Does Your ARM Increase Mean Orlando Foreclosure?

With the current Orlando foreclosure woes, and the strains of the economy these days, many people are worried about what they’ll do when their ARM (adjustable rate mortgage) resets. Here are a few suggestions to help you weather the current financial storm:

What is an ARM?
ARM refers to a mortgage loan that has a variable interest rate. The amount of the monthly payments will change several times over the life of the loan. ARMs usually have a lower introductory interest rate than a fixed-rate mortgage. After a period of time, the interest rate is recalculated, resulting in a higher interest rate and monthly payment.

Get Out Your Loan Paperwork
Many homeowners are worried about what will happen to their monthly payments when the ARM resets. Foreclosure is a real worry. The best way to avoid Orlando foreclosure is to know exactly what the terms of your loan agreement are. Look for the date that the interest rate is set to change. Find out what the cap is on each interest rate adjustment, and what the cap is for interest increases throughout the life of the loan.

After you have gathered that information, you can calculate what your ARM will reset to. It’s best to know what the worst-case scenario payment could be when your ARM adjusts. This information can help you determine if you are going to need help getting your loan payments manageable. The next step is to make a detailed list of your current and future income and bills. This will give you a better understanding of your financial status.

Call Your Mortgage Company
If, after you make this list, you can see that you are going to have trouble making the difference in the monthly payments, call your mortgage company. It’s best to call them before you miss a payment. They may be able to renegotiate the terms of your loan for you.

If you're ready to sell your home, we can help. Call us at 407-876-5771 for more information.

National Foreclosure Trends and Orlando Real Estate

Everybody wants to know how the housing market is doing, especially if they own Orlando real estate. I try to keep the newsy pieces to a minimum and spend most of my Internet space on helpful pointers, but a lot of readers have asked about the market. In response to high demand, here’s a peak at the current national foreclosure trends:

Foreclosure Trends
It’s a wonderful thing to own any kind of real estate (although I’m partial to Orlando real estate, of course). Unfortunately, many people have lost their homes due to foreclosure since the housing crisis started; there have been over 7.8 million since 2007. California, Florida, Arizona, Nevada, Illinois and Michigan have been topping the count for foreclosures, adding up to 62% of the nation’s foreclosures.

California’s numbers reached 349,435 foreclosures last month, and it was feared that those numbers might escalate. However, there’s some good news there. Even though homeowners are still teetering, lending institutions are caving in under government pressure to work with those homeowners. For that matter, they may even be working with the government to stem the deluge of foreclosures.

HousingPredictor.com conducted a survey of homeowners that shows we may have as many as 25 million foreclosures before everything is said and done, mainly due to homeowners who are tired of watching housing prices fall. Such a glut of the market could cause some serious repercussions for the economy. However, again, there are some positive points.

For instance, current mortgage interest rates are ranging from as low as 4% to 5.5%, cut almost in half from the “housing boom” years. While housing prices may be dropping, the fall is slowing down. As well, lower prices mean more affordable homes. While this may not be a good thing for homeowners, it’s an excellent thing for home buyers.

As prices drop and homes become more affordable, the glutted housing market of foreclosed and for sale homes is slowly shrinking. As the reserve market (the number of houses per capita that are for sale) shrinks, consumer confidence will build up (something we desperately need). Housing demand will rise, surplus will shrink, and prices will stabilize.

Of course, in the meantime, while you’re waiting for things to stabilize, hold on to your Orlando real estate. Take advantages of the tax breaks available to upgrade your existing property, maybe get the renovations done you’ve always wanted. There are still opportunities in this market – you just have to find them!

If you’re a buyer looking for a great home, act now to find amazing bargains. We can help. Call us at 407-876-5771 for more information.

Foreclosure Secrets for Orlando Real Estate Investors

The Time To Buy Is Now!

The golden rule when investing – be it in real estate, stocks or anything else – is to “buy low, sell high”. Given the current economic conditions, this advice is highly relevant especially if you are an investor interested in getting the most worth for your money. As a result, distress properties are definitely the right choice for you!

You are probably already aware that to make a good investment, the timing of your purchase is a very important factor. But do you know the details of investing in a changing real estate market? Are you aware of the different types of distress properties and the merits of each? For example, pre-foreclosure properties in particular are the most ideal real estate opportunity for investors wanting to close a deal quickly. On the other hand, if you are a novice investor, foreclosure properties would be most appropriate for you. The FREE series of “Distress Properties Reports for Investors” will help you learn about various aspects of investing in distress homes, and assist you in making the most well-informed decisions.

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Orlando Real Estate Agents

How To Get a Great Deal on an Orlando Vacation Home

Buying a Vacation Home

Have you often wondered what it would be like to own a beautiful vacation property in your desired getaway spot? Have you been reluctant to take the final step due to the inflated prices of such properties? Well, now is the ideal time to take action! In fact, given the current reduction in home prices, you could actually stay at your favorite vacation destination the entire year if you wanted to! This is due to the fact that great homes have been going through the distress sales process in a variety of vacation hotspots throughout the country. As a result, the prices of such properties have dropped dramatically. Your Dream home is no longer a dream, but closer than ever to becoming a reality.

So how do you make a great vacation buy? What are the top destinations for vacation foreclosures? Find the answers to these questions and learn more about why the time is right for investing in vacation homes in the FREE series of "Distress Properties Reports for Vacation Home Buyers".

Click Here to View Video Reports

Real Estate Orlando

Orlando Short Sale Secrets for Orlando Home Sellers

Behind on your payments and have no equity? We can help.

Whether positive or negative, short sales are definitely creating a buzz in the marketplace. Aren’t you curious to find out why? The primary reason is the fact that short sales can prove to be a very effective way of selling your home quickly, especially given the current market situation.

Whether positive or negative, short sales are definitely creating a buzz in the marketplace. Aren't you curious to find out why?

The primary reason is the fact that short sales can prove to be very effective way of selling your home quickly, especially given the current market situation.

In order to ensure that a short sale works for your home, you need to know :

• How to successfully negotiate a short sale
• What are the benefits of conducting a short sale
• How a Realtor can help with the process
  

This FREE series of Short Sales Video Reports will provide you with all this information and more.

Orlando Real Estate

Foreclosure Secrets - Orlando First Time Buyers

Can you afford to make such an investment? And is worth the risk?

Fortunately, as a first-time buyer, you are actually in the best of positions when it comes to buying real estate. And right now, distress properties are worth looking into and may be a great way to get a terrific deal on a home. Now there are still a number of things that you should be aware of before you buy your first home such as:

1. What to look out for and how to get the best value for your money?
2. Should you be looking at pre-foreclosures or foreclosures?
3. What are the top misconceptions regarding distress properties?
4. How easily can you get mortgage financing?

FREE Video Reports - Click Here

New Proposed home "short sales" plan

The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include "short sales" as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.

"Short sales," or sales of homes for less than the balance on existing mortgages, are seen as a key way to supplement other efforts such as loan modifications to steady housing. Unlike most modifications, "short sales" eliminate the problem of negative equity that has become a big reason for defaults as home prices have plunged.

The incentives, first announced in May, would expand the government's Home Affordable Modification Program that has seen limited success in lowering payments for hundreds of thousands of homeowners deemed eligible. Just 12 percent of homeowners eligible have had their loans reworked, leaving millions more foreclosures to come, the Treasury said on September 9. complete story

Source: Reuters - Al Yoon

Stop Foreclosure & Save Your Credit with an Orlando Short Sale