Helping Oklahomans Avoid Foreclosurehttp://www.avoidforeclosureoklahoma.com5http://www.avoidforeclosureoklahoma.com/1225821/2010/07/29/Oklahoma-City-Homeowners-Need-to-Reality-Test.aspx<p>For the loast week I have benn astounded by the number of new listings for Oklahoma City area homes in our MLS sysyem. I have also checked this weeks sheriff sale list for foreclosure activity and that seems to be going up with every list that is published twice a month. We enter the month of August on Sunday, and local schools start the fall semester in three weeks. Also, since the last two tax credit periods took a lot of buyers out of the normal sequence and buying activity slowed down dramtically in May the number of buyers has also dropped in relationship to the number of homes currently on the Oklahoma City real estate market.</p> <p>The only reason someone should have their house&nbsp;on the market right now is because you have to sell, and if you are selling you should be priced below market value. Actually below market value is a misnomer since any price sold is a market value. What you&nbsp;have to do is change your&nbsp;expectations and do not look at comps six months back to price. That is now ancient history. The other distrubing trend I am seeing is checking the expired&nbsp;listings on a daily basis. I find at a minimu, at least three house every day&nbsp;that should have been a short sale. I check the price the house ought to sell for, then check the mortgage amount due, and I wonder how many of these people&nbsp;are able to being over $10,000 to closing to make up for the deficit. I don't think many can.</p> <p>If you are a distressed homeowner in Oklahoma City who is missing payments, please do some reality testing.&nbsp;If a REALTOR&reg; looks at what you owe as the basis for pricing the home I think that is a big problem. If you woe $180,000 for instance, and at&nbsp;best the home is worth $185,000, but the REALTOR&reg; says we need to list your home at $200,000 my&nbsp;opinion is you are headed to foreclosure and this type of attempt at selling your home is a dangerous waste of time. This is the time when REALTORS&reg; should be brutally honest about&nbsp;market conditions. Unemployment is rising&nbsp;in Oklahoma City, commercial real estate is stagnant, industrial production is down, and qualifying&nbsp;for a home loan is now more difficult here than any time since the 1980's.</p> <p>I know that owning a home is an emotional decision combined with a business one. The key is not to make the house&nbsp;more important that your families future. With a forclosure you will be 5 years or more away from your&nbsp;next house loan. With a short sale that can&nbsp;be cut down to 2 years. Remember this mantra, you can't eat your house, nor can your children. Make sure you make the right decision before you list your home for sale in Oklahoma City. If you need help&nbsp;please contact us, we want to help&nbsp;you make the right decision.&nbsp;&nbsp;&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Thu, 29 Jul 2010 12:58:04 GMThttp://www.avoidforeclosureoklahoma.com/1225821/2010/07/29/Oklahoma-City-Homeowners-Need-to-Reality-Test.aspxhttp://www.avoidforeclosureoklahoma.com/1223925/2010/07/27/Oklahoma-City-Distressed-Homeowners-and-Collection-Agencies.aspx<p>I had a call from an Oklahoma City area homeowner who had been served the notice of foreclosure and was in a panic. It seemed that the letter was interpreted by them to mean that they had 20 days to make up the missed mortgage payments, but it was actually 20 days to respond to the letter and let their intentions be known. Where they going to pay, try a deed in lieu, or do a short sale. We reassured them that they were not in eminent danger of being evicted, and that Oklahoma as a jucidical state has a complicated foreclosure process that still gave us usually at least 4 months to affect a sale and avoid foreclosure. It also got me to thinking about how distressed homeowners were dealing with other types of debt, and what communications they were having with debt collecters.</p> <p>First, know that they cannot threaten you. You are not going to jail, you are not going&nbsp;to have the police at your door, nor are you going&nbsp;to lose your children becasue of a judgment. If you do talk to debt collectors, be sure to know if you&nbsp;are dealing with the company directly, or if your&nbsp;account been sold to a 3rd party collection agency. They can try to get nasty with you, but you have rights that you can&nbsp;use successfully.</p> <p>Number one, they cannot call your work number and harass you. They cannot call you at home before 8:00 AM or after 9:00 PM. If you have an attorney have them send a letter to the collection agency to stop calling and they must, but it needs to be in writing not verbal. Know that they can attrach your house for the debt, but that doesn't mean you have to pay or you will lose your home, it just means they get paid if you have equity at closing. They can complicate a short sale, but that is&nbsp;normally not the collection agency but the original debt people, and&nbsp;they have to be dealt with.</p> <p>Finally, please&nbsp;do not be afraid to seek help. You can call the <a href="http://www.oag.state.ok.us/">State Attorney General </a>to get the facts on collections as it relates to state law, and you can file a complaint if harasses with them or even the <a href="http://www.ftc.gov">Federal Trade Commission</a>. Get familiar with the <a href="www.ftc.gov/bcp/edu/microsites/idtheft/law-enforcement/federal-laws-credit.html">Fair Collection Practices Act </a>to know what is valid and what might be a scam. Call a legitimate credit counseling company and check<a href="http://www.aiccca.org">this site </a>to see who might be local. Most importantly, don't bury your head in the sand and pretend it will all go away, it won't. Be Pro-Active, we can help you on your Oklahoma City short sale, and refer you to other kinds of help. It is there for you so all you have to do is ask for help.</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Tue, 27 Jul 2010 10:55:50 GMThttp://www.avoidforeclosureoklahoma.com/1223925/2010/07/27/Oklahoma-City-Distressed-Homeowners-and-Collection-Agencies.aspxhttp://www.avoidforeclosureoklahoma.com/1223355/2010/07/26/HAFA-for-Fannie-and-Freddie-Starts-Monday.aspx<p>Attention Oklahoma City homeowners who are having trouble making your house payment. Starting Monday we can start processing applications for the new HAFA program. A good description of HAFA is on the home page here, and the video will only take a few minutes. If you have a single mortgage only, and it is a conventional loan backed by Fannie Mae or Freddie Mac, you can be eligible for a cash bonus and a forgiveness of any deficiency judgement.</p> <p>The bonus is very helpful to help on your moving cost, and the lender also gets a cash payment for particiaption, so more motivation there to process successfully your short sale. Secondly, Oklahoma is a dificiency state. It is normal for lenders not to put in language that would forgive a dificiency, but would with HAFA. Remeber that the lender is accepting&nbsp;less than the tital mortgage amount, hence the term&nbsp;short sale since the balance is short of the payoff. The difference is where a possible judgment could occur. It has been our experience that these judgements are not going out except when a second mortgage is a home equity loan. The majors as a rule are not going to spend money to&nbsp;get something when you do&nbsp;not have the money to repay it.</p> <p>If you are an Oklahoma City area homeowner in&nbsp;a distressed situation regardless of whether you qualify for the HAFA program, please contact us about&nbsp;your options. You may qualify for a different program or at the very least a short sale which would sell your property at no expense yo you. Please contact&nbsp;us for a private consultation.