Renaissance Realty Group’s Blog: Georgia: Lilburn

YES - If your current on your mortgage but your bank won't let you refinance because your mortgage is "under water," here's how you qualify for the government refinancing program:

• Your home must be the primary residence
• Your loan must be owned by Fannie Mae or Freddie Mac
• You must have sufficient income to support the new mortgage debt
• You can't take cash out of the new loan to pay other debt

There's another big restriction, however, that will make many homeowners ineligible for the program: the value of your house can't have fallen much below the amount of the mortgage.

"The ceiling of eligibility is 105 percent of current market value of the property-so that's not going to help homeowners who have suffered home price declines," says Greg McBride, senior financial analyst at Bankrate.com. "Say you bought a house for $320,000. Your mortgage balance is now $300,000  But the house is now worth only $225,000. You are stuck, you can't refinance, even if you made your payments on time."McBride says the loan to value ceiling should be raised. "It should be something in the neighborhood of 150 percent," says McBride. It's too low to help people in Florida, California, Nevada and Arizona. Those markets are at the epicenter of the foreclosure crisis."

Still, if you do qualify, here's what you get:

• Your mortgage will be refinanced to 30 or 15 years with a fixed interest rate.
• The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender
• Rarely principle reductions.

How Creditors Can Get Around the Automatic Stay

Usually, a creditor can get around the automatic stay by asking the bankruptcy court to remove ("lift") the stay, if it is not serving its intended purpose. For example, say you file for bankruptcy the day before your house is to be sold in foreclosure. You have no equity in the house, you can't pay your mortgage arrears, and you have no way of keeping the property. The foreclosing creditor is apt to run to court soon after you file for bankruptcy, to ask for permission to proceed with the foreclosure - and that permission is likely to be granted.

Foreclosure Homes For Sale In Georgia

DAILY REPORT

Foreclosure Homes / Short Sale Homes List

Updated Oct 29th 2008

Fulton, North Fulton, DeKalb, Gwinnett, County Georgia.

Cities of Decatur, Tucker, Stone Mountain, Lithonia, Duluth, Buford, Lawrenceville, Dacula, Grayson, Snellville, Loganville, Suwanee, Norcross, Winder,

This list is updated daily with Homes added to MLS in the last 24 hours

Due to the nature of Foreclosure Homes and Short Sale Home,

Buyers should act quickly !

For all Your Real Estate Needs Call !

Eric Reid, Managing Broker Renaissance Realty Group Inc.
Office: 404-921-2067 x 102 Fax: 770-513-4443

Short Sale list click here

Foreclosure list click here

     It's easy to fix up your properties if you have unlimited cash. However, you need to keep your repairs to a minimum to stay profitable. You also need to keep your properties in good shape to attract tenants or buyers. There are the basic improvements, such as carpet and paint, but these can still costs thousands of dollars. The following are some inexpensive ways to improve your properties with very little cash.

  #1) New Electrical Switch Plates

  This is such a minor, yet overlooked improvement. Most rental owners and rehabbers paint a unit and leave the old, ugly switch plates. Even worse, some even paint over them.

  New switch plates cost about 75 cents each. You can replace the entire house with new switch plates for about $20 -$30. For the foyer, living room and other obvious areas, spring for nice brass plates. They run about $5 each - not much for added class.

  #2) New or Improved Doors

  Another overlooked, yet cheap replacement item is doors. If you have ugly brown doors, replace them with nice white doors (you can paint them, but unless you have a spray gun it will take you three coats by hand).

  The basic hollow-core door is about $ 50. It comes pre-primed and pre-hung. For about $10 - $15  more, you can buy stylish six-panel doors. If you are doing a rehab, the extra $10 -$15 per door is well worth-it. For rentals, consider at least changing the downstairs doors.

  #3) New Door Handles

  In addition to changing doors, consider changing the handles. An old door handle (especially with crusted paint on it) looks drab. For about $10, you can replace them with new brass finished handles. Replace the guest bathroom and bedroom door handles with the fancy "S" handles (about $20 each).

  #4) Paint/Replace Trim

  If the entire interior of the house does not need a paint job, consider painting the trim. New, modern custom homes typically come with beige or off-white walls and bright-white trim. Use a semi-gloss bright white on all the trim in your houses.

  If the floor trim is worn, cracked or just plain ugly, replace it! Home Depot carries a new foam trim that is pre-painted in several finishes and costs less than 50 cents per linear foot. Create a great first impression by adding crown molding in the entry way and living room.

  #5) New Front Doors

  You only get one chance to make a first impression. A cheap front door makes a house look cheap. An old front door makes a house look old. If you have nice heavy door, paint it a bold color using a high-gloss paint. If your front door is old, consider replacing it with a new, stylish door. For about $175, you can buy a very nice door.

  #6) Tile Foyer Entry

  After the front door, your next first impression is the foyer area. Most rental property foyers are graced with linoleum floors. Consider a nice 12" Mexican tile. An 8' x 8' area should cost about $100 - $150 in materials.

  #7) New Shower Curtains

  It amazes me that many landlords and sellers show properties with either no shower curtain or any ugly old shower curtain in the bathroom. Don't be cheap - drop $40 and buy a nice new rod and fancy curtain.

  #8) Paint Kitchen Cabinets

  Replacing kitchen cabinets is expensive, but painting them is cheap. If you have old 1970's style wooden cabinets in a lovely dark brown shade, paint them. Use a semi-gloss white and finish them with colorful plastic knobs. No need to paint the inside of them (unless you own a spray gun), since you are only trying to make an impression.

  Americans spend 99% of their time in the kitchen (when they are not watching TV). A fancy modern faucet looks great in the kitchen. They can run as much as $150, but not to worry - most retailers (Home Depot, Home Base, etc) often run clearance sales on overstocked and discontinued models. I have found nice Delta and Price Pfister faucets for about $60 on sale.

  #9) Add Window Shutters

  If you have ugly aluminum framed windows, consider adding wooden shutters outside. They come pre-primed at most hardware retailers and are easy to install. Paint them an offset color from the outside of the house - (e.g., if the house is dark, paint the shutters white. If the house is light, paint them green, blue, etc.).

  #10) Add a Nice Mailbox

  Everyone on the block has the same black mailbox. Stand out. Be bold. For about $50 you can buy a nice colorful mailbox. For about $60 more, you can buy a nice wooden post for it. People notice these things....and they like them