Real Estate Information and News
Please allow me to introduce myself. My name is Tina D’Amato, a Realtor with RE/MAX Results based out of Sciota, PA and I am a resident of the beautiful Pocono Mountains region here in the “West End” of Monroe County. I have helped dozens of satisfied home buyers and sellers since 2006 and look forward to being your Realtor. I pride myself on listening to your needs, being responsive to your communications, whether by phone, text or e-mail and delivering you the best possible results. The testimonials of some of my clients can be found on my website: www.tinadamatorealty.com, along with helpful information on buying a home here in the Poconos, Pocono area information, school profiles and much more. Please call me direct at 570-807-8631 for a free home buyer or seller consultation or with any questions you may have. I am here to help you. Thank you and I look forward to hearing from you.
My name is Tina D’Amato and have lived in The west end of Monroe County, Pa. since June 2005. I have been successfully listing and selling Real Estate since 2006, and am loving it! I am currently a Real Estate Agent with RE/MAX Results located in Sciota, Pa 18354. I have a wonderful family in which I love to spend time with. My favorite activities include cooking, camping, swimming, and watching any sport my kids are involved in!
I pride myself in providing a superior level of informed, professional services to real estate sellers and buyers in all parts of Monroe County and throughout the Pocono Mountains of Northeast Pennsylvania including but not limited to Sciota, Saylorsburg, Effort, Brodheadsville, Blakeslee, Stroudsburg, East Stroudsburg, & Tobyhanna. I am also active in listing and selling properties in Carbon County, Pike County, Lehigh Valley, and Northampton County.
I specialize in representing my clients in the purchases and sales of single-family residences, income property, foreclosures, & short sales. I make sure to keep current of all transactions in these areas, to properly serve all my clients. I specialize as a Listing Agent and Buyers agent with detailed knowledge and successful closed transaction on Short Sales, Distressed Properties, Foreclosures and Investment homes as well! I am a member of the Pocono Mountain Board of Real Estate Multiple Listing Service that covers the area of Monroe County. I have access to the Pike County, Carbon County, Lehigh Valley County, Northampton County Multiple Listing Service As well. I can be reached best on my direct line: 570-807-8631. Feel free to call me anytime including nights and weekends (Text friendly too). I look forward to assisting YOUR Real Estate needs so give a call today, as I’d love to listen and assist you too!
I have received many Awards Including the Rookie of the Year award, Wells Fargo Partner of the year award, Top 10 Presidents club award, as well As Top 5 producer in 2009, 2010, 2011
~There’s nothing like having a Professional in your Corner!
If you are having difficulty making your monthly mortgage payments, you can protect your home, but you must act immediately. Your actions can prevent the loss of your home through foreclosure. We provide you with the information you need to avoid foreclosure, but it is only the beginning. If you are having serious financial difficulties, you need to seek professional assistance and/or legal counsel to best protect your home.
The very first thing you need to do is call and communicate with your lender. Lenders are in the lending business, not the real estate business. Your lender will want to work with you and help you find a way to keep your home. The longer you wait, the more difficult this will be to do. If you are several months behind in your mortgage payments and you have not made contact with your lender, they will probably assume that you do not intend to repay their loan. Don’t avoid your lender or their calls. Do take action and know your rights in the process. Do be diligent in avoiding scam artists that may be contacting you to “help”.
Get your financial ducks in a row. Be prepared to discuss your problems honestly and in detail. Think about the questions you may be asked in advance and make notes to help you answer them. This may impress your lender that you are prepared and sincere.
If you are facing foreclosure, you do have several options. There are numerous ways in which your lender might be able to help you. You could start with debt counseling, which can help you to look at all your outstanding debt to see if any of it can be restructured or consolidated. Your mortgage payments would be the last payments that you would default on, so it is likely that you are experiencing difficulty with your other payments as well. Your lender/counselor can help you make a budget to structure a repayment plan.
There are several other legal options that you should pursue with your lender. Modifications, forbearance and recasting are all possible if you have sufficient equity in your home.