&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Mon, 26 Jul 2010 18:15:32 GMThttp://www.avoidforeclosureoklahoma.com/1223355/2010/07/26/HAFA-for-Fannie-and-Freddie-Starts-Monday.aspxhttp://www.avoidforeclosureoklahoma.com/1222131/2010/07/25/Beware-of-using-credit-Cards-to-keep-up-with-your-Mortgage.aspx<p>Many times when I have talked to distressed Oklahoma City homeowenrs I find that they have used credit cards to keep up with their mortgage payments after exhausting reserves. Now I know the pride that comes with home ownership, and also when in times of stress we look to something that can anchor our feelings that we are still okay. The problem is that by digging ourselves and even deeper hole they house becomes a different kind of anchor, one that can sink the whole ship.</p> <p>There has to be a time when we realize that our harship is not going to turn around quickly. By exhausting all of our reserves, then truning to credit cards we trade a little bit of time for a longer term nightmare, high payments based on high interest rates we can never make up. It is not a good business decision to trade 6% interest for 18% interest. Now sometimes credit cards can be a lifeline, but if it is that, then better to use them for food, or the children's clithing and school needs.</p> <p>Now I am not presuming that I can tell you how to live your life, but take it from someone who has been in that position and has spent sleepless nights under duress. It is not worth it and the house is not that valuable. By doing a short sale you can have a couple of years to right your financial situation and you can get another house and maybe make a better buy than before. One of word of warrning about credit cards and this comes from dealing in short sales. These companies are hard core and they can force you into foreclosure. We have seen them attach a house and then not release it. At the very least do not avoid communicating with them, and try to make some kind of low payment agreement.</p> <p>I realize that it is difficult to ask for help in these situations but we are here to help you and we will be your advocate with your mortgage company and help you in any other way we can. If you are a distressed Oklahoma City homeowner struggling to make your mortgage payments please contact us for a private consultation.</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Sun, 25 Jul 2010 19:02:05 GMThttp://www.avoidforeclosureoklahoma.com/1222131/2010/07/25/Beware-of-using-credit-Cards-to-keep-up-with-your-Mortgage.aspxhttp://www.avoidforeclosureoklahoma.com/1221561/2010/07/24/Oklahoma-City-Distressed-Homeowners-May-not-know-they-need-to-short-sale.aspx<p>Daily I go through the expired listings from the Oklahoma City Multiples Listing Service (MLS). One thing I ma looking for is whether a listing should&nbsp;have been a short sale, or if it was why didn't it sell? The answers may surprise you but not me. When&nbsp;I do research on an expired listing I go to a program that lets me know&nbsp;what the mortgage amount is, then I go to another program to see if it has received a notice of foreclosure indicationg siz months without payments. I also look at the days on market to get an indication of not only how long a home has been on the market but also how many price reductions. Lry me give you some findings and ask your self&nbsp;if one of these fits your&nbsp;profile and needs.</p> <p><strong>Overpriced.&nbsp;</strong>I guess you could say any home is overpriced that does not sell because all homes have a price. What I see however are homes where the price was based on what was owned not the market value. If the home is worth $170K but you owe $175K, then I will see a home listed at a high price that will pay off your loan. Problem is the other houses sell because they are priced right. Since you bring no money to closing for paying the loan or closing cost on a short sale, this is a bad decision and could lead to foreclosure.</p> <p><strong>What price reductions? </strong>Even when a home is listed as a short sale subject to lender approval, I see a price after the listing expires that I know is too high. The problem typically is the REALTOR&reg; does not have a clue what the lender will take, and doesn't know how to show a listing timeline to the mortgage company, nor do they record showings, feedback, or offers that did not work. Too many REALTOR&reg;, many with the best intentions are putting your financial future in jeopardy. Don't list with an agent that doesn't have the sufficient knowledge, training, and experience with short sales.</p> <p><strong>Lack of Communication. </strong>Many REALTORS&reg; have that 'can do&quot; attitude and forget to ask you questions about your financial situation. So many expired listings I see that are not listed as a short sale should be. When I add up the numbers and I see that even if the mortgage is not behind or barely behind, the price net at closing will have you bringing money to closing. This&nbsp;is not a bad idea if you can afford it, but if it dries up all of your reserves to do it maybe not so. Without&nbsp;any reserves, one&nbsp;small problem can but you in serious trouble. This&nbsp;should be discusses during the listing period becasue you may have run out of&nbsp;time&nbsp;when the house doesn't sell.</p> <p><strong>Lack of Competence.&nbsp;</strong>I saw an expired lsting today that wasn't listed as a short sale, was on the market 247 days, had only 4 pictures, very little description, and based on the price would&nbsp;require a sizable amount of money at closing. Once I went to my other program&nbsp;i saw it was in foreclosure. Our national organization NAR has a Code of Ethics we are supposed to follow. One part of it states&nbsp;that we should not try to&nbsp;do what we are not capable of doing. For instance, I wouldn't agree to do leasing on a 100,000 SF office building becasue I do not have the expertise. A REALTOR&reg; who puts a family into foreclosure knowing&nbsp;that a successful short sale is the right course of&nbsp;action and fails, maybe guilty of an ethics violation. Regardless of intent, I believe this is wrong.</p> <p>If you are an Oklahoma City distressed homeowner and need help, we are here to help you. We do have the knowledge, the expertise, the experience, and a proven track record to assist you in rescuing your family from foreclosure and credit rating devastation.</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Sat, 24 Jul 2010 16:30:17 GMThttp://www.avoidforeclosureoklahoma.com/1221561/2010/07/24/Oklahoma-City-Distressed-Homeowners-May-not-know-they-need-to-short-sale.aspxhttp://www.avoidforeclosureoklahoma.com/1219173/2010/07/22/When-should-an-Oklahoma-Homeowner-who-is-in-Default-contact-us.aspx<p>Too many times we are contacted by a distressed Oklahoma City area homeowner to do a short sale mortgage workout after they have been served their foreclosure papers, or sometimes even 30 days before a sheriff sale date. This is too late. We know that when someone is&nbsp;having serious financial problems brought on by a hardship they are reluctant to tell anyone, partly out of shame, and sometimes just straight&nbsp;denial. It can also be a lottery mentality that&nbsp;maybe tomorrow I will win something, or a windfall&nbsp;will come my way. Mostly&nbsp;that does not happen, and&nbsp;if it does that is wonderful. But why not &nbsp;look at your options with proferssionals who specialize in your type of issue?</p> <p>First, mortgage companies consider you in default when you are 30 days past due with your house payment. In Oklahoma at 6 months they are required to send the beginning of a foreclosure process with a notice of &quot;les pendens&quot; In our state which is a judical state this may take 4 months or more before sheriff sale then confirmation of the sale. If you take bankruptcy it may extend beyond that.</p> <p>Why not start looking at your optioons when you are 30 days late? Normally this is caused by too much debt of course, but medical bills, divorce, or job loss or income loss of a two income family to one can be at fault. Even excessive repairs to a home on a thin budget can do it. At this point we can help plan a better future. The short sale is a last resort to avoid foreclosure and a severe credit rating meltdown, but before then a possible refiance or other options could be what we recommend. We also have CPAs and Attorneys we can refer you to who understand real estate related problems as well as financial issues. You need protection and that can come with a plan and sound advice.