Turning Your Realty Dreams Into Reality
Buying a property is not a walk in the park, especially if you have a limited budget. Whether you’re a first-time homebuyer or startup real estate investor, you can easily get lost in the complex world of real estate if you don’t play your options well. With the help of Coy C. Vickers, Jr. and his team in Philadelphia, you’ll be able to find a property you can proudly call your own without any hassle!
What Is a 203k Improvement Loan?
improvement loan is a mortgage option guaranteed by the Federal
Housing Administration (FHA). Compared to other types of loans, FHA
203k is easier to get approved and less risky for lenders.
With 203k, you can borrow money using only one loan. It’s a great option if you’re interested in buying a property that has lots of potential but needs improvements. You can use the money to make the purchase and perform the necessary repairs to make the property more suitable for living. For more information, do not hesitate to text or email us!
What is the Energy Efficient Mortgage Program?
The Energy Efficient Mortgage Loan program helps current or potential homeowners significantly lower their monthly utility bills by enabling them to incorporate the cost of adding energy efficient improvements into their new home or existing housing. This FHA program eliminates the need for homeowners who are interested in making their home more energy efficient to take out an additional mortgage loan to cover the cost of the improvements they intend to make to their property. The program is available as part of a FHA insured home purchase or by refinancing your current mortgage loan.It is our government's goal to make energy efficiency and conservation a way of life. The FHA Energy Efficient Mortgage Loan program contributes to these efforts by providing better housing and creating a way for homeowners to make valuable improvements to their homes at a relatively low cost.
A mortgage loan modification is a change in your loan terms. The modification is a type of loss mitigation. The modification can reduce your monthly payment to an amount you can afford.
Modifications may involve extending the number of years you have to repay the loan, reducing your interest rate, and/or forbearing or reducing your principal balance.
If you are offered a loan modification, be sure you know how it will change your monthly payments and the total amount that you will owe in the short-term and the long-term.
Some states allow homeowners a redemption period after foreclosure, during which they can buy back their home.
Unfortunately, Pennsylvania only allows redemption after a home is auctioned in a sheriff’s tax sale. There is no redemption statute for foreclosed houses.
Have you considered bankruptcy?
Many people are unaware that declaring bankruptcy can actually save their home. Filing bankruptcy will stop an ongoing foreclosure or prevent a lender from filing a foreclosure.
Chapter 7 is the most common type of bankruptcy, in which a person’s debts are discharged. A Chapter 7 Bankruptcy filing is typically filed when there is a foreclosure if the person intends to get fully current on their mortgage or if they intend to walk away from the home. Chapter 7 can discharge personal loans, credit card debt and many other types of bills.
Chapter 13 bankruptcy allows you to create a repayment plan to get caught up on your mortgage. It is usually based on your disposable income, and will also discharge unsecured debts upon its successful completion. Both types of bankruptcy provide many benefits and the ability to allow you to get a fresh financial start
A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds. Depending on your situation, you may be required to make a financial contribution to receive a short sale.
A short sale is an alternative to foreclosure and may be an option if:
Are you at risk of foreclosure?
During the 2008 Financial crisis, the Federal Consumer Financial Protection Bureau found that mortgage servicers were committing frequent and egregious errors in the foreclosure process. Federal guidelines issued in 2014 are meant to ensure borrowers understand the consequences of missed payments and the alternative options available to them.
From the time your first payment is missed:
As a homeowner, don’t ignore notices or calls from your lender. They are indicators that the lender is considering foreclosure, and can be an important early notice.
When can the foreclosure process begin?
After 120 days of delinquency, your bank can file with the courts for foreclosure, but they must express their intent to do so no later than 30 days before filing.
In Pennsylvania, the notice must include information on the PA Homeowner’s Emergency Assistance Program, known as an Act 91 notice. This is the last chance the lender must give you to bring your mortgage out of delinquency.
What is the Homeowner’s Emergency Mortgage Assistance Program?
Pennsylvania’s housing finance agency has a program to issue mortgage assistance loans. If a homeowner qualifies for this program, their lender will be barred from proceeding with foreclosure as long as the homeowner makes their HEMAP payments.
If you are a Pennsylvania homeowner and you fell behind on your mortgage due to a short-term emergency, HEMAP could help save your home.
What are the steps in the foreclosure process?
Pennsylvania’s foreclosure process follows a similar course wherever you are in the state.
Yes, there are several ways to stop or stay a foreclosure.
* Property and neighborhood information
* Subject property condition
* Prior sales and listing history
* Maps and Photos of subject and comparable coms