Tag Archives: Housing Stimulus

Gloom, Doom and Zoom – A Piece of My Journey

Thinking back on it, I probably could have picked a better time in American history to become a Realtor. When I passed my license exam in 2006, I remember the real estate news headlines were mentioning topics like sub-prime mortgages, short sales, foreclosures rising, possible housing bubble burst and the U.S. economy faltering. Hmmm…

A couple of years later, an agent in my office showed me the sign he made from a cardboard box that said “HUNGRY REALTOR- WILL WORK FOR LISTINGS”. He was joking….right?

During that first five and a half years of my RE career, I think I learned more about what a “distressed market” is than anyone would care to. I had to quickly educate myself on short sales, foreclosures, loan modifications, government programs, legal issues, tax consequences, local market issues, the overall economy. I distinctly remember that none of those topics were on the real estate exam! Hmmm….

I found myself sitting on prospective clients couches numerous times, watching them tear up as they talked about the fear of losing their home. My job had become one  Realtor, and counselor as people shared their emotions and reached out for my opinion. People were truly in distress. Many of these meetings resulted without a paycheck for me, but I was proud to have played an important role in guiding them with their options. 

…and then January of 2012 came. There were not as many clouds in the sky, even here in Portland…did you notice? The news headlines started using phrases like “market stabilizing” and “sales increase”, “possible bottom” and even  “Inventory Shortage”…go figure!

My business is much, much better this year. This will be my best year yet as a Realtor. My clients include active investors, excited first time buyers and optimistic sellers, all expressing hope. On top of that, I’m seeing that all of the professionals associated with the real estate business are very busy… realtors, lenders, contractors, title companies, appraisers, home inspectors, etc.  I realize the market and many people still have healing to do, but all I can say right now is…whew, what a relief.

Thanks for reading FRESH BLOG….Oh, and here are a few 2012 headlines:

HOME PRICES CONTINUE TO RISE

US HOME PRICES EDGE UP IN MAY

HOME VALUES RISE FIRST TIME IN 5 YEARS

HOUSING MARKET TURNS CORNER

MORTGAGE RATES DROP AGAIN

PORTLAND’S RESIDENTIAL MARKET IS SIZZLING

BANKS SPEEDING UP SHORT SALE PROCESS

BUILDER CONFIDENCE EDGES UP IN JUNE

KEVIN GORMAN –    www.KevinGormanSells.com

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OHSI DEADLINE APPROACHES

Only FIVE DAYS remain to apply for the Oregon Homeowner Stabilization Inituitive assistance. Deadline for online applications is January 14th. If you are struggling to make your mortgage payments and can qualify under the financial hardship definition, you may receive up to $20,000 in mortgage payment assistance. Almost sixty million dollars was awarded to the State of Oregon from the Federal Treasury to be used specifically to help people save their homes. Homeowners must have grossed less than the average Oregonian income. They must have experienced a 25% reduction in gross income to qualify. Follow the links below to find out all the details. Unfortunately, the program is for owners of single family detached homes only. This means that condominium and townhome owners (or other “shared wall” owners) do not qualify. As a Certified Distressed Property Expert (CDPE) I can educate you on the foreclosure avoidance options. Call any time.

Here is a link to the frequently asked questions page: OHSI -FAQ

Want to know if you may qualify? Here is a link to the online Program Eligibility Test.   GOOD LUCK!

All my best,

Kevin Gorman   www.KevinGormanSells.com   www.ItsaMatterofTrust.com

It’s a Matter of Trust

GORMAN-ROSS Real Estate Network

Always happy to respond your real estate questions and referrals

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Filed under Distressed Housing, Oregon Real Estate

New Federal Programs Help Unemployed and Struggling Homeowners

MORE HELP FOR STRUGGLING HOMEOWNERS: Your comments are welcome~

If you are an unemployed homeowner and struggling to pay your mortgage, you may be eligible to receive financial assistance through two new federal foreclosure-prevention programs facilitated by the U.S. Treasury Department and HUD. The Treasury Department is allocating $2 billion of additional assistance to be available through the Housing Finance Agency’s (HFA) Hardest Hit Fund.

HUD will also contribute with a $1 billion Emergency Homeowners Loan Program. The program will assist homeowners who are at risk of foreclosure and have had a substantial reduction in income due to job loss, underemployment or a medical condition for up to 24 months. To qualify, borrowers must meet the following criteria: be at least three months delinquent on their mortgage payments and have a reasonable likelihood to being able to resume repayment within two years; mortgage must be for the borrower’s principal residence, borrowers may not own a second home; and borrowers must demonstrate a good payment record prior to the event that produced the loss of income.

CLICK HERE for a link to the Housing And Urban Development website with official information.
Seventeen states and the District of Columbia are eligable at this time. They include: Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington, D.C. Thu, Aug 12, 2010

Hope this helps!  All my best,    Kevin

www.KevinGormanSells.com   www.ItsaMatterofTrust.com

       GORMAN-ROSS Real Estate Network

Kevin Gorman, Judy & Ron Ross

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Filed under Home Mortgages, Real Estate and More, The Economy