</p> <p>If you are in this situation and you live in Oklahoma City or the surrounding area, please call or email us for a private consultation at your home. Your situation will be kept confidential and hopefully we can help you do what is best for you and your family. &nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Thu, 22 Jul 2010 09:39:21 GMThttp://www.avoidforeclosureoklahoma.com/1219173/2010/07/22/When-should-an-Oklahoma-Homeowner-who-is-in-Default-contact-us.aspxhttp://www.avoidforeclosureoklahoma.com/1218228/2010/07/21/Oklahoma-City-Short-Sales-and-Investors.aspx<p>I personally invest in Oklahoma City real estate for long term hold as well as income production. I have specialized in selling investment property also for the last 16 years of my 20 year career. My philosophy is buying for positive cash flow. I won't go into the details of cash flow or depreciation, or how you can wirte off losses for infinity of ownership, but if you want to more more you can email me with questions or a personal consultation at&nbsp;<a href="mailto:joe@joepryor.com.">joe@joepryor.com.</a> This post will be about having someone pay for your investment as well as giving you income.</p> <p>I recently sold an investor an Edmond, Oklahoma short sale that was built in 2005 and was a 4 bed, 2 bath, 3 car garagew and the purchase price was $148,000 as a short sale. The properties like it rent for $1495 per month. If you use the old 1% rule for rental price versus purchase price as a sure buy,&amp;nbsp;this qualifies. If you bought this as a non-distressed sale at $170K that would still be a good buy but not a slam dunk. One will get you a bit above neutral cash flow after property management and maintenance fees, but the lower price gives you an extra $200 and more per month. Bonus comment, your depreciation write off will be greater than your income so no taxation at the end of the year!</p> <p>If you are one of our short sale seller clients, an investor is really good for you. Many times people who contract for a short sale get impatient and short sales take longer. An investor has patience because they have no move in time and are more focused about the economic returns versus the time schedule. They will wait for a good deal. I have bought short sales in the past that have given me great income and I felt were worth waiting for. Unfortunately I can't buy them anymore if I list them because the lender wants an arms length relationship, so to both the seller and the buyer do not have to worry that I represent a conflict of interest or a competitor for the purchase.</p> <p>The upshot of this post is that an Oklahoma City short sale home owner and an investor for Oklahoma City real estate for income are great for each other. I represent groups in California, Washington, and New York who buy here, so I may have an investor waiting for you. Many years ago a very astute businessman told me at the beginning of my adult working lifr, never to buy at the height of a market. In real estate that probably means you would have bought in 2005 or 2006. Now in 2010 sanity has returned to pricing for non-distressed property, and a short sale is even better. One other advantage to an investor buying an Oklahoma City short salw home for sale is that one contract only goes to the mortgage company. If you get into the auctions beware, people get crazy and the auction mania gets out of control which means prices go up.</p> <p>If you are an investor wanting to buy great income property in the Oklahoma City area, get on our list and we will email you as soon as we have our short sale opportunity listed.</p> <p>If you are an Oklahoma City area homeowner in distress, let us help you avoid foreclosure, plus we just may have an investor waiting for.</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Wed, 21 Jul 2010 12:37:02 GMThttp://www.avoidforeclosureoklahoma.com/1218228/2010/07/21/Oklahoma-City-Short-Sales-and-Investors.aspxhttp://www.avoidforeclosureoklahoma.com/1216707/2010/07/20/I-had-a-question-on-marketing-an-Oklahoma-City-real-estate-short-sale.aspx<p>When I meet with an Oklahoma City area homeowner that is in a distressed economic situation, a common question is about confidentiality. Like these folks I have been in a bad place finacially in my life, and I can tell you that their is a sense of shame about it, even if it is done to you with any control on your part. This is not something you want to tell the world about, maybe close supportive friends but not everybody. We are obligated to&nbsp;show in the MLS listing sytem that it is a short sale, but we can protect your information in other ways at your request,</p> <p><strong>First, </strong>we never put a sign rider on your home that says it is a short sale. Our marketing is basically like any home we list in how we promote it. The sign, the MLS listing, the web sites, the virtual tours, etc. is always the best way to go.</p> <p><strong>Second, </strong>when we list it in the MLS we do not put in the description that it is a short sale. That description section is sydicated throughout the web, so on realtor.com, Trulia, and Zillow it looks like a normal listing. We do have some sections that are for REALTORS&reg; only, and that is where we show that the home is as is, subject to lender approval, and in the special remarks section, we show that it is a short sale.</p> <p><strong>Third, </strong>When we promote you home on the internet, it is your choice as to whether it is shown anywhere as a short sale. Most owners don't mind but if you object, we certainly want to honor your wishes.</p> <p><strong>Fourth, </strong>what really sells an Oklahoma City area real estate short sale? It will be a combination of two factors. Short sale pricing is a science with a touch of art thrown in. The lender expects us to get fair market value for it, but what does that mean. It means that because the home is a preforeclosure, and the wating time for closing is longer, and no repairs are to be done, the value has to be lower than a regualr sale. We have a lot of experience with hundreds of Oklahoma City Preforeclosures so we have aplan. We also know how to establish a time line, use feedback systems to support our price, and negotiation skills. The other part is marketing and that for us is easy but time consuming. Make sure it is on hundreds of pages on the&nbsp;internet, indexed on Google, lots of traffic coming&nbsp;to our sites which is in the six figures monthly, and use the big social netowrks like Facebook and Twitter to amplify and extend&nbsp;the reach of the marketing.</p> <p>If you are an Oklahoma&nbsp;City area homeowner and need help, we are glad to give you a rpivate consultation about your options including but not limited to&nbsp;a short sale. We are here&nbsp;to help.&nbsp;</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Tue, 20 Jul 2010 11:26:58 GMThttp://www.avoidforeclosureoklahoma.com/1216707/2010/07/20/I-had-a-question-on-marketing-an-Oklahoma-City-real-estate-short-sale.aspxhttp://www.avoidforeclosureoklahoma.com/1214838/2010/07/19/Oklahoma-City-As-IS-short-sales-need-an-inspection.aspx<p>Unlike a normal sale, someone who has an Oklahoma City area home and is doing a short sale does not have to do any repairs as part of the contract. First, if they were paying on the mortgage then they would probably have enough money to fix things, but they are in financial metldown mode. But even with that fact, it stands to reason that you need light, heat and air, and working plumbing, so those that are doing short sales and living in the house are doing basic maintenance.</p> <p>But what about the big stuff. When I list an Oklahoma City short sale, I do a basic inspection, and I mean basic. I do not get on the roof, I do not run pressure test on water, and I don't check the temperature differential on the air conditioning. I do check to see if anything is leaking, and basic systems running. Even with a short sale, The State of Oklahoma requires a full seller disclosure of the condition of property, but that is always a best of your knowledge and are you aware of probelms disclosure. You are going to be the one making the future mortgage payments and it is up to you to find out about what you are buying.