December 28th, 2011
Posted by margo christophilis
September 19th, 2011
Posted by margo christophilis
Lynnwood is seeing some big changes that are devolping along the interstate 5 Highway, with new added roads to help with the volume of traffic of all the new stores that are coming to the Alderwood Mall area, with Whole Foods Market right along the 196th exit.
What is nice is that with these new stores will help the feel and identity of Lynnwood and this will change and for the better, as we learn more about Whole Foods, a high-end specialty market, has more than 270 stores in North America and the United Kingdom. It reported $9 billion in sales for its fiscal year 2010. In Washington, the company has opened stores in Bellevue, Redmond, Vancouver and Seattle.
Soon in 2012 a new Costco center will be in, as the old Lynnwood High School has already been torn down, and all that is left is the track and football field we are so thrilled to see The Costco is expected to occupy 15 acres of the 40-acre site, and be part of a mixed-use development called Lynnwood Crossing that includes restaurants and other shops.
Rumors began swirling in October when the Edmonds School District, which owns the land, announced plans for a major developer at the site, but wouldn’t name the tenant. Cypress handled business recruitment, school district spokeswoman D.J. Jakala said.
Being a full time real estate agent in the Lynnwood, Edmonds, Seattle area this will help stabilize our little local economy and bring in more jobs as well as help in our housing market. Should you find yourself looking or wanting more information regarding what your home is worth, there are some terrific resource sites I can suggest, just go to www.SeattleMargo.com here you can find values, statistics, trends or go to www.Redfin.com.
I have lived and grown up around this area my entire life and watching these changes has been a long time coming as we develop to be the next Bellevue location… well here is hoping so!
August 24th, 2011
Posted by margo christophilis
Here are a few testimonials that are raving about Margo Christophilis & www.SeattleMargo.com
Reviews 1 – 10 of 13 to see more go to www.Google.com type in Seattle Short Sales or Margo Christophilis of SeattleMargo.com
Nicole – Aug 17, 2011
Fantastic! Compassionate, bright, communicative, has your back. During on of the most difficult times in our lives we had to depend upon Margo for her expertise to gain control over our situation. She is very kind, thoughtful and knows her stuff! At no point did we feel alone in the game, we relied on her and she took care of everything. I don’t know what we would have done without her! Thanks Margo
SeattleMargo.com -
Margo is on your side, she has your back. Even during one of the most difficult times in our lives, she was there to help. Margo’s expertise helped us understand the process regarding the short sale and gain control over our situation. She is very kind, thoughtful and knows her stuff. Fantastic! Compassionate, your not just her client but you become friends. We will refer her to all our friends and family for thier real estate needs! Anyone in the Seattle Area we highly recommend calling on Margo! Thanks Margo – Mick and Rae Lynn F.
sale, has kept me up to date on what’s going on. She always puts her clients first, and has ensured I was able to get the best value possible. Thank You Margo, Doug O.
Dan – Aug 16, 2011
our dream house. The second house we saw was in our budget, and exactly what we wanted. We couldn’t have asked for a better or easier experience. I’ve recommended Margo to multiple friends since our purchase, and will continue to do so!!
Mike – Aug 16, 2011
in the business. I just completed a transaction with Margo where I was the purchaser and selling agent. It was a pleasure working with Margo, she was very professional and stayed on top of things from start to finish.
personable. Was patient with me throughout the process of finding and purchasing my first home. I asked LOTS of questions and she was always there with an answer or willingness to do the digging necessary to find me the answer. Highly recommended.
2 out of 2 people found this review helpful.Was this review helpful? YES
jim – Mar 10, 2011
investor with years of experience working with numerous real estate agents. I have never encountered any agent as both knowledgeable and hard working as Margo Christophilis & the SeattleMargo.com Team! More importantly, Margo holds the highest ethical standards of any agent I have ever met. She always goes the extra mile for her clients. If you want the agent you work with to treat you as you deserve to be treated, I recommend you work with Margo Christophilis. I do. Jim Berg Real Properties Inc. Bellevue, Washington
1 out of 1 people found this review helpful.Was this review helpful? Yes!
