Homeowner Foreclosures on Bank of America

In what appears to be a large US financial institution getting a taste of their own medicine, a couple foreclosed on a Bank of America branch in Naples Florida!  Like a former business partner of mine once said, “If the people treated the banks the way the banks treated the people they would have been bankrupted long ago”.

You see, we used to own and run the largest Short Sale bank negotiating company in the state of SC. We have sat down at middle class family’s kitchen tables hearing the same story over and over again. “The bank said that if we sent them $3,000 they would put the remaining balance on the back of our loan and allow our normal payments to proceed.  We sent them everything we had.” said our clients. Only to find the banks collect the $3,000 and then require the remaining delinquent balance ASAP or face foreclosure. Sounds unreal I know. In fact we would tell people about how the banks treated people just like you and me and they could not believe it. They always thought we were exaggerating. We were not, and we have much worse stories we can tell.

Here is the article straight from Yahoo News.

By TARA-NICHOLLE NELSON – Mon Jun 6, 4:50 pm ET

In a modern-day evocation of David’s slingshot triumph over Goliath, a couple of foreclosed homeowners in Naples, Florida reportedly foreclosed on a Bank of America branch last week, their attorney actually having moving trucks pull up in front of a Naples branch to execute a foreclosure judgment against the bank.

What must have seemed to observers like a scene out of a parallel universe – you can see some video here – was actually the fair and logical conclusion to a situation which, the court had ruled, had an unfair and illogical start. In 2009, retired police officer Warren Nyerges and his wife, Maureen Collier, paid $165,000 cash for their 2,700 square foot home in the Golden Gate Estates subdivision, and never took a mortgage out on it. So imagine their surprise when, in Februrary of 2010, Bank of America initiated foreclosure proceedings against them. The Nyerges hired an attorney, Todd Allen, to defend them against the wrongful foreclosure, and the Bank eventually abandoned the matter.

But not before the Nyerges incurred $2,534 in attorney’s fees, which they requested informally from Bank of America multiple times before resorting to the courts, which ordered the bank to make the couple whole. When B of A still had not paid the judgment after five months of phone calls and letter writing by Allen and the Nyerges to the bank insisting that the court order be obeyed, Allen took the next step in the legal collection process, obtaining an order of foreclosure against the bank.
To continue reading the article visit Yahoo News

FHA loans with Credit Scores 600-619 are now available!

Great news on a special financing program that allows credit scores down to only 600 from 640.

Some of the guidelines are of course more strict but this is a great new program available. Here are some of the restrictions.

• AUS Approved (THIS IS AUTOMATED UNDERWRITING THAT WE HAVE TO RUN THE LOAN THRU)
• Primary Home (Non Occupying CoBorrower allowed)
• Purchase ONLY
• Single Family Residences Only
• Max Ratios– 31/43%
• All installment loans under 10 months included in DTI
• All deferred student loans must be included in DTI
• No Declining Income
• Max Seller Contribution – 3%
• No lates on housing payment in last 12 months (So must have a rental history)
• 2 months reserves (from Borrower’s savings or checking – not retirement)

Feel free to call me for more details.
Rob
864-621-7900

Palmetto Heroes Loan Program for 2011

SOUTH CAROLINA STATE HOUSING FINANCE AND DEVELOPMENT AUTHORITY

ANNOUNCES…

THE 2011 PALMETTO HEROES PROGRAM

For

POLICE OFFICERS-FIRE FIGHTERS-EMS

TEACHERS – NURSES -VETERANS

April 29, 2011

SC State Housing Authority is excited to announce our 2011 PALMETTO HEROES PROGRAM. The Heroes selected for the 2011 initiative are “Police Officers – Fire Fighters – EMS – Teachers – Nurses – Veterans.  Borrower(s) must meet State Housings First-Time Homebuyer requirements. The program Features a reduced mortgage interest rate and down payment assistance is available. Read more..

Spartanburg Agent MLS Ranking Through April 18, 2011

I’ve received more than a few messages asking me  “where the heck have your posts been over the last 6 months or so”.  Well, beyond watching the price of silver sky rocket to over $40/oz. I have been selling real estate and a lot of it.  I am currently the #3 Residential List & Sell Realtor in Spartanburg County and the number 8th ranked Realtor overall out of over 500 Licensed agents!

I hope this does not come across as bravado as I have humbly worked very hard for my clients this year and have put their interest first in my business dealings.  However, not only have we ranked as the #3 List & Sell Realtor year to date through April 18, 2011 but we have sold homes with a VERY HIGH list to sell ratio in this weak market!

