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short sale, pre-foreclosure, deed-in-lieu the same as a foreclosure

Is a short sale, pre-foreclosure, deed-in-lieu the same as a foreclosure?


No, the terms in the title above all have different definitions when it comes to getting a mortgage loan.


A short-sale, sometimes referred to as a pre-foreclosure sale, is when you have a mortgage on a home and you have decided to sell the home but the proceeds of the sale would not be enough to satisfy the mortgage debt in full. You must have your lenders approval to do this. This is when the lender has settled for less than the balance on the loan. Be careful with this as many lenders will require you to get behind on your mortgage payments before they will accept this type of arrangement.


A dee-iin0lieu of foreclosure takes place when the borrower gives back the property rather than go through the formal foreclosure proceedings. The lender will have to accept this arrangement also. When it comes to getting a mortgage loan, it will impact your credit as a regular foreclosure.

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I Had A Foreclosure, Now I’ll Never Be Able To Buy A Home!?



The answer is a big fat, YES YOU WILL, but it will take some time before you can qualify. That is unless you have just come into some large (unmarked) stacks of cash. If that is the case do not delay call me immediately!![row]
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If you would rather contact me by email- do it, by phone- DO IT.

Address: 2410 L&N Drive, Huntsville, AL 35801
United States
Phone: 256 348 5572
GPS: 34.016811



Back to our regularly scheduled info piece.

The most lenient loan programs to get qualified after this type of financial event are Government programs, such as VA, FHA and Rural House loans. They all have a guideline of 3 years since the date of the foreclosure sale. Conventional loans, such as Fannie/ Freddie, have a minimum 7 years waiting period. So if you haven’t stumbled upon that bag of cash just sit back and keep your finances in check. That time will fly by.

If you can document an extenuating circumstance that lead to the foreclosure sale, reduced time periods are allowed. An extenuating event is described as circumstances beyond the control of the borrower, such as a serious illness or death of a wage earner. You must be able to document the event in a satisfactory way to an underwriter. Now, events such as a divorce or the inability to sell the property perhaps due to a job transfer or relocation will most likely not qualify as an extenuating circumstance. And, in most cases, you will need to have some re-established credit.

Thank you for your time, and if there is anything I can do to help you or someone you know in Real Estate please give me a call.


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How To Improve Your Credit Score


Gone are the days when lenders would look at an applicant’s credit report and not be directed by a credit score. And like so many people in today’s economy, you’ve had some derogatory credit in the past but your financial future is looking up. Now you have applied for a loan and the loan originator has come back and told you that you were denied because you did not meet their minimum credit score requirements.

So, before you start home shopping, go take a look at your Credit Score and access your free credit report from all three agencies, Transunion, Experian and Equifax. You can do it every 12 months and it does not show as an inquiry on your on your report. If you see any accounts that are not yours, or that you have paid off, or have reported erroneous information, file your disputes and get it corrected ASAP.


A Few Things To Keep In Mind For Improving Credit Scores

Pay your bills on time

Keep your revolving accounts/ credit cards with a balance of no more 30% of your high credit limit

Don’t close accounts as a short term solution to improve credit- it doesn’t work!

Don’t open a lot of new accounts- it can look risky to a lender AND it can lower your account history age.

Don’t allow numerous creditors to pull your credit

Have credit cards but just manage them wisely- a good mix of credit cards and installment debt helps improve scores if paid on time.


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Gameday Football Saturdays Could Equal A Second Home

Have you ever thought about buying a second home?

So Johnny just graduated from Huntsville High School in Huntsville, AL and won a full scholarship to a BIG University in Alabama. Since you of course will be visiting him often or at least every weekend in the fall for Gameday Weekend, rather than staying in a hotel for $450 per night, why not consider buying a 2nd home in the lovely college town of your choice.


Seconds homes simply require a 10% down payment ( which you just saved because Johnny got a full ride) and the rates are the same as if you were purchasing a primary residence. With a second home, unfortunately, you are not allowed to generate any rental income, but he got a full ride and needs a quite place for all the studying that will be happening. Keep in mind also you can still have a competent Realtor® negotiate up to 6% of the purchase price to go towards closing costs, another bonus.