Response from the owner
Margo, Saying thank you for all of your hard work and the hard work of your team doesn’t seem to justify all that was accomplished. However, with the limits of the English language, thank you from the deepest part of my heart for restoring peace in my life. Thank you for allowing me to be able to answer the phone again without being harassed, thank you for allowing me to check that mail without caution, thank you to allowing me to answer the doorbell without fear, thank you for allowing me to buy groceries without wondering if my bank account was frozen, thank you for giving me a chance to live life again. It was amazing from the first time I spoke with you over the phone just how comfortable I felt sharing the predicament I was in. Your understanding coupled with just being real gave me a true sense of peace. You outlined what information you would need from me right up front and off you went to sell my house. Of course there were ups and downs along the way however, you just kept … Margo, Saying thank you for all of your hard work and the hard work of your team doesn’t seem to justify all that was accomplished. However, with the limits of the English language, thank you from the deepest part of my heart for restoring peace in my life. Thank you for allowing me to be able to answer the phone again without being harassed, thank you for allowing me to check that mail without caution, thank you to allowing me to answer the doorbell without fear, thank you for allowing me to buy groceries without wondering if my bank account was frozen, thank you for giving me a chance to live life again. It was amazing from the first time I spoke with you over the phone just how comfortable I felt sharing the predicament I was in. Your understanding coupled with just being real gave me a true sense of peace. You outlined what information you would need from me right up front and off you went to sell my house. Of course there were ups and downs along the way however, you just kept pointing ahead and encouraged me that in time all would be taken care of. Your honesty in the process was greatly appreciated along with your sense of humor to keep me light hearted each time we spoke. It is no mystery why my brother immediately recommended you to me after learning of the bind I was in. All of wonderful things my brother told me about you, in my opinion, were far exceeded and he gave a glowing reference of you. You have a very special place in my heart and that of my families. We all look forward to working with you and your team again in the very near future. Your friend, Chris K.
I had found Margo Christophilis through her website www.SeattleMargo.com where she kept blogging about Short Sales and how she specializes in helping people that are upside down or in distress. Well, the distress part is most accurate, while many homes in my area are declining, I was also going through a bankruptcy and a divorce all at the same time. She and her team helped guide me through a very difficult time and completed the sale of my once happy and beautiful home. I am very thankful to not have it go to foreclosure and I am glad to have used Margo as my real estate agent, Margo made it very clear to me that if I really want to short sale then she will get it done and be glad to assist me… this … I had found Margo Christophilis through her website www.SeattleMargo.com where she kept blogging about Short Sales and how she specializes in helping people that are upside down or in distress. Well, the distress part is most accurate, while many homes in my area are declining, I was also going through a bankruptcy and a divorce all at the same time. She and her team helped guide me through a very difficult time and completed the sale of my once happy and beautiful home. I am very thankful to not have it go to foreclosure and I am glad to have used Margo as my real estate agent, Margo made it very clear to me that if I really want to short sale then she will get it done and be glad to assist me… this made me feel confident I had made a good decision, after calling many other agents I felt like I was in capable, knowledgeable and professional hands. I will defintely recommend her services to everyone I know. If you live in the Seattle Area – Call Margo you will be glad you did! Thank you Margo & Team!
Margo was awesome all the way through our short sale. As short sales go, it took time, but Margo was very understanding all through the process and kept us very informed. Buying a home can sometimes be very complex, and Margo was on top of every detail. We are very happy with our new home. We wouldn’t have it if it wasn’t for all Margo’s hard work.
2 out of 2 people found this review helpful.Was this review
August 24th, 2011
Posted by margo christophilis
A New Jersey Superior Court Appellate Division has ruled that Deutsche Bank has to start the default foreclosure process all over again on a property it tried to foreclose in 2008.
After winning a summary judgment and obtaining possession of a two-family house in Plainfield during a sheriff’s sale in May 2010, the court ruled that the German bank did not have possession of the note for the loan when it filed the original foreclosure complaint three years ago. 
