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Challenges to be aware of in today's lending environment

There seems to be a fear out there that banks are not lending money.  This is absolutely not true.  If you do decide to either purchase or refinance a home there are some items that are helpful to know prior to beginning this process.  This article is intended to educate you about some of these complexities.  There are always issues that could arise but having knowledge of the following items could allow you to alleviate some of the potential issues or at least educate you about what could happen. 

SOURCING FUNDS
This issue would only be applicable if you are purchasing a home or putting money down for a refinance.  Depending on the type of loan you are applying for the lender can ask for up to 60 days worth of account statements from the account you will use for funds at closing.  They now require borrowers to show proof of any type of non sourced deposits to the account being used for down payment.  They will not q

Get valuable Housing information at may 25th community meeting

Get valuable Housing information at may 25th community meeting

East Point --  Audra Pender will be hosting an event titled "Tenant Rights and Responsibilities" and will be helping people understand their lease and the eviction process.

The event is being held at the New Beginnings Senior Center in Fairburn, GA on May 25th from 10:30am -11:30am.

April is Fair Housing Month

April is Fair Housing Month

April is National Fair Housing Month and Metro Fair Housing Services, Inc. has been celebrating in a big way and the best is yet to come!  Below is a consolidated list of our Fair Housing Month activities; please give us a call at 404-765-3940 to get more information about how you can join us in celebrating Fair Housing month!

*On April 18, Metro Fair Housing partnered with Office of Intercultural Affairs at Agnes Scott College to produce a film screening and excellent panel discussion.  More information and photos from that event coming soon!

*April 21, Fair Housing Month program for Fulton County.

Fulton County Homestead Exemption Deadline is April 1

Fulton County Homestead Exemption Deadline is April 1

Atlanta, GA--  (Submitted by Fulton County Communications)

The Fulton County Board of Assessors reminds property owners that April 1, 2011 is the deadline to file for homestead exemption. The basic homestead exemption amount increased from $25,000 to $30,000 for the 2011 tax year. If you are currently receiving the basic homestead exemption, you do not need to reapply unless there is a change of ownership on the property. The increased amount will automatically be granted to homeowners who are currently receiving this exemption and to first-time applicants who qualify.

To qualify for any exemptions, you must own and occupy the property as your primary residence as of January 1, 2011 and be a permanent legal resident of Fulton County.

Metro Atlanta Home Values Sink to 2000 Levels

Metro Atlanta Home Values Sink to 2000 Levels

ATLANTA -- The S&P Case-Shiller Index, released last week, shows home sale prices in Metro Atlanta are where they were 10 years ago.

A trip to one in-town neighborhood highlights the slipping values.

A tidy, freshly painted craftsman style bungalow sits across the street from the Zoo Atlanta with a sweeping view of the park. It's prime real estate for Grant Park, but the value of this house, like many houses across Metro Atlanta, has been steadily falling. Owners bought the home in 2002 for $266,500 but Fulton County tax records appraise it today at just $230,000, an $80,000 drop in value from 2009.

Sliding home values have landed Metro Atlanta back where it was exactly a decade ago. Whatever you paid for your house then is hopefully what you can get for it now.

Fannie Mae to Host Open House at New Atlanta Mortgage Help Center

Atlanta, GA--  Fannie Mae will host a special open house event at its Atlanta Mortgage Help Center.  The event will bring together counseling and mortgage industry partners to emphasize foreclosure prevention and highlight help that is available. 

Fannie Mae’s new facility provides greater metro homeowners, who have a Fannie Mae loan and may be at risk of foreclosure, the opportunity to meet directly with dedicated on-site staff and experienced housing advisors who speak English and Spanish to discuss their mortgage situation.  These face-to-face meetings help borrowers better understand the entire range of foreclosure prevention options and provide an opportunity to work closely with servicers to achieve a prompt resolution.

This new Fannie Mae initiative consist of a partnership with Civic and Community Leaders, Forest Park-based The D&E Group and Major Mortgage Servicers.

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Loan Modification Could be Good, but Short Sale is Better says 1 Expert

Atlanta, GA--  As more and more Atlanta homeowners find themselves in financial distress and are forced to make tough decisions regarding their homes and specifically their dropping values and ballooning mortgage payments, we turned to a housing expert to help us navigate this complex situation.

Marian Anthony is a real estate finance expert and author of Short Sale RUSH- A How To Guide for Nonperforming Assets.  According to Marian, a Short Sale is more advantageous than a Loan Modification or a Foreclosure because "the reduced payoff in a short sale releases you from the debt obligation." He states that a foreclosure will ruin the homeowner's credit, and "a loan modification actually builds a debt trap around the borrower, milking them for every last nickel."

With so much information and marketing dollars being spent on homeowners getting into Loan Modification programs which may keep you bogged in debt for years, take Marian's su