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Judy Kivela
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    Years of Experience: 26

    CRS: Certified Residential Specialist
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Kivela Montana Realtors
3100 Harrison Avenue
Butte, Montana
406-491-5777

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Posts Tagged ‘Butte Foreclosed Homes’

A FIRST TIME FOR EVERYTHING

Wednesday, May 5th, 2010

First time buyers… excited to find a good deal, afraid of overextending themselves, confused by all the conflicting reports about real estate.  Well, that might describe any or all buyers right now, but those making their very first purchase may feel elevated levels of all these emotions.  It helps to have someone offer you some guidance.

Don’t be afraid to make your move now, regardless of what you’ve been hearing about the market.  With affordability so high, you’ll find a flurry of activity out there, so you’re not alone in making the right decision to begin your home search.

Just try not to exercise excessive caution, or you may suffer what has been termed “paralysis by analysis.”  Your real estate representative will present you with all the facts and figures you need, and help you to interpret the data so that you can make a sound choice.

Now is not the time to vacillate about whether prices or interest rates will still drop.  There is nowhere to go now but up.  If rates rise to 7.5% (still historically low), the home’s price would have to be reduced nearly 20% to offset the difference in monthly payments.

Set aside your uncertainties.  Chat with an agent who can help you determine your financial footing, and show you an inventory of well-suited homes matched to your particular goals.

For responsible service in all your

Real Estate needs call, Judy Kivela 406-491-5777

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Butte Foreclosures vs. Short Sales: The Consequential Facts

Monday, August 31st, 2009

Butte foreclosures are a sad fact of life.  The truth of the matter is that, for many, even loan modification isn’t an option.  When faced with foreclosure or short sale, how do you decide which is best?  While short sales have been pushed by many as a viable option, it’s hard to know what’s best for you.  Here are some facts about the consequences of both:

Your Credit

While both Butte foreclosures and short sales will affect your credit score, the differences are wide.  A foreclosure can affect your score for as long as three years or more, and lower it as much as 300 points.  The foreclosure can remain on your public history for over ten years.

However, only late payments show on your credit with a short sale.  Your score can drop as little as 50 points and be affected for as short as one year.  In addition, it isn’t reported on your history; it will show that the mortgage was settled and paid in full.

Your Job

On its own, a short sale generally doesn’t affect your employment.  However, a foreclosure is a different story.  Some employers regularly check their employees’ credit records.  As well, many require credit checks for new hires.  A foreclosure on your record can jeopardize your current position or future opportunities, as well as cause the revocation of a security clearance.

Judgments

In the event of a foreclosure, many banks have the right to try and get a deficiency judgment, stating that you have failed to pay the entire amount of the mortgage.  With short sales, however, lenders will normally agree to give up the right to that judgment and put it in writing.

Lastly, keep in mind that Butte foreclosures generally close below the price they would get from a short sale, so the remaining balance might be significantly higher with a foreclosure.

If you want to stay out of foreclosure through short sales, I can help.  Call me at 406-491-1234 or email me for more information.


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One of the Possible Foreclosures in Butte? All is Not Lost!

Thursday, August 20th, 2009

One of the Possible Foreclosures in Butte?  All is Not Lost!

Thanks to President Obama’s ambitious plan to improve the housing market, being on the list of foreclosures in Butte doesn’t necessarily mean that foreclosure is inevitable.  You have options, and the President’s loan modification program makes keeping your home even more possible.

Overview of the Plan

The President’s plan to reduce foreclosures in Butte is based on the thought that struggling homeowners wouldn’t sell their houses if they could only make the monthly payments.  Due to this belief, participating lenders are required to reduce monthly payments for homeowners who qualify until they’re no more than 38% of the homeowner’s monthly gross income.  After that, the government lends a helping hand.  Between the lender and the government, the mortgage payments would be dropped to no more than 31% through various means (extension of the loan, reduced interest rate, etc).

Even with the 31% threshold, many are afraid that’s not enough incentive for homeowners to keep up payments on a depreciating home.  They speculate that homeowners may default on the loan anyway.  To cover this possibility, the administration is offering cash incentives to lenders and struggling homeowners.

