Behind on your mortgage?

If you have missed a payment on your mortgage you are not alone. Nearly one in six homeowners were at least one month delinquent according to the MBA National Deliquency Survey at the end end of 2009.

The last few years have brought many challenges to homeowners. In the past, owners who fell upon hard times or had a change of circumstances, would sell their home and move on with their lives. The decline in home values seems to eliminate this possibility for many owners today. Over half of owners go into foreclosure seemingly without intervention.

It has been tough to sit by and watch this scenario unfold around us. My team has decided to be part of the solution. We have experience helping owners get short sales accepted by their lenders. We have committed to educating ourselves on the short sales process and keeping up to date on the many changes that lenders are implementing. We just completed the Short Sale and Foreclosure Resource Certification by the National Association of Realtors.

Find out what your options are; let us be your resource.

Homebuyer Tax Credit Extension for Members of the Military

If you are a member of the military or certain other federal employees serving outside of the U.S., you have an additional year to qualify for the homebuyer tax credit. Here is the information from the IRS on this extension.

For other consumers, we are fast approaching the deadline to be under contract for your qualifying purchase. Purchase agreements need to be signed by April 30th and you need to close by June 30th. Take advantage of the credit, low interest rates and record affordability.

Become a Home Buying Expert - First Time Home Buying Seminar Saturday 3/6

Buying a home in today's market can be very challenging with a glut of bank owned and pre-foreclosure properties on the market. There are deals to be had out there but with the positive upside comes many new risks. Join Jam Associates on Saturday, March 6th to get all the information needed to make an educated decision on your biggest life purchase. Information will include education on "short sales", facts on current market conditions, and tips for saving money on your loan. All prospective home buyers will leave with a complete home buying packet with extra info on the current $8000 and $6500 Federal Tax Credits, inspection ideas, current properties for sale, and a detailed list of the steps involved in purchasing real estate. Attendees will have plenty of time to get their questions answered in a friendly, casual atmosphere.

The seminar is FREE and requires no obligation. This is your chance to become a home buying expert!

Here are the details:
Saturday, March 6th - 10am
5201 Eden Avenue Suite 100, Edina

Please RSVP to jamrealty@jamrealty.com

Workshop to Help Save Your Home

Wells Fargo is hosting Home Preservation Workshops at the St. Paul RiverCentre on February 17th and 18th from 10:00 AM to 7:00 PM. Homeowners with a Wells Fargo or Wachovia mortgage that are having payment challenges including being 60 to 90 days late on their payments have an opportunity to get solutions on the spot. Representatives will meet personally with borrowers to discuss their financial concerns and options including the government's Home Affordable Modification Program.

Similar outreach events have been held in other major cities like Chicago and Atlanta with great success. For more information call 1-800-405-8067 or go to www.wfhmevents.com/leadingthewayhome

-Jacqueline

Where is Twin Cities Market Heading?

At the end of January there were 16.6% less homes on the market than a year ago. If you have been waiting to put your home on the market, now may be the time.

Here is the video summary of the Twin Cities real estate market courtesy of the Minneapolis Area Association of Realtors. This informative monthly summary includes current trends and activity and also future projections. Watch this video for an overview of the real estate market.

If you are wondering what the value of your home is in today's market, please contact us for a free price analysis.

-Jacqueline

Government Modifications to the "Short Sale" Process

As many of you know, the "short sale" process has been a nightmare for buyers, sellers, and real estate agents alike. It looks like some relief may be on the way. Here is a video link to Margaret Kelly, CEO of Re/Max International, explaining the changes.

For those unfamilair with the "short sale" process, this is a great learning resource.

If you have additional questions, we are well versed in these transactions as we have been on both sides many times in the past couple of years. Feel free to contact us to discuss further.

-Michael

Mayors Announce $41M for First-Time Homebuyer Program!

Minneapolis Mayor R.T. Rybak and St. Paul Mayor Chris Coleman announced that they have $41M to contribute to the "CityLiving Program" for first-time homebuyers. These programs reach a great number of candidates with the income threshold being set relatively high. This is a great opportunity for those looking to purchase property in the city of Minneapolis or St Paul.

Contact Jacqueline and I for more details.

This money goes out on a first come, first served basis and it will not last!

Here is a link to the article.

-Michael