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        <title>NM Welcome Home Blog</title>
        <link>http://www.nmwelcomehome.com/blog/short-sales/</link>
        <description>Keeping up to date on local Albuquerque events, real estate market, home sales and much more...</description>
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            <guid>http://www.nmwelcomehome.com/blog/come-visit-us-the-abq-home-expo.html</guid>
            <link>http://www.nmwelcomehome.com/blog/come-visit-us-the-abq-home-expo.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>Come Visit Us @ The ABQ Home Expo</title>
            <description> <![CDATA[ 
We would love to see you at The ABQ Home Expo. Vist booth 307 for a FREE Instant Market Analysis, Foreclosure Listings and learn how to enter for a chance to WIN a day at the Spa! 


Show is February Saturday 18th 10am-6pm and Sunday 19th 10am-5pm.



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            <pubDate>Tue, 07 Feb 2012 13:51:01 -0600</pubDate>
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            <guid>http://www.nmwelcomehome.com/blog/overcome-mental-roadblocks-that-lead-to-foreclosure.html</guid>
            <link>http://www.nmwelcomehome.com/blog/overcome-mental-roadblocks-that-lead-to-foreclosure.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>Overcome mental roadblocks that lead to foreclosure</title>
            <description> <![CDATA[ 
Recently read this article and thought it may help those needing to prevent foreclosure


There are several government reports out now stating that  most 
homeowners who lose their home to foreclosure never contact the bank to 
 determine whether they can work something out with them, despite the 
ubiquitous  government, bank and media education campaigns encouraging 
them to do just  that.


Read the Full Story 


Contact me to help advise you on a possible short sale Carlos Martinez 505-350-8184 Click Here for additional information.
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            <pubDate>Thu, 17 Nov 2011 14:32:03 -0600</pubDate>
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            <guid>http://www.nmwelcomehome.com/blog/when-you-need-a-reliable-up-to-date.html</guid>
            <link>http://www.nmwelcomehome.com/blog/when-you-need-a-reliable-up-to-date.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>When you need a reliable, up to date...</title>
            <description> <![CDATA[ 
When you need a reliable, up to date home search website visit www.NMWelcomeHome.com. Serving Albuquerque and Surrounding Area, Rio Rancho, Santa Fe and Surrounding Area.


Many details are available about the listing, including Virtual Tours, Map, Birdseye View, Days on Market, Short Sale, Bankowned, Financing, and all the basic information you may desire. Contact Us for additional information on ANY listing.


Many different search options to suite your need. Search by Address, MLS#, City, School, Area, Zip Code, Map, and Subdivision.



 

Search Homes Now








Easy to read details and the ability to increase to large color photos.













Full details about the listing













Ability to increase to large color photos.

















Search Homes Now






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            <pubDate>Thu, 06 Oct 2011 09:35:41 -0500</pubDate>
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            <guid>http://www.nmwelcomehome.com/blog/bankruptcy-and-foreclosure.html</guid>
            <link>http://www.nmwelcomehome.com/blog/bankruptcy-and-foreclosure.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>Bankruptcy and Foreclosure?</title>
            <description> <![CDATA[ 
I have had many conversations with customers, clients and agents regarding how a bankruptcy affects the foreclosure of a home. Before I give my opinion, I will give my disclaimer. This is not meant to be legal advice and you should seek out an attorney for any legal advice needed.

I recently attended a bankruptcy class taught by one of our local Albuquerque attorneys.  This person was full of information, including how bankruptcy and foreclosure work.  First we will begin with how a mortgage works and the definition.

A mortgage involves two important legal documents: A promissory note and either a mortgage document or deed of trust.

Promissory Note: The promissory note (also called a mortgage note or real estate note) is a note the buyer gives to the lender promising to repay the amount of the loan plus interest. The note also states the amount of time the buyer has to repay the loan and what action the lender may take if the buyer fails to make the required payments. The note should state the interest rate and specify whether it is fixed or variable.

