foreclosure

Sep 05 2013

FHA Changes Regulations – May Allow Those Involved with Foreclosure to Become Homeowners Within One Year

Logo of the Federal Housing Administration. (Photo credit: Wikipedia)

The FHA recently announced “Back to Work – Extenuating Circumstances” which may allow those who had been involved in a short sale or foreclosure the ability to get an FHA mortgage loan as soon as one year after the event.

WHAT DOES THAT MEAN?

In addition to meeting all FHA mortgage criteria, applicants will also have to demonstrate that they experienced an economic event that was the circumstance that caused the reduction in income. Additionally they will have to participate in specialized housing counseling and be able to demonstrate that their situation has improved and income is steady.

This is good news for people in Western MA who may have been involved in a foreclosure or short sale that was caused by a loss of work, illness, divorce or other severe circumstances.

These changes were spelled out in HUD’s Mortgagee Letter 2013-26 which you can view here.

If you live in Western MA and have been involved in foreclosure or short sale and are interested in becoming a homeowner again, please get in touch! Lesley Lambert, Park Square Realty, 413-575-3611

Mar 29 2013

Lesley Lambert from the Abouthom.es Girls on Why She Does Short Sales in Western MA

Yesterday’s Abouthom.es Girls video was a chance for me to share why I work so hard to help people avoid foreclosure with short sales in Western Massachusetts.

I have written posts before telling my personal story of hardship in distressed home ownership. It has been six years since my experience and I have spent those years honing my skills and gathering a team of expert partners to help Western MA homeowners avoid foreclosure with a short sale.

Everyone has to have a “why” to remain passionate and committed to something as tricky as navigating a short sale. Here is mine:

Jan 26 2013

Keeping It Real About Real Estate: New Podcast!

I am excited to share with you that I have started a new podcast called “Keeping It Real About Real Estate”. I will share all things funny, informative and helpful about buying or selling real estate in Western MA in an easy to digest, download and share format!

Here is my first ever podcast: Keeping It Real About Foreclosure Properties in the Winter

Nov 25 2012

Why do I need To inspect for radon in my new Western MA home? Hint: November is Lung Cancer Awareness Month

www.LungCancerAlliance.org (Photo credit: teamstickergiant)

The inspection period of buying a Western MA home is a critical point in this big decision, but it can also feel expensive and stressful. Due to that, many home buyers start to question if they really need to do all of the inspections they have rights to. The one that I get asked about most is the radon test.

Since radon is a naturally occurring gas, many people don’t understand why they need to be concerned and more specifically, why they need to test for it.

Why do I need To inspect for radon in my new Western MA home?

The National Cancer Institute gives these key points:

Radon is a radioactive gas released from the normal decay of the elements uranium, thorium, and radium in rocks and soil.
Radioactive particles from radon can damage cells that line the lungs and lead to lung cancer.
Radon is the second leading cause of lung cancer in the United States and is associated with 15,000 to 22,000 lung cancer deaths each year.
Testing is the only way to know if your home has elevated radon levels. Health authorities recommend radon testing and encourage corrective action when necessary.

November is Lung Cancer Awareness Month

Many people think that lung cancer is a smoker’s disease, but 15%percent of those diagnosed every year never smoked, and more than 50 % diagnosed either never smoked or haven’t smoked in years.

The good news is that a high level of radon is a curable issue. There are systems that can be installed that will virtually remove the problem completely.

From the EPA’s Consumer Guide on Radon:

Radon reduction systems work. Some radon reduction systems can reduce radon levels in your home by up to 99 percent. Most homes can be fixed for about the same cost as other common home repairs. Your costs may vary depending on the size and design of your home and which radon reduction methods are needed. Get an estimate from one or more qualified radon mitigation contractors. Hundreds of thousands of people have reduced radon levels in their homes.

Here is a downloadable guide from the EPA where you can get a full education about radon testing in your home.

Nov 06 2012

Mortgage Forgiveness Tax Relief … Keep Housing Recovery on Track!

CALL FOR ACTION!

Congress will soon return to session and they will be discussing a housing issue that could affect almost one-quarter of all real estate transactions – the expiration of Mortgage Forgiveness Tax Relief.

Why is this so important?
Homeowners shouldn’t be forced to pay tax on money they’ve already lost with cash they never received – and never will receive.
~More than 20% of current homeowners with a mortgage owe more on their homes than the current fair market value.
~Transactions not completed by year-end could become taxable in 2013, despite a borrower’s reliance on this tax relief.
~The housing market, while recovering, is still fragile enough that this tax relief will be needed in 2013 and possibly beyond.

“Without action before the end of the year, millions of families who hold distressed properties could face a hefty tax bill for trying to modify their mortgage or to seek a short sale through their lender. Even those facing foreclosure will find themselves forced to pay a “foreclosure tax” if Congress doesn’t act. This is because the amount of debt forgiven by the lender would be considered “phantom income” to the borrower even though they never receive any payment from the lender. No taxpayer should be forced to pay tax on money they’ve already lost with cash they never received. We need no new obstacles that might throw the housing recovery off track.”

This quote is from the call to action at the National Association of REALTORS site. They have issued this brief to outline the issue:

If you agree that this tax relief should continue, please take a moment to send that message to your representatives here.