Glen Laurel Homes In Foreclosure May Soon Be Rental Homes

To help combat the many foreclosures that homeowners across the country, including those who live in the community of Glen Laurel, are facing, the Bank of America may soon offer the option of a rental as an option to dealing with foreclosure. BofA has launched a pilot program where they are offering some of their mortgage customers who are facing foreclosure the option to be able to stay living in their homes and become renters instead of owners.

The "Mortgage to Lease" program was just recently launched by BofA and is currently being offered to only a small number of customers. Ron Sturzenegger, Legacy Asset Servicing executive of Bank of America, said in a statement, "This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support.”

Those homeowners who choose to take part of this pilot program will hand over their title to the bank, who at that time will waive any outstanding mortgage debt. The homeowner will then be eligible to lease his/her prior home for up to three years at or below current rental rates. The monthly rental rate will be below what they are currently paying for their monthly mortgage payment. The bank will also waive all taxes on the property or homeowners insurance that tenants may hold.

Now is the perfect time to buy or sell a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Now Is The Time To Sell Your Glen Laurel Home

If you have been contemplating selling your home in the community of Glen Laurel now may just be the perfect time to do so.  Existing home sales across the country posted their third gain in the last four months.  Investors and first-time home buyers are helping to boost the market when it comes to existing home sales, making it the perfect time to sell your Glen Laurel home.  According to the National Association of Realtors (NAR) existing-home sales -- including single-family homes, townhomes, condominiums and co-ops, went up by 4.3 percent from the month of  December to January.  This number remains very similar to what we saw during this same period of time last year.

We are also seeing a drop in the number of available homes for sale.  Foreclosures still remain a large number of homes available on the market.   According to the NAR foreclosures and short sales made up 35 percent of homes sold this past January.  23 percent of all homes purchased in January were bought by investors.  First-time homebuyers accounted for 33 percent of all homes purchased in January up from 31 percent in December.

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan.  The Geo Team is here to help you with all of your real estate needs.  Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Mortgage Relief Help Set To Aid Glen Laurel Residents

Good news, Glen Laurel homeowners! If you are underwater on your home mortgage loan and it is held by Bank Of America (BofA), you may be eligible to have the amount you owe on your loan reduced. BofA recently announced that they would be helping up to 200,000 homeowners underwater on their home mortgage loans as a result of the government foreclosure settlement. BofA spokesman Richard Simon said, “The bank made the commitment as part of a $1 billion side deal to the $25 billion foreclosure settlement.”

For some struggling homeowners in Glen Laurel and across the country, the principle reduction on their homes loans as a result of this settlement could potentially leave them no longer underwater on their mortgages. The average reduction anticipated is $100,000. As a result of BofA reducing the principle on those homeowners' mortgages, it could help them reduce the penalties they face from the foreclosure settlement by $850 million.

Homeowners who have mortgage loans held by BofA and were at least 60 days delinquent on their mortgages as of January 31 are eligible. Loans that are owned and backed by Fannie Mae, Freddie Mac, the Federal Housing Administration or the Department of Veterans Affairs are not eligible. Homeowners who are eligible should be receiving notices from BofA as early as next month.

If you are interested in buying or selling a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Spring Is The Perfect Time To Buy A Home In Glen Laurel

Spring is just around the corner, and warmer weather is headed our way. Many potential buyers choose this time of year to buy a new home. The community of Glen Laurel is the perfect choice if you are looking to buy a new home this spring. The town of Clayton, NC has plenty to offer everyone.

The town of Clayton has recently released their 2012 Spring & Summer Programs & Events Flyer. Many residents of Clayton choose to join the Clayton Community Center, and membership spots are still available for residents and non-residents. The Center is located on the north side of the Community Park property at the intersection of Amelia Church Road and Shotwell Road. Activities in the Center include: gymnasium, walking track, group fitness room, pottery room, and fine arts room.

