Prevent Mortgage Modification Fraud

Hi
I wanted to give you a heads up on something I think every single homeowner should be aware of. The FBI and U.S. Attorney General Eric Holder have reported a 400 percent increase in mortgage fraud cases from five years ago. Seems to be that with more homeowners unable to make mortgage payments, there are more and more predators trying to exploit these people.

I don't want to be unnecessarily alarmist. But this is a threat that you or anyone you know should be aware of when going through a real estate transaction. It's not the nicest thing to think about, but essential nonetheless.

For anyone you know who is considering a relocation, mortgage modification, short sale or any other transaction, I put together a free report available on my website that explains what kinds of fraud schemes the FBI has seen, as well as the "red flags" to look out for. You can download it here:

http://stopyorkpaforeclosure.com/

If you have any questions about mortgage scams, or if anyone you know needs legitimate, professional help with avoiding foreclosure, please don't hesitate to contact me. I am here to help.

New FHA Rules To Protect Buyers

When new homebuyers go to closing to finalize the sale, many are surprised that the costs to close were more than they expected. Many figure on the amount that the Good Faith Estimate provided as the final amount. Unfortuantely that estimate is not final and just a rough idea of the final fees associated with a mortgage loan due at closing. Many times these costs increase by the time the buyer gets to the closing table without warning.

However as of January 1, here is good news for homebuyers. New federal rules adopted by the Department of Housing and Urban Development took effect. The new rules will implement a redesigned, simplified Good Faith Estimate form to help buyers avoid those closing-table surprises.

Before this new policy, lenders would provide the borrowers with the estimated fees was complicated and confusing. Under the new rules lenders will all be required to use the same form for their Good Faith Estimates – a three-page document issued by HUD.

There are also new rules that will put a cap on the increases in costs that are indicated on the Good Faith Estimate and guidelines so that fees listed on the initial estimate reflect the actual cost at settlement.

Strategic Foreclosures Good or Bad?

Recently there has been some talk about "strategic foreclosures". Unfortunately there have been some individuals promoting to people who are in financial distress and don't know where to turn when they have fallen behind in their mortgage payments. They have taken the stand that it is O.K. to just walk away and never look behind them for the consequences that come with such a move.

Just last week Good Morning America had a special about walking away form your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.

Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.

Mortgage Financing Programs

I am going to cover different loan programs that are being offered as of now over the next few days. With new RESPA rules loan programs have been changing along with how they are offered.

I first will discuss FHA loans as they are known as of today. This is becoming the most popular loan out there today in the York, PA area. The most important factor is the amount of money down that is required by HUD. As a buyer you will need to have at least 3.5% down of your own in the transaction. The Seller can contribute up to 6% of the sale price towards the Buyers closing costs as of today. That will be changing shortly to 3% in april. You can see why it is one of the most popular loans in the market. You can get into a $200,000 house for as little as $7,000! With the rates hovering around 5% +/- and the tax credit of between $6,500 for a current married homeowner or $8,000 for a first time homeowner (not owned a home in the last 3 years) you can practically get in for no money down. Keep in mind there is an up front mortgage insurance premium that you can add either to the mortgage amount or pay it at time of settlement. There is also a monthly fee that is added to your mortgage payment.

For more information call us at The Pilgrim Team. 717-757-5955

Uncork York 2010 Tour de Tanks Event

Recommended LinksBusiness PartnersAgent ReferralsNewsletterBlogAbout Uncork York 2010 Tour de Tanks Event
Thursday, February 04, 2010by The Pilgrim Team
2010 Tour de Tanks Event
Saturdays & Sundays in March





What: Tour de Tanks
You're invited into the cellars at 14 wineries for Pennsylvania's ultimate wine tasting experience. Celebrate the arrival of new vintages with special tank and barrel tastings to preview the season's upcoming wines before they are bottled.



Meet UnCork York winemakers and enjoy delicious treats along the way.