“The assignment was not perfected until after the filing of the complaint, and plaintiff presented no evidence of having possessed the underlying note prior to filing the complaint,” the appellate division said in its ruling. “If plaintiff did not have the note when it filed the original complaint, it lacked standing to do so, and it could not obtain standing by filing an amended complaint. Given that Deutsche Bank has not demonstrated standing, we cannot decide at this time whether it was a holder in due course of the mortgage.”
Jacqueline Bethea was the victim of a buy-lease-back mortgage rescue scam that Deutsche was trying to execute on her house. Bethea obtained a mortgage for the property in January 2003 from Home American Credit Inc. for $150,000. Due to ongoing medical conditions and the death of her mother, Bethea failed to meet monthly mortgage payments and sought options to prevent foreclosure of the property. Read More Here:
Story By Evan Nemeroff
Read the rest of this entry »
May 23rd, 2011
Posted by margo christophilis
Rapid Re-Scores can be completed to eliminate incorrect information (public records, late status, etc.), update balances on revolving accounts, update or correct collection accounts, and remove a dispute status on an account. With the appropriate documentation, one simple change could provide the opportunity for a loan when a loan did not appear possible.
Unlike credit repair, re-scores permanently change the borrower’s information at the credit bureau level.
We took a moment to analyze what Rapid Re-Scores have revealed this past year – here are some of the results:
Result 1 – Average Re-Score Point Increase by Bureau
| Equifax |
-
|
31.62 |
| Trans Union |
-
|
32.67 |
| Experian |
-
|
32.86 |
Result 2 – Average Point Increase by Credit Score Group
| 550 and below |
-
|
68.17 |
| 550-600 |
-
|
42.21 |
| 600-650 |
-
|
27.04 |
| 650-700 |
-
|
38.34 |
| 700-750 |
-
|
32.51 |
| 750 and above |
-
|
14.81 |
We at www.SeattleMargo.com wanted to say – Thank you to ARC for providing this excellent information regarding their Rapid Re-Score information, and help some of our own clients benefit in this model. Having your credit score move higher can truly benefit you when it comes to purchasing a home, car, or even with your own personal information, being informed counts. Increase your knowledge and and improve your FICO Scores today – 
Looking for more information we would be glad to connect you with the right people. Contact us Today!
May 16th, 2011
Posted by margo christophilis
You may have heard or read recently about strategic defaults as this topic is all over the news. A strategic default is when a home owner walks away from their mortgage when they are still able to make the payments.
The reason why a home owner would consider a strategic default and just walk away is because the value of their home has dropped substantially below what they owe on their mortgage.
It is always in your best interest for the homeowner to work with the lender, there are options and a successful short sale can benefit you faster.
The general feeling amongst those that are using a strategic default is that it will take years for their homes market value to recover. They basically walk away from the property and start fresh.
Fannie Mae the government backed lending giant is putting into place simple measures that will discourage home owners from considering a strategic default. What does Fannie Mae plan to do?
They will begin “locking out” borrowers from getting new mortgages for seven years! They will also go after strategic defaulters for the money they owe in states where they are allowed to do so.
Those home owners who walk-away and had the ability to pay the mortgage or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure.
Fannie Mae stressed that borrowers who make a good faith effort to work with their lender in order to resolve their situation will be eligible for Fannie Mae loans much quicker than those who just walk away.
Obviously the more homes in neighborhoods around the country that become abandoned due to strategic defaults puts further pressure on depressing Real Estate prices. Foreclosures and bank owned homes tend to bring down values of surrounding properties. Traditional home owners end up competing with these bank owned homes when selling their properties.
Some people that are using strategic defaults are doing so because they have become so exasperated at their lenders for not doing more to help them such as a loan modification. Anyone who has ever tried to get a loan modification would probably be the 1st to admit that lenders do not make it easy for a borrower to get one. Often times borrowers can’t get responses from banks to their questions and are repeatedly told to send in the same documents over and over again.
We have come across a number of properties where the owner just picked up and left. Often times I wonder why they did not take the necessary steps to try to avoid foreclosure.
It seems there are a lot of people that do not realize there are better alternatives that just bailing on their loan.
