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After 10 months,  how is the effort to modify loans going?

President Obama promised that nearly 4 million homeowners would be helped through modification, but the initial efforts went slowly as lenders moved slowly.  In July, the President and his staff called lender representatives to Washington and told them to pick up the pace.  The most recent report released December 10 indicated that the program is not only on target but ahead of schedule in terms of people who are at some point in the process.

• 728,000 modifications have been made – 25,318 of them in the Washington, DC metro area
• Borrowers with modified loans are saving an average of $550 per month
• Only 31,382 borrowers have moved from the trial phase of the program to the permanent phase
• So far, most borrowers are keeping up with their payments

The Administration met with lenders and loans servicers in Washington this week to ascertain if they are doing all they can to make the trial conversions permanent.  Meanwhile, the push is on for people in their trial period to sign the paperwork to make the modification permanent.

As noted by Chief of Treasury’s Homeownership Preservation Office (HPO) Phyllis Caldwell, the report proves that “struggling homeowners across the country continue to receive immediate relief in the form of reduced monthly payments and a second chance to stay in their homes.”

These facts contradict a study by a watchdog group that came out the same day as the government report.  The study claims only 10,000 permanent modifications have been completed and echoes Treasury department fears that 40% of people with modified home loans will re-default within 5 years.

For many homeowners, loan modification is a solution that can work long term if the reduction is substantial enough and if the other expenses associated with the home fit within the budget.  For others, who have a home too pricey for them, other debt, or a faltering job, the process may only prolong the agony before they either lose the home or make the decision to move on.

If you are debating whether you should modify your loan or go another route, Express Homebuyers offers an alternative.  We will buy your home for cash and guarantee completion of the process within a couple weeks.  We tell you up front what we will pay; if you agree, you are on the way to a quick resolution.  We even offer you a $2,500 upfront advance so you can plan your fresh start.  Call us at 1-877-804-5252 or check out our Express Homebuyers website for more details.

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.