Hampton Roads

Relief for Distressed Virginia Homeowners is Available

New company buys houses from homeowners in distress

Newport News, Virginia- May 29, 2010-A slumping real estate market has left many Newport News, Hampton and Norfolk homeowners who desperately need to sell their homes struggling.

 

“Many people have lost their jobs, taken pay cuts or simply can’t afford their mortgage anymore,” said E.J. Harris. “They are broke and on the verge of being homeless.”

 

Community Homesolvers, which is owned by Harris, has solutions for homeowners in distress.

 

“We work with sellers who need to sell or want to sell, but do not want to wait six months to market and sell, repair and renovate their home, pay real estate commissions, or wait for an approved buyer,” Harris said. “We have a network of over one hundred buyers so if we can’t buy your house, we can help it sell.”

 

Community Homesolvers uses a simple process to help homeowners.

 

“We first ask that the homeowner call us at (757) 255-8080 or fill out a form on our website, http://www.sellmyhomevirginia.com,” Harris said. “In less than 24 hours we will contact you, look at the home and make an offer. It’s that easy.”

 

While many franchises buy and sell homes in the area, Community Homesolvers is a locally owned business.

 

“We live and work in this area. We know the people and the market,” Harris said. “We give you personalized service and we are not just a voice on the phone.”

 

Community Homesolvers has a Facebook fan page ( Sell my Hampton Roads House) for homeowners to ask questions. For more information contact Harris at (757) 255-8080.

 

Community Homesolvers specializes in helping Newport News homeowners who need to sell their homes fast. The company is locally owned and is not associated with any franchises. For more information, visit http://www.sellmyhomevirginia.com.

Hampton Roads

Discover Why Short Sales Are Becoming Popular Choice To Stop Foreclosure

Homeowners who are facing foreclosure will use the short sale method to stop it from occurring and ruining their credit entirely. This especially true of homeowners where interest rates on their loans skyrocket, either doubling and/or tripling their house payment with them unable to afford the home any longer. Real estate investors also like short sales because of the deep discounts they receive from them.

Sellers will negotiate a short sale with their lender, who may require the seller to explain why they are unable to make the normal monthly payments. Not too long ago, home foreclosures rose because the 2004-2005 adjustable rate mortgages that were written were resetting. The problem with short sales is that they are complicated and are likely to stay complicated with lenders having to deal with them. Those homeowners who used the equity in their home while the real estate prices were inflated are now feeling the pain.

How Lenders Work In Short Sales

Lenders understand that home repossession is costly; after all, they have to spend tens of thousands of dollars to deal with the home including the maintenance, refurbishing, marketing and selling the home. The only issue is that there are no guarantees that they’ll be able to recoup their losses, not like they can from a short sale.

Lenders want physical proof that the homeowner is unable to pay their monthly bills and actually needs relief from the home payment. Homeowners and lenders see short sales as the last resort before the foreclosure or bankruptcy processes.

While lenders don’t want to hold onto problem properties, they certainly don’t want to lose the home for very low prices.

How Sellers See Short Sales

What seller wouldn’t want to get the most out of their house? They certainly don’t desire to sell their home for a lot less than the home’s market value or less than what they initially purchased it for. This situation could turn dire if an unforeseen event takes place that generates a financial hardship for the homeowner. For instance, they lost a job, are diagnosed with long-term illness or have a sudden rise in living expenses. These are just three of the reasons that homeowners see themselves in a cash-strapped situation.

Some sellers are lucky enough to convince the lender to do a short sale as the best way to handle the problem but there is a downside they must understand. That is… some lenders may claim the forgiven debt as a loss on the company’s taxes and give the seller a 1099 form for that amount.

A Look At Foreclosures

Remember that in 2004-2005, there were millions of loans written for adjustable rate mortgages, many of them resetting in 2007,2008 & 2009. As a direct result, short sales also rose. Lenders have differing views on how to handle foreclosures and short sales workouts.

More and more short sales are taking place and anybody who has completed short sales understands, it’s rough ride for the sellers who are already feeling topsy turvy. However, if you understand what short sales are all about, you can opt to go this route to avoid foreclosure.

