About Kaufman County, TX

I've been working with a client for a while on his loan modification. After several modification package submittals and many phone calls, my seller receives a letter stating that the seller's modification was denied due to their monthly income. Mind you, when my seller applied, he was the only one working and there was definitely a financial hardship. Plus he had mounting medical bills from a family member's medical care.

Anyway, they send the denial letter one day and then the very next day, they send the Foreclosure Letter. What is going on?? I ask. He contacted me on a Monday and the home was suppose to be foreclosed on that Tuesday. I immediately tell him to get back on the phone with the servicing company and demand to speak with a supervisor. Of course he gets the runaround from customer service and the loss mitigator, to no avail. I then give him links and information about the "Making Home Affordable" Program and how lenders are not suppose to be foreclosing on sellers that would like to remain in their homes.

Armed with that information and the phone numbers and emails of a couple of top executives, we called the foreclosing attorney's office, the top level execs and the loss mitigation dept. We also faxed everyone the info about the "Making Home Affordable" guidelines as well another hardship letter.

Within 30 minutes, we get a call from the original loss mitigator stating that the lender has decided to review my seller's file again and that they would get back to them in two weeks with either the option of reducing their interest rate or reducing their monthly payments and adding the past due amount to the end of the loans.

We were ecstatic. We could not believe it!! It just goes to show you that a lot of these servicing company employees have no idea about the new regulations or they don't care. It also shows that homeowners need to do their research and perhaps have an experienced professional by their sides to help them through the modification process.

Good Luck to all of you on your modifications.

MeLisa Minter

www.homesmint2be.com

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

I am a discount Realtor here in Dallas and was wondering thoughts on why exactly a listing agent deserves as much as a buying agent.  What tangible things to listing agents do that deserve this extra percentage?  Print advertisement to me is not a tangible or effective medium.  My basic opinion as a newbie is that if the house is listed on the MLS with nice pictures and description and is priced right for the area it will sell.  

99% of the time it will be shown by another agent and as long as they get their 3% they should be happy.  As for listing honestly it take maybe six maybe 12 hours total to research, meet, take pictures, list online and also on google yahoo and other sites,  possibly send some blast emails out and then answering phone calls, which not many folks call directly from signs. 

Main question here is what other than the MLS actually sells properties and warrant a Listing agent getting the same pay as a buyers agent who spent time, maybe months showing countless houses.  

The reason I bring this up is that on a recent shortsale the bank approbed 5% commission and I only got 2.5% for being the Selling agent .  The listing agent in my opinion should have taken 2% and given me the whole 3%. 

Thanks

RJ

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