Westchester and Putnam County Foreclosure Prevention

February 1, 2009

Are you a homeowner that is in distress? Are you behind on your mortgage payments? Did you lose your job and soon will no longer be able to make mortgage payments? Have you already received a call or letter from your lender that they have started the foreclosure process on your home?

Despite what you may heard a bank does not want to foreclose on your home but the bank absolutely will foreclosure on you if you did not seek foreclosure prevention options right away. Below is a list of options for homeowners in foreclosure:

Reinstatement
In order to reinstate a mortgage, you must pay all missed payments, late fees, and legal fees that are due up until the date that the loan is reinstated

Forbearance or Re-Payment Plan
If you do not have the means to repay all of the missed payments and legal fees, then this is another option that also reinstates the mortgage. The lender allows the homeowner to pay the missed amount over a period of time or they place the missed payments at the end of the amortization of the loan

Sell the Property
If you have equity in your house, you can sell it and cure the foreclosure A licensed real estate agent experienced in the foreclosure process can help a homeowner harvest from the home sale as much of your hard-earned equity as possible. When choosing a Realtor make sure to choose a Certified Distressed Property Expert (CDPE) who understands the foreclosure process and is aware of the foreclosure timeline and pricesyour property accordingly.

Rent the Property
In some cases, a homeowner facing foreclosure that has mortgage payments low enough to allow him to rent the property and keep up the mortgage payments. This is usually a short-term solution since when taxes and insurance payments come due, many homeowners cannot afford them.

Refinance
If the homeowner has sufficient equity and income and their credit has not been too badly damaged, you may be able to refinance. This is also typically a short-term solution since payments on the property usually go up considerably due to the refinance.

Mortgage Modification

In some cases where homeowners do have the means to afford their mortgage payments or very close to their mortgage payments, the bank may qualify them for a mortgage modification.

Short-Refi

This relatively new phenomenon shows just how far some mortgage companies and lenders are going to avoid foreclosing on properties. This process involves the refinance of a home with a reduction in the principal balance and often the interest rate as well. The homeowner will have to apply for this process both in showing a hardship as well as demonstrating the ability to pay the new mortgage through a fully documented qualification process.

Deed-in-Lieu of Foreclosure
This option is sometimes referred to as a “friendly foreclosure” since you essentially give the deed to your property back to the bank. If owner has equity in the house, this is not a good option since they give up any right to the property and any equity when using Deed-in-Lieu as a solution

Bankruptcy

A bankruptcy may stop a foreclosure and allow a homeowner to reorganize his debt and keep his property. The reality however, is that most of the time this is not the case and the bankruptcy only stalls the foreclosure. If the homeowner is not to make payments after bankruptcy, the house will foreclose anyway.

The other major drawback to bankruptcy is that it makes it very difficult for the homeowner to sell his property once he enter the process.

Servicemembers Civil Relief Act (SCRA)

Signed into law on December 19, 2003, the SCRA provides certain protection to military personnel that are in foreclosure in specific situations. The law also provides Servicemembers other protections
It is important to note that this relief is only temporary and in many cases the most prudent course of action for a Servicemember is to sell their property.

*** Short Sale ***
When a homeowner owes more on a property than it is currently worth and one of the above solutions do not apply to their situation, there is an option of pursuing a short sale.

A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is ‘sold short’.

In the past it was rare that a bank or lender would accept a short sale however due to overwhelming market changes lenders have become much more negotiable when it comes to these transactions. Recent changes in policy within many organizations have made the chances of getting a short sale approved even higher!

In some areas as may as 50% or more of the properties that are selling are related to a short sale or a banked owner property. According to the database on Foreclosures .com, there are currently over 1.8 million pre-foreclosures (owners who are behind on payments and have been reordered publicly), over 1 million auctions and over 1.4 million REO’s (properties already taken over by the bank after foreclosure.