About The Author:

EJ Harris is one Managing Partners at Community HomeSolver, which is a home buying company for “Sell House”.  Harris has many interesting articles written on this very topic. People expect to find all kinds of interesting data when they are trying to find out how to sell their home or sell their house. Yet, it’s not always what they are searching for even when they type in “How To Sell Your Home”, “Privately Sell Your Home” or “Sell Homes Online”.  You may not get everything you want from this article but you’ll be surprised by what you do learn about “Sell House”, “Sale Home” even if you made a mistake in spelling while searching for a particular topic such as “hpw to sale your hom fast” or “seling yur home quicly”.

Community HomeSolvers buy homes and houses in and around areas of Williamsburg, VA. We Buy Houses in Newport News, Hampton, Norfolk, Virginia Beach, Portsmouth and Chesapeake! We are also now seeking homes in and around Richmond, Henrico, Chester, Chesterfield,  Highland Springs, Colonial Heights

Hampton Roads

How To Care For Your Lawn In The Winter

Most people assume that since it’s the wintertime, their lawn doesn’t need to be as cared for as it does in the spring and summer months. However, despite those cold, short days, your lawn still must be taken care of. Here are some steps you can use that will make your lawn look greener in the spring.

Before Winter’s First Freeze

Before your region gets its first freeze, there are some things you will need to do. Of course, when your first freeze happens is depending on where you live. Make sure you do the five following things before it takes hold on your region.

- Be sure to get the lawn exposed to air so any compressed soil is loosened.

- Once done, over-seed the lawn and ensure that the seeds penetrate the ground.

- Fertilize it one more time so the grass will get the needed nutrients stored for the spring months.

- Clean garbage from the yard; this doesn’t just include leaves or branches. This also means your child’s toys, tools, hoses, etc. All these things can be concealed by the snow and harm the grass.

- Make sure to cut the grass shorter. This keeps new grass from appearing in the winter months, which makes it vulnerable to diseases and cause it to dry out.

After Winter Care

Before springtime is upon you entirely, you need to get your lawn prepared for the season. Here are two things that you must do to ensure you have a healthy lawn during the spring season.

- Look for signs that your lawn is suffering with a disease. If so, treat it correctly.

- If you find patches of bare spots, re-patch them.

Taking care of your lawn in the winter is not as bad as the spring, summer and fall but it is still necessary to do. If you take care of your lawn year-round you can produce a healthy lawn that sure to look good.

Hampton Roads

Foreclosure MIGHT be the better option for you.

For most homeowners, bankruptcy is often the last resort to prevent foreclosure. If you are facing foreclosure, consider the other options before thinking of bankruptcy. Filing for bankruptcy can have a disastrous affect on your credit. In fact foreclosure might be the lesser of the two evils.

When you file for bankruptcy, you loose all control over your finances. A court appointed bankruptcy will administer all your financial activities. The bankruptcy trustee will take over all your non-exempt assets and sell them to pay off your creditors. Bankruptcy will discharge most of your debts. But some debts are non-dischargeable. The most common types of non-dischargeable debts are

• Certain types of tax claims,
• Debts not set forth by the debtor on the lists and schedules the debtor must file with the court,
• Debts for spousal or child support or alimony,
• Debts for willful and malicious injuries to person or property,
• Debts to governmental units for fines and penalties,
• Debts for most government funded or guaranteed educational loans or benefit overpayments,
• Debts for personal injury caused by the debtor’s operation of a motor vehicle while intoxicated,
• Debts owed to certain tax-advantaged retirement plans, and
• Debts for certain condominium or cooperative housing fees.

When you file for bankruptcy, all your assets except the exempt properties become the property of the bankruptcy trustee. The Bankruptcy Code defines “property” very broadly as all legal and equitable interests of the debtor and any property that is community property of the debtor and his spouse.  Even the property that you select as exempt property is property of the estate until the exemption claims are confirmed. The exempt properties are necessary for your fresh start. The exemption claims are confirmed before the creditors are allowed to participate in the distribution of the non-exempt property.

Bankruptcy filing includes costs payable to the government in the form of bankruptcy fees. Besides bankruptcy fees, you may also have to pay attorneys fees if you hire an attorney. While the overall bankruptcy process is simple, it may get complex at times and it is best to hire an attorney to do the work for you. Bankruptcy proceedings must be filed in a federal court having jurisdiction over your place of residence. State courts cannot hear bankruptcy petitions. Bankruptcy is governed by federal laws.

