Charlotte Real Estate, Foreclosures, Short Sales

Welcome to Charlotte North Carolina's Real Estate Blog. Today's Real Estate & Auction specializes in residential home auctions for lenders, new home builders and home sellers across the Carolinas. 

We offer today's buyer up to the minute property information on the best deals available.  We offer today's seller a way to sell their home outside of the traditional listing method to create a competitive bidding environment among qualified buyers.

Highland Creek is an excellent community to live in, especially for those relocating to the Charlotte area. The community is larger than some U.S. cities with an approximate count of 13,000 residents.  Highland Creek, at almost 2000 acres is a master-planned community.  What is a master-planned community?  A master-planned community is a large community that features a lot of different builders with a wide range of prices.  What is the beauty of living in a master-planned community?  Diverse price points of buyers can experience the beauty of Highland Creek.  The price of homes range from 100K to over 800K.  The community spans to cities, Charlotte and Concord N.C.  The Concord side of Highland Creek is minutes from Concord Mills.

Amenities of Highland Creek

It's incredible to think about the many amenities of Highland Creek.  They include:

A new elementary school
Basketball Courts
6 Tennis Courts
5 Playgrounds
Swimming Pools
Walking Trails
2 Assisted Living Facilities
An 18 Hole Championship Golf Course with Lake
A Clubhouse with Restaurant and Proshopa

Why do so many buyers feel that there is not money to lend?  Search around. 
There are loan officers wanting to work and lenders wanting to lend.  You just have
know which loan product is best for you.  You also have to know which loan product
will work the best for your price point of
home you are purchasing.  FHA loans are great, and here is why.

New Loan Limits

Beginning January 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low
cost areas and up to a maximum of $625,500 in high cost areas. The February 2008
Stimulus Package temporarily raised the FHA maximum to $729,750 through December 31,
2008. The new $625,500 limit is a significant increase over the $362,790 limit that was in
effect prior to the Stimulus Package.

Positives That Help Borrowers Include

• No minimum credit score.
• Non-traditional credit is acceptable.
• Low 3% downpayment.
• Non-occupant, co-borrower is permitted.
• Expanded qualifying ratios.
• No prepayment penalties.
• Fully assumable.
• Default assistance.
• Lower premiums.
• Interest rates are negotiated between borrower and lender.
• Works with various city and state programs.
  
  

You should only work with loan officers who are trained and skilled at the originating
and closing on FHA loans.  You will save yourself many headaches by working with
an officer who knows what they are doing. 

For lenders in your area, search the FHA Lender Link

Okay, so there's a new government plan.  Yes, I asked the same question you are thinking...another one??  I'm all in for helping our economy and helping struggling homeowner's negotiate terms that are fair across the board with the lenders, but not at the expense of tax dollars and plans that appear to be government guinea pigs.  The Treasury Department and Federal Deposit Insurance Corp., are close to being finalized. Estimated to cost between $40 billion and $50 billion, the plan would have the government agree to share a portion of any losses on a modified mortgage offered by lenders.  Sound similar?  Yes.  It was the plan in July with the 300 Billion dollar bailout that passed. 

How Will it be Funded?

Funding may come out of the $700 Billion rescue plan authorized by congress earlier in October 2008.  Treasury spokeswoman Jennifer Zuccarelli said "the administration is looking at ways to reduce foreclosures."  FDIC Chairman Shelia Bair, who first suggested this plan has stated "Everyone in Washington now agrees that more needs to be done to help homeowners,"

JP Morgan Helps in a Huge Way

Jp Morgan has launced a huge plan on October 31st aimed at modifying the terms of $70 billion in mortgages of borrowers who are behind in their payments or who may be headed that way.  As many as 400,000 borrowers will soon receive a reduction in interest rate, smaller principal loan amounts or different terms that will may their mortgage payment more affordable.

JP Morgan inheririted $54 billion in adjustable or adjustable type loans from Washington Mutual in September and they have chosen to do something about it.  Hopefully banks are beginning to realize that this problem is not going away and it makes sense to improve their loan portfolios' value rather than increase non-performing assets. 

What's the Outlook on Foreclosures?

Nationwide, 7.3 million American homeowners are expected to default on their mortgages between 2008 and 2010, about triple the usual rate, according to Moody's Economy.com, a research firm. Some 4.3 million of those are expected to lose their homes.

MORTGAGE BANKERS TALK FORECLOSURE: