In the real estate industry, a homeowner suffering from financial problems which cause an inability to meet monthly mortgage obligations is said to be "in distress" and in possession of a "distressed property." Based on the point in the foreclosure process in which the home resides, it can be considered a pre-foreclosure, foreclosure at auction or bank possessed home.
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The most problematic reality of selling a distressed home is that even after the repairs are made, it's no guarantee of a speedy sale. In the case of major issues such as damage to the roof, foundation or plumbing, the repairs may have to be disclosed as part of the transaction between buyer and seller, and so many prospective deals fall through last minute.
A recent fatality taking place on the premises can also be a factor in a slower than expected home sale. A recent study indicated that this factor was considered significant by 2 out of 5 prospective homebuyers, with these respondents indicating they would pass on a property outright. Many jurisdictions mandate that this information be disclosed, and this can make a property that is otherwise in good condition much more difficult to sell.
Naturally, the real value in property lies not in the building, but the property on which it is built. Real estate of this type is a truly finite resource, meaning it will only gain value with time under most circumstances. As a result, future development in the area of a property is a primary factor in the value of a particular property.
There are also a number of less immediately identifiable elements that contribute to the market value of a home, and in some cases this can mean a longer than expected selling process for a homeowner in possession of an unwanted property. Even something as minor as a street name or nearby residents can have an outsized impact on the value of a home.
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Texas, seat (1848) of Cameron county, extreme southern Texas, U.S. It lies along the Rio Grande opposite Matamoros, Mexico, 22 miles (35 km) from the river's mouth. With Harlingen and San Benito it forms an industrial, agribusiness, and port complex. On March 28, 1846, General Zachary Taylor placed the U.S. flag on the site (then part of Matamoros) and constructed a fort. Taylor's arrival signaled the start of the Mexican War, which began in earnest after the Thornton Skirmish (April 25, 1846). On May 8 and 9, 1846, the battles of Palo Alto and Resaca de la Palma were fought there. The fort was later named Fort Brown for Major Jacob Brown, who died in battle on May 9. During the American Civil War, Brownsville and Matamoros served as ports of call for blockade runners handling guns and ammunition and for Confederate cotton, and on May 12 and 13, 1865 (a month after the war had ended), a Union force was captured at nearby Palmito Hill by Confederates under General Richard Taylor. In the postwar years, Fort Brown served as a military hospital; there William Gorgas, a physician, conducted pioneering research on the treatment of yellow fever. The fort was decommissioned in 1945.Modern Brownsville got its start when the first standard-gauge railroad arrived from Kingsville in 1904. The city was the scene of the Brownsville Affair of 1906, in which black soldiers were unjustly accused of murdering a white man and wounding another. Ethnic tensions, especially between Anglo Americans and Mexicans, plagued the city throughout the 20th century.Brownsville's deepwater port (opened 1936), with a 17-mile (27-km) channel, serves as the southwestern terminus of the Gulf Intracoastal Waterway and handles a range of bulk cargoes, including fuel oil, ores, and grains; it is also the harbour for a large shrimp fleet. Brownsville's industries include petrochemicals, aircraft repair, and food processing. The city is an international air, highway, and rail focus and is the largest urban centre in the irrigated lower Rio Grande valley, which supports the raising of cotton, grain, winter vegetables, citrus fruit, and livestock.Brownsville's economy is augmented by tourism, based on the nearby Boca Chica Beach, the Padre Island National Seashore (established 1962), and gateway facilities to Mexico. The city's annual pre-Lenten Charro Days festival combines Texan and Mexicanculture . The Historic Brownsville Museum and Stillman House Museum contain collections of documents andartifactsrelating to area history. The city is the seat of the upper-division University of Texas at Brownsville (1973) and itsaffiliate , Texas Southmost College (1926). Inc. 1850. Pop. (2000) 139, 722; Brownsville-Harlingen Metro Area, 335, 227; (2010) 175, 023; Brownsville-Harlingen Metro Area, 406, 220.
The one reality about today's housing market is that many people have more questions than answers. The following information is intended to help you or someone you know better understand your situation.
Do I Qualify For A Short Sale?
The qualifications for a short sale include any or all of the following:
Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall - You have more month than money. A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
What Is A Mortgage Modification?
A mortgage modification is a process through which your mortgage lender changes any or all of the following:
Your interest rate
Your principal balance (through a reduction)
Your loan terms (example: from an adjustable to a fixed rate)
This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.
Why Would A Lender Modify My Mortgage?
Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.
What Do I Need To Qualify For A Mortgage Modification?
According to the Making Home Affordable Web site (http://MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:
Information about your first mortgage, such as your monthly mortgage statement
Information about any second mortgage or home equity line of credit on the house
Account balances and minimum monthly payments due on all of your credit cards
Account balances and monthly payments on all your other debts such as student loans and car loans
Your most recent income tax return
Information about your savings and other assets
Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
If applicable, it may also be helpful to have a letter describing any circumstances that caused your income reduce or expenses to increase (job loss, divorce, illness, etc.)
How Do I Qualify For A Mortgage Modification?
The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):
Prior to contacting your mortgage lender you can quickly complete an eligibility test at http://MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP).
For a list of mortgage lenders and servicers, visit www.HopeNow.com.
What Is A Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.
What If I Don't Qualify, Can't Afford My Home, And Owe More Than It's Worth?
You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents with the 'Certified Distressed Property Expert' Designation have undergone extensive training in how to process and negotiate short sales.
A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.
What Are The Qualifications For A Home Affordable Refinance?
According to the resources released by the government, following are a list of qualifications:
You are the owner occupant of a one- to four-unit home
The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
At the time you apply, you are current on your mortgage payments (you haven't been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan.
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Related Statewide Reading Topics: Brownsville - Let Us Make Your Home Sale Faster.