Short Sale vs. Default
A short Sale can be a good alternative. The owner of the property benefits in this situation because they get out of a financially difficult situation without going to foreclosure which can seriously damage your credit.
Most of the time when your home is foreclosed on you will not be able to get a loan to buy another home for five to six years. With a short sale in most cases you will be able to buy another property in two to three years. In either event your credit scores are going to take a hit but a short sale is generally the lesser of two evils.
Some of the statistics that have been bandied about are pretty scary and unfortunately are an indicator that Real Estate values are more than likely not going to be headed up for quite a while.
By the end of 2011, approximately 48 percent of the 50 million mortgage loans nationwide are predicted to be underwater or valued less than the money owed on them. There are also published estimates that more than 11 million American homeowners are underwater and predictions are that the number could more than double in the next 18 months!
It begs the question on whether or not holding a buyer out of obtaining a Real Estate loan for seven years would help the housing markets?
One of the driving forces for a Real Estate recovery is going to boil down to simple economics of supply and demand. Home ownership needs to be more affordable to more people. We will not see a full fledged recovery without the buyers to support it.
Given the fact that Fannie Mae is going to seriously crack down on strategic foreclosures, looking at short selling your home could be a more logical solution.
The only conundrum when looking at a strategic default vs. a short sale is whether or not the lender will let you complete one. In many situations lenders will not let you short sale your home unless you have a financial hardship. In my experience, I have seen quite a few lenders that are not enforcing the hardship qualifications aspect of a short sale as you would expect. Is it harder to get a short sale done without a hardship? It certainly is but not impossible.
The general feeling amongst those that are using a strategic default is that it will take years for their homes market value to recover. They basically walk away from the property and start fresh.
Fannie Mae the government backed lending giant is putting into place simple measures that will discourage home owners from considering a strategic default. What does Fannie Mae plan to do?
They will begin “locking out” borrowers from getting new mortgages for seven years! They will also go after strategic defaulters for the money they owe in states where they are allowed to do so.
Those home owners who walk-away and had the ability to pay the mortgage or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure.
Fannie Mae stressed that borrowers who make a good faith effort to work with their lender in order to resolve their situation will be eligible for Fannie Mae loans much quicker than those who just walk away.
Obviously the more homes in neighborhoods around the country that become abandoned due to strategic defaults puts further pressure on depressing Real Estate prices. Foreclosures and bank owned homes tend to bring down values of surrounding properties. Traditional home owners end up competing with these bank owned homes when selling their properties.
Some people that are using strategic defaults are doing so because they have become so exasperated at their lenders for not doing more to help them such as a loan modification. Anyone who has ever tried to get a loan modification would probably be the 1st to admit that lenders do not make it easy for a borrower to get one. Often times borrowers can’t get responses from banks to their questions and are repeatedly told to send in the same documents over and over again.
We have come across a number of properties where the owner just picked up and left. Often times I wonder why they did not take the necessary steps to try to avoid foreclosure.
It seems there are a lot of people that do not realize there are better alternatives that just bailing on their loan.
Short Sale vs. Default
A short Sale can be a good alternative. The owner of the property benefits in this situation because they get out of a financially difficult situation without going to foreclosure which can seriously damage your credit.
Most of the time when your home is foreclosed on you will not be able to get a loan to buy another home for five to six years. With a short sale in most cases you will be able to buy another property in two to three years. In either event your credit scores are going to take a hit but a short sale is generally the lesser of two evils.
Some of the statistics that have been bandied about are pretty scary and unfortunately are an indicator that Real Estate values are more than likely not going to be headed up for quite a while.
By the end of 2011, approximately 48 percent of the 50 million mortgage loans nationwide are predicted to be underwater or valued less than the money owed on them. There are also published estimates that more than 11 million American homeowners are underwater and predictions are that the number could more than double in the next 18 months!
It begs the question on whether or not holding a buyer out of obtaining a Real Estate loan for seven years would help the housing markets?
One of the driving forces for a Real Estate recovery is going to boil down to simple economics of supply and demand. Home ownership needs to be more affordable to more people. We will not see a full fledged recovery without the buyers to support it.
