Resources for Avoiding Foreclosure in Bend, Oregon

While Google searching for foreclosure resources in Bend, Redmond or anywhere I've come across tons of sites that say they'll help if
you sign up for this or that. The last thing you need if you're concerned about the foreclosure process is to be bogged down by un-helpful information. So, here it is the links you need. All of the links below are government or nation agencies that are designed to help. I haven't personally spoken with the folks on the other end of the line so I can't verify the service or of course the outcome, but hopefully it will be a good start.

The Department of Housing and Urban Development (HUD)

• Guide to Avoiding Foreclosure. Information includes local counseling services, refinance information, and details on the foreclosure process.
  
• HUD Approved Counseling Agencies in Oregon (this link will take you to the local agency in Bend, Oregon)
  

Making Home Affordable

• Making Home Affordable is a government program implemented by the Obama administration designed to assist homeowners who have loans backed by Freddie Mac or Fannie Mae refinance in order to say in their homes. The website will assist you in determining if you qualify for the program as well.
  

Freddie Mac

• Avoiding Foreclosure. Includes detailed information on counseling agencies, talking to your lender and basic terms.
  
• Working with your Lender has a list of questions to ask as well as documents to have available when discussing foreclosure with your bank representative.
  

Mortgage Bankers Association

• Foreclosure Prevention Resource Center. Information on the foreclosure process and what steps can be taken to avoid foreclosure.
  
• The Lender Contact page has phone numbers and websites to contact your lender directly regarding difficulty in making payments. The majority of the Big Name banks are listed here.
  

Internal Revenue Service

• For tax information on home foreclosure and debt cancellation view the IRS website although you may need a qualified accountant to help make sense of the details and jargon.

Top 9 Steps for Bend Oregon Home Buyers

If you search the web you'll find tons of tips on the home buying process. As a Licensed Realtor and recent home buyer on Bend, Oregon I thought it was time to put my own set of tips together. I recently closed on a bank-owned home and made 7 other offers on foreclosures and short sales before closing on my dream home. Hopefully these will help you with your process as well.

Top 9 Home Buying Steps for 2009

1. Have your Finances in Order – it's time to double check those credit scores, start or continue paying all bills on time, and cut down on major purchases. Use a qualified Financial Advisor or Loan Officer to assist you if you're not sure about your financial status.
   

   http://www.realtor.com/home-finance/buyers-basics/understand-your-importance-of-credit.aspx?gate=realtor
   

2. Get Prequalified & Find a Lender – this will help determine your borrowing power, give you an idea of what your monthly payments will be and give you an understanding of the costs involved when purchasing a home. Now is the time to decide and determine how much house you can afford. As you proceed through the home buying process make sure you have a lender that you trust and who answers your questions. Keep your lender updated as to your process and likewise they will keep you updated on interest rate, loan programs and provide you with pre-qualification letters.
   

   http://www.move.com/home-finance/mortgages/qualifying-for-a-mortgage.aspx?gate=realtor
   

   http://www.hud.gov/offices/hsg/sfh/res/sc2sectd.cfm
   

3. Find a Realtor – finding the perfect home is a lot of work, why not share the responsibility with a qualified Realtor who is familiar with the market, neighborhoods, lenders and home buying process. You can have listings emailed to you daily that match your specific criteria. Not to mentions the services of a Buyer's Agent are free!
   

   http://www.fredrealestate.com/
   

4. Search and Decide on the House for You – there is no right home only a home that is right for you. Discuss with other decision makers in your household what you collectively "must have", would "like-to-have", and what is a deal-breaker for both the house and the neighborhood. Share this information with your Realtor in the beginning and as it changes throughout your search process.
   

   http://www.realtor.com/home-finance/buyers-basics/guide-how-to-buy-a-home-4.aspx?gate=realtor
   

5. Make an offer – there is more to this step than offering a dollar amount. Your Realtor can provide you with the information on the market, cost of homes in your desired neighborhood and advise of a fair price but ultimately the final number is up to you. Your offer will also include your prequalification letter, earnest money, financing information, desired closing date and any contingencies.
   