</p> <p>Many people go into buying short sales thinking, I got a great price on this, and when we close them I can say that is the normal truth. But if you had $20,000 of have to do repairs on your $100,000 pruchase it may not look so good and it is too late to back out, you bought it. Even though I represent primarily Oklahoma City Diustressed Property owners, I want you to get an inspection. I want my sellers to be protected from past history as well as me being protected, so by getting a whole house inspection as well as a pest inspection you will know what you are closing on so much better because of it.</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Mon, 19 Jul 2010 14:44:39 GMThttp://www.avoidforeclosureoklahoma.com/1214838/2010/07/19/Oklahoma-City-As-IS-short-sales-need-an-inspection.aspxhttp://www.avoidforeclosureoklahoma.com/1214259/2010/07/18/Maintaing-your-Oklahoma-City-short-sale-property.aspx<p>One of the obstacles to closing an Oklahoma City area home as a short sale is often the condition of the exterior and trash. Many times&nbsp;we deal with investors who stop renting the property or&nbsp;homeowners who are no longer living in the property not taking care of the property anymore thinking that if they don't pay the mortgage what reason do they have for keeping the house up?</p> <p>Two groups that can casue you servere problems are the Homeowners and Association and the City or County government. If a complaint is made because your grass is 12 inches high you will probably get a mowing lien that can be as much as $500 at a time of citation and you can keep getting them. The other is when the neighborhood association decides that you have violated the covenents and also put a fine on you. Your lender will not pay for those liens, nor will your REALTOR&reg; who has already put in at least three times the work to save you from foreclosure versus a regular sale. This must be your responsibility. If you need help in this matter we have mowing crews that will do a normal size yard for $40. Fortunately we are now in the heat of July in Oklahoma City so it doesn't grow as fast and every three weeks will normally be sufficinet.</p> <p>Speaking of Homeowners Associations, please keep up your payments with them if possible since this is another fee the lender will not pay for you.&nbsp;these fees for maintenance and dues are a small price to pay for keeping your credit rating from an either&nbsp;further plunge because of a foreclosure. If you are an Oklahoma City area homeowner who is having trouble paying your mortgage and don't think you can catch up due to a hardship please call or email us for&nbsp;a private consulation. We&nbsp;are here to help.&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Sun, 18 Jul 2010 16:15:12 GMThttp://www.avoidforeclosureoklahoma.com/1214259/2010/07/18/Maintaing-your-Oklahoma-City-short-sale-property.aspxhttp://www.avoidforeclosureoklahoma.com/1211235/2010/07/16/Oklahoma-City-short-sales-can-be-Pro-Bono-work.aspx<p>Today we closed a short sale in Newcastle, OK, a suburb area of Oklahoma City at the price of $86,000. It was a single mortgage with mortgage insurance. Sounds simple doesn't it, but we went through 4 buyers and it took 16 months from the time we listed it originally to get it closed. The owners had both lost their jobs in Oklahoma City and had moved to California where they had relatives and the possibility of work. They got jobs there then lost them again in this time of economic turmoil. Charlene and I put in what was probably 500 hours of work in that time, so based on our hourly charge even estimated low we lost money doing this transaction. Lots of REALTORS&reg; would have quit and you can understand why. We didn't.</p> <p>We didn't because once we make a committment to a short slae client we take it very seriously, and we are dedicated to keeping families out of the credit devastation whihc comes with foreclosure. This family now has the past behind them and a brighter future. If Charlene and I didn't care we wouldn't do&nbsp;short sales in the first place. Not all short sales are this difficult or take this much time. In fact&nbsp;a few of them close&nbsp;almost like a normal sale, but still require more work on our part than an Oklahoma City home for sale that is not distressed. But it is also more work for you to.</p> <p>We will make a committment to you if you will&nbsp;make a committment to us.&nbsp;First, we need a lot of paperwork from you upfront&nbsp;that a short sale requires in order to prove hardship. Second, we need to make sure that you are dedicated to seeing if through&nbsp;with us. Yes you can be discouraged by the process&nbsp;but we know you are already discouraged by your situation. This itrue especially if divorce is involved as part of the hardship.&nbsp;You must pledge to us that emotional turmoil from the split will not cloud your judgment. All we ask is&nbsp;your desire to see this through and work with us in&nbsp;a timely fashion. If you will do this we will move heaven and earth if necessary to keep you Oklahoma City home out of foreclosure, even if it takes more than a year to do it. We are here to help.&nbsp;&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Fri, 16 Jul 2010 11:00:26 GMThttp://www.avoidforeclosureoklahoma.com/1211235/2010/07/16/Oklahoma-City-short-sales-can-be-Pro-Bono-work.aspxhttp://www.avoidforeclosureoklahoma.com/1190457/2010/07/11/What-is-an-acceptable-hardship-for-a-mortgage-short-sale.aspx<p>When I talk to Oklahoma City homeowners who are having a hard time making their mortgage payments, and the prospect of foreclosure is looming, the top question seems to be, will they accept my hardship. It is an important question, and I want to give you a few of the obvious answers.</p> <p><strong>Job loss or reduction in compensation. </strong>This is probably the number one reason why Oklahoma City homeowners get in financial trouble. First, so many couples depend on two incomes to support their family so a job loss without the ability to find work causes problems. Remember that not only is their one income still, but their is&nbsp;also a house that ties you in&nbsp; geographically. I am closing one next week where both lost their job and had to relocate to another state. I haven't had one turned down&nbsp;for this reason so far. It can also affect commission sales people who experience people tightening their finances and not buying like in retail or even real estate.</p> <p><strong>Medical issues. </strong>This one is very personal to me because I had to leave Oklahoma City for cancer treatment for 4 months, and the recovery period was even more. There is not only a loss of income, but there is also expenses that are not paid by your medical insurance. This can be sometimes tied into a job loss when you don't have&nbsp;the ability to work.</p> <p><strong>Divorce.</strong>&nbsp;This is one many people don't think about as much, but when a couple splits up, then another housing expense is added, attorney and court cost may affect you, and one person does not have the ability to make payments. Even though one may quit claim deed of ownership to the other, both parties are still on the note and mortgage unless one of the two can refinance on their own income which mostly does not happen.</p> <p><strong>When could a short sale be denied?</strong>&nbsp;If you have not experienced a job loss, and sufficient income to pay all your bills, money in savings and the only reason you want to do a short sale is that you owe more than the house is worth, probably you will be denied. First you would have to quit making payments which would affect your credit rating, and then once you sent in your fiancial documents through us, the lender would not see a harship as they define it. This is now often called a strategic default, but it is not a big factor in Oklahoma City. Unliek hard hit areas only 5.9% of oklahoma homeowners owe more than their house is worth, and we do not recommend that people quit paying when they should.</p> <p><strong>When to call us about a short sale. </strong>Even if you are currently making your payments, if you know that you are close to financial metldown you should call us even then. I am about to do a short sale that the people did a loan modification that actually made things worse. You need a buffer and an advocate to sort out your options. If we can help to save the house for you we will. We only want to make sure that if foreclosure is inevitable that you don't have to go down that road. A short sale can get you where you can buy another home int wo years if you like, and it minimizes your credit rating hit. Please contact us, we are here to help Oklahoma City homeowners avoid foreclosure.