If your problem is serious enough that it can not be resolved in a reasonable amount of time, it may be necessary for you to sell your home and find a living situation that is more manageable. If it is possible to pay off the mortgage balance, you can settle your delinquent debt and avoid foreclosure. A short sale negotiation with your lender is another option to be explored. Make sure to work closely with your lender to allow a reasonable time to sell the home. If all else fails you may have the option of signing the home over to your lender, normally referred to as a “Deed-in-lieu”. Bankruptcy, as a last resort, can also be utilized in this process.
With all of these options available to you, there is no reason to lose your home or your investment. We give you all the tools and information that you need to make an educated decision on how to save your home
Here are a couple of updates from FHA regarding new premium structures and possible seller contributions changes.
First, here’s the link to HUDs press release.
As soon as the mortgagee letter has been published, we’ll interpret it for you.
Secondly, there is a new proposed rule to change seller concessions to 3% of the sales price, or $6,000, whichever is greater. They did it this way so as not to penalize lower priced homes, the very market that FHA is supposed to serve. The last rule proposal in 2010 was for 3% period, and it left lower priced homes at a huge disadvantage. The outcry from the mortgage industry resulted in a hold on the whole thing back in 2010.
The Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 percent. This change is effective for case numbers assigned on or after April 1, 2012. FHA is also exercising its statutory authority to add an additional 0.25 percent to mortgages exceeding $625,500. This change is effective for case numbers assigned on or after June 1, 2012.
The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. This change is effective for case numbers assigned on or after April 1, 2012.
No Major Purchase of Any Kind
This includes furniture, appliances, electronic equipment, jewelry, vacations, expensive weddings…
…and automobiles, of course.
Don’t Move Money Around
When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.
If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.
The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.
Perhaps you become exasperated at your lender, but they are only doing their job correctly. To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it “easier,” could make it more difficult for the lender to properly document.
So leave your money where it is until you talk to a loan officer.
Oh…don’t change banks, either.
For most people, changing employers will not really affect your ability to qualify for a mortgage loan. For some homebuyers, however, the effects of changing jobs can be disastrous to your loan application.
If you are a salaried employee who does not earn additional income from commissions, bonuses, or over-time, switching employers should not create a problem. Just make sure to remain in the same line of work. Hopefully, you will be earning a higher salary, which will help you better qualify for a mortgage.
If your income is based on hourly wages and you work a straight forty hours a week without over-time, changing jobs should not create any problems.
If a substantial portion of your income is derived from commissions, you should not change jobs before buying a home. This has to do with how mortgage lenders calculate your income. They average your commissions over the last two years.
Changing employers creates an uncertainty about your future earnings from commissions. There is no track record from which to produce an average. Even if you are selling the same type of product with essentially the same commission structure, the underwriter cannot be certain that past earnings will accurately reflect future earnings.
Changing jobs would negatively impact your ability to buy a home.
If a substantial portion of your income on the new job will come from bonuses, you may want to consider delaying an employment change. Mortgage lenders will rarely consider future bonuses as income unless you have been on the same job for two years and have a track record of receiving those bonuses. Then they will average your bonuses over the last two years in calculating your income.
Changing employers means that you do not have the two-year track record necessary to count bonuses as income.
If you earn an hourly income but rarely work forty hours a week, you should not change jobs. There would be no way to tell how many hours you will work each week on the new job, so no way to accurately calculate your income. If you remain on the old job, the lender can just average your earnings.
Since all employers award overtime hours differently, your overtime income cannot be determined if you change jobs. If you stay on your present job, your lender will give you credit for overtime income. They will determine your overtime earnings over the last two years, then calculate a monthly average.
If you are considering a change to self-employment before buying a new home, don’t do it. Buy the home first.
Lenders like to see a two-year track record of self-employment income when approving a loan. Plus, self-employed individuals tend to include a lot of expenses on the Schedule C of their tax returns, especially in the early years of self-employment. While this minimizes your tax obligation to the IRS, it also minimizes your income to qualify for a home loan.
If you are considering changing your business from a sole proprietorship to a partnership or corporation, you should also delay that until you purchase your new home