Monmouth County Real Estate

It is being reported that a full field of candidates had committed to a late spring run at mayoral and council positions in Long Branch, New Jersey. There are 3 Long Branch residents running for mayor, while 21 candidates are vying for one of the 5 open City Council seats. Current Councilman Brian Unger and financial adviser Robert G. Krebs are challenging Incumbent five-term Mayor Adam Schneider.

Running with Long Branch’s current mayor are current Councilwoman Mary Jane Celli, community activist Joy Bastelli, former school administrator Kathleen Billings, former Board of Education President Michael Sirianni, and Alan Menkin, president of the Long Branch Recreation Wrestling Club.

Brian Unger has former U.S. Marine Cpl. Kent Thornton, retired police detective Joe Mauriello, attorney John Gregory, accounts receivable specialist Sharon Wise and retired schoolteacher Diane Zuchnik, on his ticket.

Robert Krebs has selected local builder Dave Pizzo, substitute teacher Joseph Wayne, John Freda, a business consultant, and Don Riley, who has previously run for council for his ticket.

Long Branch, New Jersey is constantly striving to reach a number of goals and standards and this new pool of candidates want to continue those goals. Residents and government officials want to provide Long Branch with a healthy balance of land uses, maintain a balanced stock of quality housing and housing options, foster neighborhood preservation efforts and provide attractive and accessible commercial districts. Along with those goals, Long Branch has set out to support and encourage private sector job retention and growth, maintain and enhance community facilities, services and infrastructure systems, and maximize circulation and mobility options. Long Branch has also set forth on an environment front by preserving historically and architecturally significant structures and uses, preserving the City’s natural resources and reduce green house gasses, and incorporating “Green Goals” and initiatives into public policy, as well as preserving and maintaining a comprehensive open space and recreation system. For more information on the City’s Green Initiative that the new candidates are planning to continue if elected, click here  http://www.visitlongbranch.com/index.php….

“Working Towards a Green Future” is just one of the many reasons to select Long Branch as your home town. Revitalization efforts have made the City a perfect place for Jersey Shore living.

The White House announced a major renovation of its troubled $75 billion plan to prevent foreclosures.  The revamped program is now designed to aid jobless homeowners and people who owe more on their mortgages than their homes are worth.  The program is designed so that the government can reach its original goal of helping 3-4 million homeowners avoid foreclosure by the closing of 2012.  So far, only 170,000 homeowners have completed loan modifications, out of 1.1 million who have applied for the government’s Home Affordable Modification Program (HAMP) since it started last year. 

The astonishing number of homeowners that have missed at least two months of payments rounds off around 6 million.  Experts warn that between 10-12 million borrowers are in danger of foreclosure over the next three years.  A growing risk is among homeowners who are “underwater” (i. e. they owe more on their loans than their homes are worth).

To become a part fo the loan modification program, borrowers will get help in three ways:

1. Jobless homeowners can get a three-to-six-month break on their mortgage payments. 

2. Banks will get financial incentives to reduce mortgage balances for underwater borrowers.

3. Lenders can offer refinanced loans backed by the Federal Housing Administration to these borrowers.

If , after the 6 months, and you are still unemployed, lenders will encourage you to consider a short sale, in which you sell your home for less than the mortgage amount.  Another option is a deed-in-lieu of foreclosure, in which you agree to hand back the property to your lender.  In order to qualify for the HAMP program, you must have a mortgage of less than $729,750.  You also must show that you are in financial trouble, and you have to be spending at least 31 percent of your pretax income on your mortgage payment.  To open the application for the program, call the bank/mortgage company that services your mortgage.  If you are unable to reach someone in a timely manner, contact a non-profit housing counselor http://www.findaforeclosurecounselor.org/.

Please note, that your mortgage company may not offer this program so you need to speak with them.  It is voluntary for mortgage companies to offer the FHA plan.

If you are not sure what your home is worth, before setting out to apply for this program, contact a real estate agent in your area to give you a comparative market analysis.  You may be surprised that selling your home is an option without losing it.

Have you ever heard of the NJ Hall of Fame? It was created to award citizens who have “made invaluable contributions to society and the world beyond.” One of the main purposes of the NJ Hall of Fame is to reinforce the message to children that they can strive for excellence in any aspect of their lives. “By presenting significant and powerful role models and teaching young people about the voting process, the Hall of Fame is a source of learning, inspirtaion, and hope for children.”