When: Saturdays & Sundays in March 2010
11 a.m. to 5 p.m.
March 6, 7, 13, 14, 20, 21, 27, 28



Where: 14 Wineries Along The
UnCork York Wine Trail*

*Participating Wineries:
Adams County Winery
Allegro Vineyards
Cullari Vineyards
Four Springs Winery
Fox Ridge Vineyard & Winery
Hauser Estate Winery
Hummingbird Ridge Winery (NEW!)
Moon Dancer Vineyard & Winery
Naylor Wine Cellars
Nissley Vineyards & Winery Estate
Reid's Orchard & Winery
Tamanend Winery (NEW!)
West Hanover Winery
Waltz Vineyards Estate Winery (NEW!)*
*Waltz is ONLY offering Tour de Tanks
tastings SATURDAYS during the event.


Tickets: $20 Each*
Your ticket includes a souvenir UnCork York Wine Glass, which you'll receive at the first winery you visit. Your ticket is good for all four weekends at all 13 wineries.

Use your ticket at any participating winery during the event to get 10% off the sale of wine. Collect stamps along the way to become eligible for exciting UnCork York prizes.

Tickets are available online and at participating wineries and will be on sale through the end of the event.

•Tickets can be purchased online for $20 using a credit card.
•Tickets may be purchased at the participating wineries for $20 using cash or check.
•*Tickets can also be purchased at participating wineries via credit card, however, a $1 credit card processing fee will be applied per ticket.
Getaway Packages



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Home Sellers In York PA Here are some Tips

Home Sellers

Selling a home can be overwhelming but it should always be a smooth process. Clients who list their homes with The Pilgrim Team receive truly personalized service with unmatched results. Jerry and his Team have extensive knowledge and experience in York real estate, and they can market your home to the right buyer. By constantly adapting to market trends and using first-rate marketing techniques, The Pilgrim Team can target specific buyers who would be interested in purchasing your home.

So Why List With The Pilgrim Team?

Unmatched Experience with Record Results
Exceptional Negotiation Skills to Maximize Price
Large Buyer Client Base including Business from Area Corporations
Unmatched Internet Exposure
Cutting-Edge Marketing Techniques and Strategies
First-Class Support Team – We Are Always There for You!
State of the Art Technology Integration
A True Passion for Selling
Honest, Trustworthy and Sensitive
An Exceptional Closer who Keeps Your Sale Together and Gets It Done Quickly.
*Sellers Check Out our Guaranteed Sales Program*

We understand that you may be in the information gathering stage and may not be ready to open up about who you are or your real estate needs at this time. If you are not comfortable providing all your contact information that is perfectly okay. Just enter your name, phone number, and email address so we can send you the material you requested.

We hate spam as much as you, so the only person who sees your info is your Realtor.

Foreclosure Market Trends

UsForeclosure Market Trends Foreclosure Market Trends

Monday, January 25, 2010by The Pilgrim Team

Phone: 717-757-5955x101
Email: jpilgrim@pilgrimteam.com
Jerry Pilgrim

Professional Realty Associates
3921 E Market St
TYork, PA 17402

I am a Certified Distressed Property Expert and I pride myself as the local expert on buying or Listing York PA Homes distressed Homes for sale in york pa in York County. Contact me for a confidential meeting to assist you.

January 2010

Vol. 4, Issue 3
6 month National Foreclosure Trends

NOD NTS NFS LIS REO

REALTYTRAC® YEAR-END REPORT SHOWS RECORD 2.8 MILLION

U.S. PROPERTIES WITH FORECLOSURE FILINGS IN 2009

A total of 2,824,674 U.S. properties in received a foreclosure filing in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007, according to the RealtyTrac Year- End 2009 U.S. Foreclosure Market Report. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and0.58 percent in 2006. Foreclosure filings were reported on 349,519 U.S. properties in December and foreclosureactivity in the fourth quarter decreased 7 percent from the third quarter.

