Team Thayer Property Servicing

It's just human nature to simply want to  understand  things, especially important things (such as  your home mortgage ), so in this post we're going to explain what generally happens after you buy or refinance a home and why your loan may be "sold". First of all, the vast majority of  mortgage lenders  will only fund loans that either "conform" to Fannie Mae or Freddie Mac underwriting guidelines (these are called conventional conforming loans), OR meet the minimum standards set forth by FHA, VA, or USDA (these loans are backed by the government with "insurance" or a limited "guarantee" against default). By only funding these  types of loans , rest assured the mortgage lender can turn around and sell the loan to Fannie Mae, Freddie Mac, or Ginnie Mae (Ginnie Mae typically buys government loans).  But what does it mean to "sell" a loan? First, we must must take a step back and think about what a mortgage loan actually i...

If you have been served with a summons and complaint for foreclosure then you are in the Judicial Foreclosure Process.  It is possible to know exactly how the process is progressing along.  You should be served with notices etc. but what if you don't know what these notices indicate.  What if you get a notice showing that the bank filed a "motion for continuance"  That may not tell you anything but it tells us a lot.  Everything that has happened in your case is also entered on your case register on the Oregon Judicial Information Network (OJIN).  An attorney can review your case register and explain to you what is happening in your case, what the major landmarks are, and where you are at in the process.  I will explain the basics below but I encourage you to contact us for a free copy of your case register.  We would be happy to explain it to you and hopefully give you some peace of mind.  We also provide case registers to real estate profe...

Oregon saw an increase of about 25 percent in foreclosures in January 2014 compared to January 2013.  In Lane County, 43 households received some sort of foreclosure notice last month, with about half of these being bank repossessions, according to RealtyTrac. State legislation passed in August 2013 temporarily decreased foreclosures by limiting lenders ability to file foreclosures until they and the borrower went through a legislated mediation process. That mediation process was expected to take about 60 days, but in reality is taking six months or more. Many of those properties will still end up in foreclosure, once the mediation process is completed. This is purposed to bring  filings to increase to early 2013 levels. The market went through a buyer surge as many  who had waited to purchase until they felt safe. This happened in mid Jan 2013 and pe aked in mid Aug. After any market  surge there will always be a decline.  This decline was    in...

Oregon with it's  second-tier cities should lead the west coast recovery this year Investors, developers and builders are losing some interest in the so-called 24-hour gateway cities -- San Francisco and, Seattle  -- and have developed more interested in cities like, Portland, &  Eugene,  where there are more housing deals to be had. Example:  2011 only New York City and Washington, D.C. had good prospects for real estate investors and developers, according to the ULI report, but now Austin, Boston, Dallas, Houston, Miami, Orange County, Portland, San Francisco, San Jose and Seattle make that list -- and D.C. actually dropped out. Now narrow this field down to the west coast and Oregon appears to lead the way in potential for 2014 housing deals Real estate recovery stilTl hinges on job growth The     slow pace of job growth as well as income and wage growth is still holding back the real estate recovery and that's not likely to ch...

If your house is sold at auction or is transferred to the lender and the amount for which it was sold or transferred is not enough to cover the balance of your loan, the financial institution, with certain exceptions, may have to cancel or forgive the balance between the fair market value of the house and the amount you owe. This balance or deficit is also known as "cancellation of debt." The institution will file the applicable IRS forms with the amounts owed and other relevant information. You will receive a copy of the applicable 1099 forms in reference to the amount "forgiven." With certain exceptions, you may have to include this amount as part of your income when you file your income taxes. Talk to a tax adviser about the potential impact on your tax filings.     The "Mortgage Forgiveness Debt Relief Act," which amemded the Internal Revenue Code, provides with additional exclusions for some homeowners who lost their homes, if occupied as their prima...

If a mediation service provider sends you a notification about your right to have a meeting with your lender’s representative, act immediately. The first step: Meet with a certified Housing and Urban Development (HUD) nonprofit counselor within 30 days after receiving the mediation notification form. The notification of your right to a mediation meeting will include information for the Lawyer Referral Services of the Oregon State Bar and providers of low-cost legal services. The form will include a list of options to avoid foreclosure. Even if you are not currently in the foreclosure process, you can also request a mediation meeting with your lender, if you were 30 days late on your loan payment at least one-time and your financial situation will likely not improve. You can request a mediation meeting by using a form available from a mediation service provider approved by the Oregon Attorney General.  You will also be notified about the documents you need to bring with you to t...

