Although the national foreclosure rate has dropped, Massachusetts’ rates continues to rise, according to data from The Warren Group. Foreclosure petitions were just around 5,000 in 2008, decreased to to under 1,500 in 2013 and is around 2,000 currently. Prior to the big crash, the entire foreclosure process took 6 months to move from petition to auction. Now, on average, the process takes about 15 months. The foreclosures occurring now are from five years ago. They were caught in limbo with lenders and the influx of properties on their case load. Now, lenders are starting to off-load properties from their books.
The current spike in foreclosures is very different from the 2005-2010 crash numbers. Unemployment is lower and home values are higher today. In some instances, Homeowner’s in foreclosure now, have a better chance of walking away with money in their pocket if they sell their property rather than having it foreclosed on. Due to the rising home prices in our aggressive Boston market, homeowners have the potential to sell for a profit or refinance on better terms if they are able to make up missed payments.
The Mandrell Company specializes in helping homeowners figure out the best strategy for their specific situation. If you are a homeowner facing possible foreclosure, call for a no obligation consultation. We will provide information on lenders who are willing to work with you to refinance and save your home or evaluate the numbers and see if you have an opportunity to make a profit on the sale.
It hurts to see someone lose their home when they owe $200,000 but their home is worth $350,000 if they were to sell. They walk away with $0, bad credit and no home as opposed to $150,000 in profit and an opportunity to invest that money to improve their financial situation.
To speak with our Broker directly, please contact us NOW! at 617-297-8641Read more
Have you ever wished you could take a look into the future and see what things are like? Do you own a home and wish you could estimate the amount of equity you’d have at any given point in the future? If so, we have two videos just for you!
A property’s equity is made of of two simple factors; the value of the home and the amount owed on the mortgage. Simply put, your homes value (the asset) minus the amount of your current mortgage(s) (the liability) = equity. For example, if you own a home worth $500,000 and the current balance of all mortgages is $300,000, you have $200,000 in home equity.
Great! I know both of these numbers today, but how do I determine these two values 10 years from now? Good question! The two short videos below are going to show you just how to do that.
The 1st video takes you through the use of an amortizing mortgage calculator. This calculator will help you determine the principal balance of your mortgage at any point in the future. In addition to the use of this calculator, you should have received a loan amortization schedule with your mortgage documents.
The 2nd video is a compounding calculator. A compounding calculator will assist you in estimating the future value of your home. Once you’ve estimated your homes future value, you can simply subtract your future mortgage balance and BAM! There you have it. A quick look into the future!
Would you like to view more real estate videos like these? Subscribe to our You tube channel at https://www.youtube.com/user/wmandrell
If you own a home, chances are you’ve got a long list of renovations and upgrades you’d like to do on it. When it comes to saving money and preserving the value of your home, however, some home improvements are more urgent than others. Here are three high-priority improvements you should consider doing as soon as possible if they are an issue now.
Our suggested improvements will save you money in the long run, help with resale value and keep your home from falling apart. Once you’ve tackled these basic improvements, you can focus on the more fun kinds of upgrades like redoing the kitchen or adding a bathroom.
Project 1: RID YOURSELF OF DRAFTS
Insulate your home and seal drafty windows and doors. Although generally thought of as a winter necessity, We live in New England, I feel like it’s winter 10 months out of the year so this is an everyday necessity. You will not only keep heat in and cold out (savings on your heating bill) but it also keeps the house cool during other seasons. If your windows need to be replaced, start budgeting for this as well.
Project 2: Update To High-Efficient Appliances
In a similar vein, you’ll get the most bang for your home improvement buck if you upgrade inefficient appliances in your home. The top energy suckers in the home are: heating systems, air conditioning, hot water heaters, dehumidifiers, and refrigerators, according to Energy.gov.
There are easy ways to adjust the energy usage of these appliances, such as installing a programmable thermostat and running appliances at night. At some point, though, you’ll have to decide between repairing your home appliance or replacing it.
Project 3: Clean Your Gutters and Look for Structural Problems
Water is often the cause of the most expensive home repairs. Winter is upon us so if you have not already done so, start fixing things that leak ie: roof, gutters, old pipes. (For some, this process may be a little late but it’s only going to get colder and snowy-er [I made that up]).
A few leaves and twigs in your gutter don’t sound that dangerous, but gutters are the first line of defense against: water problems in your basement, cracked foundations, rotten wood, leaking roofs, wood-destroying insects, and other problems. So, first, clear the gutters or have a handyperson do it for you, and install gutter guards to prevent future water damage.
Now’s the time to also take a walk around your home and look for any foundation cracks, mold or mildew in the basement or other areas, loose shingles or other roof issues (a binocular helps), any other signs of water damage, and pest issues (like termites). Dont wait until the snow comes, because she’s coming with a force (I suspect).
For more suggestions on how to you can make money saving improvements, reach out to us directly at contact@MandrellCo.com. We also know some great contractors if you need recommendations.Read more