Montavilla Craftsman Bungalow $399,500 w/Contract Terms

Outstanding early Portland Bungalow with all of the old world charm a person could ask for. Hardwood floors, large kitchen, finished basement, fenced back yard with large deck.

Located in one of Portlands best neighborhoods and near Providence Hospital. Just a short walk away from Laurelhurst Park, Bus and MAX lines, and freeways. There are many restuants and shops in the area and even during rush hour you are minutes from downtown Portland or a good ride if you bike.

Owner will consider selling home on Terms (Land Sales Contract) with 5% downpayment. Call Fred Stewart for more details.

4928 NE Flanders
Portland, Oregon

Fred Stewart
Stewart Group Realty Inc.

Multnomah Foreclosures Web Site Updated:

Multnomah County Forclosures ( has been updated with the largest foreclosure list to date. There is also a new Mortgage Broker of the week listed. Brian Collins of Sound Mortgage.

The foreclosure list for 10 other Oregon counties are also listed on the site this week.

Multnomah County Foreclosures

Minimum Credit Score

It seems my industry (mortgage) continues to see changes weekly, if not daily. I received this message from one the lenders we do business with (Suntrust Mortgage).

IMPORTANT UPDATE REGARDING REVISED MINIMUM CREDIT SCORE REQUIREMENT FOR ALL LOAN PRODUCTS – Effective for Locks and/or Credit Packages Received on or After Monday, March 23, 2009

Effective for locks and/or credit packages received on or after Monday, March 23, 2009, a minimum credit score of 660 will be required for ALL borrowers on ALL loan products (traditionally underwritten and AUS processed), regardless of the AUS approval.

This is concerning conventional loans (less than $417K) fannie & freddie. FHA still allows a min. credit score of 620.

Now, while this is only one lender, it is likely other lenders will follow suit. Just another sign of the times, that the credit markets continue to “tighten” and credit scores are becoming more important when buying a home.

Have a good weekend.
Thank you for the opportunity to serve you,

Paul Dean
Evergreen Ohana Group
5331 SW Macadam Ave, Suite 287
Portland, OR 97239

Toll Free: (800) 387-7355
Office: (503) 892-2800 Ext.11
Fax: (503) 892-2803


OR ML-21, WA510-LO-33391, WA WA:520-CL-50385

PS. Your business and loyalty are truly valued. I strive to provide all my clients with the very best professional service possible. If a friend or family member would appreciate this level of service, please don’t keep me a secret!

Featured Listing: 3131 NE US Grant Place, Portland Oregon $829,900

Historic Portland Home on prestigious US Grant Place. Impeccably restored 1923 Herman Brookman design is a one-of-a-kind opportunity to own a superbly restored vintage English Tudor originally designed for architect’s friend and plaster artist – both of whose work includes the Arlene Schnitzer Concert Hall. Vaulted barrel living room, formal dining room, breakfast room, kitchen w/ granite and custom wood cabinets, Sub Zero & Asko appliances. Large family room & custom-built home office, guest bedroom w/ full bath, master w/ vaulted ceiling. Incredible plaster moldings, Ann Sachs tile, Carrera marble, inlaid hardwoods, stone fireplace.

ALL 3176 sq ft is fully restored and finished. Attached 360 sq ft 2 car garage is finished with built-in cabinets and sink.

Seller Carry Terms Considered
Down Payment: $275,000
Interest Rate: 5%
Term: 30 Year Term/18 Month Balloon Payment of balance of contract.

Photos of this lovely home.

Kathleen O?Donnell


Commercial and Residential Realty

503-281-1404 office

503-519-3400 mobile

Banking Crisis for Dummies

The financial crisis explained in simple terms ………………………..

Heidi is the proprietor of a bar in Berlin. In order to increase sales, she decides to allow her loyal customers – most of whom are unemployed alcoholics – to drink now but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans).

Word gets around and as a result increasing numbers of customers flood into Heidi’s bar.

Taking advantage of her customers’ freedom from immediate payment constraints, Heidi increases her prices for wine and beer, the most-consumed beverages. Her sales volume increases massively.

