$5,850,000

MLS Number: 50913

City: [tag]Valle Crucis, NC[/tag]
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-[tag]Blowing Rock, NC[/tag]
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 [tag]Blue Ridge Mountains[/tag].

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

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The White House is considering to veto a bill seeking to follow up the recent economic stimulus package with several proposals to shore up the struggling housing market and reduce foreclosures. Senate Democrats had hoped to begin debate on the housing bill but their action’s have been put as Republicans kept the subject on Iraq.

The Democratic housing bill would change [tag]bankruptcy laws[/tag] to allow judges to cut interest rates and reduce what’s owed on troubled borrowers’ mortgages, provide $4 billion to communities to purchase and [tag]rehabilitate foreclosed homes[/tag] but the White House said the $4 billion for purchases of foreclosed homes is too expensive and “would constitute a bailout for lenders and speculators, while doing little to help struggling homeowners.”
(more…)

Congress is currently debating laws that would give bankruptcy court judges the authority to reduce mortgage debt with an idea that to help thousands of borrowers prevent foreclosure. But, lenders are furious at the prospect of having judges seize control of their mortgage portfolios. Community and consumer advocates argue that such a move makes sense amid the current mortgage crisis.

Titled “The Emergency Home Ownership and Mortgage Equity Protection Act of 2007″ and “The Foreclosure Prevention Act of 2008″, the proposed legislation is being drafted to provide relief for some home owners in bankruptcy. Only borrowers who live in their homes and hold [tag]subprime loans[/tag] or [tag]non-traditional mortgages[/tag], like interest-only loans, would be eligible.

These bills are one of many efforts by government and consumer groups to encourage lenders and mortgage servicers to restructure loans to more affordable terms for home owners in danger of default. (more…)

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

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Candidates for a [tag]reverse mortgage[/tag] are 62 or older and owns a house that is fully paid for or has a relatively low mortgage. With a reverse mortgage, the homeowner borrows the money but does not have to repay the loan until the property is sold or the homeowner dies. At that point, the lender is repaid the principal and all of the accrued interest. The lender cannot foreclose on the property or in any way interfere with ownership, unless the owner is causing waste or damage.

As an adult child of a senior homeowner, instead of having your parents go to a commercial lender, maybe you could be a [tag]private lender[/tag]. Say your parents want an extra $2,000 a month. They can enter into a [tag]line of credit[/tag] arrangement with you. They would sign a promissory note that is secured by a deed of trust (a mortgage) on the property. (more…)

For most locales across America, home prices have fallen 10% or more. And, with recent [tag]Fed rate cuts[/tag], interest rates on mortgages of $417,000 or less have sunk to their lowest levels in four years. Those with solid credit and at least a [tag]20% down payment[/tag] can lock in a rate of only 5.9% on a 30-year mortgage.

But times have not changed to the good for those homeowners needing a [tag]jumbo mortgage[/tag]. That level of mortgage is for home loans of more than $417,000. Mortgage guarantors Fannie Mae and Freddie Mac are not permitted by law to purchase jumbo loans. And, investors have stopped buying bonds created from bundles of jumbo.

However, there is some positive news for those needing a jumbo mortgage. As part of the economic stimulus bill signed by President Bush last week, the limit for Fannie and Freddie mortgages will be temporarily raised from $417,000 to $729,750. (more…)

My homeowners are planning on [tag]refinancing[/tag] their mortgage. Since rates have fallen since they took out their [tag]30-year fixed-rate mortgage[/tag] a few years back and their credit scores have improved, they hope to qualify for a better deal this time around.

Borrowers should always compare fees when shopping for loans. How much consumers pay in closing costs varies from state to state and lender to lender. It also depends on the borrower . A loan applicant with a good [tag]credit score[/tag] generally will pay lower fees than a borrower with bad credit because the lender may be required to do more legwork to qualify the borrower for a loan.

A prospective borrower should first obtain copies of their credit reports at [tag]annualcreditreport.com[/tag] and clear up any mistakes. Each homeowner is entitled to one free credit report every year from each of the big three credit-reporting agencies, Equifax, Experian and TransUnion. (more…)

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

The beautiful water front home is located in a private community with spectacular views of the [tag]Blue Ridge Mountains[/tag]. 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: [tag]Lake James, Burke County, NC[/tag]

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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In a joint effort to cool the raging [tag]foreclosure crisis[/tag], six of the nation’s largest mortgage lenders have agreed to temporarily [tag]stop foreclosure[/tag] proceedings on homeowners who have fallen seriously behind in their house payments.

Efforts to foreclose on seriously [tag]delinquent borrower[/tag]s will be postponed for 30 days while lenders and borrowers try to work out payment options. Known as Project Lifeline, the program will not be confined to borrowers with adjustable rate mortgages.

These ARMs have recorded the highest rates of delinquencies, even as default for loans of all types have risen dramatically over the past couple of years. (more…)

According to this author, mortgage brokers abuse borrowers when they collect a rebate from the lender for delivering a high-interest-rate loan without the knowledge of the borrower. I developed the Upfront Mortgage Broker program largely to deal with this problem.

Upfront Mortgage Brokers (UMBs) agree in writing with borrowers to a specified total fee, which includes any payment received by the broker from the lender. The borrower elects how to pay the fee, either in cash at closing or in a rate high enough that the lender will pay a rebate to the broker. (more…)

There is good news and bad news in the mortgage industry. First, rates are down, but the bad news is that it is much harder to qualify for a refinanced loan these days. Moreover, the borrowers who need to refinance the most, because their adjustable rate mortgages (ARMs) are resetting to higher interest rates, are among those having the most trouble winning approvals.

