Realtors® Support New Refinancing Rules that Help Reduce Foreclosures

October 2011

Recently, President Obama announced a new plan to help underwater homeowners refinance to lower their monthly mortgage payments. Working with the Federal Housing Finance Agency, the president is revising the Home Affordable Refinance Program, aiming to help 1 million homeowners who owe more than their homes are worth avoid foreclosure.

“Realtors® commend President Obama for pledging to help more struggling homeowners refinance their mortgage. When people lose homes to foreclosure, families, our communities, the housing market and our economy all suffer. Helping even more families stay current on their mortgage and remain in their homes will help support the housing recovery.”

HARP was created in 2009 and allows homeowners to refinance their mortgages at lower rates without having to meet the typical requirement of having at least 20 percent of equity in their home to do so. Under current guidelines, many homeowners have been ineligible for the program because their home values had to be no more than 25 percent below what they owed their lender and some were unable to afford the closing costs and appraisal fees.

With the new rules which will take effect by December 1, some of the extra fees to participate in HARP have been waived and homeowners’ eligibility won’t be contingent on how far the home’s value has fallen. Homeowners with loans backed by only Fannie Mae or Freddie Mac can participate and must be current on their mortgage.

We Realtors® hope the recent changes to HARP will encourage other mortgage investors to help struggling homeowners refinance. “Though the process for refinancing can be cumbersome, the money saved is worth it.” Realtors® have been advocating tirelessly for the government and lenders to take more aggressive steps to modify loans, as well as streamline the short sales process, another alternative for struggling homeowners.”

The National Association of Realtors® is also calling upon Congress and the Obama administration to create policy solutions that stimulate housing and economic recovery. In a recent five-point housing solutions plan outlined in part by NAR, lenders and the government are urged to take more aggressive steps to modify loans and approve short sales to help reduce high foreclosure inventory levels. Realtors® are hopeful that reduced fees and improvements to refinancing programs such as HARP will help more struggling homeowners reduce their monthly mortgage payments and avoid losing their home to foreclosure.

The changes to HARP are just one step toward reducing foreclosures and fixing the housing market. We are beginning to see early signs of stabilization in the housing market, but until foreclosures are significantly reduced and housing inventory reaches a more normal level, there can be no true recovery.

EXIT Convention 2011

The time has finally arrived for the 2011 EXIT National Convention! This year, it is being held in Nashville, TN at the Grand Ole Opry. We are expecting some great speakers, and I hope to come back with LOTS of information for this blog, my newly updated website: www.dianeisdedicated.com, and hopefully make some new friends too.

I will be available via email while I'm out of town (Diane@Dianeisdedicated.com) and I'll be chacking my voicemails at 303-868-3838 as well. If you need anything, please let me know. I will be back in Denver on 11/1/11.

AMAZING INTERST RATES!

Today's interest rates are at 60 year lows! Now is the perfect time to stop renting and get into your own home. The rates today are unheard of and UNBEATABLE!

For more buyers tips, visit: www.dianeisdedicated.com/buyer-tips_23.html

Longmont Listing

Great Listing: Price reduced $10,000! 4 bedrooms, 3 baths, pride of ownership. 1240 Monarch Drive, Longmont. MLS#1031731. Close to schools, 2 story home, Must see to appreciate. Show it today!

Pros and cons of homeownership

No man but feels more of a man in the world if he have a bit of ground that he can call his own. However small it is on the surface, it is four thousand miles deep; and that is a very handsome property.

~Charles Dudley Warner

The “American Dream” has included owning a home, complete with the obligatory “white picket fence”. But is homeownership for right for you? There are pros and cons to homeownership. I have highlighted some of the most common concerns below. If you want any more information about any of these topics, please feel free to give me a call at 303-868-3838 or visit my website at www.DianeIsDedicated.com

Pros and Cons of Owning a Home

PROS	CONS
The house is YOURS; you can do whatever you want (as long as it’s legal, and your HOA allows it) to your house.	When something breaks, you need to fix it or pay someone to fix it for you; Many small home improvements can add up to big dollars invested in upkeep expenses.
You build equity every time you make a mortgage payment.	Can’t pick up and move anytime you want. You’d need to either find a renter, for your home, or sell it before you can relocate.
Stability- you don’t need to worry about your rent payment going up	Time consuming to maintain a property.
No landlord to deal with.
Tax benefits.
No pet restrictions

Watch for my next blog: Tips for buying a new home!

**Please note that all information posted herein is deemed accurate as of the date of this posting. If you would like to verify any information, or find out about current listings, you can visit www.dianeisdedicated.com**

Diane Peltier www.dianeisdedicated.com EXIT ONE REALTY

WOW! Went from Feast to "Phantom"

A few years ago, while talking to a friend of mine, I was explaining how it was really slow, and then all of a sudden, I had almost more work than I could handle (. . . .almost!). Anyway, I had a slip of the tongue and I meant to say "I'll tell ya what: It's Feast or Famine". But instead it came out "Feast or Phantom". My friend loves that story, and it's become a household saying for her family, LOL!'

Well, it's been another "Feast or Phantom" sort of week. While August was a pretty slow month for me, it was nice to get caught up, and get some organizing done. September has started off with a BANG! I have gotten a new listing, and a couple more are in the pipeline. Plus, I have written 5 contracts, and so far 2 have already been accepted!

I guess taking the time to update my website: www.DianeIsDedicated.com, and working on this blog, and updating my facebook account, is paying off!

Have a safe, happy, and fun Holiday weekend!

**Please note that all information posted herein is deemed accurate as of the date of this posting. If you would like to verify any information, or find out about current listings, you can visit www.dianeisdedicated.com**

Trust your Realtor!

It is important to remember when working with any professional, that they are in fact, THE PROFESSIONAL! When you visit the dentist, do you tell the doctor how to clean your teeth? And when you go to the zoo, do you tell the lion tamer how to calm down the lions? Of course not!

This is also true when it comes to Realtors. A true professional in any field will know their job forwards and backwards, upside down, and inside out. And they should! That's why you hired them in the first place! So please remember the tips below when working with a Realtor:

1) Your Realtor knows the current Real Estate Market - We do not need to be reminded about the downward or upward trends in the market. We will tell YOU about them!

2) Your Realtor knows how to market your home - After creating HUNDREDS of flyers, MLS listings, advertisements, and other marketing materials, we KNOW what works! We are open to your opinions and suggestions, and will take them into consideration, but please don't feel offended if we don't include a specific photo on your flyer, or use your suggested verbiage in an ad.

3) Take your Realtor's advice over others' - Yay! Your neighbor's niece's husband's mother's second cousin's house sold in 3 hours at the asking price! That doesn't mean that you don't need a price reduction, and to paint the exterior trim, as per my recommendation.

4) Realize that we don't get paid until closing day - There are a lot of out-of-pocket expenses that go into the marketing of your property. Please remember that the marketing materials I leave in your home should be taken care of. It is expensive to replace signs, lock boxes, and print countless numbers of flyers because you rented a plane and dropped them from the sky.

Overall, please realize that as Realtors we value your opinion as a seller, but please offer us the same courtesy and respect our advice as PROFESSIONALS!

If you or someone you know is ready to buy or sell a home, call Diane Peltier at EXIT ONE: 303-868-3838 or visit www.DianeIsDedicated.com

If any of my real estate colleagues are reading this, and have anything to ad, please do so in the comment boxes below!

**Please note that all information posted herein is deemed accurate as of the date of this posting. If you would like to verify any information, or find out about current listings, you can visit www.dianeisdedicated.com**