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Make the most of your home investment


Ask Our Broker

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I used a bridge loan to buy a
property I no longer want.
What can I do to sell it?
Q: Planning for retirement, I
recently purchased a small town-
home utilizing a bridge loan from
the equity in my present home. I
closed on the townhouse, but in the
past month my situation has
changed, and I would like to sell the
townhouse rather quickly. Is there a time period
that I have to wait before putting the townhouse
up for sale? Does the fact that I purchased it
using a bridge loan have any impact on reselling
it immediately?

A:The purpose of a bridge loan is to provide tempo-


rary financing using the equity in one home to help
finance or completely finance the purchase of a
replacement property.When the first property is sold,
the bridge loan is repaid in full at closing.
Your situation is reversed.You’re keeping the first
The ABCs of Buying A Foreclosed Home
house and selling the second.This is not a big deal as
These properties are gaining popular as they flood the market. Here’s what you should know before buying
long as the bridge loan is repaid in full. But, if the sec-
ond property cannot be sold for enough to repay the
bridge loan, or if it languishes on the market, then you BY CHARLES SCUTT in 2007.What’s more, millions of “Real-estate auctions of fore- sure typically starts when a
will want to repay the bridge loan as quickly as possi- CTW Features adjustable-rate mortgages will closed homes have become homeowner fails to make a mort-
ble to avoid high interest costs – either with savings or reset to higher rates in the coming increasingly popular among con- gage payment for three months

T
humb through the business months, leading to more foreclo- sumers over the past 18 months,” or more, after which time the
by getting a home-equity loan on the first property.
or real-estate sections of sures in 2008. says Dave Webb, principal of lender sends a default notice to
your local newspaper daily But while these numbers Hudson & Marshall auction firm, the owner, which can take 30
Q: When we purchased our house, I was told and you’re bound to see the reflect the current challenges fac- Dallas, who adds that it’s not days to seven months, depending
by my broker that my credit was average. I’m words “foreclosed” or “foreclo- ing the cloudy residential real- unusual for some homes to sell on the lender.The default notice
now in a bad situation, and it’s going to get sure” peppered throughout the estate market, they also represent for 20 percent below their mar- is published in a general-circula-
worse. We need a loan modification. My wife and articles, advertisements and classi- a silver lining of opportunity for ket value at many of the auctions tion newspaper.
fieds – and for good reason. Slow savvy home shoppers, who can his firm holds.“They realize they “At this point, some buyers
I are both working, and we do not want to lose
home sales, soaring mortgage- capitalize on outstanding bar- can buy a great property at signif- will offer to buy the mortgage
our home. We have two kids and feel helpless. I default rates and other negative gains, provided they know where icant price reductions in today’s from the owner,” says Webb.“If
have read very detailed descriptions regarding market conditions resulted in a to look and how to buy a fore- buyer’s market.”
how our lender conducts business, and it staggering number of foreclosures closed or lender-owned home. According to Webb, a foreclo- See FORECLOSURE Page 2
appears that they are not working with anyone
except to foreclose on homes. I am very worried
and need some helpful information.

A: There’s nothing wrong with “average” credit –


Eggs … Ham … Mortgages?
that’s simply what most of us have. Home loans are the latest fect. the basement.The heating system increase the resale value of the
Not every lender is willing to make loan modifica- The three-bedroom, 1,450- was from the 1970s, the fireplace home: an energy-efficient mort-
tions; however, in some cases even if they wanted to thing to go green. And yes, square-foot home was beautiful, had leaks around it, and there gage. Soon, she and her husband
roomy and ideally located. But were large gaps around the were passing the Denver winters
modify a loan servicers cannot help because the you might like one when the first winter chill plumbing.” in their perfectly heated and insu-
investors who own such mortgages have rules that arrived that year, Ellingson real- But fortunately for the lated dream house, while saving
prevent or prohibit modifications.Thus it’s possible BY DAVID SILVA ized her new dwelling had a flaw, Ellingsons, Maria wasn’t your typi- more than $60 a month on their
that the problem is not with your lender. CTW Features and a big one. Built in 1895, the cal homeowner.A professional in energy bills compared to their
Whatever the reason, you need to refinance. From home was an energy monster. the field of environmental advo- next-door neighbor – whose
FOR DENVER RESIDENT Maria “It was unbelievably cold in cacy, she knew of a way to pay home had been designed by the
Ellingson, the quaint Victorian the winter,” Ellingson,says.“There for all the needed efficiency
See ASK OUR BROKER, Page 2 home she and her husband pur- was no insulation in the attic, no improvements, recoup those
chased in 2000 was almost per- wall insulation, no insulation in costs over time and significantly See GREEN Page 2

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GREEN works to promote energy conser- program, such loans can only be gy rater. He pointed out things I
Ask Our Broker
vation.“Energy-efficient mort- made on a home with a qualify- never knew were there, such as CONTINUED FROM PAGE 1

