$5,850,000

MLS Number: 50913

City: Valle Crucis, NC
Stories: 2
Bedrooms: 4 Baths: 4.5
Area: Boone-Blowing Rock, NC
Year Built: 1990
Plus Five fully furnished 1,400 sq. ft. Rental Cottages. Each built in 1996 on approx. 1/2 acre sites. Current cottage average annual rental income $150,000.

39.4 acres with 360 degree view of Blue Ridge Mountains.

5,200 sq. ft. main house built in 1990 on 1.24 acres.

No restrictions and no zoning offer many other options:

* Family compound
* Corporate retreat
* Religous retreat
* Horse farm / Dude ranch
* Recording studio
* Cottages can be sold separately
* Land can be further subdivided if desired

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

search for : Valle Crucis, NC, Blowing Rock, NC, Blue Ridge Mountains

The White House is considering to veto a bill seeking to follow up the recent economic stimulus package with several proposals to shore up the struggling housing market and reduce foreclosures. Senate Democrats had hoped to begin debate on the housing bill but their action’s have been put as Republicans kept the subject on Iraq.

The Democratic housing bill would change bankruptcy laws to allow judges to cut interest rates and reduce what’s owed on troubled borrowers’ mortgages, provide $4 billion to communities to purchase and rehabilitate foreclosed homes but the White House said the $4 billion for purchases of foreclosed homes is too expensive and “would constitute a bailout for lenders and speculators, while doing little to help struggling homeowners.”
(more…)

search for : bankruptcy laws, rehabilitate foreclosed homes

Congress is currently debating laws that would give bankruptcy court judges the authority to reduce mortgage debt with an idea that to help thousands of borrowers prevent foreclosure. But, lenders are furious at the prospect of having judges seize control of their mortgage portfolios. Community and consumer advocates argue that such a move makes sense amid the current mortgage crisis.

Titled “The Emergency Home Ownership and Mortgage Equity Protection Act of 2007″ and “The Foreclosure Prevention Act of 2008″, the proposed legislation is being drafted to provide relief for some home owners in bankruptcy. Only borrowers who live in their homes and hold subprime loans or non-traditional mortgages, like interest-only loans, would be eligible.

These bills are one of many efforts by government and consumer groups to encourage lenders and mortgage servicers to restructure loans to more affordable terms for home owners in danger of default. (more…)

search for : subprime loans, non-traditional mortgages

WEST JEFFERSON NC MOUNTAIN PROPERTY

87.5 +/- Acres Available For Residential Subdivision Mountain Development, 7 miles from West Jefferson, NC

Paved Road and Bridge Built To State Specifications.

Average of $23,000 per acre.

This Property Should Retail For Approximately $50,000 to $60,000 per acre.

ALL PROPERTY HAS LONG RANGE MOUNTAIN VIEWS

Contact Greg Stikeleather, Broker, 704.880.5247

or

email Greg at grstike@charter.net

click here for more information

Candidates for a reverse mortgage are 62 or older and owns a house that is fully paid for or has a relatively low mortgage. With a reverse mortgage, the homeowner borrows the money but does not have to repay the loan until the property is sold or the homeowner dies. At that point, the lender is repaid the principal and all of the accrued interest. The lender cannot foreclose on the property or in any way interfere with ownership, unless the owner is causing waste or damage.

As an adult child of a senior homeowner, instead of having your parents go to a commercial lender, maybe you could be a private lender. Say your parents want an extra $2,000 a month. They can enter into a line of credit arrangement with you. They would sign a promissory note that is secured by a deed of trust (a mortgage) on the property. (more…)

search for : reverse mortgage, private lender, line of credit

For most locales across America, home prices have fallen 10% or more. And, with recent Fed rate cuts, interest rates on mortgages of $417,000 or less have sunk to their lowest levels in four years. Those with solid credit and at least a 20% down payment can lock in a rate of only 5.9% on a 30-year mortgage.

But times have not changed to the good for those homeowners needing a jumbo mortgage. That level of mortgage is for home loans of more than $417,000. Mortgage guarantors Fannie Mae and Freddie Mac are not permitted by law to purchase jumbo loans. And, investors have stopped buying bonds created from bundles of jumbo.

However, there is some positive news for those needing a jumbo mortgage. As part of the economic stimulus bill signed by President Bush last week, the limit for Fannie and Freddie mortgages will be temporarily raised from $417,000 to $729,750. (more…)

search for : Fed rate cuts, 20% down payment, jumbo mortgage

My homeowners are planning on refinancing their mortgage. Since rates have fallen since they took out their 30-year fixed-rate mortgage a few years back and their credit scores have improved, they hope to qualify for a better deal this time around.

Borrowers should always compare fees when shopping for loans. How much consumers pay in closing costs varies from state to state and lender to lender. It also depends on the borrower . A loan applicant with a good credit score generally will pay lower fees than a borrower with bad credit because the lender may be required to do more legwork to qualify the borrower for a loan.

A prospective borrower should first obtain copies of their credit reports at annualcreditreport.com and clear up any mistakes. Each homeowner is entitled to one free credit report every year from each of the big three credit-reporting agencies, Equifax, Experian and TransUnion. (more…)

search for : refinancing, 30-year fixed-rate mortgage, credit score, annualcreditreport.com

Vacation property, an investment for retirement or a permanent residence, this Lake James waterfront home may be your dream property.