Bankruptcy is a legal procedure for dealing with the debt problems of individuals and businesses and discharges financial obligations. This procedure is covered under Title 11 of the United States Code (the Bankruptcy Code). The vast majority of cases are filed under the two main chapters of the Bankruptcy Code, which are Chapter 7 and Chapter 13.

Chapter 7 is the more common form of bankruptcy filing. A filing under chapter 7 is called liquidation. It is a kind of liquidation proceeding in which the debtor is allowed to keep aside exempt property whereas a trustee appointed by the court collects his non-exempt assets, sells them and pays off the creditors through the sale proceeds.

Chapter 13 bankruptcy proceeding allows the individual debtor to pay down his debts, either the entire amount or a part of it, with the help of a payment plan under the supervision of the court. Debtors filing this chapter can keep their assets with them while they follow the plan or after they have paid off the required portion of debt. It involves the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors.

Chapter 7 bankruptcy dissolves all debt and absolves you of the responsibility to pay it. Chapter 13 bankruptcy will reorganize your debt and creates a payment plan.

Choice of these plans is never easy. In fact it is not easy to decide whether foreclosure is worse than bankruptcy! It is always advisable to consult an attorney with your specific problems.

Hampton Roads

Why Should I Sell My House To a We Buy Houses Real Estate Investor?

To sell…. Or not to sell? That is the question.  You know what? You definitely should sell your house to a “We Buy Houses” Real Estate Expert if you absolutely need to sell your house quickly.

Selling your Newport News, Virginia house to an investor is a quick, hassle free, straight to the point, no BS way to sell your house in any market. Selling to a “We Buy Houses” real estate investor could be the answer to all of your real estate problems.

When you sell your Hampton Roads house to a “We Buy Houses” real estate specialist you will benefit because… 

1. You can sell your house quickly (14 days or less)
2. You sign ONE short, no hassle, straight to the point contract and before you know it you’re sitting at the closing table. This is the EASIEST way to sell your house.
3. Sell your house in as-is condition. This means you don’t have to lift a finger to make your house look nice. These “We Buy Houses” investors love dirty, messy and down-right scary houses and they’ll give you cash money to buy it just as it is. (even if you have a full rehab)
4. Avoid unwanted fees. Do you have liens, code violations or any other fees on your house? No problem. A Real Estate investor will look past all these problems and buy your house anyway, this is their job. No Problem!

These “We Buy Houses” Investors are the right people to call if you just want to get to the closing table and not deal with all the unnecessary paperwork and foolishness. This is a straight to the point solution that many homeowners and investors have been using when they simply don’t want to deal with their house anymore.

Hampton Roads

US Unemployment Over 10% as Housing Tax Credit Passes Congress

By Chris McLaughlin

Tax credit

It’s here!  The U.S. House of Representatives has just voted (403-12) to extend and expand the homebuyer tax credit, and it’s on its way to the President for his signature…he’s expected to sign it today.  Not only does it extend the tax credit, but it expands it.  The items carried over until April 30, 2010 are:  Amount of Credit ($8000 or $4000 married, filing separate) and Definition for Eligibility (May not have had an interest in a principal residence for 3 years prior to purchase).  The items added to the credit, from December 1 to April 30 are, for current homeowners:  Amount of Credit ($6500 or $3250 married, filing separate); Effective Date (Date of Enactment); Definition for Eligibility (Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years); Termination of Credit (Purchases after April 30, 2010); Binding Contract Rule (So long as a written binding contract to purchase is in effect on April 30, 2010, the p
urchaser will have until July 1, 2010 to close); Income Limits ($125,000 – single $225,000 – married Additional $20,000 phase out); Limitation on Cost of Purchased Home ($800,000 Effective Date of Enactment); Purchase by a Dependent (Ineligible Effective Date of Enactment); Antifraud Rule (Purchaser must attach documentation of purchase to tax return).

Unemployment over 10%

According to the long-awaited report from the Labor Department, in October unemployment rose to 10.2% for the first time since 1983 – much worse than expected.  There was a net loss of 190,000 jobs in October, an improvement from a revised estimate of 219,000 job losses in September, but far worse than the 175,000 jobs forecast by economists surveyed by Briefing.com.  This is the 22nd straight month of job losses.  The Obama administration estimated last month that 640,000 jobs were created or saved by the federal stimulus package passed earlier this year but, while that makes good politics, it’s nothing compared to the 7.3 million jobs that have been lost by the economy since the start of 2008.  Today’s report comes one day after Congress voted to extend unemployment benefits by up to 20 weeks.