COMMUNITY CENTER HOURSNovember 1-February 29
Monday-Thursday 8:00am-9:00pm
Friday 8:00am-6:00pm
Saturday 8:00am-4:00pm
Sunday 1:00pm-5:00pm
March 1-October 31
Monday-Thursday 8:00am-9:00pm
Friday 8:00am-6:00pm
Saturday 10:00am-2:00pm

Besides the Community Center, there are numerous parks throughout the town of Clayton, NC where activities will be held for the community this spring.

If you are interested in buying or selling a home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

2012 Could Be The End Of The Housing Crisis In The Triangle Area

After many years of a struggling housing market in the Triangle Area 2012 may be the end of this housing crisis.   A recent report released by Capital Economics is predicting that the housing crisis will end this year.  They are basing their prediction on banks loosening their credit standards making home owner ship more obtainable to many.

The average credit score that most lenders are looking for to attain a mortgage at this time is at least 700.  This number is quite a bit higher than what we saw prior to the housing crisis. Mortgage lending standards are stabilizing and a credit score of 700 was similar to what was required last year also.  We are also seeing a loosening of credit availability among lenders. There are many lenders that are now lending amounts as high as up to 3.5 times the borrowers earnings.  This number is slightly up from the 3.2 times borrower earnings we were seeing.  Banks are also changing their loan-to-value ratios (LTV), this is the key indicator that Capital Economics is basing their prediction on a recovery on.

The ability to obtain your dream home in Glen Laurel just got easier, contact Rodney Geohagan.  The Geo Team is here to help you with all of your real estate needs.  Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late.  There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure.  Rodney has the answers and would love to sit down for a confidential review of your options.

Mortgage Rates In The Triangle Area Expected To Remain Low Throughout 2012

If you have been looking to the move to the wonderful community of Glen Laurel then this year is the year to make your move. We have seen historically low mortgage interest rates and industry experts are predicting we will continue to see low rates throughout the rest of 2012. Greg McBride, senior financial analyst for Bankrate.com said, “We may spend the entire year below 5%.” 

Rates right now are already sitting at all time record lows, making it the perfect time to buy your dream home in Glen Laurel or in the surrounding Triangle area.  The first week of January, Freddie Mac’s weekly survey of conforming mortgage rates reported that 30-year fixed rates hit 3.91%. This number ties the record for the lowest rates that have been in the history of the survey.  To put into perspective how low that is, the highest the survey has seen was in 1981 when interest rates hit a high of 18.63%.  The annual average rate on a 30-year fixed rate mortgage reached its historic low last year with rates averaging 4.66% according to Bankrate.com and 4.5% according to Freddie Mac.

Freddie Mac is forecasting that interest rates will average 4.2% in the first quarter of 2012 and should average 4.8% in the fourth quarter of 2012.  Continued low rates allow those potential buyers who were are working improving their credit to be able to take advantage of these low rates.

To take advantage of these low interest rates and buy a new home in Glen Laurel, contact Rodney Geohagan.  The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.

Home Ownership in the Triangle Area is More Affordable Than Renting

Home prices in the Triangle area and across the nation are struggling, and a recent report released by Case-Shiller Index showed just how much. Here in the Triangle area the price of homes has fallen 3.1 percent over the past year. The Triangle area fared better than the rest of the country, however, who on average experienced a 5.9 percent price drop according to Fiserv, a company based out of Wisconsin that provides information and software to the financial services industry. In the last three years, we have seen home prices fall by 7.4 percent. Fiserv is predicting that home prices will once again begin to stabilize by the middle of 2012 as a result of home ownership becoming more affordable and a strengthening economy.

Many more Americans are choosing to rent a home. However, it is now cheaper to have a monthly mortgage payment. The current average monthly payment for a mortgage is now $700, which is down 40% from its peak in 2006. The cost of renting is up. The average price of rent in the Triangle area for the month of September was $838, which is up 2.2 percent from a year ago, according to the Triangle Apartment Association and Karnes Research. These numbers show how affordable home ownership is, and there is no better time than now to buy your dream home in Glen Laurel.

If you are interested in buying or selling a home in the Triangle area, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.