Cindy Mustafa Blogs
I want to help you, your friends, and/or your families, avoid foreclosure at all cost and I have the tools to help.
Today’s estimates show most American Families can only maintain their current living expenses for 60 days or less when income is interrupted for any reason.
When you look around you, you’ll find one or two great people currently, or soon to be, in financial distress due to one of the following: job loss, divorce, payment increase on a mortgage loan adjustment, business failure, property damage, death of a spouse or family member, severe illness, separation, relocation, military service, insurance or tax increase, reduced income, to much debt, or incarceration. Ask me about 'Short Sale Hardships' when you call me.
The affects of a Foreclosure are profound and can be life altering for a family: future Fannie Mae loans can be blocked for 5 years, other lenders WILL block for 7 years, credit scores are affected 3 to 7 years, public records show the default, security clearances will be revoked, positions terminated, future employment may be challenged, deficiency judgments for future payback is almost certain, automobile insurance rates increase, and credit card interest rates WILL skyrocket.
A Short Sale is defined as: a sale of real estate in which the proceeds from the sale are less than the balance owed on a loan secured by the property sold.
The bank in essence is willing to take a discount to avoid a long, costly foreclosure process. When handled by an expert the balance can reflect “paid as agreed” or “settled in full" on a credit report. Deficiency judgments can be avoided in the negotiations with the mortgagee. Unfortunately, the owner of the property cannot negotiate this type of transaction but as a advocate of distressed property homeowner's, I can.
Banks DO NOT want an inventory of vacant homes; I assure you, they are in business to close loans.
Friends, if you know of anyone facing distress like this, let them know I can help. Time starts ticking at the first missed mortgage payment. Don't let someone you know face foreclosure. There are many options (including staying in the home) I can share in a FREE confidential assessment.
Please, if you care, share my information today as the next family I save from foreclosure could be someone close to you.
Memorial Day, take time to reflect.
While everyone is wishing each other a Happy Memorial Day and spending time celebrating with backdoor b-b-q's, picnics, family gatherings, and sporting events, I woul like to take a moment to remember why the celebrations takes place "on this day". After spending 8 years in the United States Army, I feel especially connected to this holiday and before I do that, I want to say 'Be-Safe' and enjoy your precious families, keep them close and FEEL what they say and do. This is how we make our personal memories. Don't forget to say "I love you" and "I'm sorry" and "I forgive you" whenever you can.
Memorial Day is a United States federal holiday observed on the last Monday of May (May 25 in 2009). Formerly known as Decoration Day, it commemorates U.S. men and women who died while in the military service. First enacted to honor Union soldiers of the American Civil War (it is celebrated near the day of reunification after the civil war), it was expanded after World War I to include American casualties of any war or military action.
At 3:00 today, please observe a moment of silence to remember those that made sacrifices to keep our county free. Many men and women sacrificed with their lives, remember their families - they all make a difference.
This Memorial Day, if you can, reach out with friendship and care for those who lost a loved one in the service to our country or by an act of terrorism. I still get goose bumps when I ride an elevator, pass in the streets or come upon in a store, a man or women in military uniform. I feel compelled to shake their hands and say 'thanks' for serving our country. I generally get back a big smile and ''you're welcome'', some may want to share their story, it's alright. Taking the moment or two to say thanks and remember the reason, shows that we care.
With that I'll say, Happy Memorial Day and again, be safe, keep your families close and know that destiny isn't about chance, it's about choice.
'Thanks so very much, to those that serve our country'.
~ Cindy Mustafa, ABR Realtor - Ohio
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5/23/09 8:26 A.M.
Will 'Stimulus Bill 2009' Work for Real Estate?
President Obama passed the bill in February with congressional support. The $787 Billion Stimulus Plan contains some rather interesting provisions that impact the real estate market arena.
A major bullet point which was designed to stimulate new sales of course, is the First Time Home-buyer Tax Credit. [National Association of Realtors lobbyist proposed $ 14,000 back to ANY home-buyer in 2009 but was finalized to be what we see today] If a first time home buyer (or someone who has not owned a home in 3 years) purchases between 01/01/09 and 11/30/09 they will be eligible for up to a $8,000.00 tax credit when they file their taxes, and depending on when the purchase closes, the credit can be applied to either 2008 or 2009 taxes. Also, a major difference between the two tax credit plans, this one does not require the buyer to return the money although the provision remains that the home cannot be resold for three years or the money then, must be returned.
Additional factors put back into the Stimulus bill are:
• The FHA, Fannie Mae, and Freddie Mac 2008 loan limits were put back into place for 2009. At the end of 2008, they lowered the loan limits which hurt the higher end market. Why were they set back to begin with, in a down-turning economy?
• It also includes a 30% tax credit on Energy Efficient upgrades to your home (up from 10%) such as windows, insulation and furnaces. The credit proposes to be available through 2010 and does include income restrictions, so check with your accountant to be on the safe side.
So, what everyone wants to know is “will this help, and is it nearly enough?”
Personally, I feel that only time will tell. Buyers that were sitting on the fence, are for the most part still sitting. When a buyer does finally jump, the jump is with great hesitation. It takes just one problem to be found in the home at inspection time, leaving the buyer with a knot in the stomach and another question..'will it get worst and should we try getting the home for juuuuust a little less"? Oftentimes the deal goes south when this emotion enters the transaction. What we need are positive numbers that show values are rising, not dropping. Once we've leveled off with the numbers of homes for sale vs. the numbers of buyers, our market will again be balanced. Until then, we are in a period of market correction. Does that make sense?
Bottom line, in Northeastern Ohio, we may have less inventory today than we had at this time last year [great sign] but values and average home sale amounts have hit an all time low.
We are on our way back and I personally feel that there is only one way from here - that's up up up and up...
I am hopeful that we will see a much healthier market in the very near future.
Memorial Day is a United States federal holiday observed on the last Monday of May (May 25 in 2009). Formerly known as Decoration Day, it commemorates U.S. men and women who died while in the military service. First enacted to honor Union soldiers of the American Civil War (it is celebrated near the day of reunification after the civil war), it was expanded after World War I to include American casualties of any war or military action.
At 3:00 today, please observe a moment of silence to remember those that made sacrifices to keep our county free. Many men and women sacrificed with their lives, remember their families - they all make a difference.
• The FHA, Fannie Mae, and Freddie Mac 2008 loan limits were put back into place for 2009. At the end of 2008, they lowered the loan limits which hurt the higher end market. Why were they set back to begin with, in a down-turning economy?
• It also includes a 30% tax credit on Energy Efficient upgrades to your home (up from 10%) such as windows, insulation and furnaces. The credit proposes to be available through 2010 and does include income restrictions, so check with your accountant to be on the safe side.