Mortgage Document or Deed of Trust: The borrower gives the lender either a mortgage document or a deed of trust, depending on the state where the transaction takes place. I was told that New Mexico allows Deed of Trust and that most all other investors you this as well. Both a mortgage document and a deed of trust serve the same purposes of pledging the borrower’s title to the property as security for the loan and giving the lender a claim against the property in the event of default.

When purchasing a home you now know two instruments are used when acquiring a mortgage. I can now move on to how a bankruptcy will affect the foreclosure of a home. Assuming you are late on payments, foreclosure has been filed and you may lose the home. When filing for bankruptcy you may be asked if you want to include the home in the bankruptcy and that will remedy your problem. Well that is wrong.

Remember there are two instruments used when buying a home using a mortgage. A bankruptcy will only release you from the Promissory Note. This is the promise to pay. It will not release you from the Mortgage or Deed of Trust which is the security document for the home. This document is what gives the lender security interest in the property and the right to a claim if the promissory note is not repaid per the terms. This means Foreclosure of the home and recordation of this on public record.

To sum it up a foreclosure will remain public record forever.  It will also affect your ability to obtain another mortgage for 5 years according to Fannie Mae and most likely will not allow you favorable rates once that 5 years is up. Foreclosure is has the most devastating damage to someone’s personal credit which could be 200-350 points. 

Solution: Call me Carlos Martinez 505-350-8184 there is another option that will help you find a solution for you and your lender.  A foreclosure in any neighborhood can severely affect home values. If you know someone that needs my help please let me know.  I would be happy to give anyone a free confidential no obligation consultation.

I have been seeing to much foreclosure activity in our Albuquerque and Rio Rancho Market without any attempt at resolution. I want to help stabilize our housing market which in turn will help our local economy.

Helpful Link Prevent Foreclosure
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            <pubDate>Mon, 26 Jul 2010 16:28:45 -0500</pubDate>
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            <guid>http://www.nmwelcomehome.com/blog/can-you-tell-me-what-hafa-is-and-what-it-means-for-homeowners.html</guid>
            <link>http://www.nmwelcomehome.com/blog/can-you-tell-me-what-hafa-is-and-what-it-means-for-homeowners.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>Can you tell me what HAFA is and what it means for homeowners?</title>
            <description> <![CDATA[ 
HAFA (Home Affordable Foreclosure Alternatives, is part of the part of the Makeing Home Affordable Programed which helps homeowners during this current economic crisis through short sales and deeds-in-lieu.

The programs gives a $3,000 cash incentive to homeowners to avoid foreclosure and successfully complete a short sale or deed-in-lieu.

Probably the most appealing part of the HAFA program is the lender agrees to forgive the remaining mortgage debt for which the home sells for or for the deed to the home.  Note: New Mexico law allows for a deficiency judgements which can be brought by the lender to the borrower for the difference from the mortgage balance to what the actual selling price was and closing cost.  The HAFA program specifically waives a deficiency judgement so the homeowner will not be stuck with excess debt.

HAFA also speeds up an otherwise very long process of a short sale. They do this by setting deadlines for the lender to respond.

There are specific qualifications that a homeowner must meet.  Contact me for a full report and to see if you qualify and if it is right for you.  Visit http://www.nmwelcomehome.com/prevent-foreclosure.php for more information.
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            <pubDate>Thu, 03 Jun 2010 16:02:58 -0500</pubDate>
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            <guid>http://www.nmwelcomehome.com/blog/how-will-short-sales-effect-your-homes-value.html</guid>
            <link>http://www.nmwelcomehome.com/blog/how-will-short-sales-effect-your-homes-value.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>How will Short Sales effect your home’s value?</title>
            <description> <![CDATA[ 
By now most have heard what a short sale* is, know that it can sell for less than what is owed and possibly less than market value.  So how does this effect your home value?