In order to start the short sale process a homeowner will need to seek the services of a Realtor who works with banks on a regular basis helping homeowners. There are only 1000 Certified Distressed Property Experts (CDPE) in the United States and a CDPE is one of the best chances a homeowner has to complete a successful short sale. There are NO FEES involved or costs to the homeowner, the bank pays all fees including closing costs, late fees and attorney fees!

If you would like a no obligation free phone consultation about your options to help prevent your home from going into foreclosure call me at 914-403-4868 or email [email protected]

Westchester and Putnam Short Sale Properties.

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Certified Distressed Property Expert Designation, Helping Families Avoid Foreclosure

January 29, 2009

(Press Release) – Jan 29, 2009 – Westchester County, NY – January 29, 2009 – Michael Trinchitella of Re/Max Classic Realty in Yorktown Heights, NY has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Westchester and Putnam County NY area, there are thousands of homes that are in danger of foreclosure. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Trinchitella. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Michael with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

Michael Trinchitella can be reached at 914-403-4868 or [email protected]

Foreclosure and Short Sale listings

Foreclosures and short sales in Putnam County NY

Foreclosures and short sales in Westchester County NY

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Search the Westchester Putnam MLS

January 17, 2009

Search all homes for sale on the Westchester/Putnam MLS. Get access to all listings from every real estate company. Properties for sale in Westchester, Putnam, Dutchess and the Bronx.

Use the Quick Search below to start your search:

Sign up for Automated Property Updates – The moment new listings and new prices that match your criteria become available, we will automatically e-mail you. With our free updates you will beat other buyers to the best New Listings! Sign up HERE.

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Recent condo sales in Heritage Hills

January 15, 2009

Recently sold condos in Heritage Hills in Somers New York

Sellers – are you looking to sell your condo in Heritage Hills? Need help determining the value of your home? Receive a free home sales report that will show you what similar properties to yours are selling for. Request a Free Home Evaluation of your home and receive a report of similar homes that have sold in the area as well as homes currently for sale. 100’s of buyers looking to buy a condo in Heritage Hills visit my site each and every month.

Buyers – are you looking to purchase a condo in Heritage Hills and need a Comparative Market Analysis to help you formulate an offer on a home you are interested in? Email me at [email protected] with your Somers Real Estate needs.

Below is a partial list of the 50+ recent condo sales in Heritage Hills in Somers in the past 6 months, to see the full list please check out this link: Recent sales in Heritage Hills.
Please email me if you would like to have the full listing details sheets including photo’s, description, size, model name, etc for any of these condos emailed to you.

Address	Sales Price	Date	Days on Market
253-B Heritage Hills #253-B	445,000	1/9/2009	83
562-A Heritage Hills #A	371,500	1/6/2009	172
16 Heritage Hills Dr #16A	330,000	1/5/2009	200
4 Heritage Hills #4C	297,000	12/29/2008	70
47-A Heritage Hills #A	246,000	12/19/2008	186
951-E Heritage Hills #951 E	385,000	12/12/2008	93
655-A Heritage Hills #655-A	476,000	12/12/2008	213
287 Heritage #287A	494,000	12/10/2008	191
481 Heritage #c	450,000	12/9/2008	190
298 Heritage #A	417,000	12/4/2008	91
593 Heritage Hills #D	417,500	11/26/2008	127
390 Heritage #390E	355,000	11/24/2008	320
343 Heritage Hills #343A	360,000	11/24/2008	202
390-D Heritage Hills #390D	318,500	11/17/2008	156
544 Heritage #B	325,000	11/17/2008	94
269 Heritage Dr #269F	340,000	11/13/2008	193
364 Heritage Hills #B	409,000	11/10/2008	66
608 Heritage #B	307,000	11/6/2008	58
296 Heritage Hills #A	385,000	10/31/2008	214
558-A Heritage #558A	418,000	10/30/2008	145
429-C Heritage Hills #429C	420,000	10/29/2008	249
444 Heritage Hills #D	386,750	10/23/2008	167
544 Heritage #A	252,500	10/10/2008	88
185 Heritage Hills Dr #B	340,000	10/8/2008	68
75-C Heritage Hills #75C	380,000	10/1/2008	137

