Neverland Ranch may b FORECLOSED...

It looks like another celeb couldn't escape foreclosure...Sources are saying that if the King of Pop has until March 19th to come up with $24,525,906.61 his infamous Neverland Ranch will be up for public auction in Santa Barbara, Cali., in front of the county courthouse. So... if you have several millions laying around this dream home could be yours! Oh and I didn't mention that you will also get "all elevators, all railroad tracks, railroad equipment, trains, locomotives, rail cars, all ferris wheels, carousels, and the merry-go-round!!! Lets hope Mike can come up with the money...we surely don't want him to loose his "dream home."

sources: bossip.com

short Sale

There's been alot of talk in the media about "short sales". What is it exactly? Is it the same as a foreclosure? Does it negatively affect your credit? No worries Diana The Realtor is here to clear all of your questions for you! A short sale is basically selling your home for the value of it versus how much you may owe on a home. Its essentially when a person owes more money on a home than how much the home is actually worth. Ultimately this means that you are "upside down on your home." You find this VERY common when owning a car. To prevent foreclosure you may sale your home for the market value rather than selling it for a profit. When you consider this, keep in mind that you must get permission from your mortgage bank and you MUST claim the difference of what you owe and the actual sale of the home as income on your income taxes. For example: your home is worth $225,000 but you owe $300,000 on your home...you must claim the difference of $75,000 as income on your taxes. Doing a short sale will not negatively impact your credit rating! It is here to help you BEFORE foreclosre!!!

Celebrities are NOT exempt!!!

Even celebs can't escape foreclosure...it can happen to ANY of us. Now if millionaires like Marion Jones, Latrell Sprewell, and Teddy Riley cant keep their "dream homes" what do you think will happen to you if you are trying to "keep up with the Jones'?"

sources: bossip, LA Times

The Skinny on Foreclosure...

You hear everyday how the foreclosure rate is at a high point. And yes this is true...there's no denying it. What does foreclosure actually mean??? Foreclosure simply means that the bank takes your home because you can not pay your mortgage. But the bigger issue is HOW 2 AVOID it. The 1st step is to find a great loan officer that has integrity and loyalty! The reason integrity and loyalty are vital is because if your loan officer do not have these qualities they DO NOT have good intentions. There are some loan officers out there that will push a loan on you that you may qualify for on paper but not necessarily in reality. What do I mean by this...simple don't get into nothing you cannot REALLY handle!!! You may be approved for a $500,000 loan but if you're not ready to pay that $3500 monthly mortgage...DON"T DO IT!!! As my grandma use to say: "Keepin' up with the Jones' will get you in a world of trouble!!!" I definitely understand that EVERYONE wants their dream home but please don't get in over your head! You will end up in more debt than ever! At Long $ Foster, we work with the Prosperity Mortgage...contact me so we can sit down today with a honest loan officer with integrity to get you the best loan for your money!