BEWARE OF SCAMMERS

Complements of

Roger Morris and Associates
RE/MAX Preferred Group
401 Crescent Ave.
Cincinnati, Oh. 45215
rmorris.remax@zoomtown.com
Rogers Cell: 513-325-1025
Rogers I-Fax: 513-842-7853
Web: www.mlscincyohio.com
Blog: http://greatercincyrealestate.blogspot.com/


Unable to make your mortgage payments?
Worried that you might face foreclosure?
Looking for legitimate advice and assistance?


                            
BEWARE OF:




DON’T BE MISLED. Scammers are targeting homeowners who are struggling because of unemployment, illness, injuries and excessive debts. These scammers cost consumers thousands of dollars and put them at further risk of losing their homes. According to the U.S. Department of Housing and Urban Development, these are the SIX RED FLAGS to indicate you’re dealing with a loan modification scammer.
                                               
                          
UPFRONT FEES – Advisers who seek payment in advance to work with your lender to address your mortgage issues usually just take your money, disappear, and do little or nothing to help save your home.

BOGUS GUARANTEES – Legitimate HUD-approved counselors promise only that they will try their very best to help you. No counselor has the power to modify your loan or stop the foreclosure.

REDIRECTED PAYMENTS – Make your mortgage payments only to your lender. Scammers often tell people to pay them instead. They simply take your money and put you even further behind.

MISLEADING DOCUMENTS – Know what you are signing before you sign it. If you’re pushed to sign something without reading it or understanding it, stop. If you sign, you could be giving away your home.

TMI (TOO MUCH INFORMATION) – Do not share financial information online or over the phone with unknown entities. Provide such data only to your lender or to a HUD-approved counseling agency.

"GOVERNMENT" TAG – Be cautious with anyone claiming to act for the government. To see if you qualify for the various available government programs, just ask your lender or a HUD-approved counselor.

IF YOU NEED HELP, CALL NOW!

Assistance Available in Hamilton County:
CCCS of The Midwest
Cincinnati Office
9545 Kenwood Road
Suite 204
Cincinnati, Ohio 45242
Phone: 513-366-4500
Working in Neighborhoods
1814 Dreman Avenue
Cincinnati, Ohio 45223
Phone: 513-541-4109
Housing Opportunities Made Equal
2400 Reading Road
Suite 118
Cincinnati, Ohio 45202
Phone: 513-721-4663

Publication created by Housing Opportunities Made Equal through a grant from the U.S. Department of Housing and Urban Development





Should I Buy A Home Now?

 Cincinnati Real Estate

By Phoebe Chongchua

The Zillow Home Value Index fell 26% since its peak in June 2006. That’s a greater decline than seen in the Depression-era years of 1928 to 1933.

According to Zillow.com, "November marked the 53rd consecutive month of home value declines, with the Zillow Home Value Index (ZHVI) falling 0.8% from October to November, and falling 5.1% year-over-year.”

But the news isn’t all bad. If you’ve gathered around the office water cooler to catch up with colleagues, maybe you’ve noticed a bit of optimism blossoming. it’s not just a feeling, it’s real. According to Zillow Research, the economy is improving. The improvement is expected to gradually increase "household formation and consumer confidence”. But the housing market may still face greater declines due to "excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated unemployment,” reported Zillow.com.

However, if you’ve been watching, waiting, and wondering, when to buy ... . Now’s the time to take note. While no one has a crystal ball to predict what will happen with the housing market, some experts are reporting that an uptrend will occur later this year. They’re basing their beliefs on the job market (some predictions indicate it will improve half-way through this year), and "Homebuilder exchange traded funds are above their 200-day moving averages,” according to ETFTrends.com

If all these things have you confused, a simple way to look at real estate is to understand your specific needs, wants, and long-term goals. Do you need a place to live? Are you planning to stay in your home for at least a couple of years? (Most buyers live in their home on average seven years). Does owning your home matter? Have you saved money for a downpayment?

Answering these questions will help point you in the right direction. Assuming that buying a home is the best scenario for you, how can you rest easy that you’re getting the best price? Ah, the $64-million question. You can’t.

Timing the market is like trying to win the lottery. There is no absolute way to know when it’s the bottom of the real estate market. That’s why you must know your specific needs, wants, and long-term goals.

If your needs include a home to live in for a lengthy period of time, then homeownership will likely rank higher on your priority list. If building credit, potential of appreciation–yes, there is still appreciation–especially when you buy a sensibly priced home in a good location. However, the appreciation may be slower and not shoot up into the double digits that we saw in some areas.

Consider this, with high inventory, sellers are motivated. You can scoop up a home at a perfect price and you can minimize your potential for low appreciation. If you choose a home that is in the lower-tier of prices (and still within your target price), your home will be less vulnerable in down markets and better situated in up markets because the higher-priced homes help elevate your home’s value.

Homeownership has many benefits including tax deductions, the opportunity to make your own creative changes to your home, and the potential for income if you later rent it out.
Copyright © 2011 Realty Times. All Rights Reserved.



One more Advantage of a Land Contract

Written by;

Nicholas D. Perrino
Attorney at Law
Prodigy Title Agency

A Seller was thinking about entering into a Land Contract, but they were afraid they would have to do a Foreclosure Action if the Buyer defaulted on the payments. This scared him into wanting a lease instead.
 
I explained that a Land Contract can be like a Lease which allows an eviction or it can be like a sale and a loan, requiring a foreclose.

Whether the owner can evict or foreclose depends on either 1.) how long the buyer has been making payments or 2.) how much money the buyer has put down up to that date.

The rule is 5 years or 20%. Once a Buyer has made payments for 5 years or has paid 20% of the purchase price, then owner becomes a Lender. Until then, the owner is a Landlord.



Therefore, before the buyer has paid for five years, and before he has paid in at least 20% of the price, the owner can EVICT him if he breaches the contract.



After the buyer has paid for five years or more, OR has paid at least 20% of the price, the owner must file a FORECLOSURE ACTION upon a buyer default.



Land Contracts can have benefits over leases, so don't let the prospect of a foreclosure be the decision-maker.