Well it doesn’t…unless it becomes a large part of the market sales in your area. Only then will it have to be considered in determining market value for your home.  For example if there was maybe one or two short sale homes out of 10 sold in the last month, then the market valuation would not consider these sale types as good comparable** properties to your home.  If 4 or 5 homes that sold in the last month were short sales that would represent a large share of the market and would weigh in on determining market value for your home.

I don’t know the formula, stats or information that an appraiser would use to determine how much influence a short sale would have on market value but I do know that most buyers today are very educated on the short sale and its process. Buyers know that a short sale can be long, drawn out and sometimes would rather pay for a home that is priced right and that can close within a reasonable amount of time.

If you are interested in a market snapshot*** of your home please give me a call. 

Thinking about selling? See our Marketing Plan

*Short Sale - A sale in which the lender agrees to take less than what is owed on the mortgage. more details**Comparable - Defined as a home within your area that is similar in location, condition and ammenities.

***Market Snap Short - Also known as a Comparative Market Analysis. A quick estimate of value without seeing the home, based soley on comparable properties.
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            <pubDate>Mon, 17 May 2010 14:33:54 -0500</pubDate>
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            <guid>http://www.nmwelcomehome.com/blog/first-time-home-buyer-new-mexico-mortgage-finance-authority-mfa.html</guid>
            <link>http://www.nmwelcomehome.com/blog/first-time-home-buyer-new-mexico-mortgage-finance-authority-mfa.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>First Time Home Buyer New Mexico Mortgage Finance Authority (MFA)</title>
            <description> <![CDATA[ 
New Mexico Mortgage Finance Authority also known as MFA is a home buyer assistance program.  Without getting into to much detail the program assist low to moderate income buyers with housing.  There are income limits but is much more flexible than traditional type of financing.  It is possible to get a loan to cover your down payment and closing cost. Although flexible MFA made the below change.  

Sole and Separate-poor credit for spouse. A sole and separate is to disclaim or relinquish his or her right, title and interest to the property. This establishes that it is the desire of both spouses that title to the property be granted to one spouse as that spouse’s sole and separate property. For example: Lee Buyer, a married man, as his sole and separate property. 

In the past, MFA has allowed married borrowers to take title as Sole and Separate property due to one party having poor credit. With the 2010A bond issue, a minimum credit score guideline of 620 was adopted for all borrowers on an MFA loan. Therefore, borrowers may not take title as Sole and Separate property because one party has poor  credit. Sole and Separate will only be allowed under the following circumstances:


One party is not able to enter into a contract (i.e. not of legal age)

One party does not have a Social Security number.


www.housingnm.org














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            <pubDate>Tue, 20 Apr 2010 19:52:07 -0500</pubDate>
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            <guid>http://www.nmwelcomehome.com/blog/nationwide-statistics-on-delinquent-mortgages-updates.html</guid>
            <link>http://www.nmwelcomehome.com/blog/nationwide-statistics-on-delinquent-mortgages-updates.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>Nationwide Statistics on Delinquent Mortgages &amp; Updates</title>
            <description> <![CDATA[ 
Here are just some&nbsp;quick facts from a&nbsp;member call I was on recently.&nbsp;

1 out of 10 prime borrowers are delinquent4 out of 10 sub-prime borrowers are delinquent

Continuing increase in delinquencies, foreclosures, defaults.

Reverse mortgages could be the next subprime...which in my opinion does not seem to dominate NM so should not be much of a problem here.

Lender pursue mortgage payoffs long after homeowners default.

This type of mortgage&nbsp;recovery rose 48 percent to a record $1.01 billion in the first nine months of last year. Now that lenders have had a chance to 'catch up' they are now pursuing deficiencies.

Luxury Homes Deliquency&nbsp;

Faster growing number of deliquent loans are loans over $1 million. Reasons: Very littlepurchase money, no refinance money for loans at these amounts.

12% of US Mortgage of $1 million and larger were late this fall, twice the rate for loans under $350,000 and nearly triple the default rate on million dollar mortgatge 12 months earlier.