Given the fact that Fannie Mae is going to seriously crack down on strategic foreclosures, looking at short selling your home could be a more logical solution.
The only conundrum when looking at a strategic default vs. a short sale is whether or not the lender will let you complete one. In many situations lenders will not let you short sale your home unless you have a financial hardship. In my experience, I have seen quite a few lenders that are not enforcing the hardship qualifications aspect of a short sale as you would expect. Is it harder to get a short sale done without a hardship? It certainly is but not impossible.
May 15th, 2011
Posted by margo christophilis
One in four Americans says their home is worth less than what they paid, says CNBC Jane Wells. The same number believes their home value will drop even more in the next year.
Roughly forty percent of the homes for sale on today’s market are short sales and foreclosures! Distressed properties are well known for their value.
There is a huge difference for a home owner who is in the situation where foreclosure is emminent, it is important to know what your options are and the advantages of a successful short sale. Here is just 1 big example between Foreclosure vs. Short Sale:
chart is for informational purposes only. No legal advice is given or implied. Please check with a qualified real estate professional in your area.
Foreclosure | Successful Short Sale
| Future Fannie Mae Loan – Primary Residence |
A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. |
A homeowner who successfully negotiatesand closes a short sale will be eligible fora Fannie Mae backed mortgage after only
2 years. |
Need more information go to: http://seattlemargo.com/contact and we will be glad to send you a more indepth Foreclosure vs. Short Sale Homeowner Consequences. There are many advantages in looking at your options.
April 25th, 2011
Posted by margo christophilis
Pablo Martinez Monsivais / AP
With housing still staggering from foreclosures and low prices, some Republicans worry that erasing the federal role in the mortgage market could rattle the housing industry and perhaps the entire economy.
Would this be a benefit to have this happen – even though this has costed taxpayers over 150 BILLION Dollars, what would this do to our housing market all over the United States?
Should we even consider this – Yes or No?
Very interesting to think that if this were to happen what type of financing would be left, how expensive would it be to apply for a mortgage?
WWFD – What would FICO do – did you know now FICO will predict when someone will do a
Strategic Default
April 24th, 2011
Posted by margo christophilis
Actors – Nicholas Cage & Happy Days Erin Moran vs. Orange County House Wives Foreclosre vs. Shortsale – Success doesn’t matter! What matters is how you deal with the events that surround your situation when you own a home and a mortgage. Life Happens!
Whether you are a fantastic, brillant actor like Nicholas Cage or a loving, adorable TV Star from “Happy Days” Erin Moran “Joanie” who loved Chaichi by the way… or you are a reality TV personality like some of the ladies on The Orange County Housewives – Alexis Bellino , well what is the difference?
There is a huge difference between these two.
Our famous folks mentioned above had the worst happen – Foreclosure, where the Orange County icon negotiated a succesful – Short Sale.
CLICK HERE NOW to request more info if you would like to have the difference between Foreclosure vs. Shortsale – put this in your subject line.
These two instances in ones life are drastically different, but depending on each persons individual circumstances there comes with it a plan or strategy when life happens.
Foreclosures – have a tendency to hurt your credit for a longer period as well as remain on your public record up to 10 years of time and make financing a little tougher in the future if you need to get a tradtional mortgage.
Short Sale – In a properly managed short sale, the home is sold at a price that should be close to market value and in almost all cases will be better than a REO sale resulting in a lower deficiency, when negotiated correctly.
CLICK HERE NOW to request more info if you would like to have the difference between Foreclosure vs. Shortsale – put this in your subject line.
This can and will get better – hope this helped!
All our best – from www.SeattleMargo.com
April 11th, 2011
Posted by margo christophilis
The proposed deal among banks and government officials is aimed at stabilizing the real estate market and helping underwater borrowers who are months behind on mortgage payments avoid foreclosure.
Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government officials involved in the negotiations.
The requirement to allow so-called short sales would be in addition to forcing mortgage servicers to reduce the amount some homeowners owe on their loans, said two officials, who spoke on the condition of anonymity because negotiations are ongoing.
