We Buy Houses!

How are Federal Loan Modification efforts going so far?

• While 4 million people could be helped, only 825,000 have been accepted into the program so far.
• Only 66,000 (7%) homeowners in the program have moved into permanent loan modifications.
• On average, homeowners save about $500 per month when their payments are reduced to a maximum of 31% of their income.
• Of the homeowners aided by program to date, 52% needed assistance because they lost income; 11% claimed too much non-mortgage debt; and 6% were unemployed.
• About 50,000 (6%) have been dropped from the program because they did not qualify, provide required documentation, or make all of their payments.
• 25% of participating homeowners have failed to make all of their payments while some have made none at all.

The statistics provided are interesting food for thought. Why aren’t more people applying?  Why aren’t more accepted?  Why aren’t more moving to permanent status?  Why are so many defaulting?

There is plenty of fault to go around.

Banks don’t really want to modify loans; when they do, they seldom modify the principle.  The modifications are doomed to fail for many people, especially if they are underwater and people are still paying big notes on homes that have lost their value.

The fact that some people aren’t paying their loans indicates that the modification wasn’t enough for them, their finances got worse after the modification – i.e., they lost their job, or the home they tried to stay is was too expensive for them.  Perhaps the program guidelines need to be changed or counseling needs to weed out those likely to fail and help them find new housing.

 Express Homebuyers can buy your home for cash to prevent foreclosure.  Check our list of frequently asked questions to see how this can help you, and then call 877-804-3252 to get started.

Where Did All This Stuff Come From…?

Whether or not you’re planning to sell your house any time soon, it never hurts to get things in order.  Even the tidiest homeowners are amazed by how quickly houses can become inundated by the clutter and items they accumulate.
Here are some easy tips toward consistently maintaining order and balance in your home, and ensuring that come sale time you don’t find yourself waging the war against disorder for the first time.

You Need Discipline and a Game Plan

• Instead of dabbling and making gradual improvements here and there throughout the home, focus your efforts on one room at a time.  Don’t move onto another room until the task at hand has been thoroughly completed.
• Force yourself to stay disciplined, and adopt the “in and out” approach.  For every new item you add to a room, remove an older one.
• If you have kids, make the cleaning process fun for them (yes, it is possible).  Whether it’s by giving them incentives to keep their rooms tidy and their personal belongings out of public spaces, or showing them how rewarding the result can be give them a tangible reason(reward, privilege, bribe)  to observe these rules even when they haven’t been reminded to.
• Have a vision of what the room SHOULD look like before you tackle it.
• Use hangers to sort the clothes you wear the most from the ones you break out only on special occasions.  Needless to say, garments that are out of season should be kept separately (a sealed, moth-proof rack for your hangers can be a crucial investment for your basement/attic space).
• When considering whether or not to retire an item, force yourself to decide whether you really, REALLY need it.  If you have a hard time deciding, you know what to do.
• Treat your kitchen as a sacred area: the real estate that includes your stove, sink, refrigerator and countertops should be occupied by useful items only.

When it comes time to sell your house fast, you will be more than rewarded for the work you have done on the front end. Of course, if you do decide to sell your house in the Maryland, Washington DC or Virginia area, give us a call. We can help.