There are now a record 5.6 million people who have been unemployed for six months or longer, as the average time an unemployed person has been out of a job hit 26.9 weeks. According to a survey of top forecasters by the National Association of Business Economics last month, the consensus estimate among economists was that unemployment would hit a high of 10% in the final three months of this year and the first quarter of 2010.  But get this – the five economists with the most bearish forecasts had expected unemployment to rise to 10.2% in the fourth quarter of this year before hitting 10.5% in the first half of next year.

Short sales don’t hurt credit scores

Sarah Davies, vice president of VantageScore, at the Loan Modifications Conference now underway in Dallas, Texas, says restructuring plans on a mortgage, whether in the form a forbearance, modification or short sale, have a relatively insignificant effect on the consumer’s credit score.  VantageScore measures the generic consumer’s credit score and his or her likelihood of slipping into 90-plus day delinquencies on a scale of 501 to 990. If a servicer reduces a consumer’s original loan amount from 10-to-30%, the consumer’s credit score is only increased by three to 18 points, depending upon the consumer’s initial standing. Borrowers in the top-tier of credit scores, averaging an 862, receive only a three-point increase. Lower tier borrowers, in the 625 range, can receive an 18-point jump.  The credit score increases because the total amount of debt owed is reduced, and the borrower becomes inherently more reliable, Davies said.  However, foreclosure and bankruptcy c
an more severely affect the consumer’s credit score. If a borrower, who maintains good credit, is foreclosed, his or her credit score can decrease by as much as 140 points. Bankruptcy for someone in good credit standing results in a reduction of 365 points from the consumer’s credit and a mark on the file for seven to sometimes 10 years, Davies said.

Mortgages rates drop

Freddie Mac said the average rate for a 30-year fixed-rate mortgage (FRM) was 4.98% with an average 0.7 point, down from an average 5.03% the previous week. One year ago, the average rate for a 30-year FRM was 5.88%.  It said the average rate for a 15-year FRM was 4.4% with an average 0.6 point, down from 4.46% the previous week. A year ago, the rate was 5.88%. Freddie said the five-year Treasury-indexed adjustable-rate mortgage (ARM) was 4.35% this week, with an average 0.6 point, down from last week’s 4.42%. The one-year Treasury-indexed ARM averaged 4.47% with an average 0.5 point, down from last week when it averaged 4.57%. At this time last year, the 1-year ARM averaged 5.25%.  Bankrate.com’s survey of major US banks and thrifts put the 30-year FRM 5.35% with a 0.31 point, even with the previous week. A year ago, Bankrate.com’s survey was 6.44%. It says the 15-year FRM is 4.72%, down from $4.74% in the previous week.  Bankrate.com put the five-year ARM 4.64% this w
eek, even with the previous week.

Commercial and Multifamily Mortgage Originations Remain Low

According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations,  commercial and multifamily mortgage loan originations for the third quarter of 2009 were 12 percent lower than during the second quarter of 2009, and 54 percent lower than during the same period last year.  The 54 percent overall decrease in commercial/multifamily lending activity during the third quarter was driven by year over year decreases in originations for all property types.  When compared to the third quarter of 2008, the decrease included a 62 percent decrease in loans for retail properties, a 59 percent decrease in loans for health care properties, a 58 percent decrease in loans for industrial properties, a 56 percent decrease in loans for office properties, a 46 percent decrease in hotel property loans, and a 40 percent decrease in multifamily property loans.

Now on to our real estate investing educational arena…

Friday File – More Real Estate Humor

Ahhh…Autumn weekends. Chances are you might be out and about with family or friends, visiting fall festivals or simply cruising around the countryside searching for your next short sale. Whatever the weekend has in store, it’s sure to be just a little bit better if you start it with a smile on your face. To help, here’s our newest Friday File to help you make the most of government lingo and double-speak.

Filibuster = a well known stalling technique that allows government officials to read (at least partially) the bill before voting or, when used as a “sister” to the “dust buster”… a way of collecting (for the record) official sounding statements to eliminate personal responsibility in order to stay on the safe side for the next election.