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Huntsville Alabama Real Estate

Huntsville Al, is among the top  growing cities in the country. Many factors or  Huntsville AL is the Rocket CityKeys to growth can be attributed to the growth of the city and the nation has taken notice. One website ranks Huntsville as “Top 100 Best Places to Live”. Huntsville Alabama was actually ranked as #31.

Other highly respected websites like have Huntsville ranked well in several more categories. For one Forbes has Huntsville ranked #62 Best Places for Business and Careers. Forbes also ranks Huntsville, AL


Those rankings alone give Huntsville, AL a very appealing outlook for young or established business folk to flock to.

Some factors that weigh heavily on Huntsville, AL ranking so well is partially accredited to it’s strong history with the U.S. Space Missions. With a large number of Missile Defense and Aerospace contractors’ facilities anchored in Huntsville, Al the city is largely considered as the center of rocket propulsion research for the U.S.

 Huntsville AL is the Rocket CityNot to mention that Huntsville, AL is home to the U.S. Army Aviation and Missile Command as well as NASA’s Marshal Space Flight Center, where you can take tours and learn some of the intricacies this space center has to offer. Have a fancy to see the only Saturn V Rocket? It’s home is inside The U.S. Space and Rocket Center and is designated as National Historical Landmark.

Once your rocket has touched down in Huntsville, AL and you have realized what all this town really has to offer its time to take a look at some of the most diverse Historical homes in one city, that are listed on the Historical Register.

Huntsville, AL has homes dating back to the early 1800’s. Historical homes in the Huntsville, AL are include homes from the Antebellum, Colonial, Greek Revival, Italianate, and also California Bungalow , Queen Anne along with other smaller more modest Victorian Home styles.

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(all data current as of 8/20/2019)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Real Estate Market in Huntsville Alabama- Don’t Look Back

Today’s Real Estate market can be deceiving dependent on who you’re talking to. Some are saying the market is thriving and we are beginning to set records all over the State. This may be true, but Real Estate as anyone will tell you is highly localized. That does include drilling down past streets and subdivisions and segmenting “your” house as “local”.

You see, the housing market has always been able to set records, but it has always been Local. If you will take a quick look back into the “BOOM” we experienced 100 years ago ( well, it seems that long anyway) the market wasn’t really localized. It was more nationalized.

We were seeing houses with multiple offers on every street corner. While that is long gone and chances of experiencing that again are slim, we still and have since had certain homes with multiple offers.

So here is the bottom line; Choose a Real Estate Agent who is going to give you purposeful and correct information. You don’t want information that is simply a “presentation to get your listing”. You want real information. Information that can help. Help you decide if you are really ready and can sell your home. If not, at least you will know up front and not be blindsided 3 months later.

Yes, Real Estate is rebounding and you could benefit from the growing market. Contact me to see how.



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Home For Sale Hampton Cove Alabama

MLS#: 524147 RES Active LP: $333,750
Area: (MCV) Mountain Cove Type: SF
City: OWENS CROSS ROADS, AL Zip: 35763
Municipality: CityLimits?:
Lot: 95X177 Lot#: 24
Acre: 0.40 +/- Block: N/A
Elem: GOLDS Middle: HAMPCV
Dir:Hwy 431 SOUTH past Hampton Cove intersection, turn RIGHT onto Taylor Ln, LEFT on Taylor Rd, take 2nd LEFT on Creekstone Dr, RIGHT on Oldstone Dr, then RIGHT on Willow Creek Dr.

Take a look at this well maintained large 5 bedroom home w/a large bonus room. Large master suite w/custom walk-in closet. This home has many upgrades & updates including granite in the kitchen w/glass backsplash. Great quiet location on a cul-de-sac. Fully landscaped yard w/spinkler system.