The latest idea bubbling up in the world of real estate is the use of principal reductions to stem the foreclosure tide, the theory being that if we lower mortgage balances then homeowners will have smaller monthly payments and fewer foreclosures. Truth is, the only reason lenders will reduce principal balances is when it's to their advantage. Reducing principal balances will instantly produce big and hideous losses, something Lenders don't want but something lenders will accept if the probability of even bigger and more hideous losses from short sales and foreclosures can be avoided.

Will Principal Cuts Reduce Foreclosures?

Here are some of the most recent Investment opportunities in the area.

Property Type Address Market Value Default Sq. Ft.

Bank-Owned

Airville, PA 17302

Delta Rd,$15,000 N/A 1,381

Auction Date: 2/8/10

Auction Dillsburg, PA 17019 Old Mill Rd,$78,140 N/A 2,127 Pine St Dillsburg PA, 17019 Market Value $126,040 Beds/Bath 3/1

Default Amount $N/A

Sq. FT 1,632

Pre-Foreclosure

FORECLOSURE TRENDS :


NOVEMBER 2009

NODs 88,790 0 0 NTSs160,660 0 0 FSs65,922 3,202 94
LISs 132,813 3,640 244
REOs 152,008 2,724 112

Faster Sales Coming For Foreclosure Buyers

Foreclosure buyers got a Christmas Eve goodie from Fannie Mae, a new strategy that's likely to make foreclosure purchasing very much quicker. The catch? A bunch of lenders are about to be very unhappy. With the growing number of distressed properties there's now a substantial “foreclosure discount” in most markets. What were once tolerable and controlled losses are today steep and sharp declines that leave lender red ink everywhere. The question for loan owners is this: Is there anyway to make such lender losses smaller? The answer, as we shall see, turns out to be good news for foreclosure buyers.

For More information on available foreclosures or short sales go to: www.StopyorkForeclosures.com

The Closing Process fr a Real Estate Transaction

Once the buyer and seller have agreed on price and terms for the sale of a piece of real estate, the escrow process begins. This can be a confusing process, especially for first time homebuyers. Below are some key points that can help answer some questions about the escrow process.

What exactly is an escrow ?

An escrow is an arrangement in which a disinterested third party, called a escrow holder, holds legal documents and funds on behalf of a buyer and seller, and distributes them according to the buyer's and seller's instructions. In York PA the Listing Broker typically is the holder of the escrow funds that will be distributed at settlement.

How does the escrow (Title) process work?

The escrow is a depository for all monies, instructions and documents necessary for the purchase of the home, including funds for the down payment, lender’s funds and documents for the new loan. The duties of an Title Company include: following the instructions given by the principals and parties to the transaction in a timely manner; handling the funds and/or documents in accordance with instructions; paying all bills as authorized; closing the escrow only when all terms and conditions have been met; and, distributing the funds in accordance with instructions.

What documentation is required?

Receipt of your deposit is generally included in your copy of your purchase contract. Your funds will then be deposited in your separate escrow or trust account and processed through your local bank.

What information will I have to provide?

Typically you will be asked to complete a statement of identity as part of the necessary paperwork. Because many people have the same name, the statement of identity is to identify the specific person in the transaction through such information as date of birth, social security number, etc.

How long is the escrow (closing) process?

The entire escrow process can vary and is typically determined by the terms of the purchase agreement. It can range from a few days to several months. Typically an escrow often takes an average time of 30 to 45 days. The escrow process ends when you actually close on the home, during the closing procedure. This is when all funds are transferred accordingly, when all documents are signed, and when you get the keys to your new home.

For more information contact the Pilgrim Team at Professional Realty Associates or go to www.PilgrimTeam.com

New Community Coming Spring 2010

New Community Coming Spring 2010
Monday, January 18, 2010by The Pilgrim Team
Pilgrim Team at Professional Realty Associates would like to announce a new community located in Dover, PA. Ashcombe Farms South is the newest community now being offered by Lancaster Home Builders. This community will be the final and maybe considered the best of all the Homes for sale in york pa built and marketed by Jerry Pilgrim and his team of his professionals in the Dover area over the last 12 years.