</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Sun, 11 Jul 2010 15:30:10 GMThttp://www.avoidforeclosureoklahoma.com/1190457/2010/07/11/What-is-an-acceptable-hardship-for-a-mortgage-short-sale.aspxhttp://www.avoidforeclosureoklahoma.com/1190361/2010/07/10/When-your-bank-accout-goees-negative-what-do-you-noy-pay-for.aspx<p>We have been talking to an Oklahoma City homeowner who is in distress. Here is the situation: he is taking a second job and has an increase in his first job coming. Hoever two changes have occurred. One is his wife is now not working so that income is gone. Second, the help he was getting on student loans is now gone and he is about to start paying all of the monthly debt requirement. I would add that he is upside down on his home value due to buying a new home that recently closed which loses value immediately especially in these times, and the builder is now discounting his product in the same neighborhood. The kicker is that at this time he is not behind on house payments but next month he goes significantly in the hole even with his added income, and his savings are minimal. What do you do?</p> <p>First, as a REALTOR&reg; we cannot tell anyone to stop making their payments. That is completely a decision that has to be made by the owner, not us. But here is the situation, something has to be cut out otherwise&nbsp;all the rest could be in jeoppardy. Let's look at the choices.</p> <p><strong>Your car. </strong>This is a quick repossession, and what are you going to do if there is no public transportation to work or if in an emergency are you going to call a cab? No in America, and especially in a spread out City like Oklahoma City a car is an absolute. If the car is financed and you can sell it to pay cash for another which most can't that is not an option.</p> <p><strong>Utilities. </strong>Talk about a no brainer. You have a family and are you going to exist without air conditioning in 90 degree heat or heat in winter? I think not. This is the last option. You can run everything at less capacity but it is not a significant savings and you probably are already doing that.</p> <p><strong>Student Loans.&nbsp;</strong>Don't recommend you stop paying. These folks are agressive and the first thing they will do quickly is move to garnish your wages. In other words you are going to pay them anyway and with extra fees. An attorney friend of mine says that you can't just declare bankruptcy and have them go away. They are like the IRS, they will stay in contact and have strong rights.</p> <p><strong>Food and Entertainment. </strong>In this case that has already been reduced. The familky eats at home, and they are not taking vacations. However, I have seen people in denail and that old devil plastic is always in your wallet talking to you to spend. Please put these under lock and key, and save them for a true emergency. Besides, credit card rates are an ecpensive fun given their interest rates and will get you further behind.</p> <p><strong>Your Home. </strong>When it comes right down to&nbsp;it adopt this mantra, you can't eat your house. Look at the categories above. Your car and student loans are a fixed payment and necessary to pay. Utilities have to be maintained to a certain expense, so it can't be eliminated for the sake of your families health if for no other reason. You have eliminated credit card debt hopefully but they are also people who will garnish your wages, and you don't want to declare bankruptcy. I hope this will help you in your decision making.</p> <p>If you are a distressed homeowner in the Oklahoma City area facing financial trouble and possible foreclosure, please contact us soon. We can help you with options and if a short sale workout is best we can show you how you can buy another home in two years after completion.</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Sat, 10 Jul 2010 11:11:00 GMThttp://www.avoidforeclosureoklahoma.com/1190361/2010/07/10/When-your-bank-accout-goees-negative-what-do-you-noy-pay-for.aspxhttp://www.avoidforeclosureoklahoma.com/1189626/2010/07/09/Beware-of-agents-telling-you-you-dont-need-to-do-a-short-sale.aspx<p>I have been running into potential clients who are Oklahoma City area homeowners and question why they need to do a short sale rather than selling at a higher price toi pay off the mortgage. It is a good question, and when we meet with people who are distressed homeowners we discuss all their options. We always recommend paying a mortgage on time if it is economicaly feasible and doesn't put the family in jeopardy, or even bring money to closing if that is financially feasible.</p> <p>The problem is first, I end of seeing homes goes into foreclosure because the price listed is so high that it has no hope of selling. I get upset at the Realtor&reg; who just lets it go and says sorry I tried. Really, you tried? In my opinion this is not ethical and at the very least not responsible to a family who now have credit devastation, and had an alternative that is better, a short sale.</p> <p>Bringing money to closing is better than a short sale unless it means your family can't eat, or you can't make other payments like the utilities or other loans. If you have a hardship and there is not enough money to go around, a house is not that important, and a short sale can make it where you can buy another house int wo years with a mortgage if it makes sense to do so. Another problem is an accurate estimate of what you need to bring to closing. When&nbsp;you are behind you have interest and penalties, and&nbsp;when you are served foreclosure notice then there are attorneys fees to pay. When you enter into a&nbsp;contract without a lender&nbsp;approval contingency, you&nbsp;can be potentially sued for breech of contract when&nbsp;you find out that you need to bring a lot more to closing and can't.</p> <p>Finally, only try to deal with Realtors&reg; that do short sales regularly and have education in short sales like the CDPE designation. Just being designated is not&nbsp;enough but it helps. Adding experience it crucial&nbsp;because different types of loans, multiple loans, and different lenders make the process different every time. Contact us soon for what your options are. We are here to help.&nbsp;&nbsp;&nbsp;</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Fri, 09 Jul 2010 12:01:34 GMThttp://www.avoidforeclosureoklahoma.com/1189626/2010/07/09/Beware-of-agents-telling-you-you-dont-need-to-do-a-short-sale.aspxhttp://www.avoidforeclosureoklahoma.com/1188393/2010/07/07/Attention-Oklahoma-Distressed-Homeowners-with-an-FHA-Mortgage.aspx<p>If you are an Oklahoma City homeowner facing foreclosure and you have an FHA mortgage you can easily be helped. FHA has been a leader in trying to have owners avoid foreclosure and do a short sale. In fact FHA will give you moving expenses when you qualify for their program and you follow it.</p> <p>First, FHA wants you to stay in the property despite the fact that you are not making payments. They want you to maintain the property, keep the utilities on, and keep the ouside neat. If it is a probelm for you to stay in the house because of a job loss then a new job offer outside the area, we can put in a request for a variance of that rule. Most people opt to stay. You also need to cooperate fully with the showing of the property while we have it listed.</p> <p>With FHA we submit the paperwork, which we will help you with, even before we have a contract offer which is unlike a coventional loan short sale program. FHA will send out an appraiser to value your home in its as is condition and give us the price it needs to sell for. This normally means that the time factor is not quite as long but we always tell Oklahoma short sale sellers&nbsp;to allow for a 120 day period from listing to close as a rule.