The rate for a 30 year fixed is now below 4.5%. Unbelievable! Is it time to refinance if you haven’t already done so. Call us today if you need a referral to a great mortgage broker.

Here is a Seattle Times article with some great info:

http://seattletimes.nwsource.com/html/businesstechnology/2012667981_apusmortgagerates.html

An important aspect of the service we provide our tenants and property management clients is being a resource for community information in the cities and areas we serve.

If you are looking for something to do this weekend you should check out the:

Junior Softball World Series

August 15–21 | Game times vary | Everest Park
www.jrsoftballworldseries.com
Ten teams from around the world compete in a true “World Series” softball tournament for girls 13–14 years old. The Saturday Championship game will be broadcast by ESPN Sports TV.

An important aspect of the service we provide our tenants and property management clients is being a resource for community information in the cities and areas we serve.

Bellevue/Eastside Farmers Markets

Don’t forget about this great community resource. Shop local, support your Bellevue-area farmers and have a great time!

For more information on dates, times and locations: http://bellevue.com/farmers_market.php

The answer depends on how you define “work”. In my book a loan mod that “works” is one that changes the amount of the homeowner’s monthly payment to a point where the odds of the homeowner ever defaulting again are remote. For every story I have heard of a successful (by my definition) loan mod, I have heard twenty stories of farcical loan mods that don’t solve anything for the homeowner but, in reality, only delay the inevitable default.

That said, I always recommend my clients pursue a loan mod before trying anything else. Why not? It doesn’t cost a thing and you may end up being the one in twenty that actually gets a meaningful modification. There are an abundance of loan mod companies out there that are more than happy to take your money (generally $1,000 to $5,000) and make the call to your lender on your behalf. My feeling, however, is that if you: a) have limited funds and b) truly care about solving your problem, then you should get on the phone with your lender and also do whatever it takes to educate yourself on load mods and the loan mod process. There is nothing a loan mod company can do that you can’t do yourself.

A good place to start for loan mod information is our government’s Home Affordable Foreclosure Alternatives program site. While the site won’t give you the truth about the efficacy of loan mods, you can at least learn how to get started with your mod. For the “truth” (recognize that the truth here is a moving target) about loan mods I would recommend a site like ProPublica or a google search for articles such as this one which, whether completely true or not, gives you a take on loan mods you will never get from our government.

Please do not hesitate to contact our pre-foreclosure team at Sterling, Johnston & Associates (425-285-1324) for a free, no obligation consultation regarding your situation. Our team includes real estate brokers, in-house short sale negotiators and attorneys, all ready to serve you today.

Any pre-foreclosure service provider, be they a realtor, attorney, counselor, short sale negotiator, or some other professional, gets asked this question daily. And, on a daily basis, us pre-foreclosure service providers hem and haw our answer, being careful to walk the tightrope of providing good advice while not flat out telling a person to do something that may land them in hot water at some future date. So, all hemming and hawing aside, should you keep making your payment? In the end you will need to make this determination on your own, but here are some things to consider.

1. Do you have the ability to pay? If all or the majority of your income is going to pay for other necessities, then borrowing to keep current on your mortgage may not be in your best interest. The question to ask yourself is, what is the realistic possibility of you coming current on your loan AND making future payments in a timely fashion? If the likelihood of this happening is slim, then continuing to make your mortgage payment may not be the best use of your funds.

2. Will you realistically lose your home anyway? Many people will continue to do anything they can to make their payment with the often misguided and unrealistic idea that something will miraculously change that will allow them to keep their home. The best advice I can give is to be as realistic as possible about your situation. If there is a 5% chance of you keeping your home, then your business plan, as far as making payments or not, shouldn’t be based on the assumption that you will keep your home.

3. Is it unethical to stop paying? People’s opinions differ widely on this question. Whichever way you fall on this, keep in mind that when the bank made the loan to you they didn’t care about you, your family, your job or your future. All they cared about was your ability to pay and your collateral. The bank accepted a note and deed of trust in return for giving you the money to buy the house. It was a business decision, plain and simple.

4. Will not paying affect my credit score? Yes is the simple answer, but so will a deed in lieu of foreclosure, foreclosure and bankruptcy. The relevant question is – what are the odds of you getting out of your mess without a significant impact to your credit anyway? If the odds are low, and your credit will likely be hurt no matter what, then you will need to balance that negative value against the value of the money you will keep in your pocket by not paying your mortgage.

Please do not hesitate to contact our pre-foreclosure team at Sterling, Johnston & Associates (425-285-1324) for a free, no obligation consultation regarding your situation. Our team includes real estate brokers, in-house short sale negotiators and attorneys, all ready to serve you today.