Yes, I am proud of these results and thrilled to be able to share this with you.  I guarantee you we earned it with hard work and a level of marketing knowledge that only a 17 year corporate career in marketing with Fortune 100 companies can provide.

When selling  real estate it’s important to understand that you are paying an agent a LOT of money to help you sell your home and what you are actually paying for is that agent’s knowledge and mastery of marketing and negotiating principles. Using a part-time agent to sell one of your largest assets, especially in a buyer’s market, might not be the best strategy to take.  Heck, people use Full Time money management professionals to help them manage far less funds then their home is worth.

If you know of anyone considering buying or selling real estate we would be grateful if you decided to refer us to them.

Now, back to work.

God Bless and keep looking up!

Rob Turchetta

864-621-7900

641 Branchview Drive, Boiling Springs SC – Stonewood Crossing Subdivision Home for sale

At $129,990 this Stonewood Crossing subdivision home offers just about everything a home in this price range can.  Fenced in backyard, fireplace, large kitchen with island, pull out shelves on base cabinetry, large master suite, split bedroom floor plan, quiet street, and convenient location to everything in Spartanburg county. Click the photo to the left for property details and to see what the surrounding area offers.

Keller Williams Spartanburg Continues Growth Compared to Local, National Branded Companies

Rent to Own, Lease Option, and Owner Finance Homes in Boiling Springs

The amount of Boiling Springs buyers and sellers choosing owner financing, lease option, or rent to own is increasing quickly with the current economic slow down.  The problem is that many of these agreements fail because they were not structured properly at the beginning.  Whether you are a buyer or seller, this agreement needs to  consider the needs of both parties or both will end up with problems.  Keller Williams has won the JD Power & Associates award 3 years straight for highest Buyer satisfaction. Rob Turchetta has put together many successful agreements because the buyers and sellers needs were met at the beginning of these contracts.

This site will review how owner financing benefits both buyers and sellers, and allow you to SEARCH THE MLS  FREE for homes in the Boiling Springs area offering owner financing or lease option homes. Read more..

Boiling Springs Homes Under $100,000

Boiling Springs SC is one of the hottest communities in  Spartanburg county to live in.  The schools are good, traffic is about as good as can be expected, and if you can’t find what you want near by West Gate mall is a short drive away.

The trick is to find an affordable home that fits your budget not only for today but for what tomorrow might bring as well.  Therefore there is usually a lot of competition among buyers for Boiling Springs homes priced under $100,000.

The Boiling Springs Homes Priced Under

$100,000 Search will allow you to: Read more..

Boiling Springs Homes with Swimming Pools

Homes with swimming pools in Boiling Springs sell fast in the summer time and a bit slower in the winter as one might guess.  This page is designed to help you find swimming pool homes in Boiling Springs as soon as they come onto the market allowing you to be one of the first to view the home whether winter or summer!  The best homes sell the fastest, even in a slow market.

While Boiling Springs has some nice swimming pool subdivisions such as Eagle Pointe, Sterling Estates, Turtle Creek, and more, the privacy of having a pool in your own back yard can be a special amenity for any property.

The Boiling Springs Swimming Pool Home Search

will allow you to:

Be the first to view new listings as they come onto the market

Save your specific home buying criteria

Set up an automatic notification of swimming pool homes as they come onto the market

Map the location of the home

FEATURED SWIMMING POOL HOME

IN BOILING SPRINGS Read more..

Mortgage Rates Drop To Lowest Levels on Record!

Spartanburg Mortgage Rates at Historic Lows

With the government sponsored tax credits expiring on April 30th just about all real estate experts expected sales to drop off the proverbial cliff in the following months to come.  Those months to come were the traditional home buying and selling season too where we annually see the highest amount of sales per month.

Surprisingly, sales in Spartanburg and Boiling Springs areas of South Carolina have been strong.  In fact I have had all the business I could handle while getting the tax credit rush transactions closed.  This month in June we have put 4 more homes under contract.  Not bad considering the rush of buyers in March and April.

So, why is the real estate market staying so hot?  Read more..

4 Bedroom Home with Pool on Cul-de-Sac Reduced $10,000

Here is possibly the best home purchase deal in Boiling Springs right now.

The facts:

4 Bedrooms, 2 Full Baths

Large Recreation Room

Cul-de-Sac Location

In-ground Swimming Pool with Brand New Liner

Freshly Remodeled and Painted, ready to move in

Excellent Location off Old Furnace Road in Boiling Springs

Price:  Just reduced $10,000 to only $119,900

Qualifies for 100% Government Financing!

The best deals sell the fastest and this bargain will not be an exception. If you know of anyone looking for a home with equity built into it do them a favor and let them know about this one.  It will sell soon at this price.

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