Room Dim. Lvl Desc Room Dim. Lvl Desc __# of__
FOYER 06×09 1 MASTER BR 21×17 1 Bedrms: 5
LIVING 12×16 1 BEDROOM2 14×12 1 Rooms: 11
DINING 11×16 1 BEDROOM3 14×11 1 TotBaths: 5
KITCHEN 16×13 1 BEDROOM4 12×12 1 FullBaths: 4
FAMILY 15×21 1 BRKFST 10×14 1 3/4Baths: 0
BEDROOM 14×13 2 BONUS 16×19 2 1/2Baths: 1
LAUNDRY 13×08 1 WPool:Y SepSH:Y
Hndicp: Int:
Hndicp: Ext:
Apx Sqft: 3,750 Tax ID: 1807360000069100 1st Lev Sqft:
2nd Lev Sqft: Loan Data: Foreclosure: N Unfin Sqft: OA: Y
Basement Sqft: Garage Sqft: Gated Community: N OA Fee: 250/YR Includes-ClubHous, Pool, CommonGr
ApxAge: 6-10Yr  SourcSF: Measured Style: Ranch
Constr: 3/4Brick SubStr: Slab Heat: Cntrl 2, Electric
AirCond: Cntrl 2, Elec Fireplc: One, GasLog Garage: 3CarGar, SideEntr
EnergyFt: DblPaneW, RoofVent Applianc: Range/Oven, Oven, Dishwasher, Microwave, TrashComp, Refrigerator SellTerm: Conv, FHA, VA, CASH
Fence: Outdoor: Patio, CvrdPrch, View, Curb/Gut, Sidewalk, UndgrndU, Sprinkle, ParkNear, Cul-De-Sac Misc:
Water Property?: N Water Property:
FrmFence: LandDesc: Watr/Sewer: PubSewr, PubWater
Certified Green: N Third Party Certification: SpecialNeeds:
Builder Name: OA Point of Contact Name RON JONES OA Phone # 256-763-0337 Contact Position: OTHER
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5008 Willow Creek Dr, Owens Crossroads, Alabama Home For Sale

Exit Realty of the Valley | Jim Brown

Jim Brown-Exit Realty of the Valley

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5008 Willow Creek BackYard view



5008 Willow Creek BackYard

/ Let yourself enjoy the outdoors  /  In this Uniquely comfortable setting NOW




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5008 Willow Creek | A Jeff Benton Masterpiece

/  You can enjoy a full Landscaped yard with sprinklers and also a mature landscape  /  New on the Market and Available NOW




5008 Willow Creek Living Room Feature



5008 Willow Creek | Beautiful Updates

/  Take Advantage of this Nicely Updated, Clean and Comfortable Home  /  Priced for You and Your Family in Mind, Check It Out NOW




5008 Willow Creek Master Suite



5008 Willow Creek | Master Suite

/  Unbeatable Style & Comfort in This Master Suite with Custom Built Closet  /  Your Clients will be Impressed, Let them See This NOW




5008 Willow Creek, Owens Cross Roads, AL

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What if after working as a Realtor for 20 to 30 years, you could RETIRE if you wanted to while continuing to receive an income? YOU CAN WITH EXIT! The EXIT Strategy creates the freedom for you to decide when to Work Hard, Play Hard and Rest Hard!

What if you could have PIECE OF MIND that your family could continue to receive an income as a Beneficiary benefit and a thank you for your service and dedication toward helping to grow the company? YOU CAN WITH EXIT! EXIT paid IBM millions to create the system to track all transactions, closings, agents, sponsors, retirees, beneficiaries, and residuals no matter where they are or move to around the world.


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Private Mortgage Insurance Payment Options | PMI


When it comes to having PMI on your loan may qualify you for a few options of choice.

Monthly PMI aka Borrower Paid PMI – the PMI premium is added to your monthly mortgage payment. The borrower pays the same amount every month until the loan balance is paid down to 78-80% of the initial property value, at which point the payments cease.

Lender Paid PMI – the lender pays your PMI premium for you by increasing your interest rate. This option may not be in your best interest if you plan to retain the home for the duration of the loan as it can never be removed form the loan. You will be paying the higher rate over the life of the loan.

Financed PMI aka Single Premium PMI – this type of PMI allows you to finance the MI premium in a lump sum into the loan amount. This eliminates the need for monthly PMI and generally gives the borrower a lower monthly payment.


This information was made available by Lisa Blake – A Premium Partner

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