view this is a positive step that should help stabilize the current market. Not all, but many home owners will be able to remain in their homes and make their mortgage payments if they qualify for the program. This should have an impact in two ways; reduce current inventories of homes for sale and increase the average price of homes that are sold therefore increasing property values.