The NJ Hall of Fame is a new academy in the state, only celebrating its 3rd induction ceremony this year. This year, the list of inductees include Jack Nicholson, Susan Sarandon, Count Basie, and Les Paul. For a complete list, go to http://www.njhalloffame.org/Classof2010…..

This is a great event in NJ and all the major media outlets provide coverage from the red carpet to the closing of the ceremony. Celebrate this year’s ceremony, live at the New Jersey Performing Arts Center in Newark on May 2, 2010. Tickets are still available and the red carpet starts at 3:30pm.  http://njhalloffame.com/

Each year so far, there have some incredible special surprise guests such as Bruce Springsteen performing Glory Days or the 2009 Unsung Hero Award presentation by General David Petraeus.

New Jersey may have a reputation for many other things, but the state is dedicated to teaching, inspiring, and instilling hope in the minds and hearts of our children.

For those who do not know, in Monmouth County, more specifically in Atlantic Highlands, there is a daily Ferry service to Manhattan (and other destinations). SeaStreak’s luxurious catamarans has service to New York City and has now introduced Baseball packages where you buy the ferry service and tickets to the Yankees or Mets games. Some of the bigger games like Yankees vs. Mets, you can only purchase Seastreak ferry tickets but you can check their website for the packages that include both.  http://www.seastreak.com/events.aspx

This is an excellent way to travel into the city from NJ. The ferry offers some alcoholic beverages, different non-alcoholic beverages, and snack foods. Perfect while relaxing, taking in the sights before hitting the town!

The port is easily accessible in Monmouth County and makes for a great commute to work, even! Work in Manhattan and tired of city life? Move to Monmouth County and take the ferry to work every day! You will have the best of both worlds!

In 1985, a Sandy Hook based Clean Ocean Action group set out to clean up and protect the waters of the New York Bight.  75 volunteers cleaned up one stretch of beach and began to investigate sources, effects, and solutions of ocean pollution.  What was once a small group of volenteers trying to clean up New Jersey beaches has turned into the longest running cleanup of its kind in the world!  On April 24, 2010, over 5000 (in 2008, more than 5,100 people in 63 locations had collected almost 290,000 pieces of debris weighing an estimated 36,000 pounds!) are expected to comb the state’s 127-mile shoreline for the 25th anniversary of Beach Sweep.  The beaches of NJ are the state’s natural and economic treasures and Beach Sweep helps the state’s economy by keeping our beaches attractive. 

For more information on how you can “make waves to save our seas”, check out the Beach Sweep 25 site http://www.cleanoceanaction.org/index.php?id=153.

Events like this keep our shore towns on the top of the list of most desirable places to move to in NJ.  The events also show the community spirit the Jersey Shore has and the pride the locals have in their beaches.  Just another reason to buy at the Jersey Shore!

I just took a listing in Brick, NJ. It is well known in New Jersey that Brick Township is one of the safest cities in the country. In 2003, according to FBI statistics, Brick was the 2nd safest city in America, and the city has remained in the top 5 from then till present. Since 2000, Brick has been considered the safest city in New Jersey, also.

Brick enjoys a location that is convenient to all the best attractions of Ocean County, including three pristine beaches of it’s own. Brick has a variety of recreational activities as well as shopping and easy access to other shore towns such as Pt. Pleasant and Bayhead.

This listing – 426 LAfayette Drive, features 3 bedrooms, 2 baths. Looking for a turn-key home that’s NOT a short sale, welcome to desirable Lake Riviera. Everything has been upgraded in this cozy 3 bedroom home as well as includes a basement. The home sits on a 75 x 150 lot w/19 x 39 In-Ground pool. Windows, Siding, Stone Front, Roof, pool liner Kitchen & bathrooms all upgraded. The home also has hardwood floors in every room, working wood burning Fire Place, pull down attic storage, one car garage and Central Air and a huge driveway that can hold at least 6 cars. This is a great home and is priced right, making it the perfect opportunity to take advantage of the currently low interest rates and still-available homebuyer tax credit!!!

It may not be as easy to get a mortgage loan as it was a few years ago but with the right information and understanding, it does not have to be difficult, even with all the new rules and processes.  I have put together a few tips for successfully getting a mortgage. 

