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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Nov. 13, 2015)
November 2015 — Real Estate & Home Builders Guide — Page 19M ¶<RXUUXUDOSURSHUW\VSHFLDOLVW· Cheryl Jenison ABR, BROKER, GRI, SRES 205 Pine Street • Spray, OR 97874 3 KRQH Fax 468-3115 www.realestateoutback.com 99267 - Rural Spray Property – REDUCED - VTIWRSHQIOUSODQ ZRRGWLOHFDUSHWIOUV ·[·VKRSZFRQFUHWHIOU SDUWKHDWHGFUHHN SDVWXUHDWWDFKHGFDU J DUDJH.DKOHU%DVLQDUHD DF $299,000 99313 - Winlock Area, Cabin style home V TIWRSHQNLWFKHQGLQLQJ OLYLQJURRPZRRG HOHFWULFKHDWEHGURRP E DWKRQPDLQIOUORIWZLWK EDWKVKRSZLWKJXHVW E HGURRPXSVWDLUVZHOO VHSWLFJUHDWYLHZVDF $219,000 99308 - 5 miles out of FossilKRPHRQDF VTIWRSHQIOU SODQILUHSODFHHOHFWULF KHDWZHOOVHSWLFJDUDJHDQG V KRSUYSDUNLQJORWVRI VWRUDJHSDVWXUHIHQFHG E DUQ $249,500 99306 - Home in the City of SprayRQWKH-RKQ 'D\5LYHUVTIW ZRRGHOHFWULFKHDWUY SDUNLQJZFRYHUJDUGHQ DUHDFLW\ZDWHUVHZHU GHWDFKHGJDUDJHVKRS RWKHURXWEOGJV $155,000 99292A – Spray ·[·VKRSZLWKSRZHU FRQFUHWHIOUEXLOGDEOH HGJHRIWRZQFLW\ZDWHU VHZHUFORVH $70,000 99259 – REDUCED – Spray EXLOGDEOHORWRQ WKH-RKQ'D\5LYHU DFLQWKH&LW\RI6SUD\ FLW\ZDWHUVHZHUDYDLODEOH S URSHUW\KDVWZROHYHOV $65,000 :KDWFDQ\RXGRZKHQ\RX FDQ¶WDIIRUGWR¿[\RXUKRPH" By Ilyce Glink and Samuel J. Tamkin Tribune Content Agency Q I’ve never been late with my payments. Bank of America has my loan. I’m wondering if I can EHQH¿WIURPD+$03RUD+$53 loan. My house is literally falling apart, but ,FDQ¶WDIIRUGWR¿[WKHURRIIRXQGDWLRQRU termite problem. Should I sell the property DVDÀLS¿[WRDUHDOHVWDWHDJHQW" 7KH¿UVWTXHVWLRQLVZKHWKHU\RX KDYHHTXLW\LQ\RXUKRXVHRUQRW If you do, then you might be able WRJHWDKRPHHTXLW\OLQHRIFUHGLW WRKHOSFRYHUVRPHRUDOORIWKHH[SHQVHLQ ¿[LQJ\RXUKRPH,IWKHUHLVQRHTXLW\DQG \RXFDQ¶W¿JXUHRXWKRZHOVHWRSD\IRUWKH needed repairs, then you should consider selling this property before it falls down around you. The program that might be helpful to you LVWKH+RPH$IIRUGDEOH5H¿QDQFH3URJUDP RU+$53ZKLFKZRXOGKHOS\RXUH¿QDQFH your mortgage. But you’d only do this if you have a high interest rate and very little or QRHTXLW\:KLOHD+$53ORDQZRXOGPDNH repayment easier (because it would lower your interest rate), it wouldn’t give you any FDVKWR¿[XSWKHSURSHUW\ ,W¶VQRWWKDWHDV\WRTXDOLI\IRUD+$53 loan, despite what you may have heard. First, your loan must be owned by Fannie Mae or Freddie Mac. (If Bank of America is the servicer, then it’s likely that your loan is owned by Fannie or Freddie.) Your loan has to have been originated on or before May 31, 2009. And your loan-to-value ratio must EHJUHDWHUWKDQSHUFHQW<RXFDQ¿QGRXW PRUHDWZZZKDUSJRYHOLJLELOLW\ ,I\RXFDQ¶WTXDOLI\IRUD+$53UH¿QDQFH RUDFRQYHQWLRQDOUH¿QDQFHWKHQ\RXVKRXOG think about listing this property before any more value slips away. Please talk A to a handful of real estate agents who are familiar with the neighborhood, and who ZRUN IRU EURNHUDJH ¿UPV WKDW GR D ORW