HAFA&nbsp;(Home Affordable Foreclosure Alternatives)

FHA opens HAMP for borrowers at Defaults door...this may help prior to default.&nbsp;Option for borrower.&nbsp; Do not have to be behind to get a HAMP modification if the FHA borrower is facing &quot;imminent default&quot; meaning they are current or less than 30 days late.

HAFA program begins April 5, 2010 Pertains Non government FNMA, Freddie, VA, FHA...Starts with HAMP 

https://www.hmpadmin.com/portal/index.html
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            <pubDate>Fri, 05 Feb 2010 11:31:18 -0600</pubDate>
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            <guid>http://www.nmwelcomehome.com/blog/short-sale-series-part-5-pitfalls.html</guid>
            <link>http://www.nmwelcomehome.com/blog/short-sale-series-part-5-pitfalls.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>Short Sale Series Part 5 - Pitfalls</title>
            <description> <![CDATA[ 
Buyer's interested in a short sale require an agent who is experienced in the process.&nbsp; This means the buyer agent and the listing agent need to have intimate knowledge and systems to see the short sale process through.

When hiring an agent to work for you on a short sale, you should ask the following questions.


How many short sales have you done in the past 12 months?

How many have failed/been successful?

What lenders have you worked with?

What is your typical timeframe from contract to close?

Do you have any education in the short sale process ie. certification?

What is your lender follow up like?


There are many more questions you should ask regarding a short sale but these questions will help you to gauge their knowledge of the process.&nbsp; Click here for a full list of questions to ask a short sale agent prior to writing an offer.

Here are some common errors in processing a short sale:


Incorrect, incomplete or dated seller documents. ie Financial documents, hardship letter etc.

Lack of lender follow up.

Lack of experience meaning they do not foresee potential problems and resolve prior to those problems arising.

and many more.


Contact me and I will help you through the short sale process.&nbsp; Search Short Sale Homes Here.
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            <pubDate>Mon, 01 Feb 2010 11:52:45 -0600</pubDate>
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            <guid>http://www.nmwelcomehome.com/blog/short-sale-series-part-4-selling-process.html</guid>
            <link>http://www.nmwelcomehome.com/blog/short-sale-series-part-4-selling-process.html</link>
            <author>Homes@NMWelcomeHome.com (REALTORS® NMWelcomeHome.com)</author>
            <title>Short Sale Series Part 4 - Selling Process</title>
            <description> <![CDATA[ 
As I said in the previous sections of the Short Sale Series, these sale types are a great buying opportunity, but require time and patience.

The seller of a short sale is typically in a more distressed situation.&nbsp; My job is to help alleviate the stress of selling their home.&nbsp; Although there are no proceeds going to the seller, the seller must be proactive in the sale as well which also requires time and patience.

The seller is attempting to make good on their debt and find a solution for them and the lender.&nbsp; Due to some circumstance, possibly loss of income, disability, forced relocation, death of a loved one, not having the ability to pay their bills weighs heavily on the sellers.

I have heard comments from people stating that &quot;these people&quot; should&nbsp;not have&nbsp;bought homes that they could not afford...my comment to that is, they are very ignorant.&nbsp; ALL sellers that I have worked for have had some hugely unexpected change in their life that forced them to relocate.&nbsp; Having to pay for two households is tough for some and impossible for others.&nbsp; Couple that with a depressed real estate market and you have a home you cannot&nbsp;afford or sell.&nbsp;&nbsp;They can only hang on so long and most sellers exhaust every penny, credit card and savings they have in order to pay their mortgage.

To &quot;those people&quot; that say they should have not have bought homes they cannot afford need to realize that now prime mortgages have caught up to the sub-prime mortgages in default. A PRIME MORTGAGE, meaning these were people that were credit worthy, had verified income, job and resources to pay their mortgage when they bought it.

When buying a short sale remember that the seller is most likely as committed as you are in seeing this transaction through.

Search Short Sale and Foreclosure Listings Here
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            <pubDate>Mon, 18 Jan 2010 11:14:25 -0600</pubDate>
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