- Be sure to speak often with your loan officer when getting a mortgage, and always be upfront and honest with your financials.  Withholdings any information could jeopardize your chances of getting the mortgage.

- When buying a home, one of the biggest reasons for delays has nothing to do with the mortgage process — it is getting home insurance.  Be sure that you have your home insurance taken care of ahead of time.

- During the loan process, stick with the same job or if you absolutely have to change jobs, it is best to take a job in the same type of industry you were at previously.  Having a stable job history is one of the most important things when it comes to getting qualified for a loan.

- Don’t get any more credit than you have at the time of applying for the loan – Don’t go out and buy a new car while you are trying to get a mortgage, for example, either.   Acquiring new debt during the loan process is only setting you up for potential problems. 

- If you are supposed to close on a Friday, don’t set up the moving van until the day after closing — and on Friday maybe not until Tuesday. In an ideal world, allow a 5 day window between closing your loan and moving.

These tips won’t guarantee you can obtain a mortgage, but they should increase your chances.  If you have any questions, talk to your mortgage broker.  You can also talk to your real estate agent selling you your home.  We are very knowledgeable when it comes to dealing with mortgage companies.

The countdown has begun for the expiration of the Home Buyer Tax Credit. There are just about 6 weeks left to get a contract in. Originally the tax credit was created last year for First-Time Homebuyers, but before the day of expiration, the government extended and expanded the tax credit. It is set to expire on April 30, 2010. At this point, it is time to act quickly so you do not miss out on the credit. Your contract must be signed by April 30th, but you have another 2 months to close. The property must close by June 30th. And, if you have avoided newspapers, news broadcasts, and the Internet for the past few months, then you may not know that this credit is not just for First-Time buyers but for Moving-up buyers as well. First-Time buyers qualify for a $8000 credit whereas Moving-Up buyers qualify for a $6500 credit.

Agents and mortgage representatives strongly urge buyers to sign a contract as soon as possible before the actual expiration as to allow for as much time possible. Lenders are much more cautious these days and obtaining a mortgage may take longer than expected because of that. If you want to close before the expiration of the credit, do not wait till April 30th to submit a signed contract and hope to close by June 30th.

RealtyTrac, , is reporting that there is a 2% drop in the number of foreclosures filings since January. Although the number of foreclosure filings remain 6% above the level in 2009, we have seen a slight decrease. The 6% increase from last year was the smallest since January 2006, but it was the 50th consecutive month of yearly increases.

According to RealtyTrac, more than 308,000 homes – or one in every 418 – received a foreclosure filing in February, which includes default notices, scheduled auctions and bank repossessions. Analysts are saying that this slight stablization of the number of foreclosures may not be a sign that there are fewer homeowners at risk, but that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity. So far, the Home Affordable Modification Program has permanently modificied 116,000 homeowners’ mortgages, but 1 million more are in the HAMP trial. According to the Home Affordable Modification Program’s February statistics, the number of permanent modifications increased by 45 percent. To view the press release showing HAMP’s February numbers, go to http://www.treas.gov/press/releases/tg58….

I wrote about the FHA possibly raising down payment minimums a month ago but the topic is starting to become a major story. Congress wants to increase mortgage premiums, minimum down payments, and credit score requirements. FHA Commissioner David Stevens expressed his concern about making these changes during this economy in front of a committee of the US House this past week. Stevens said his agency would probably insure 300,000 fewer home loans per year if the mandatory down payment was raised from 3.5 percent to 5 percent — a 40 percent increase.

Congress has been considering various ways to put FHA on a sounder financial footing. Besides increasing the downpayment requirement, another suggestion under discussion is raising the upfront mortgage insurance premium to 2.25 percent of the loan amount, up from 1.75 percent currently.

Under this proposed restructure, new borrowers must have a minimum FICO credit score of 580 to qualify for FHA’s 3.5 percent down payment loan, otherwise the borrower must put 10 percent down. Most lenders require a minimum credit score of about 620 but anything over 650 usually is what gets the deal done.

The FHA’s decision could further exacerbate conditions for the housing market, in my opinion, by removing some low-down payment loans that were allowing new buyers to buy and others to refinance their way out of foreclosure. What are your thoughts? Are you seeing new buyers being able to purchase homes under the current FHA guidelines?