The new color of loans gages save money, and … make it


easier for homeowners to pay
ing Home Energy Rating Systems,
or HERS, report.
the holes in our fireplace through
which you could see outside. I your perspective, it would be easiest to work with
back their mortgages. Instead of “HERS reports are conducted probably wouldn’t have thought
CONTINUED FROM PAGE 1 having to take out a second mort- by home-energy raters independ- to stick my head in the fireplace
your current lender, but if that’s not possible then
gage to make energy improve- ent of the Energy Star program,” to see that.” you need to look elsewhere. Make a point of paying
same builder. ments, the energy savings from an Ng says. Energy Star is a U.S. pro- The general public may finally all bills on time and in full to maintain your credit
Often referred to as “green energy-efficient mortgage should gram that promotes energy-effi- be ready to embrace the benefits standing -- and start talking to other lenders. In partic-
mortgages,” energy-efficient mort- be more than sufficient.” cient products, including homes. of energy-efficient mortgages, as ular, ask about the FHASecure program, a loan specifi-
gages help buyers purchase eco- Green mortgages were born “These are basically third-party evidenced by recent data from cally designed to bail out ARM borrowers with toxic
friendly homes or make their out of the 1979 energy crisis, auditors who go to homes and the National Association of Home
existing homes more energy-effi- which resulted in a federal push run diagnostic tests to determine Builders, which predicted a 10-
loans. Community housing groups may be able to
cient by taking into account the for lending agencies to promote the home’s energy efficiency.” percent increase in the green- help you find a lender if you cannot locate one on
money they’ll save on energy energy efficiency. But despite hav- In other words, borrowers – homes market by 2010. Energy your own.
costs.The anticipated savings are ing energy-efficient mortgages whether trying to prove that their Star’s Ng says his office has noted
added to the “income” column of available to them in one form or new homes are energy efficient a marked rise in inquiries about Q: I purchased a property early this year.
a loan applicant’s debt-to-income another for nearly 30 years, few or trying to improve efficiency in the program. Due to deteriorating health and economic rea-
ratio, which is used to help calcu- borrowers – and, more important- their existing homes – have to “The increase is mainly com-
late a mortgage. ly, few lenders aside from govern- bring in a third-party auditor. ing from the lenders themselves,”
sons and an impending divorce, what do I do
Participants can borrow up to ment and government-sponsored Home-energy raters typically he says.“I’m assuming the lenders with the house? The mortgage and title are in
15 percent of the value of their agencies like the Federal Housing charge anywhere from $100 to are interested because they’re get- my name since my spouse – who has filed for
home to make the required Authority and Fannie Mae – have $400 for the all-important HERS ting some interest from the cus- bankruptcy – signed a quitclaim deed. My
improvements.The money is kept used them. Brian Ng, finance man- report. tomers themselves.With stuff in income is based on operating the business
in an escrow account and ager for the EPA’s Energy Star For many people, the addition- the news about oil hitting $100 a owned by my husband before marriage.
released only after the owner Homes program, cites several rea- al costs and paperwork required barrel and climate change coming
proves the energy upgrades were sons for this. for a green mortgage can seem into the consciousness of the
made. One reason is that until 2003 more of a hassle than it’s worth. average homeowner, people are A: Your situation involves a divorce, a bankruptcy,
“As a concept, it certainly lenders had to underwrite each That’s unfortunate, says home- thinking about what they can do failing health and potentially the loss of your income,
makes sense,” says Lowell Ungar, energy-efficient mortgage individ- owner Ellingson, who found her to reduce their energy bills in the but the real issue here involves finding the choices
director of policy for the Alliance ually – a laborious process that visit from a home-energy rater an winter and summer, and how that are best for you. Do you want the house? Would
to Save Energy, a Washington, D.C. generated mountains of paper- illuminating experience. they can help the environment.” you be better off with cash from a sale? Is your
coalition of business, government work.Another reason is that, “More than anything,” she says,
and environmental agencies that under federal rules governing the “it was helpful to talk to the ener- © CTW Features divorce in any way “amicable,” meaning that both par-
ties will work toward a common good and the least
possible damage? What role will bankruptcy and
divorce courts play in a final disposition of the prop-
erty?
FORECLOSURES and founder of Premier Realty, sales contract to the bank or chase a foreclosed home through With a bankruptcy looming there may be creditor
Los Angeles, says that banks you lender and possibly stop the fore- a county sheriff’s auction,“be
Getting the facts straight have relationships with are anoth- closure lawsuit from moving for- sure to research the title on the
claims that impact your options. For specifics, you’ll
er prime source for locating REO ward.This saves the bank legal property carefully and know if need to speak with an attorney to determine what’s
CONTINUED FROM PAGE 1 properties. fees, so they are happy to negoti- there are any liens against it and possible.
Jason R. Hanson of Primo ate if there is a willing and able back taxes owed,”Webb says.
Coach in Oakton,Va., says the buyer with an executed contract By contrast, at auctions typical- Q: We get e-mails promoting programs that
this doesn’t happen, the property best way to find deals on fore- for sale.” ly held by a large auction firm, will allow buyers to purchase a home in 10