RI business in your neighborhood. If you don’t know good agents in the neighborhood, call up the companies that work there, talk to the managing broker about your situation and ask for a recommendation. Then, interview WKRVHDJHQWVWR¿QGVRPHRQH\RXFDQUHDOO\ connect with. Use online tools like Zillow, Trulia, Ilyce’s YouTube channel (www.youtube. FRPH[SHUWUHDOHVWDWHWLSV DQG KHU ZHEVLWH website (www.ThinkGlink.com) to educate yourself on the prospects and what the sales situation looks like in your neighborhood right now. Once you have that information, you PD\¿QGWKDW\RXQHHGWRVHOOWKHKRPHDV a short sale — that is where you owe your lender more than what you will get out of the sale of the home. If this is the case, you may want to contact the lender early in WKHSURFHVVDQGVHHZKDWUHTXLUHPHQWVWKH lender will have for your short sale. (The lender has to approve a short sale and that approval process can take a long time.) Short sales are not always easy, but if you take some time and talk to your lender now, you might get a better idea how hard it will be for you to sell it to a prospective buyer. Good luck. Ilyce Glink is the creator of an 18-part webinar+ebook series called “The Intentional Investor: How to be wildly successful in real estate,” as well as the author of many books on real estate. She also hosts the “Real Estate Minute,” on her YouTube channel. Samuel J. Tamkin is a Chicago-based real estate attorney. Contact Ilyce and Sam through her website, ThinkGlink.com. BUSINESS: 541-523-2800 CELL: 541-518-2800 3480 Place • BAKER CITY, OR 97814 “16th Street - between Auburn and Place” / LFHQVHGLQ2UHJRQ GRANITE CREEK RD Q HDU*UDQLWH25DFUHVPOVXUURXQGHG E \ 86)6 D JUHDW SURSHUW\ IRU D IDPLO\ RU KXQWLQJUHWUHDW4XDOLILHVIRUWZR/23WDJV E XLOGDEOH WLPEHUHG &XVWRP EXLOW FDELQ ZLWK VRXWK H[SRVXUH KDV '(4 DSSURYHG V HSWLFV\VWHPDQGGHYHORSHGVSULQJ3ULYDWH JDWHG DFFHVV URDG OHDGV WR WKLV VHFOXGHG S URSHUW\ $549,000 Holly Bri Loan Officer MNLS # 1220124 P: (541) 371-1155 holly.bri@academymortgage.com www.academymortgage.com/hollybri ML#-2421 l Corp NMLS #3113 Judy Woods Sales Manager MNLS #296683 P: (503) 569-3361 judy.woods@academymortgage.com www.academymortgage.com/judywoods ML#-2421 l Corp NMLS #3113 MILL CREEK LN 1HDUO\ VT IW RI OLYLQJ VSDFH D G RXEOH JDUDJH DQG D WULSOH FDUSRUW DOO X QGHURQHURRI7ZREHGURRPKRPHDOVR KDV D ORIW ZLWK VLWWLQJ URRP 9DXOWHG F HLOLQJV 6HYHUDO TXDOLW\ RXWEXLOGLQJV / RFDWHGRQQHDUO\DFUHVZLWKWUHHVDQG Y LHZVRIYDOOH\DQGPWQV $380,000 ', 1 ( 3 1* 295 East Main Street, Suite # 5-W Hermiston, OR 97838 Zero down home loans are VA loans, USDA and NHF Planum loans. This is not an offer for extension of credit or a commitment to lend. All mortgage products are subject to credit & property approval, rates, program terms & condions subject to change without noce. Addional condions, qualificaons, & restricons may apply. Contact Academy Mortgage for more informaon.
