Door County Real Estate Information

I have a lot of people who request to be on my Door County foreclosures list.  I watch the sDoor County Sheriff's sale posting and the MLS for foreclosed properties, or those ready to be foreclosed on, and update you when they appear.  Sometimes these can be a good deal, or they might be a really bad deal for you if you are not well versed in purchasing properties of this type.  So, what is a foreclosure? 

Mortgage foreclosure simply means the deed can only be foreclosed through court action. Mortgage foreclosure is usually referred to as a judicial foreclosure.

A mortgage is a security document that allows the borrower to keep title of the property while using the property as security or collateral for a loan. The lender then places a lien on the property in the event the owner does not pay the agreed payment. When the borrower pays off the loan, the lender gives the borrower a satisfaction of mortgage that removes the lien from the property. About half the states in the U.S. use mortgage foreclosure as the means of satisfying the loan balance.

As with most mortgage foreclosure lawsuits, it starts with a summons and a complaint is issued to the borrower and any other parties with inferior rights in the property. Usually the lender’s attorney is the one who issues the notice. The complaint is usually filed in the court where the trial is to be held. Here’s the interesting part. Once the borrower has been notified, he or she has 20 days to respond back to the court challenging them on the mortgage foreclosure lawsuit. Once this occurs, the court now has 40 days to respond back to the borrower. Keep in mind that each correspondence must be legit and deal with some specific part of the complaint. This process may go back and forth as long as the borrower finds something erroneous with the complaint. This slows a mortgage foreclosure greatly because it must go through the court system. It may go as long as a year if needs be or even longer. This is how many homeowners stay in their homes for months often years after they have stopped making their house payments.

And after the bank forecloses and the court confirms the sale it could still be six months to a year before that property shows up on the market for sale.

If you have questions about the foreclosure process or would like to investigate what foreclosed properties are for sale now, call me anytime at 1-800-962-4161 ext. 204.

Do you know someone who is troubling with their mortgage payment?  There are other solutions than having a house fall into foreclosure.  I will be your advocate.  I am comitted to help financially distressed homeowners.  My focus is to is to give you the hope of a dignified solution to financial crisis through current lender loan modification, loan refinancing (short or long-term) or a short sale (a lender-approved sale at less than the outstanding loan balance)--to get you on the road to financial recovery.

A local Door County lender repors that today's rates are 3.30% on the 15 year mortgage and 4.05% on the 30 year mortgage.  Unbeleivable.  If the time is right for you to buy, then the time is right!

The rules of real estate are always local.

Markets change from year to year and from neighborhood to neighborhood. If you are shopping for a $100,000 home in Sturgeon Bay, Wisconsin, the advice based on what the market was like when your parents bought many years ago, or what the market is like in another city, such as Barrington, Illinois does not apply to you.  Likewise, if you are looking at a condominium home at Horseshoe Bay Farms in Egg Harbor, Wisconsin, the experience and advice rendered by your friend who bought in Horseshoe Bay, Texas will likely not apply here.  As we begin your search I first want to explore the realities of the "local market".  Whether looking in the $50,000 range, the $100,000 or the $1,000,000 range,  I want to help you understand what is available within your price range.

A report in the Door County advocate this morning indicates that according to equalized valuation statistics, released by the State Department of Revenue for Wisconsin, the vacant land values in Door County declined slightly  for the last year by 1.02%.

According to the report, in Door County our equalized property value was at $7.69billion, and that is down from $7.243billion  in 2010.  Door County ranks 32 among the 72 Wisconsin counties.

The Door County Advocate carried an article this morning about foreclosures in Door County.  The stories are so sad and not unlike those all over the country.  On the positive side, while we do have some foreclosures in Door County they are lower than state and national numbers and the number going to Sherrif's sale is too many, but really about 26 of 71 foreclosure cases filed so far this year actually went to Sherrif's sale.  Click here to read the full article

And to read about one woman's case read Underwater on the Peninsula.

These are interesting statistics.  I hope you or someone you know is not experiencing this difficulty.  If you are please contact me for a private consultation.  There are other solutions than having a house fall into foreclosure.  I will be your advocate.  I am comitted to help financially distressed homeowners.  My focus is to is to give you the hope of a dignified solution to financial crisis through current lender loan modification, loan refinancing (short or long-term) or a short sale (a lender-approved sale at less than the outstanding loan balance)--to get you on the road to financial recovery.

Yesterday I received a note from Laura Seefeldt at Johnson Bank letting me know the mortgage interest rates heading into the weekend.  The 15 year fixed rate is an amazing 3.4%.  If your loan is over $417,000 the rate, still amazing, is at 3.875%.  The 10 year, 20 year and 30 year rate options are equally appealing.