is eventually auctioned off by the closed and REO homes is through Anyone can attend a foreclo- sellers provide insurable titles on
county sheriff,” although each a Realtor “who can locate all of sure auction, says Hanson, who all properties with no back taxes
days regardless of credit or employment and
state has its own foreclosure laws the bank-owned properties and recommends looking in the “legal or liens to worry about – with no money down. How do such programs
and procedures. sift through all the junk proper- notices” section of your newspa- although all properties are still work?
These auctions start with a ties to find you a deal.” per. Public auctions generally are usually sold “as is.”A cash or certi-
minimum bid that covers the loan The most direct source for held on the steps of a courthouse fied check down payment of a A: Who says they work? And who says buying a
balance, accrued interest, associ- locating foreclosed properties is or in a designated room in a gov- certain percentage (usually 5-10 home in 10 days is a good idea?
ated foreclosure process costs the county tax records posted at ernment building or city hall. percent) of the total selling price
and legal fees. Contrary to popu- your nearest county courthouse, “It’s important for a potential is required after winning the bid.
There are places in the U.S. where jobs are being
lar belief, the majority of foreclo- says Nicole Persley, broker/owner buyer to due his due diligence Contracts are typically closed lost and the population is declining.You can surely
sure auctions don’t even generate at Homage Real Estate of Florida, and inspect the property careful- within 30 days of the auction, so buy in such areas with steep discounts, but then
a single bid.This is because what Boca Raton.A mortgage balance ly before buying it,”Webb says. buyers need to have their financ- what? If you’re not moving in, how do you rent at a
is owed to the bank is typically and a “lis pendens” ( “thing pend- Research should include con- ing in order, says Webb. good rate when thousands of empty units are avail-
always greater than the proper- ing”) notice are posted on homes tacting a Realtor to glean any Buyers of foreclosed proper- able? How do you sell at a profit when the local
ty’s total worth. So the lender in foreclosure.This is public information they may have on the ties should also understand that
essentially becomes the success- record once a it has been record- property, calling title companies they “forego all rights that a tradi-
economy is depressed and stalled? How much cash
ful bidder, reclaims the home’s ed in the court system, she says. to ascertain if there are any liens tional buyer has, including the will you need each month to repair and hold the
title and is forced to sell it for The trick to getting a good on the home, and possibly speak- option to withdraw an offer if property?
what the market can bear.A deal on a home in foreclosure is ing with the lender about the his- contingencies aren’t met,” Always remember, unsolicited investment advice
home repossessed by the lender to contact the owner immediate- tory of maintenance on the prop- Emamian says.“When buying a received by e-mail is worth the paper on which it’s
that did not sell successfully at a ly after this file is recorded but erty, Emamian says. foreclosure, understand that there written.
foreclosure auction is called a before the papers are served, Before attending a foreclosure are no second chances.”
real-estate-owned or bank-owned Persley says. auction, be aware of several vital- For these reasons,“make sure © CTW Features
property.The lender either tries “You can actually get to the ly important things, says Edward you see the inside of the property
to sell the home through a listing property owner before it is an Kaminsky, president of Premiere and get an inspection on it before Need real estate advice? Peter G. Miller, author of “The
agent or a large real estate auc- official foreclosure.This way, Estates Auction Company, purchasing,” Hanson says.“Know Common-Sense Mortgage,” would love to hear from you.
tion house. there is time to negotiate and to Manhattan Beach, Calif.“You must the amount of repairs and the Send your questions to peter@ctwfeatures.com. Due to the
“Local and national newspa- purchase from the owner and not pay cash the day of the auction. most you are willing to pay. volume received, not all letters may be answered.
pers are great places to look for the bank,” says Persley.“Usually You are often buying the proper- Rookie investors often bid on
foreclosed properties and auc- there is a very short window of ty while its present residents are properties they have never seen,
tions of foreclosed homes,” says time for processing, so if a savvy still living in the home.You are which is why many more for-
Webb.“Potential buyers can also buyer had the time to devote to buying it without title insurance, tunes have been lose in real als work the auction, buyers can you had planned,” Emamian says.
get on the mailing lists of estab- researching the clerk of the court and you are responsible for all estate than won.” learn what to expect when they “And remember that sometimes if
lished property-auction firms and filings, they could intercept a senior liens against the property, Lastly, before jumping in the are ready to bid for the first time.” something seems too good to be
receive information monthly on foreclosure by presenting a legiti- including but not limited to foreclosure property pool,“attend Also,“try not to get into an true, it probably is.”
auctions happening across the mate offer in writing with a deeds of trust, tax liens, mechanic several auctions for observational emotional bidding contest at the
country.” deposit to the property owner. liens, et cetera.” purposes,” says Emamian.“By auction, or you may very well © CTW Features
Payman Emamian, principal The owner could then submit the If you are planning to pur- observing how these profession- find yourself paying more than

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