</p> <p>If you are a distressed Oklahoma City area homeowner please contact us sooner than later to find out what you options are. The more time we&nbsp;have to market your home,&nbsp;the easier it is to void the foreclosure process being complete and your credit rating devasted. &nbsp;</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Wed, 07 Jul 2010 16:26:20 GMThttp://www.avoidforeclosureoklahoma.com/1188393/2010/07/07/Attention-Oklahoma-Distressed-Homeowners-with-an-FHA-Mortgage.aspxhttp://www.avoidforeclosureoklahoma.com/1186260/2010/07/04/Oklahoma-City-Short-Sales-Deficiency-Judgements-and-1099-s.aspx<p>One of the confusing aspects of doing an Oklahoma City short sale is what could potentially happen after the sale is completed. It is not a simple answer but&nbsp;I try to address this with the distressed homeowner before we ever list the property. If an Oklahoma City area homeowner has a legitimate hardship we gather documents for the lender to prove it. One benefit of agreeing to a short sale is that you have no expenses. The second is that the Federal government has passed a law through next year that any foregiveness of debt which is considered income is not to be taxed if you complete the successful short sale. So if your lender writes off $100,000 in a foreclosure, they can send&nbsp;a 1099 income statement on which you would be taxed on just like if you made that much in real money. It doesn't seem fair, and it often pushes people into bankruptcy that otherwise does not file for it. In a short sale, you are exempt from it.</p> <p>The second issue is the deficiency. Like almost all the states a lender on a home mortgage in Oklahoma that is a foreclosure or a short sale can declare a deficiency &nbsp;judgement for the loss they incurred. Typically the loss in a foreclosure is much greater. Whether they release you from the debt and not go after you is entirely up to them. We ask for it but most of the time don't get it. It can get more complicated if you have a second mortgage and if that second mortgage is a home equity loan. So far we have not had anyopne call us to say that a lender is pursuing them. Remember that they approved you because they you are in serious financial problems. They would have to spend money to go after what would be like as the old saying goes &quot;blood from a turnip&quot;.</p> <p>What we have seen is most companies carry the loss on their books and their is no loss while they do,&nbsp;and if they do not pursue it after five years it is not collectible. However a change is coming for homeowners in August who have&nbsp;Fannie Mae or Freddie&nbsp;Mac backed loans that would remove this problem in some circumstances. Again a second mortgage can complicate it and we will be blogging about this next week to remind you of the advantages. For now you can watch theHAFA video on the home page to get a brief&nbsp;introduction.&nbsp;</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Sun, 04 Jul 2010 12:03:25 GMThttp://www.avoidforeclosureoklahoma.com/1186260/2010/07/04/Oklahoma-City-Short-Sales-Deficiency-Judgements-and-1099-s.aspxhttp://www.avoidforeclosureoklahoma.com/1184796/2010/07/01/8000-Tax-Credit-Extension-and-Oklahoma-City-short-sales.aspx<p>Good news for Oklahoma City home sellers in preforeclosure. Yesterday the Senate passed by unamimous vote the extension of the tax credit closing deadline bu another 90 days. It was estimated that up to 180,000 home contracts would not be closed without an extension. It was not just short sales causing the problems. We all know how long short sales can take, and it is almost impossible to set any deadline. Mortgage companies were overloaded with loans to get out that they couldn't make the June 30th deadline on regualr home purchases.</p> <p>We only had one Oklahoma City area short sale that couldn't close by June 30th, and we were afraid that we would lose the 4th buyer we had on the home and the years work we put in to save a young couple from foreclosure. We now can close it at the middle of July, and not have to worry about this couple going to sheriff sale. Dedicated short sale specialist don't give up and we are no exception. I don't think that the current climate exist in D.C. for another tax credit bill, the political will is not there, and any stimulus has to end sometime. In fact it was our opinion that the tax credit bill hurt short sales because of the fear that it would not close on time.</p> <p>If you are an Oklahoma City homeowner who has a hardship and can't make your payments, please call us to discuss your options. We are here to help you.</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Thu, 01 Jul 2010 13:17:51 GMThttp://www.avoidforeclosureoklahoma.com/1184796/2010/07/01/8000-Tax-Credit-Extension-and-Oklahoma-City-short-sales.aspxhttp://www.avoidforeclosureoklahoma.com/1168218/2010/06/29/HAFA-Incentives-for-Fannie-Mae-and-Freddie-Mac-Short-Sales-Coming.aspx<p>Fannie Mae has updated documents ready for the expansion of the HAFA incentives that start August 1st. If you are an Oklahoma City homeowner with a verifiable hardship and you can't make your house payments, you can now apply for HAHA if your loan is Fannie Mae or Freddie Mac backed. This can give you up to $3000 for participating in this program, and also gives a&nbsp;cash incentive to the lender.&nbsp;Up until this time&nbsp;HAFA was only for loans that would be considered subprime or what was called non-conforming conventional. For a simple explanation of What is HAFA, go back&nbsp;to the home page and scroll to the bottom to watch the video explanation.</p> <p>If you are an Oklahoma City area homeowner who has lost&nbsp;your job or had income reduction, medical problems,&nbsp;or divorce you may qualify for a short sale. A short talternatives or programs are available that can minimize your troubles. We want to help you so contact&nbsp;us for a confidential consultation about refinance, short sale,&nbsp;and avoiding&nbsp;foreclosure.&nbsp;&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Tue, 29 Jun 2010 15:14:09 GMThttp://www.avoidforeclosureoklahoma.com/1168218/2010/06/29/HAFA-Incentives-for-Fannie-Mae-and-Freddie-Mac-Short-Sales-Coming.aspxhttp://www.avoidforeclosureoklahoma.com/1166622/2010/06/28/Oklahoma-City-Distressed-Homeowners-need-full-disclosure.aspx<p>When we meet homeowners in Oklahoma City who are having trouble making mortgage payments we bring along a check list of financial documents that they need to produce or fill out in order to meet the requirements of a lender for a short sale. Obviously the top ones are who the mortgage company is for a 1st and a 2nd mortgage, tax reutrns, and a financial statement. There is a lot more but those are the major ones. But for this blog post I want to concentrate on the financial statement.</p> <p>Besides establishing a hardship based on something like a job loss or medical bills, a lender also wants to know if you are financially down also, and that you do not possess large reserves. They don't want you to walk away from the home and get foregiveness of debt, just because you don't like it's current value. But this financial statement is also for us, your Realtors&reg; who are going to work extremely hard and a lot more hours put into a successful short sale so we need to know your full situation.</p> <p>The problem we often run into in getting Oklahoma City homeowners from going into foreclosure is not so much&nbsp;in getting the contract for sale and then negotiating with the banks, it is something that can be even tougher to deal with. This is companies or entities putting a lien on the property. This can be because of credit card debt, IRS liens, homeowners associations, or even attorneys not getting paid and deciding to attach to an asset. The reason why they do this is you can't sell it unless they are satisfied. If we know this upfront it gives us the time to deal with the problem but often people don't put this down on the financial statement or even want top tell us about it.</p> <p>I understand that having to work with us on a short sale is sometimes an embarassment to you. You may feel a sense of self reproach or failure and it weighs on you psychologically. Please understand that we don't make judgments about you, we just want all the information so we can do battle with these are problems. We can get the IRS to release, we can help negotiate with credit card companies, and we do talk to homeowners associations about past&nbsp;unpaid dues. The more we know, the more we can help. That's our job.