The terms short sales, foreclosures, and REO or bank owned properties were real estate terms rarely heard a decade ago. Back then they were associated with the occasional mortgage fraud or personal financial tragedy. We know how times have changed and that the circumstances properties are sold short, are foreclosed upon and possessed by banks are the result of many other mitigating factors; predatory lending, a major recession, and job loss, to name a few.
With all the hoopla in the news, one would think that every community was overwhelmed with distressed properties. Times have been tough for a lot of people since the financial crisis of 2008, but fortunately there are survivors. Many Boston area cities and towns escaped the devastation that depressed property values and blighted neighborhoods. In fact a look at the data from the Boston area multiple listing service, MLSPIN, indicated the numbers were modest for the 12 months ending 3/31/12 in many cities and towns. Belmont MA had 1 single family home, 1 condo and 1 multi family sell through a short sale or foreclosure. That total is a skinny number!
That's good news for Belmont home owners but maybe not for those looking to "get a deal". For those buyers who want to live in a stable and vibrant community it's good news for them.
If you are looking to purchase a "distressed" property and want to know more about short sales, you'll want to download our "Short Sales Tips" for the info you'll need to begin the adventure! And go to the Avenue 3 Property Search tool to view all current listings in MA.
The terms short sales, bank owned and foreclosures were real estate terms rarely heard a decade ago. Back then they were associated with the occasional mortgage fraud or a personal financial tragedy. We know how times have changed and that the circumstances properties are sold short, are foreclosed upon and possessed by banks are the result of many other mitigating factors.
One could infer that the volume of distresssed properties would be substantial in every community, based on the impact of the financial crisis of 2008. Fortunately it was not. Many Boston area cities and towns escaped the devastation that depressed property values and blighted neighborhoods. In fact a look at the data from the Boston area multiple listing service, MLSPIN, indicated the numbers were modest for the 12 months ending 3/15/12. Arlington had 4 single family homes, 6 condos and 1 multi family sell through a short sale or foreclosure. That total is a skinny number!
That's good news for homeowners living in Arlington MA, but maybe not for those looking to "get a deal". However, for those buyers who want to live in a stable and vibrant community, it's good news for them!
If you are looking to purchase a "distressed" property and want to know more about short sales, you'll want to download our "Short Sales Tips" for the info you'll need to begin the adventure! And go to the Avenue 3 Property Search tool to view all current listings in MA.
Are you currently struggling to pay your home mortgage? Perhaps you're even facing foreclosure on your residential property. Well, if you haven't yet heard, there's a new Federal resource available to you called the Making Home Affordable Program. Unfortunately, there are also many scam programs popping up, all asking you for money upfront and making promises they can't keep regarding your home mortgage. Before you enter any foreclosure or loan modification program, read this helpful information from the Making Home Affordable web site to help you determine if you're being conned or not...
The Federal government provides free resources to get you the help you need. Homeowners can call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673) for information about the Making Home Affordable Program and to speak with a HUD-approved housing counselor. Assistance is available in English and Spanish, and other languages by appointment.
Tips to Avoid Scams
- Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
- Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
- Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
- Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never make a mortgage payment to anyone other than your mortgage company without their approval.
What to Do if You Have Been the Victim of a Scam
If you believe you have been the victim of a scam, you should file a complaint with the Federal Trade Commission (FTC). Visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357) for assistance in English or Spanish.
Remember - all this help is FREE! Don't lose your home and your money - be smart, be informed, and be aware!
Until next time, Peace!
-TMC