87 Old Martin Rd, Cartersville, GA

July 18th, 2012 mullinaxteam Posted in Buyers, First-time home-buyer, Foreclosure, Freddie Mac, Home Care, Home Values, Loan Modification, National Association of Homebuilders, Pending Real Estate Sales, Re-finance, Sellers Comments Off on 87 Old Martin Rd, Cartersville, GA

Charming log home with a rocking chair front porch and  an additional large 2 car garage/workshop.  Beautiful wood interior with 4 bedrooms, 4 baths and lovingly maintained.  Open floor plan with gleaming hardwood floors, stone fireplace with a wood burning insert and a built-in corner cupboard.  Gated entrance to this secluded 5 acre hideaway.  This is a Fannie Mae HomePath Property.  Purchase this home for as little as 3% down. This property is approved for HomePath Mortgage and renovation mortgage financing.  87 Old Martin Rd is priced at $194,900.  Call us today for more details at 770-606-0054.

What is HAFA?

April 21st, 2010 mullinaxteam Posted in Buyers, Financing Options, First-time home-buyer, Loan Modification, Real Estate News, Sellers, Short Sale Comments Off on What is HAFA?

What is HAFA?  Check out this video that explains HAFA, Short Sales and Deeds-in-Lieu.

As a Certified Distressed Property Expert (CDPE) I can help you determine if this is the path for you.  Give me a call today at 770-606-0054 or check out www.avoidbankforeclosurenow.com for more details on distressed properties.

Mortgage Forgivess Debt Relief Act of 2007 Is Extended Through 2012

May 28th, 2009 mullinaxteam Posted in Loan Modification, Real Estate Tips and Advice, Repost Comments Off on Mortgage Forgivess Debt Relief Act of 2007 Is Extended Through 2012

Blue butterfly on blue flowerIn December of 2007 Congress signed into law the Mortgage Forgiveness Debt Relief Act. Under regular circumstances, when a lender chooses to forgive all or part of a borrower’s debt, the forgiven amount is considered income and the borrower is liable to be taxed. This law offers relief to the homeowner in that it extends relief for three years, covering debts discharged through calendar year 2012. Amendments have been made to remove tax liability and allow the borrower and lender to work together to find a common and beneficial solution for both parties. This debt relief is limited to primary residences only and the amount of forgiven mortgage debt allowed to be excluded from income tax is $2 million per year.

For more information about the Mortgage Forgiveness Debt Relief Act go to the I.R.S. website.

Key Points Of Interest On Obama’s Foreclosure-Prevention Plan

March 26th, 2009 mullinaxteam Posted in Financing Options, Foreclosure, Freddie Mac, Loan Modification, Real Estate Tips and Advice Comments Off on Key Points Of Interest On Obama’s Foreclosure-Prevention Plan

Chesky Krumlov



Some key points on President Obama’s Foreclosure-Prevention Plan:


  • Loan terms may be modified by reducing payments for distressed borrowers
  • Refinancing for those current on payments, but have little or no equity in their home
  • Plan starts right away and is strictly for primary residences that are not vacant or condemned
  • Call your mortgage lender for help to see if you qualify
  • There are no fees for this type of loan modification 
  • To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac
  • Modification plan are set to end on December 31, 2012
  • Loans can be modified one time only

More information is available at http://www.financialstability.gov/docs/counselor_qa.pdf or contact our office at 770.606.0054.

If You Are Considering A Short Sale Keep These Things In Mind

February 13th, 2009 mullinaxteam Posted in Foreclosure, Loan Modification, Real Estate Tips and Advice, Short Sale Comments Off on If You Are Considering A Short Sale Keep These Things In Mind

How the Banks Approve A Short Sale. Short sales happen when a lender agrees to accept less than the amount owed against the home because there may not be enough equity to sell and pay all costs of real estate sale.

It is impossible to just one day decide you’re going to sell your home by asking for a short sale. Some lenders may not even consider a short sale if your payments are current, but that has changed. However, understand that lenders will be more willing to negotiate with you if your payments are in arrears. Plus, if you have cash assets, the lender might try to tap those accounts.

Some descriptions for short sale listings might be described with the phrases ”subject to bank approval” or “subject to lien-holder approval” or “as-is”. Rarely will you see “short sale”, so it’s best to be armed with some crucial information about short sales before considering buying one.

  • In this type of transaction there is an additional party involved besides the buyer and the seller; the bank. The bank must approve the sale, and this can make the time to close much longer than usual. Expect it to take anywhere from four to six weeks, if not longer. And once the bank’s approval is granted, they will expect you to be ready to close as soon as possible.
  • You will need to pay for your own inspection, and since the sale is “as-is”, this means that no repairs will be done and there will be no closing cost credits for repairs.
  • You will also need to pay for your own appraisal. The bank will do their own as well, and have been known to reject the sale based on their appraisal. Also, they may ask the buyer to raise their offer before approving the sale.
  • These things are obvious risks to the potential buyer, as you could end up out of your inspection costs.
  • Deferred maintenance on the home is a potential risk for the buyer. Consider that since the mortgage payments were not being made, it’s highly likely that the homeowner was not able to afford regular home maintenance.
If you’re a seller trying to decide whether to let your home go through foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale, if you’ve fallen behind in your payments.  The only advantage is being able to buy another home within two years over the three- to five-year period required for foreclosures. Please seek legal and tax advice before making any decision.


For more information about short sales go to About.com.