Laura's note said, "On The heels of yesterdays 500+ drop in the DOW, unemployment figures were released this morning with surprisingly good results.  117,000 new jobs were created in the private sector last month, much better than expected.  The result was a lowering of the unemployment rate to 9.1% from the previous months 9.2%.  So the roller coaster continues and I thought I would share a rate sheet today to give you an idea where rates stand.  Historically low!!"

If you are a buyer, and the time is right for you to buy, then NOW is the time.  

Johnson Bank does not do vacant land financing, but if that's your dream, I have a local lender who can help you with that.

If this is all good news for you and you would like to step up your search, call me today! 

The Door County Fair kicks off today.  Well, it really kicked off yesterday with set-up and entry day.  My niece and nephew, Lucy and Andrew, and their cousin, Robert, took their steers down last night and will be showing them today and tomorrow where they will be judged on how they handle the animal in the show ring and how the animal has developed and gained weight.  On Saturday  night, if their animals have gained the right amounts of weight, they will have the opportunity to show one more time and then have bidders bid on their steer to sell at the auction.  The kids earn some money and the high bidder gets a whole cow—steaks, hamburger, roasts, ribs—better than they can likely buy in any store.

More about the kids and their animals in a later post—today I want to get you the general information on the fair and encourage you to go.  If you are a “local” it is a great place to see just about everyone, and if you are a visitor you will enjoy taking the kids through the horse barn, the cattle and hog barns.  There are grandstand shows, music and entertainment on the midway, and of course the food.  Check out this article from the Door County Advocate about all the yummy treats and where to find them.

It looks like a great day, so I think Luke, Carter and I will be checking in and checking out the fair activities today!

I heard short sales are hard to close. 

Up until now, the real estate  market, including Realtors, lenders, servicers, title companies, etc, have been  sorting out how to do short sales in an efficient way. It’s no surprise that this has taken some time to figure out.

Fortunately, things  are improving.   The Home Affordable Foreclosure Alternatives, or HAFA program, aims to streamline the process.

HAFA establishes streamlined  short sale rules and incentivizes borrowers and lenders to work together to avoid foreclosure. The rules -- in effect between April 5, 2010, and Dec. 31, 2012 -- also are intended to speed up the short sale process.

"The streamlined  short  sales process  will definitely help  homeowners," says David Liniger, Re/Max International chairman and co-founder.

Eligibility requirements

The  HAFA  guidelines  apply  to  lenders  who  voluntarily  participate   in  the  HAMP (Home Affordable Modification Program). The Department of Housing and Urban Development says more  than  100 servicers have  signed  up  to  participate  in HAMP,  covering  more  than  89 percent  of mortgage debt outstanding in the country.

Find out more about your loan using the Loan Look-Up Tool here:

http://makinghomeaffordable.gov/loan_lookup.html

To be eligible for HAFA, homeowners must  first apply for a loan modification  through the Home Affordable Modification Program, or HAMP. Homeowners who do not qualify for a loan modification or miss payments during the initial loan modification period qualify for HAFA.

Other HAFA requirements  include:

    Property is homeowner’s principal residence.

    The Mortgage was originated before Jan. 1, 2009.

    Mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.

    Borrower is delinquent or default is foreseeable.

    Homeowner demonstrates hardship.

    Borrower's total monthly housing payment  exceeds 31 percent  of gross income.

    Unpaid principal does not exceed $729,750.

According to HAFA rules, lenders now must offer a short sale in writing to the borrower within 30 days if the borrower does not qualify for or complete  a loan modification. Borrowers then must respond within 14 days to the lender's short sale agreement.

These details may seem overwhelming.  Contact me today for a free, confidential consultation on how we might help you work through this process and get back on the road to financial recovery.  920-823-2219.

The best of times, the worst of times.  Right now we have a great divide in our country; some are experiencing prosperity and others are struggling.  These are great times for some property owners, good times for others, and for many who are struggling with mortgage payments it is the worst of times.

If you are one of the lucky who is not underwater on your mortgage and can comply with the ever tightening of lending standards there has never been a better time to refinance your mortgage.  If the American Dream was to own your own home, the NEW American Dream is to OWN your own home—meaning you do not have a mortgage.  So, many are looking to pay their mortgages off as quickly as possible.

Our country is experiencing a great divide:

The Great – the homeowners with no mortgage

The Good – homeowners with some equity who are able to refinance to lower interest rates

The Getting Worse – those who are stuck in a higher interest rate loan and cannot refinance, and those who cannot sell without short selling. 

If you are having a difficult time meeting the mortgage payment on your Door County home or real estate and refinance is not an option, then let’s talk because a short sale just may be the right option for you.  A short sale will have far less effect on your long-term credit.  Call me today for a confidential consultation.  920-823-2219.

OK, I get it.   A short sale might be my best option

Taken from realestateinsidernews.com