Sustainable Communities – once put together, you have no hope of respite. They keep going and going and going…

War On = We need funding fast so declare a war in order to enact the emergency funding mechanism rather than go through the normal debate and votes…ie, the war on drugs, the war on poverty, etc…

Biosolid Fuel = Recycled sewage

Consumer = American citizen

Taxpayer = American citizen

Voter = American citizen

American Citizen = Endangered species being overtaken
by “citizens” (small case).

Competitive = Lowest bidder wins.

Satisfactory = It barely passes but with any luck, won’t kill the end user.

Revenue Enhancement = For us silly not you! We are going to raise your taxes till you squeal.

Change = Retroactive, future and present modification of the entire economy, healthcare system, tax structure and political system.

Double-Think = Modern day media literacy

See you at the top!

Hampton Roads

Credit Cards And Their Contribution To The Present Financial Crisis

The history of consumer credit can be traced back to the early 19th century. The average working man in the United States had the first taste of consumer credit when companies like Sears, Roebuck & Co and others lent money to consumers.

The initial credit cards were issued by the companies that sold the goods and were called merchant or retail cards. When Visa and MasterCard were established in the mid 1960s, banks joined in and started issuing the all purpose credit cards. The consumer could use the card to pay for any purpose…vacations, college fees, buying goods, etc. Over the years, the use of credit cards has become more popular. In fact today it is impossible to do a few things like renting a car or making an online purchase with a credit card.

Everyday Americans are bombarded with credit card offers through mail, flyers, email, etc. Everywhere you look, you will find a credit card offer. Gone are the days when only the privileged few could have a credit card. Today, just about anyone can have a credit card. Even those with bad credit can get a credit card these days.

For the average American, life without credit cards is unimaginable. Gone are the days when groceries were purchased with cash. Today everything is purchased on credit using credit cards.

As it became easier for everyone to get a credit card, credit card purchases increased and soon overtook cash purchases. It was a disaster waiting to happen. The reckless use of credit card has resulted in the many Americans facing financial ruin because they could not keep their credit card spending under control. There are many who borrowed from one credit card to pay another resulting in a debt pile up. Credit card debts have forced many Americans to file for bankruptcy.

Nothing is free in life. It’s the same with credit cards. Credit cards have changed our lives forever but uncontrolled use of the credit card can lead to financial ruin. To prevent financial ruin, you must take some hard decisions – reducing or eliminating the use of credit cards. Use the credit card wisely and you can enjoy the advantages of having a credit card. Use it recklessly and you might find yourself filing for bankruptcy.

Hampton Roads

Seek Help To Prevent Foreclosure

Hampton Roads

What Does It Mean To Sell My House For Cash?

I’m sure you’ve seen the advertisements “We Buy Houses For CASH” but what does it all mean? There are many ways selling your house for cash can benefit you.

 Avoid Those Annoying Slow Realtors- When you sell your house for cash you sell it directly to the buyer (who can close in 7 days).  Your other option is using a Real Estate Agent.  Real Estate Agents love wasting your precious time with extremely long contracts, expensive realtor fees, and brining in annoying potential “buyers” into your house whenever they feel like it.  Not to mention they put your home on the MLS with many other properties and let it sit there for six months or more while you sit on a house you don’t even want. If you want to avoid pesky Realtors, then selling your home hassle free for cash is the way to go.

 No More Un-Wanted Fees- In most cases when you contact a “We Buy Houses” homebuyer and decide to sell your Hampton house with cash, the buyer will purchase your house in as-is condition and take care of any taxes or unwanted fees. By selling your Hampton house with cash, your problems will disappear with and instant impact!

 Quick, Easy and Hassle Free- When you sell your Newport News house for cash there are no banks involved. The buyer comes to the closing table with cash and you walk away with a check (yes it’s as simple as that). The only work you will be doing is showing your house to the investor, signing a contract and meeting at the closing table. It is literally that easy.

 Visit our website Community HomeSolvers for more information on how you can sell your Williamsburg house for cash, hassle free!

We buy houses in all of the Virginia Peninsula cities of Hampton, Newport News, Poquoson, York County- Yorktown, Williamsburg, and James City County and the Hampton Roads / Tidewater cities of Suffolk, Norfolk, Virginia Beach, Chesapeake, Portsmouth, Smithfield, Isle of Wight and Richmond.  If you don’t see your area listed, call us. We may still be able to help you. We are constantly expanding, and we can also contact a company in our network that will be happy to assist you.