During the boom years, lenders approved most anyone with a pulse. Not so today. Mortgage brokers recognize this and are now being very selective about the clients whose applications they choose to submit to their lender network. (more…)

Beautiful Wilkes County NC Timber Frame Home and Mountain Property.

MLS Number: 51166, List Price: $898,500

2 Bedrooms, 2 Baths, 2 half baths, 2 car attached garage, full basement, and a barn on 5 acres of land.

These terms are used to describe thousands of homes and yet some things just can’t be described, they have to be experienced. This is one of those homes that really has to be seen to be appreciated.

This majestic Timber Frame home of the Bob Timberlake genre is not just another house, it provides a feeling of home that is not about walls and floors and windows and doors. It creates a feeling of the flow between your outdoor and your indoor environment that is seamless. Everywhere you look there is a view. Everything you touch feels natural and beautiful in a way that cannot be described, only owned.

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

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As lenders suffer from defaulted mortgages, they are learning that the number of people who bought homes as investments is much greater than previously believed. Such borrowers turn up frequently in analysis of loans that defaulted within months after origination. In many cases, these speculators lied on loan applications, saying they intended to live in the homes in order to obtain more favorable loan terms or failed to provide the requested information.

Approximately 20% of mortgage fraud involved “[tag]occupancy fraud[/tag],” an industry term to describe the situation when borrowers falsely claiming they intended to live in a property. Another study looked at 45 subprime loans that defaulted within the first 12 months even though the borrowers had good credit scores. In two-thirds of the cases, borrowers said they intended to live in the property but never moved in. (more…)

More than 2 million homeowners are in trouble with their debt payments. And a new study shows that more than half of homeowners who become delinquent on their loan payments ultimately go into foreclosure.

However, just for those beleaguered homeowners, the new Mortgage Forgiveness Debt Relief Act of 2007 is supposed to provide some relief to those who sell their homes short; that is, sell for less than the mortgage amount.

Prior to the new law being signed, if your lender agreed to a short sale, the IRS considered the difference between what you sold for and what you owed taxable income. So, just as you were starting to move on with your life, having lost just about everything, the following April 15 you’d have owed the IRS income tax on what amounted to phantom income. (more…)

Many holders of [tag]home-equity loan[/tag]s and lines of credit are benefiting greatly from the string of recent Fed rate cuts. Since home-equity rates are often based on the prime rate — which drops every time the federal funds rate is cut and now sits at 6% vs. 7.75% in September — interest payments on many home-equity products have fallen.

The not-so-good news, as some homeowners are finding out, is that it’s more difficult to get approved for one of these loans lately. As they have with first mortgages, many lenders have tightened their underwriting guidelines on home-equity loans and lines of credit in recent months, often requiring that borrowers have higher credit scores and a larger amount of equity built up in their homes.

In many cases, homeowners who do qualify can’t get as big of a loan as they once could have. (more…)

Part of the recent Countrywide Financial Corp.’s earnings release was the news that its $32.4 billion portfolio of prime [tag]home equity lines of credit[/tag] (HELOC) had begun to rapidly deteriorate. The lender was forced to take a $704 million charge related to homeowners’ inability to pay back equity they extracted from their homes.

Once a certain threshold of losses is achieved in a home equity loan securitization pool, the bond holder is paid off ahead of the lender. What’s worse is that it’s difficult to see how large a lender’s exposure is to home equity loans.

In the short-term, this is just another blow for a investors in the financial sector. Longer-term however, it looks like a lot of ready cash is getting taken away from homeowners, at least in California. (more…)

More than half of borrowers who have missed mortgage payment deadlines remain unsure of ways to avoid [tag]foreclosure[/tag]. However, a recent report indicates that the percentage is falling. Research from government mortgage buyer Freddie Mac said that 57% of late-paying borrowers are unaware of foreclosure alternatives offered by their lenders.

That percentage was down from the 61% reported in the first Freddie Mac/Roper survey in 2005. Efforts to get borrowers to call lenders and counselors are starting to work, yet too many at-risk borrowers are still unaware their servicers routinely provide alternatives. (more…)

According to the Federal Trade Commission, [tag]identity-theft complaint[/tag]s are up 185% since 2001. Protecting your privacy consists of a few common sense items, consisting of a combination of common sense and street smarts.

Credit-report freezing, which prevents anyone new from viewing your report or issuing credit in your name, is now available in all 50 states and involves mailing a request to all three major credit-reporting agencies.

The [tag]Do Not Call Registry[/tag] is currently 145 million phone numbers strong. Enforcing the law, the FTC recently levied $7.7 million in fines against companies that skirted it. To keep your number private, make sure it’s on the Registry. (more…)

Beautiful Wilkes County NC Log Home and Mountain Property.

MLS Number: 50863, List Price: $359,900

Bedrooms: 3, Full Baths: 2, Half Baths: 0, Est Total SqFt: 2600, Type/Style: Log Home, Area: Area 6, Middle School: Cntrl Wlks, High School: Wlks Cntrl, Construction: Log

Foundation: Combination, Roof: Metal Roof, Floors: Carpet/Hardwood/Tile, Garage/Carport: None-Garage, None-Carport, Interior Features: Master Bedroom, Main Level, Large Master Bedroom, Walk-In Closet(s), Hardwood Floors, Fireplace(s), Great Room, Exterior Features: Double Pane Windows, Wooded Lot, 1-5 Acres, Hot Tub, Subdivision: N/A, Lot Size: 2.47, Apx SqFt: 2600 – 2800 SF, Basement: None

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

click here for more information