As foreclosures rise, thousands of Americans at risk of losing their home are trying to work out new loans. In Washington, Congress is debating a massive rescue aimed at 500,000 people. And all of the efforts to keep people in their homes run through the mortgage servicers, who are responsible for deciding which troubled borrowers will get more affordable mortgages.

Servicers are being overrun by the foreclosure crisis. These firms were set up to prrocess payments, not do loan workouts on a massive scale. As such, they lack the financial incentive to help homeowners workout new loans.

Servicers are required to act in the best interests of the investors, and how to define “best interests” is often fuzzy. Writing down loans that would go bad might maximize return to investors, but the investors may object anyway as they see the values of their investments diminish. Servicers don’t want to face lawsuits. (more…)

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$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

search for : Valle Crucis, NC, Blowing Rock, NC, Blue Ridge Mountains

Retirees are banking on their homes, in reverse. By taking on a reverse mortgage, borrowers aged 62 and older can cash in on the value of their home and avoid paying back the loan for as long as they live in the property.

Reverse mortgages help retirees lessen their expenses and increase their monthly cash flow. Borrowers can generally receive their reverse mortgage cash in either one lump-sum, a regular monthly cash advance or as a line of credit.

Reverse mortgages also allow seniors to convert part of their home equity into tax-free income, letting seniors easily borrow against the value of their home without selling it. Today’s reverse mortgages are non-recourse loans and lenders do not share in any appreciation or accrued equity.

Safe and simple, reverse mortgages are a valuable option for senior homeowners having trouble living on a fixed income or in need of extra cash for any unforeseen expense.

For complete information on reverse mortgages, see the book illustrated in this blog post by clicking on the attached image.

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WEST JEFFERSON NC MOUNTAIN PROPERTY

87.5 +/- Acres Available For Residential Subdivision Mountain Development, 7 miles from West Jefferson, NC

Paved Road and Bridge Built To State Specifications.

Average of $23,000 per acre.

This Property Should Retail For Approximately $50,000 to $60,000 per acre.

ALL PROPERTY HAS LONG RANGE MOUNTAIN VIEWS

Contact Greg Stikeleather, Broker, 704.880.5247

or

email Greg at grstike@charter.net

click here for more information

A reverse mortgage allows homeowners over the age of 62 to receive a monthly or lump sum payment on their home’s equity. A lender typically pays a homeowner according to a formula derived from the homeowner’s age. The current interest rate and the appraised value of their home are subject to regulations administered by the United States Department of Housing and Urban Development.

Homeowners can get more money the older they are and the more valuable their home. Reverse mortgages differ from traditional mortgages because no repayment is required until the homeowner passes away, or ceases to use the home as their primary residence.

Once a homeowner takes a reverse mortgage, that individual can choose different ways to receive their funds, either via “tenure,” receiving monthly payments, or via a “line of credit,” which is essentially a lump sum payment the borrower can pull from at any time. So long as the borrower remains in the home and continues to pay taxes and insurance, the homeowner will never owe more than what the home is worth. (more…)

Vacation property, an investment for retirement or a permanent residence, this Lake James waterfront home may be your dream property.

The beautiful water front home is located in a private community with spectacular views of the Blue Ridge Mountains. It has a double deck boat dock, an enclosed boat garage and a private ramp to launch your own watercraft. The home was built originally in 1972 and totally renovated in 2002. A four car detached garage was built in 2002.

There is a total of 264 ft. of water front. Beautiful three tier sea walls accent this elegant home. Hard wood and tile floors, modern appliances and vaulted ceilings are only a few of the amenities that capture you with this home.

Private dock permit.

List Price: $1,800,000
Flexibility: Willing to finance
Acreage: .75 acres
Type: Waterfront

Floors: 2
Bedrooms: 4
Bathrooms: 4
Sq. Footage: 3700
Garage Size: 4.0
Year Built: 1972, totally renovated in 2002
School District: Nebo

Suitable Use: Residential

Topography: Rolling
Road Frontage: Private Road
Location: Lake James, Burke County, NC

Amenities: Waterfront, Fireplace, Central AC, Alarm, Wood Floors, Gas Range, Patio, Wheelchair Accessible, Nature/Bike Paths, Boating, Controlled Access, Spa/Jacuzzi

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search for : Lake James waterfront home, Blue Ridge Mountains, Lake James, Burke County, NC

Loan limits for conventional mortgages recently were raised with the passage of the Economic Stimulus Act of 2008. However, seniors hoping to tap into additional home equity via the nation’s most popular reverse mortgage are stuck with the same loan ceilings.

Currently, loan limits will retain the existing “floor” of 48 percent of the conforming loan limit or $200,160, as well as the “ceiling” of 87 percent, or $362,790. Those areas in between are limited to 95 percent of the local median home value.

There are many seniors who have been waiting for the higher figures to be in place so that they could obtain a reverse mortgage or refinance an existing reverse mortgage. Many prospective borrowers believe they can qualify for a reverse mortgage equal or close in size to the value of their home, or at least the local FHA loan limit. This isn’t the case. (more…)

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As of late last year, delinquencies on HELOCs were up 47% according to Economy.com. And, the numbers are expected to be worse in 2008.

In response, Countrywide has already suspended an estimated 122,000 lines, many in high-foreclosure-rate states, and USAA has frozen or reduced some 15,000 accounts.Bank of America (BAC, Fortune 500), Chase (JPM, Fortune 500) and Citibank (C, Fortune 500), among others, are following suit.

While not all HELOCs will be frozen or downgraded, lenders will surely scrutinize every account, including yours.

Areas where housing prices have fallen by 10% or more are prime targets for a lender to consider freezing their funding of additional HELOC draws. Because of new lending standards, your HELOC could also be in danger if you bought your home in the past few years with little money down. (more…)

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