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Martina Ryan's Blog

By Martina Ryan | Agent in Queens, NY

    Posted Under: General Area in Queens, Market Conditions in Queens, Home Buying in Queens  |  August 13, 2011 8:16 PM  |  1,783 views  |  No comments

    It is difficult to decide which better describes the leadership tactics of Washington these days.  Is it a Broadway performance of Samuel Beckett's play Endgame with Hamm, Clov, Nagg & Nell fighting for decades & never getting anywhere; or is it a Stephen Sondheim's musical Send in the Clowns? 

    Isn't it rich?

    Are we a pair?

    Me here at last on the ground,

    You in mid-air.

    Send in the clowns.....

    Between July 26 and the market close on Thursday  (8/18) $6.8 trillion in US investments (the majority of it retirement accounts of millions of Baby Boomers) was erased from global markets.  The US debt was downgraded; riots erupted in the UK & Europe's debt crisis spread from Italy to France.  Unemployment is now at 9.1% (totally understated) & the postal service announced it would have layoffs in the region of 120,000 over the next few years.  The Federal Reserve stated they would not increase interest rates until 2013.  Whoppi dee! I don't see this translating into easier credit for the majority of would be buyers out there!

    Is the dog wagging the tail or is the tail wagging the dog? How did Roosevelt get such results in the 30's and with the Dream Team of 2011we have created a world crisis?  From 1945 to the mid eighties there were very few financial crises.  With deregulation the world has become a more volatile place.  Banks have now become so powerful that they can call the shots & know that if they fail they will be bailed out.  They have become the financial crack houses of the twenty first century & have earned billons of dollars from Federal loans that is not being pumped back into the system so no growth can occur.  In the meantime congress is too busy squabbling to pay attention.  If only all our gambling debts were so easily forgiven it would be a shorter road to paradise for those who have had all their resources sucked into these buying frenzies forced upon them by over enthusiastic lenders.  There is equal blame here so the lender needs to be accountable also.  By forcing the taxpayer to pay all the debt we generate too much skepticism, which was not the intent of the bailout in the first place.

    Enough of the blame game and let's have some leadership!  The market is crying out for confidence & we are getting skepticism and fumbling with no direction or guidance. 

    The roller coaster ride will continue next week.  In the meantime don't bother sending in the clowns.  "Don't bother they're here". 


    Posted Under: General Area in Queens, Market Conditions in Queens, Home Buying in Queens  |  August 6, 2011 2:01 PM  |  1,573 views  |  5 comments

    I don't know anyone who is not at this point fed up of the doom & gloom that has taken hold of this entire country over the past few years.  We have all been driven to the point of distraction.  What will happen to our 401K plans that have gone from a 201K to a 101K in the blink of an eye?  Will the US default on its debt?  Will Social Security recipients get their checks?  Will we be able to pay our mortgages if rates increase & property prices continue to slump?  We have been transformed from a hedonistic nation of credit addiction and easy spending to one of depression and money hoarding waiting for that other shoe to drop, and if we continue on this path with the same mantra of save, save save; it will undoubtedly become a self fulfilling prophesy.

    Last week the Russian Prime Minister Vladimir Putin scolded us for "leeching on the world economy." China warned that the US was threatening the world with a recession because of its political posturing.  It called Congress' squabbling over the debt ceiling dangerously irresponsible A self-fulfilling prophecy that has turned global markets on its head over the past few days.  When the donkey & the elephant fight the whole world is impacted.  The Republicans are so hell bent on making Obama look bad coming up to elections that they are willing to risk a default on US assets in order to prove a point.  In retrospect the US has had no problem financing itself over the last crisis and it shouldn't down the road.  Now as congress decides to play like spoiled children in a playground the whole nation is spooked and this contagion spreads worldwide.  I say get out there and spend.  The US wants to keep borrowing; China does not want to spend the dollars recouped from international trade, Brazil wants to tax funds coming into the country; and Europe is about to fall off the table.  Now even Australia is getting into the austerity game. Where will it end?  The US has taken its eye of the ball and we have started to loose ground.  We have fallen behind in the super power world and our long nights of partying are beginning to catch up with us.  Now as we wake up we find a new reality.  No jobs, no money and no growth.  Most of our jobs are outsourced and our future looks entirely bleak. 

    Washington needs to step up to the plate & start this country moving again.  Banks need to stop acting like piggy banks and lend.  Stop hoarding cash & spread it around!  The Real-estate market cannot improve if lenders are not willing to close the deals.  There are a lot of great deals out there.  Now is the time to invest. 

    We need to reclaim our role as the greatest nation on earth; where if you can dream it, it can happen.  It's an old adage, if you don't speculate, you can't accumulate.

  • Should You Opt for a Short Sale?

    Posted Under: General Area in Queens, Home Selling in Queens, Foreclosure in Queens  |  June 6, 2011 10:07 AM  |  2,150 views  |  1 comment

    Short sales are a good alternative for homeowners who owe more on their home than the underlying mortgage and are unable to pay the monthly payments.  If you have applied for a Loan Modification from your lender and still cannot get your head above water; then this is a better alternative than foreclosing on your property.

    Foreclosures can be stressful and have a devastating effect on your credit.  Walking away from a property does not mean that the lien holder will not pursue a judgment against you and it may eventually come back to haunt you down the road.

    A Short Sale is an alternative to foreclosure proceedings and undoubtedly the lesser of two evils.  You are basically selling the property at a loss under an agreement with the lender.  Typically there is some debt forgiveness involved and at the end of the sale you get to move on with your life without the impending doom of foreclosure or a bankruptcy blight on your credit that could follow you around for 7-10 years.

    If you qualify under the Home Affordable Foreclosure Alternatives short sale program you may receive financial assistance of $3,000 to help with relocation expenses after the sale is completed.


    The first step for the homeowner is to hire a qualified real-estate professional who specializes in short sales.  They will help you negotiate with the lender and set an appropriate listing price for your property, market it, and get it sold.  They will also help you put the short-sale package together, negotiate the contract with the buyers, and work with the lender to make sure that everything goes smoothly. 

    The amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012 if it is their primary residence and they used the funds they borrowed to purchase or renovate the property.  Be sure to consult your real estate attorney and your accountant to see whether you qualify.

    If you need help with a Short Sale or have any questions I am always available to help.


     (718) 775-5344

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