The goal of short sales would be twofold: provide a quicker and more economical way for banks to dispose of distressed real estate and to help stabilize the real estate market by clearing out a backlog of defaulted mortgages that are poised for foreclosure.
They would be used in situations in which borrowers were so underwater that the more costly and time-consuming process of foreclosure would seem to be the only option.
“Short sales just command a better premium than foreclosures,” said Glenn Kelman, chief executive for online brokerage Redfin. “It’s like day-old bagels. They never sell for the same price. If they sit there for a while, nobody wants them because houses just break down when they are left alone.”
Foreclosures continue to drive down housing values, with prices in 20 major U.S. cities down an average of 3.1% in January compared with the same month a year ago, according to new data from a Standard & Poor’s/Case-Shiller index. Prices in Los Angeles were down 1.8%.
The latest proposal is among those to be discussed when executives from the top five mortgage servicers meet Wednesday in Washington with state and federal officials working on a settlement that could range from $5 billion to $25 billion.
Those servicers are Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc.
It will be the first face-to-face meeting since attorneys general from all 50 states, along with federal officials from the Justice Department and other agencies, presented the banks with 27 pages of demands calling for sweeping changes to mortgage servicing, including how homeowners are treated when they try to modify their loans.
The banks have given officials a counterproposal on some of the mortgage servicing requirements that includes a single point of contact for distressed homeowners, timelines for considering modifications, an online system for checking the status of applications and a third-party review of rejections, one of the officials said.
Short sales would help accelerate the turnover of homes from borrowers who are months behind on their mortgage payments, Kelman said.
Some sellers are not eager to complete a short sale because it would force them out of their home. And lenders can withhold approval of a short sale if they don’t like the price.
Banks often resist such sales because they are difficult to execute, particularly when multiple creditors and other parties are involved. In addition, short sales lock in losses for the lender that might be reduced if the sale is delayed until the market improves.
Requiring banks to allow short sales could fuel further opposition from some Republican attorneys general and members of Congress who already have criticized the broad scope of the proposed settlement.
Some House Republicans have derided possible payments of $20,000 to encourage distressed homeowners — dubbed by some as “cash for keys” — as a bailout for irresponsible behavior.
Seven Republican attorneys general recently wrote to Iowa Atty. Gen. Tom Miller, a Democrat who is leading the negotiations for the states, saying the proposals go beyond resolving damages from foreclosure paperwork problems. Those problems include robo-signing, the practice of bank employees’ signing sworn documents without reading or understanding them.
“I think it’s morphed into something that’s bigger and different than what we talked about in the beginning,” said Oklahoma Atty. Gen. E. Scott Pruitt, a Republican who organized the signing of one of the letters.
Pruitt said he might not join the settlement if it is too broad. And with 24 Republican attorneys general nationwide, opposition could limit the size of a settlement and how many people it covers.
Miller has been in contact with some of the attorneys general who have raised concerns, said spokesman Geoff Greenwood.
“We’ll do the best we can to reach a comprehensive agreement that is in everyone’s best interest,” Greenwood said. “At the end of the day, an attorney general must decide for himself or herself whether to sign on to this, assuming we get a settlement.”
In Southern California, short sales made up an estimated 19.8% of the market for previously owned homes last month. That was up from an estimated 18.4% in February 2010 and 12% in February 2009, according to DataQuick Information Services of San Diego.
Combined with foreclosures, these so-called distressed sales made up more than half of homes sold in the Southland last month.
Though struggling homeowners escape weighty mortgage debts quickly under a short sale, they don’t get away unscathed.
Their credit scores are damaged enough to limit their borrowing capability for years, though the damage is perhaps less severe than in foreclosure. Money for down payments and renovations would be lost, and there may be tax consequences.
The California Assn. of Realtors has been pushing for short sales to be made simpler. Earlier this month, in an open letter in the Los Angeles Times and six other California newspapers, the group called on banks to approve more short sales and for regulators to streamline the process.The real estate agents argued that short sales are better for consumers and banks.
By Jim Puzzanghera and Alejandro Lazo, Los Angeles Times
March 30, 2011
Reporting from Washington and Los Angeles—
Times staff writer E. Scott Reckard contributed to this report.
