Whats New
Nancy David has earned the nationally recognized Short Sale and Foreclosure Resource (SFR) certification. View the press release. She was also awarded membership in the prestigious RE/MAX Executive Club for top producers closing more than $2.5 million in transactions in 2011. View the press release.
Current News
Freddie Mac recently released the results of its Primary Mortgage Market survey showing mortgage rates easing to new all-time record lows for all products covered in the survey, helping to keep homebuyer affordability high. The average rate on a 30-year fixed-rate mortage fell to a record low of 3.89% for the week ending January 12, down from the previous week when it averaged 3.91%. A year ago, the 30-year rate was at 4.71% Read the full article are HARconnect.
Recent Events
RE/MAX ranks highest in customer satisfaction among both home buyers and home sellers in 2011 J.D. Powers & Associates study. Read the press release.
Purchasing Distressed Real Estate
Visit my Distressed Real Estate Deals web page for complete information about purchase distressed real estate including foreclosure and short sale properties.
Foreclosure Alternatives
Texas Foreclosure Information
Foreclosures in the state of Texas can happen quickly. The primary method of foreclosure in Texas is known as a non-judicial foreclosure. Prior to initiating a foreclosure the lender must send a demand letter requesting any past due amounts and provides 20 days for the borrower to pay, otherwise foreclosure proceedings will begin. After the 20 day notice and 21 days prior to the foreclosure sale, a notice of default must be filed with the county clerk, mailed to the defaulting borrower, and be posted at the county court where any sale would occur. Foreclosure sales must take place on the first Tuesday of each month at the court house. Texas has no statutory right of redemption which would allow a party whose property has been foreclosed to reclaim that property.
View the Texas Property Code for complete information on the foreclosure process and for legal guidance or questions please consult an attorney.
Options for Distressed Homeowners
Homeowners at risk of default should turn to real estate, tax, and legal professionals for guidance. As a Short Sale and Foreclosure Resource certified real estate professional in the Humble and Kingwood area, I want to help my clients understand their options to avoid foreclosure so please contact me for immediate assistance. Foreclosure avoidance options are:
- Short sale - I am an experienced agent in short sale transactions. Please be sure to visit my page on short sales.
- Refinance
- Sell and bring cash to closing
- Lender workout
- Deed in lieu of foreclosure
- Do nothing and walk away
Impact to a Homeowner's Credit
Foreclosures can lower credit scores by 200 points or more and remains a public record and on credit history for 7 years. The impact of a short sale to credit scores depends on how the lender reports the information to the credit bureau's. If the owner is current with other payments a short sale may only lower credits scores by 50 points.
Resources for Foreclosure Avoidance Information
If you are a homeowner at risk of default please take a moment to review these links for additional information on foreclosure alternatives:
- Learn how to avoid foreclosure and keep your home. A booklet provided by the National Association of Realtors.
- MakingHomeAffordable.gov - An official program of the US Department of Treasury and Housing and Urban Development
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This site is not intended or offered as legal advice. This information is provided for educational and information purposes only.