Situated next to Ashcombe Farms West the lots will average .50 acre and offer an idyllic setting near shopping, schools, parks and health care services of Wellspan. Floor Plans offerd will include ranchers, two story colonials and cape cod styles. Some Homes for sale in york pa will also include first floor master bedrooms and laundry area's, even the two stories. Fifteen different plans are available and each can be semi-customized to accommodate your own needs. Prices will begin in the upper 100's.

Contact us at your convenience

Stone Mill Estates Manheim Twp

Come visit Stone Mill Estates in Manheim Twp Lancaster County PA. Located in a very desirable location in Manheim Twp School District with new home prices starting at $249,900! 15 different floor plans to choose from and some customizing is available upon request.

The new Manheim Twp park is adjoing the community. Only a total of 46 homesites are to be built. There are proctective covenants and restrictions. There is NOT a Homeowners Association so there is not a fee.

The response has been overwhelming so don't delay visiting us or contacting The Pilgrim Team at Professional Realty Associates.

York County PA Housing Statistics for year of 2009

RAYAC Housing Snapshot

A year-end review of the residential real estate market in York & Adams Counties

December 2009

2009 Housing Statistics

The REALTORS Association of York & Adams Counties (RAYAC) reports that a total of 647 homes were sold in Adams County in 2009, a decrease of 7%. In York County 4,046 homes were sold in 2009, a 4% increase from 2008. The median sales price in Adams County was $185,000, a 7% decrease from last year. In York County the median sale price was $159,900 reflecting a drop of only 3%. “Starting in June, each month we have continued to see positive increases in the number of homes sold in both York & Adams Counties,”by 2010 RAYAC President.

RAYAC MLS Statistics by School District

2008-2009 (January1-December 31) Comparison School District 2009

Median Sale Price 2008 Median Sale Price % Change 2009 Number Sold 2008 Number Sold % Change

Adams County

Bermudian Springs $169,450 $199,900 -15% 86 85 1%

Conewago Valley $169,700 $184,200 -8% 172 188 -9%

Fairfield $213,450 $235,000 -9% 60 65 -8%

Gettysburg $220,000 $214,950 2% 163 152 7%

Littlestown $182,000 $188,000 -3% 116 131 -11%

Upper Adams $178,325 $175,500 2% 50 71 -30%

Total Adams County

$185,000 $198,451 -7% 647 692 -7%
York County

Central $163,000 $185,000 -12% 439 401 9%

Dallastown $172,900 $190,000 -9% 456 403 13%

Dover $147,900 $164,000 -10% 242 265 -9%

Eastern $140,700 $148,750 -5% 142 130 9%

Hanover $147,000 $148,000 -1% 130 153 -15%

Northeastern $158,000 $169,900 -7% 285 255 12%

Northern $205,000 $188,000 9% 99 84 18%

Red Lion $164,900 $170,000 -3% 352 303 16%

South Eastern $210,000 $213,750 -2% 43 136 -68%

South Western $180,000 $195,000 -8% 238 246 -3%

Southern $214,500 $229,000 -6% 176 128 38%

Spring Grove $176,000 $174,950 1% 241 212 14%

West Shore $178,500 $168,900 6% 144 157 -8%

West York $144,400 $147,000 -2% 273 271 1%

York City $68,700 $68,000 1% 384 467 -18%

York Suburban $156,505 $160,000 -2% 302 275 10%

Total York County

$159,900 $164,900 -3% 4046 3886 4%

Searching for York PA Foreclosures?

If you are searching for Bank Owner Property (REO'S) we offer a free list of foreclosures and also pre-foreclosures of real estate in York County PA. Go to our web site or our link at www.yorkpabankowned.com for your list. We have agents who are experienced with this type of property and who are trained in dealing with lenders so we may be able to get you the best deal possible. Contact The Pilgrim Team at Professional Realty Associates.