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Pet Friendly coops in White Plains New York

January 13, 2009

Looking for a co-op in White Plains NY that allows pets? Some of the hardest coops to find in White Plains are coops that allow pets and/or only restrict pets by a certain weight, usually 25lbs and under. To make the search easier for all the pet lovers out there I have created a web page dedicated to coop buildings in all of White Plains that allow pets. The web page is updated daily with new listings from every real estate company in the county. There is no other site like it!

To view current listings on the market check out: Pet friendly coops in White Plains NY

If you are looking for condos please check out my: White Plains Pet friendly Condos page.

Search all pet friendly condo and co-op complexes in Westchester County NY

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Pet Friendly Condos in White Plains New York

January 13, 2009

Looking for a condo in White Plains NY that allows pets? Some of the hardest condominiums to find in White Plains are ccondos that allow pets and/or only restrict pets by a certain weight, usually 25lbs and under. To make the search easier for all the pet lovers out there I have created a web page dedicated to condos and condo buildings in all of White Plains that allow pets. The web page is updated daily with new listings from every real estate company in the county. There is not other site like it!

To view current listings on the market check out: Pet friendly Condos in White Plains NY

If you are looking for co-ops please check out my: White Plains Pet friendly Coops page.

Search all pet friendly condo and co-op complexes in Westchester County NY

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Pet friendly coops Westchester County

January 12, 2009

Some of the hardest coops to find in Westchester County are coops that allow pets and/or only restrict pets by a certain weight, usually 25lbs and under. To make the search easier for all the pet lovers out there I have created a web page dedicated to coop buildings in all of Westchester County that allow pets. The web page is updated daily with new listings from every real estate company in the county. There is no other site like it!

To view current listings on the market check out: Pet friendly coops in Westchester County NY

If you are looking for condos please check out my: Pet friendly Condos page.

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Pet Friendly Condos in Westchester

January 12, 2009

Some of the hardest condominiums to find in Westchester County are condos that allow pets and/or only restrict pets by a certain weight, usually 25lbs and under. To make the search easier for all the pet lovers out there I have created a web page dedicated to condo buildings in all of Westchester County that allow pets. The web page is updated daily with new listings from every real estate company in the county. There is not other site like it!

To view current listings on the market check out: Pet friendly condos in Westchester County NY

If you are looking for coops please check out my: Pet friendly Coops page.

Filed Under blog, Westchester County Homes · 1 Comment

Yorktown Heights NY Home Values | Yorktown Home Prices

January 12, 2009

Looking to get the value of your home in Yorktown Heights NY? Want to know how to price your home correctly? Tired of hearing how “bad” the market is?

With over 300 homes sold in Yorktown in the past 6 months, now is a great time to put your home on the market and/or buy a home in Yorktown Heights NY. Homes ARE selling but on with the right agent with a track record of successful sales in Yorktown! My recent sold homes have sold for between 97-99% of asking price!

Receive a free home evaluation of your home including comparable homes that have sold and currently for sale, current price trends and suggested list price of your home. Check out Free Home Evaluation or call 914-403-4868 to receive a free no obligation home evaluation.

Useful links:

Search all homes for sale on the Westchester/Putnam MLS

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Yorktown Heights NY Relocation

January 10, 2009

Located just 40 miles north of NYC, Yorktown Heights is one of the most popular towns in the Northern Westchester County region. Take a tour of the Yorktown Heights real estate market plust the Westchester and Putnam MLS with our comprehensive Yorktown Real Estate Guide.

Yorktown homes for sale by propery type:

Yorktown Townhouses

Condos in Yorktown

Yorktown Rentals

New Construction in Yorktown

Multi Family in Yorktown

Vacant Land in Yorktown

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