The beautiful water front home is located in a private community with spectacular views of the Blue Ridge Mountains. It has a double deck boat dock, an enclosed boat garage and a private ramp to launch your own watercraft. The home was built originally in 1972 and totally renovated in 2002. A four car detached garage was built in 2002.

There is a total of 264 ft. of water front. Beautiful three tier sea walls accent this elegant home. Hard wood and tile floors, modern appliances and vaulted ceilings are only a few of the amenities that capture you with this home.

Private dock permit.

List Price: $1,800,000
Flexibility: Willing to finance
Acreage: .75 acres
Type: Waterfront

Floors: 2
Bedrooms: 4
Bathrooms: 4
Sq. Footage: 3700
Garage Size: 4.0
Year Built: 1972, totally renovated in 2002
School District: Nebo

Suitable Use: Residential

Topography: Rolling
Road Frontage: Private Road
Location: Lake James, Burke County, NC

Amenities: Waterfront, Fireplace, Central AC, Alarm, Wood Floors, Gas Range, Patio, Wheelchair Accessible, Nature/Bike Paths, Boating, Controlled Access, Spa/Jacuzzi

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search for : Lake James waterfront home, Blue Ridge Mountains, Lake James, Burke County, NC

In a joint effort to cool the raging foreclosure crisis, six of the nation’s largest mortgage lenders have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments.

Efforts to foreclose on seriously delinquent borrowers will be postponed for 30 days while lenders and borrowers try to work out payment options. Known as Project Lifeline, the program will not be confined to borrowers with adjustable rate mortgages.

These ARMs have recorded the highest rates of delinquencies, even as default for loans of all types have risen dramatically over the past couple of years. (more…)

search for : foreclosure crisis, stop foreclosure, delinquent borrower

According to this author, mortgage brokers abuse borrowers when they collect a rebate from the lender for delivering a high-interest-rate loan without the knowledge of the borrower. I developed the Upfront Mortgage Broker program largely to deal with this problem.

Upfront Mortgage Brokers (UMBs) agree in writing with borrowers to a specified total fee, which includes any payment received by the broker from the lender. The borrower elects how to pay the fee, either in cash at closing or in a rate high enough that the lender will pay a rebate to the broker. (more…)

There is good news and bad news in the mortgage industry. First, rates are down, but the bad news is that it is much harder to qualify for a refinanced loan these days. Moreover, the borrowers who need to refinance the most, because their adjustable rate mortgages (ARMs) are resetting to higher interest rates, are among those having the most trouble winning approvals.

During the boom years, lenders approved most anyone with a pulse. Not so today. Mortgage brokers recognize this and are now being very selective about the clients whose applications they choose to submit to their lender network. (more…)

Beautiful Wilkes County NC Timber Frame Home and Mountain Property.

MLS Number: 51166, List Price: $898,500

2 Bedrooms, 2 Baths, 2 half baths, 2 car attached garage, full basement, and a barn on 5 acres of land.

These terms are used to describe thousands of homes and yet some things just can’t be described, they have to be experienced. This is one of those homes that really has to be seen to be appreciated.

This majestic Timber Frame home of the Bob Timberlake genre is not just another house, it provides a feeling of home that is not about walls and floors and windows and doors. It creates a feeling of the flow between your outdoor and your indoor environment that is seamless. Everywhere you look there is a view. Everything you touch feels natural and beautiful in a way that cannot be described, only owned.

Contact Elizabeth Carter, 336.973.5594 or Greg Stikeleather, Broker, 704.880.5247 or email eacarter@charter.net

click here for more information

As lenders suffer from defaulted mortgages, they are learning that the number of people who bought homes as investments is much greater than previously believed. Such borrowers turn up frequently in analysis of loans that defaulted within months after origination. In many cases, these speculators lied on loan applications, saying they intended to live in the homes in order to obtain more favorable loan terms or failed to provide the requested information.

Approximately 20% of mortgage fraud involved “occupancy fraud,” an industry term to describe the situation when borrowers falsely claiming they intended to live in a property. Another study looked at 45 subprime loans that defaulted within the first 12 months even though the borrowers had good credit scores. In two-thirds of the cases, borrowers said they intended to live in the property but never moved in. (more…)

search for : occupancy fraud

More than 2 million homeowners are in trouble with their debt payments. And a new study shows that more than half of homeowners who become delinquent on their loan payments ultimately go into foreclosure.

However, just for those beleaguered homeowners, the new Mortgage Forgiveness Debt Relief Act of 2007 is supposed to provide some relief to those who sell their homes short; that is, sell for less than the mortgage amount.

Prior to the new law being signed, if your lender agreed to a short sale, the IRS considered the difference between what you sold for and what you owed taxable income. So, just as you were starting to move on with your life, having lost just about everything, the following April 15 you’d have owed the IRS income tax on what amounted to phantom income. (more…)

Many holders of home-equity loans and lines of credit are benefiting greatly from the string of recent Fed rate cuts. Since home-equity rates are often based on the prime rate — which drops every time the federal funds rate is cut and now sits at 6% vs. 7.75% in September — interest payments on many home-equity products have fallen.

The not-so-good news, as some homeowners are finding out, is that it’s more difficult to get approved for one of these loans lately. As they have with first mortgages, many lenders have tightened their underwriting guidelines on home-equity loans and lines of credit in recent months, often requiring that borrowers have higher credit scores and a larger amount of equity built up in their homes.

In many cases, homeowners who do qualify can’t get as big of a loan as they once could have. (more…)

search for : home-equity loan