&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Mon, 28 Jun 2010 17:48:59 GMThttp://www.avoidforeclosureoklahoma.com/1166622/2010/06/28/Oklahoma-City-Distressed-Homeowners-need-full-disclosure.aspxhttp://www.avoidforeclosureoklahoma.com/1165542/2010/06/26/Oklahoma-City-Preforeclosure-owners-beware-of-loan-modifications.aspx<p>Our short sale team recently had a major disappointment on a short sale client. We had been negotiating in good faith with the lender, had provided all the reuqired documentation, and had both a Broker Price Opinion and an apprasial by the lender. Last Thursday, the home went to sheriff sale. The lender had sold the loan to a collection agency who decided that too much time had passed between the last payment and the sale date. The long time was correct but not because it was the choice of the owner, it was the choice of the lender who ended up cutting the legs out from under the owner.</p> <p>The owner had early on requested help from the lender and asked them to look at accepting a short sale. Instead, the lender said no we have a better solution. We are going to modify the laon for you so you can keep the property. Months went on with the assurances that they were close to a deal, but could they have mnore updated financials. Then the seller was served with a notice of les pendens, which starts the foreclosure process. He finally called us and we informed him that he could have done both at&nbsp;the same time, but we would get it started. We do what we always do, try to get the higest amount for the property as a distressed home, and gradually lower the price to show the lender that we did everything we could on behalf of them and the owner so they could approve the short sale.</p> <p>We did get a contract higher than the previous&nbsp;closed sale in the same condo project&nbsp;so we felt good. Since the owner had done an 80-10-10 laon, a 1st and 2nd with no mortgage insurance we had to deal with two loans. As with many short sales the lenders are slow doue to high volume and limited personel. The it happened. Right when we thought we were close to an approval and a closing the loan was sold to a new start up company. Ironically, many of these were formed by mortgage executives who helped create the subprime meltdown. The same leeches preying on the American public.</p> <p>They looked at the old assessed value form the assessor. Now understand that all an assessed value is for is to make an equitible distrubution of taxes, not a true value. We sent them documents of sale showing lower closed prices and in fact sent them 4 assessments $20,000 lower than our purchase price, and $80,000 lower than the assessed value. They then misinformed us by saying that for $2000 they would remove it and tha was Fannie Mae rules. We called them on this lie, and the final&nbsp;day before sheriff sale they lowered that to $350.&nbsp;I guess Fannie must have changed their policy in one day. That was a sarcastic sentence&nbsp; wasn't it. Well, we agreed and prepared to&nbsp;Fed Ex and then they foreclosed anyway.</p> <p>Please, all Oklahoma City homeowners having trouble making their mortgage&nbsp;payments I beg you to not&nbsp;wait to start a short sale regardless of what the lenders are saying. They Don't Care about You. They only care about themselves.&nbsp;I am afraid that we will see more of this. As much as i would love to believe&nbsp;that they want to help you, I do not believe that. I believe that they have to be forced into it. We will fight for you if your Oklahoma City property is behind with the lender, and&nbsp;you have a hardship. We are here to help. Do not wait. We will help you through the short sale process,&nbsp;and help guide you and be&nbsp;your advocate with the loan modification. Rarely do&nbsp;we see the loan mods work, but we will do everything in our power to make it so. &nbsp;&nbsp;&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Sat, 26 Jun 2010 18:26:15 GMThttp://www.avoidforeclosureoklahoma.com/1165542/2010/06/26/Oklahoma-City-Preforeclosure-owners-beware-of-loan-modifications.aspxhttp://www.avoidforeclosureoklahoma.com/1162677/2010/06/23/Buying-an-Oklahoma-City-Short-Sale-and-Fair-Market-Value.aspx<p>When we deal with buyers of Oklahoma City real estate short sale contracts, we often find a misunderstanding about what the price should be. Many buyers look at a short sale as a fire sale property that should be discounted heavily. It is true that a successful Oklahoma City short sale is when the lender agrees to take a loss, but it is in no way a giveaway at any price. As a lostor of short sales we are given n unwritten understanding that we should get fair market value. Just because a hugely distressed market like las Vegas may be 60% off the 2006 value does not make that true for all other markets.</p> <p>First, areas like that, and Phoenix, and Orlando were extremely overvalued and fueld in appreciation by a false economy fed by subprime no qualifying loans. Oklahoma City and the suburbs did not have a bubble pricing structure in&nbsp;this decade due to the fact that we were coming out of a recovery phase. So&nbsp;prices in 2006 are not a lot different from today. We do see more tobust discounting of short sale homes in the high end of places like Edmond Oklahoma because of overbuilding, but in lower price ranges this&nbsp;is not so.</p> <p>Even with all&nbsp;those factors, a short sale is still a better value most of the time. If you are looking at a newer&nbsp;4 bedroom home at $180,000 then a short sale of like kind at $150,000 to $160,000 would be a contract price in your best interest. The condition of property is also a very imoprtant component. We look at what has to be done to bring the home up to livable standards and often are the absolute best buys because lenders do not want these types of properties back.&nbsp;</p> <p>When we do evaluate what an Oklahoma City area short sale should sell for we do look for the bottom of the market, other home sales that were distressed, and make a judgement based on the situation of the seller. Don't expect that this will be a monster discount, but do expect a better value than you can find in the Oklahoma City housing market.</p> <p>t&nbsp;&nbsp;&nbsp;</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Wed, 23 Jun 2010 17:49:32 GMThttp://www.avoidforeclosureoklahoma.com/1162677/2010/06/23/Buying-an-Oklahoma-City-Short-Sale-and-Fair-Market-Value.aspxhttp://www.avoidforeclosureoklahoma.com/1159575/2010/06/22/Oklahoma-City-distressed-homeowners-don-t-wait-until-the-last-minute.aspx<p>I want to give Oklahoma City area homeowners who are behind on their mortgage payments another reason not to wait to seek relief. This week we have had two homeowners who did not contact us soon enough. One called us 8 months from their last payment, and one I called because I saw him on the sheriff sale list for final disposition. That gives us very little time to get a contract, and convince the lender to do a short sale workout instead. But something new has occured that is disturbing.</p> <p>In both cases the laon by the major bank was sold to a collection agency. This has stopped all the work and negotiations we did on their behalf, and has put us with a company that doesn't care,&nbsp;has no incentives to work&nbsp;a short sale, and will almost certainly go after the foreclosed homeowner after the sale transfer. This&nbsp;can have the effect of&nbsp;forcing someone into bankruptcy protection because of the agressive nature of&nbsp;these companies. I don't know what they bought the loan for, but in both cases I have excellent contract, and a backup contract on&nbsp;them. I know that if I was dealing with BOA or Wells Fargo for instance they would be happy with the return they are getting, and if they had talked to me to get the process going after they had missed two or three payments and new that making it up would&nbsp;either be inpossible or too large of a sacrifice, then we would probably not have this happening.</p> <p>Remember that a mortgage company does not apply partial back payments&nbsp;to your principle, they put it into an escrow account and if you don't pay in full they keep it. Once you reach the les pendens stage then attorneys fees are added onto the past due with interest&nbsp;and penalties making it all but impossible for you to reclaim your home. Getting over the psychological&nbsp;hump and being proactive I know is hard but it is the best thing you can do to minimize your credit rating hit.