   http://www.realtor.com/home-finance/buyers-basics/the-basics-of-making-an-offer.aspx?gate=realtor
   

6. Try and Wait Patiently – first for the offer to be accepted and/or negotiated. If you are making an offer on a short sale it must be accepted by the seller and the bank (more detailed info on shorts sales coming soon!). Between acceptance and closing you will be waiting for your official loan qualification, inspection to be ordered and completed, appraisal to be ordered and completed, a clear title report to be issued, and finally for the loan to fund. Also, now is not the time to order that perfect new dining set – wait to make any additional major purchases until after you've closed on the house as they can affect your credit and ultimately your loan qualification.
   
   
   
7. Get a Home Inspection & Insurance – always know what you are getting yourself into. The home inspection will give you the facts surrounding the condition of your home and/or give you an opportunity to negotiate necessary repairs. It is also time to shop for and set up homeowners insurance.
   

   http://www.pueblo.gsa.gov/cic_text/housing/inspection/home.htm
   

   http://www.hud.gov/offices/hsg/sfh/insp/inspfaq.cfm
   

   http://www.pueblo.gsa.gov/cic_text/housing/12ways/12ways.htm
   

8. Closing – it's time to access your down payment money and get your hand ready for signing lots of documents. At this point, the waiting is nearing an end and all of the necessary steps have been completed.
   

   http://www.zillow.com/wikipages/Closing-on-a-House-for-the-Buyer/
   

9. Moving – Hurray it's time to pack up all your belongings and move into your new home. However, if you have some overlap between your current and housing and your new home now is a great time to get carpets cleaned, walls painted or any other renovations that are easier done without furniture in the house.
   

   http://move.realtor.com/move/default.asp
   

For more home-buying articles visit
http://fredrealestate.com/buyers/buyer-reports/

Free Resource Guide for First Time Home Buyers

There is a lot of information out there regarding the $8,000 tax credit for first-time home buyers. Fortunately, I have done the research for you! A few bullet points to remember:

1. Eligibility - must not have owned a home in the previous 3 years.
2. Time Limit - Purchase must be made "Closed" before December 1, 2009.
3. Repayment - Unlike the previous tax credit, the 2009 tax credit does not need to be repaid.
4. Primary Residence - the tax credit is for purchase of primary residences.
5. Closing Costs - Yes the tax credit can be used on closing costs, however, there are limitations. Make sure to visit the link below.
6. More Questions - Give me a call or email, I am happy to answer any of your questions with no obligations.

View the links and articles below for more in depth information for first time home buyers.

Get the Facts Straight from the Source

Use the links provided below to get all the details you need surrounding the $8,000 first time home buyers tax credit.

IRS Website with details regarding the tax credit - this is a good one especially if you're an accountant. Get the info straight from the people creating it - our government. Seriously now, you will find all the specifics of how the credit applies to your specific financial bracket.

IRS Tax form - if you are one of the lucky ones taking advantage of the first-time home buyers tax credit you'll need this form when working on your taxes. If you have any additional tax questions beyond where to find this form I suggest a qualified accountant.

Realtor.org Tax Credit Brochure - the next link is your basic FAQ's but if your a details person this brochure is for you.

Tax Credit FAQ's - not one for detail and looking for a quick synopsis? Then check out this link to the National Association of Realtors as well. Good information and too the point.

Where to Find a Qualified Realtor and Search for Homes - not that you're up to speed on all the details of our $8000 tax credit, it's time to start searching and find a home!

The $8K Tax Credit & Closing Costs

This link provides additional information on how the $8,000 first-time home buyer tax credit can be applied to closing costs on qualified FHA loans.

REALTOR® Magazine-Daily News-HUD: Tax Credit Can Be Used on Closing Costs

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The 2009 First-Time Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

If you're in the real estate market as a first-time home buyer, this is a great resource. The National Association of Realtors website link below is a great place to start your research.

The 2009 First-Time Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

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