Distressed Homeowners Beware of those We'll Buy Your House Ad's

Homeowners who are in financial distress here in York Pa and the rest of the country have been seeing a lot of advertising lately about buying homes for cash. Though these offers may seem legitimate and some may be, the vast majority of these companies are in my opinion scamming the distressed homeowner who is going through a financial crisis due to the downturn in the economy the last 3 years.

What homeowners must realize and question is how could a person offer to buy a home that the current homeowner is "under water" meaning the home is worth less than what they currently owe on it and then resell it and make money on it? As a homeowner if you have equity in the property why would you not want to put that in your pocket instead put it in someone else's, especially in this current economic climate?

What the intent is by these companies is to not only scam the homeowner but defraud the lender who has the mortgage on the property. How do they do that? They offer the homeowner to buy the property and write an contract on the home for x amount of dollars. The company has no real intention to buy it. What they will do is "shortsale" the property at the lower price and then put it on the market for sale at a much higher price than the contract price looking for a buyer willing to pay what really is fair market value. Once they find a buyer who is willing to purchase the property at the higher price they arrange a settlement date that will coincide with the 1st and 2nd contracts and settle on both concurrently. This settlement which we call a "double flip" they transfer the property from the current owner then to the buyer the company has found and the difference between the 1st contract and the 2nd contract that was written is pocketed by the company. This is done with very little money ever transferred by the investment company.

You say what is wrong with that? The lender who holds the mortgage was never aware of the 2nd contract and was lead to believe the companies 1st contract was fair market value, which in fact it was not. So in my opinion this is fraud committed on the lender and ultimately the american consumer and taxpayer who has paid billions with bailout money loaned to these institutions.

So if someone comes to you to buy your house for cash or you respond to one of those billboards you see out there, steer away from these companies. It will be only a matter of time to they get caught.
Labels: Buy Your House For Cash, Foreclosures, Selling Homes york pa, Shortsales, We Buy Houses, York PA, York Pa Real Estate

$8,000 and the $6500 Tax Credit Due to Expire April 30th

Home Buyers in York PA and surrounding area's don't forget to take advantage on the tax credits that are available to you. I know it is cold outside and seems like spring is a long time off but before you know it spring will be here. If you are going to be buying a home this year and it is your first home that you have owner in over 5 years you will eligible for up to $8,000. If you have owned a home in 5 of the last 7 years you may be eligible to get $6500. You must have a contract ratified by April 30th and settle on the home prior to June 30, 2010. Hurry before you lose out on it. Contact us here at The Pilgrim Team at Professional Realty Associates for more information.

Reasons Why You Should Call The Pilgrim Team at Professional Realty Associates

It's not the same old real estate market anymore. These days, it's faster, more complex and more competitive in every way.

Homebuyers shop the Internet. Offers arrive by cellular phone. On-line mortgage companies make it possible to obtain pre-approved financing right in the privacy of your own living room.

In today’s rapidly changing market, Jerry and "The Pilgrim Team" stay on the cutting edge of internet marketing and current market trends to do the best job for their clients. In this fast paced world, it seems that receiving "Good Old Fashioned Quality Service" is becoming a thing of the past. However, here at The Pilgrim Team we believe our clients deserve the best service they can provide.

"CERTIFIED DISTRESSED PROPERTY EXPERT" The real estate market today has caused a great deal of hardship for every 6 out of 100 home owners. Pre-foreclosures and foreclosures have become commonplace in our neighborhoods. As a Certified Distressed Property Expert®, I can help. There are options available when it comes to foreclosure, very few people know exactly what to do or where to go! Whether it be refinance options, loan modification, or short sale Jerry can help you and your family.

What is a Certified Residential Specialist?
A Certifieid Residential Specialist is a REALTOR who has earned certification from the Council of Residential Specialists by completing a rigorous course of advanced training, and by meeting significant experience requirements.

Relocation
The Pilgrim Team also specialises in relocation to York County. If you are interested in receiving our relocation book, which is full of valuable information about York County, please give us a call at (717) 757-5955 or visit http://www.PilgrimTeam.com/