</p> <p>If we have the home soon enough we can market at a higher price to get you the best chance to have an accepted short sale. if the house does not contract in a timely manner we have structured price reductions we can show the lender with an electronic&nbsp;backup of the number of showings and feedback received. if you get ahold of us after 60 days late I think that is best for you. We of course will discuss&nbsp;your alternatives for refinance if your hardship is&nbsp;temporary. We want what is best for you. If I start&nbsp;30 days before the sheriff sale, the chances of success are greatly diminished. Don't wait, contact us now for a consultation about the problems you are&nbsp;having keeping up with mortgage payments on your Oklahoma City area home. We want to help you.&nbsp;&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Tue, 22 Jun 2010 09:31:47 GMThttp://www.avoidforeclosureoklahoma.com/1159575/2010/06/22/Oklahoma-City-distressed-homeowners-don-t-wait-until-the-last-minute.aspxhttp://www.avoidforeclosureoklahoma.com/1157802/2010/06/19/Working-a-real-estate-short-sale-is-a-gift.aspx<p>One of the first things I do waking up in Oklahoma City or elsewhere is to read Seth Godin's blog. It inspires me to dare to be not only different, but better. This morning Seth was talking about the difference between doing someone a favor or giving a gift. He added that just because something is free doesn't mean it is a gift, because you may be asking someone to do a favor in return. There is nothing wrong with that, but let's talk about how working a short sale for a Realtor anywhere is a gift, or at least should be perfomred as a gift.</p> <p>If you are a distressed homeowner in the Oklahoma City area and looking for help, at some point you are going to call a Realtor since that is who the lender wants to deal with to negotiate a short sale. Plus, you don't want just any Realtor who says sure I'll get it the ole college try. You want a Realtor that knows the system compeltely, understands the rules, and has a great track record of getting the job done. That Realtor or team of Realtors if they are good have taken&nbsp;a lot of training, participated in national forums,&nbsp;may like us have both a nationally known advisor and a real estate attorney on retainer for new developments that may require someone who does nothing but&nbsp;research. We also pay to be on the CDPE advanced group that has 3 webinars a month, enewsletters, and a nationwide sharing of&nbsp;information program. Now&nbsp;here is where the gidt comes in.</p> <p>There are any number of easier ways to make a real estate living. If you contract with us&nbsp;you pay nothing in the way of an upfront fee, in fact that is not legal according to recent rulings. You are not expected to pay any commission or closing cost at the end. So this is free&nbsp;but why is this a gift instead of a favor. It is not a favor because we ask&nbsp;nothing inr eturn. There is no act you have to perform other than wanting to avoid foreclosure. So why&nbsp;do we do it? Because it is a job that needs to be done and less than 1% of all the real estate practitioners in the US are capable of doing it. Much damage was done in this decade by getting people into an easy financing top of the market price home that when disaster strikes like a loss of a job or a medical&nbsp;problem, reserves are not&nbsp;there to cover expenses on the home, and the value has either stayed the same&nbsp;or gone down, so selling at even a zero out is not possible. Too often real estate agents just enable people to get into a wrong decision on a residence.&nbsp;We didn't cause the problem but too often we helped&nbsp;people into it without asking the right questions or giving sound financial advice.</p> <p>Short sale specialist across the country and the <a href="http://www.cdpe.com">CDPE organization </a>has 22,000 members and growing are dedicated to helping you. It is our gift to those of you who want and deserve help by agents trying to be the best for you benefit.&nbsp;If you are an Oklahoma City homeowner who nheeds to sell your house in a short sale you can get information on this site, or you can contact us for a consultation. All your information will be kept strictly confidential. We know that this is an emotional time and our responsibility is to you and only you. It is our gift to Oklahoma City real estate owners who need help.</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Sat, 19 Jun 2010 10:04:39 GMThttp://www.avoidforeclosureoklahoma.com/1157802/2010/06/19/Working-a-real-estate-short-sale-is-a-gift.aspxhttp://www.avoidforeclosureoklahoma.com/1157451/2010/06/18/Doing-a-real-estate-short-sale-and-your-credit-rating.aspx<p>First of all one thing is simple to explain. A foreclosure in Oklahoma City will devastate your credit rating. Adding it into the late pays can mean a 250 point drop or more. This means that getting any kind of loan will be very difficult, and if you do get a loan plan on an interest rate that is very high. Whatever you do I recommend that you do everything in your power to avoid it. The other issue is a forclosure showing up on your credit report, and it will be there for the next ten years. Imagine having your credit pulled to get&nbsp;a job that is financially sensitive or where you are competing with someone who has good credit. It puts you out or at least at a disadvantage.</p> <p>A short sale will show up on your credit as paid as agreed, or paid as negotiated. No short sale Realtor can ever guarantee the langusage used, but it does not say short sale or preforeclosure. At the end of two years the typical language is just paid. if your credit is restored to 620 for current VA loans or 640 for current FHA requirements, you can get a home loan on your next house. If you have a financial hardship that makes you have the impossible decision of paying the home loan and not being able to take care&nbsp;of your family, a short sale ican bethe right decision&nbsp;and one that minimizes your credit rating hit. No one can take away the late pays that affect the report, but it can be stopped at that.</p> <p>If you are an Oklahoma City resident in financial distress we are here to help. There are easier ways to make a real estate living than doing short sales, but there is no more rewarding way to keep&nbsp;families and individuals out of foreclosure and credit report disaster. Please contact us so we can discuss your best options.</p> <p>&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Fri, 18 Jun 2010 17:42:23 GMThttp://www.avoidforeclosureoklahoma.com/1157451/2010/06/18/Doing-a-real-estate-short-sale-and-your-credit-rating.aspxhttp://www.avoidforeclosureoklahoma.com/1156818/2010/06/18/Update-on-8000-First-Time-Home-buyer-Tax-Credit-Extension.aspx<p>Just a quick update for those&nbsp;short sale home sellers&nbsp;in Oklahoma City. The Senate has resolved their issues on the bill that contains an extension for closing for people qualified for the $8000 tax credit, and worried about the June 30th closing date. The next step is for the House to pass it's version of the bill. For those of you who follow legislative procedures, the next step after that is a Seanate and House reconcilliation before it goes to the President for signing. I do believe that this will be passed, anbd those of you who have buyers for your Oklahoma City preforeclosure home will be able to see the dealine extended to September 30th. This will also help all the storm damaged homes that every lender is having checked previous to closing for a resolution of any damages. I will post an immediate update here and at <a href="http://www.joepryor.com">www.joepryor.com</a> and <a href="http://www.virtualrealestateteam.com">www.virtualrealestateteam.com</a> will the update of the&nbsp;passing.&nbsp;</p> <p>Joe Pryor &amp; Charlene Humphreys, Distressed Property experts</p> <p><a href="mailto:joe@joepryor.com">joe@joepryor.com</a></p> <p><a href="mailto:chumphreys2@cox.net">chumphreys2@cox.net</a></p>Fri, 18 Jun 2010 08:19:36 GMThttp://www.avoidforeclosureoklahoma.com/1156818/2010/06/18/Update-on-8000-First-Time-Home-buyer-Tax-Credit-Extension.aspx