T here are two types of foreclosure processes in Oregon that lenders can use when a mortgage loan is in  default  — judicial and nonjudicial. In a  judicial  foreclosure, the lender or a representative acting on its behalf takes you to court to recover the money you owe by selling the house used to guarantee the repayment of the loan. In a real estate judicial foreclosure, there are some restrictions about the amount of money you can be sued for. If you receive a  Notice of Hearing  or a notice to appear in court regarding the sale of your property,  immediately  contact an attorney. There is contact information for the Lawyer Referral Services from the Oregon State Bar Association in this brochure’s resources section. Before you receive this Notice of Hearing, your lender may send you a notification informing you of its intention to start the foreclosure process.  Remember , once you are in  default  on your loan agreement, the len...

Foreclosure is the legal process a lender initiates to force the sale of a mortgaged property when the borrower has not met the terms of the loan agreement. Foreclosures can also be initiated by others having a lien on a property such as the county if property taxes are not paid.    

1. MAKE SURE YOU HAVE THE LEGITIMATE REASON FOR KEEPING DEPOSIT Review your state and local laws regarding security deposits as they are different from state to state. Laws of all states allow landlords to collect a security deposit when the tenant moves in to their property. A lot of states limit the amount property owners can charge, which typically isn't more than a month or two worth of rent - the exact amount a landlord can ask for depends on the state. Mostly, security deposits are equal to the first month rent and even the last month rent together. Make sure all fees are clearly explained in the lease or rental agreement and whether you have a reason as defined by your state law to keep a tenants' deposit. Damaged apartment or violated lease terms are two most common reasons Landlords may keep tenant’s security deposit. If the reason of withholding a tenant’s security deposit is legal in your area, then consider informing your tenant you are allowed to keep the...

The attrition rate in real estate is astronomical. In fact, a greater percentage of new licensees fail than do new restaurants. Some 90% plus will not see their second anniversary in the business. Of course, there are myriad reasons why this is the case. Some agents discover that the business is not what they thought it would be when they decided to attend real estate school. Others attempt to pursue real estate sales when they are between regular jobs. Still others are in related professions, such as construction, and think that a real estate license would add to their professional arsenal, not realizing just how much time and effort it takes to maintain their license. However, in my opinion, there are two other, more prevalent causes of why so many real estate licensees cannot make it. Financial difficulties are a principal reason. In order to keep a real estate license, along with board memberships (which are all but necessary to function as an agent), it costs a co...

Your attorney get paid if you loose you court case. Your doctor gets paid if you die. You probably have no idea you pay your insurance agent a commission. Accountants get paid even if they make costly errors. Your money manager takes a commission from you no matter how much money you loose. Appraisers take $900 from you to place the ultimate value on your home but where are they when you need to s ell it. Even our close cousins the the mortgage industry get little grief about the amount of compensation you pay them. (They don't pay your application fee & appraisal if the loan fails)   Real Estate brokers put in money, time, & risk litigation yet you pay us nothing unless there are proceeds from a sale. There is no other profession like it. 92% of Realtor's fail in under 2 years. (The Navy Seals buds school attrition rate is only 78%)   The reason people don't get it is #1 we have more disclosure than any profession in the world. People tend to see commissions pa...

You never see self made millionaires putting their house for sale by owner. They learned not to step over dollars to pick up pennies. If you sold your house without using a good broker you did 2 things... #1 According to statistics you gave an average of 12% of your money the buyer...(This is after a full commission is factored in) . #2 You opened yourself up to a massive litigation risk. At least have the smarts to buy some E & O protection!!!!! Man we spend tons of money working for the public & you don't even have pay us! We don't earn a deal that makes you happy we are out the time & expense. J ustin Thayer 541-543-7287 info@teamthayer.com @justinleethayer

"The wall street journal Says" The Price of Real-Estate Experience: $25,000 Veteran agents sell homes for an average of 12% more than their less experienced counterparts, says Bennie Waller, professor of finance and real estate at Longwood University in Farmville, Va. Veteran agents also tend to list more new properties, more townhouses and condominiums and larger properties. "The more experience you have, the more likely you are to sell the properties that you list, the more likely you are to sell it at a higher price and the less time it stays on the market," Prof. Waller says. Prof. Waller became interested in quantifying experience when he noticed an increasing number of agents who chose not to renew their licenses after two years. Real estate has "very, very, very low barriers to entry," he says. But brokers then face a steep learning curve and many struggle to reach a level of expertise that is profitable Two-thirds of properties listed ...