Each lender that participates will receive $1,000 per loan modification.  Those lenders will also get an annual $1,000 for up to three years as long as the homeowner keeps their payments up.  For homeowners facing foreclosures in Butte, the good news is that borrowers can get their principal lowered by $1,000 per year for up to five years.  Again, however, it depends on whether they keep their payments up.

You May Qualify

This is fantastic news for many.  If you’re facing foreclosure due to financial hardship, you may qualify for loan modification under the administration’s plan.  If you live in the home, the principal balance still owed is less than $729,750 and you received the loan before January 1, 2009, you’re eligible.  Be aware, however, that you have to prove that you live there, that it’s your primary residence and that you’re having a financial hardship.

If you’re behind on your mortgage or facing foreclosure, I can help you figure out your options.  Time is of the essence, so give me a call now at 406-491-1234.


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3 Major Things to Look at When Buying Butte Foreclosures

Tuesday, August 18th, 2009

If you’re looking to get a good deal by buying one of the Butte foreclosures, keep in mind that many of the homeowners not only didn’t have money for the mortgage, they probably didn’t have money for the upkeep of the house either.  If you’ve found a home you’re interested in, here’s a short checklist to follow even before you decide to contact a home inspector.

Structure

For some Butte foreclosures, structure is a definite issue.  Pay close attention to the following, as they may indicate more severe problems:

-Are the interior walls in good condition?  Any cracks and stains?
-Are the floors in good condition?  What are they made of?  Some floors are made of substandard materials, unsafe for more than casual use.
-Is the roof in good repair or are there missing/curled up shingles?
-Are the gutters, downspouts and flashing in good condition?
-Do the doors and windows stick or glide freely?  When closed, do they block out weather or is there a draft?

Water

-Is there mold and mildew on the basement walls or a dark, scaly surface?  This can indicate too much moisture, and can mean a leak in the foundation.
-Is the ceiling bubbling, have brown spots, patches or new paint?  New paint might be a sign of covering up stains from water leaks.
-Are there drainpipes around the foundation?  Do they lead away from the foundation?  Are there cracks or a lot of weeds around the area?

Inside Hazards

Many older houses haven’t been updated or may not be up to code.  Here are some of the more common issues:

-Is there asbestos around exposed pipes for the furnace, heating system or water heater?
-Can you see any signs of vermin or insects?  Mice, termites, cockroaches and bats all leave signs of habitation behind.

If everything else is good, have the house tested for radon, carbon monoxide and lead-based paint.

Although there are many other things to consider when looking to purchase Butte foreclosures, these three are essential to a healthy living environment.  Most importantly, make sure you’re an informed buyer.

If you’re looking to buy a foreclosed home, I can help.  Call me today at 406-491-1234 or email me for more information.

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Helpful Hints to Avoid Butte Foreclosures

Friday, July 10th, 2009

Foreclosure is a dreaded word at any time, but the present economy makes it a common dread, one that many homeowners share that normally would never enter their minds. There are new government aid programs as well as tried and true methods for combating Butte foreclosures and every homeowner should know them.

Nip It in the Bud

Procrastination is never a good thing but when it comes to foreclosures it is a death sentence. Most homeowners know when they are on shaky ground and starting to have problems paying their mortgage.

Because it is usually the biggest monthly expense, mortgages are often the first thing to suffer when things get tight. Waiting to talk to your mortgage company about problems until you actually begin missing payments doesn’t leave much time to correct the situation, and believe it or not, most mortgage companies would prefer to work things out than have a “dead” non-performing asset on their books.

Call your mortgage company and talk to them about solutions to your problems. When you call, be prepared to explain the situation that is causing your difficulties to prove that there really is a hardship. Most lenders will send you a pre-foreclosure package that guides you and shows you what you need to do to prove you are under financial strain.

HOPE for Homeowners

HOPE is the HUD program that helps homeowners avoid imminent Butte foreclosures. The government program refinances at a lower rate to help people stay in their homes when all other avenues of solution have failed.

Don’t Give Up Without Exhausting All Means

Your home is important and worth the effort it takes to keep it. With the help of the stimulus plan, banks are able to do more than they used to be able (or willing) to do to provide solutions to homeowners to avoid Butte foreclosures.

If you would like more information on what to do in the event of possible foreclosure, please give me a call at 406-491-5777 or email me.

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