A young and dynamic customer service consultant at the local bank recognizes these customer debts as valuable future assets and increases Heidi’s borrowing limit.

He sees no reason for undue concern since he has the debts of the alcoholics as collateral.

At the bank’s corporate headquarters, expert bankers transform these customer assets into DRINKBONDS, ALKBONDS and PUKEBONDS. These securities are then traded on markets worldwide. No one really understands what these abbreviations mean and how the securities are guaranteed. Nevertheless, as their prices continuously climb, the securities become top-selling items.

One day, although the prices are still climbing, a risk manager of the bank (subsequently of course fired due to his negativity), decides that slowly the time has come to demand payment of the debts incurred by the drinkers at Heidi’s bar.

However they cannot pay back the debts.

Heidi cannot fulfill her loan obligations and claims bankruptcy.

DRINKBOND and ALKBOND drop in price by 95 %. PUKEBOND performs better, stabilizing in price after dropping by 80 %.

The suppliers of Heidi’s bar, having granted her generous payment due dates and having invested in the securities are faced with a new situation. Her wine supplier claims bankruptcy; her beer supplier is taken over by a competitor.

The bank is saved by the Government following dramatic round-the-clock consultations by leaders from the governing political parties.

The funds required for this purpose are obtained by a tax levied on the non-drinkers.

Finally, an explanation I understand.

This should clear up any / all questions… Enjoy! J

Melissa Stashin

Sr. Loan Officer / Branch Manager

Pacific Residential Mortgage, LLC

2 CenterPointe Dr. STE 500

Lake Oswego, OR 97035

(503) 670-0525 x113

(971) 221-5656 Cell

(503) 670-0674 Fax

(800) 318-4571 Toll Free

Five Ways to Avoid Mortgage Foreclosure, Tips from

If you fail to make your mortgage payments on time or if you default on your payments, you are in danger of foreclosure. This happens more and more frequently in today’s economic climate. But it is possible to avoid mortgage foreclosure if you know what to do.

Here are a few of the options that are available to you. These are only going to be open to you if you can get the cooperation of your lender.

– See if your lender would be willing to re-arrange your payments based on your current financial situation. This may be referred to as a special forbearance and you may qualify for it if your financial situation has changed. To qualify for this you will probably have to provide information to your mortgage holder to prove that you will be able to meet the payments of the new plan.

– Another option may be a modification of your actual mortgage. This would involve refinancing the amount owed and/or extending the term of the mortgage. The goal is to reduce monthly mortgage payments so they are more affordable for you.

– You may qualify for an interest free loan from HUD to bring your mortgage up to date if you meet certain conditions. This is referred to as a partial claim and your lender can help you with the application process and explain the conditions of this type of loan. You can also contact your local HUD office for more details.

– Another way to avoid mortgage foreclosure is to consider a pre foreclosure sale. The purpose is to sell your home and clear up your debts to avoid foreclosure and damage to your credit. If you know that you will be unable to make mortgage payments even if they are lowered, this may be something to consider. You will have to see if your lender will agree to give you some extra time to sell before foreclosing.

– A final option which should be considered only as a last resort is a deed-in-lieu of foreclosure. In this case you are basically turning your house over to your mortgage institution instead of paying off the mortgage.

Even though you will lose your home this may be a better option than losing it to foreclosure. That’s because your chances of obtaining another mortgage loan at some point in the future are better than if your home is lost due to foreclosure.

These are the main alternatives that you have as you try to avoid mortgage foreclosure. Be sure to contact your lender at the first sign of financial difficulty so they can help you find the option that will be best for you.

Learn about 6 practical steps you can take to avoid foreclosure.

If it’s too late for that, find out how to stop a foreclosure by going to

Expert Foreclosure Helper

First Look at February Numbers – Bank-Owned & Short Sales Almost 30% of the Market, By Bob Broad

I pulled preliminary numbers for February real estate activity in Portland, and want to report the following highlights: Pending sales volume is up from January, despite the short month. After all the month-end sales get reported we could end up with a ”nice” month. Preliminary numbers have us down to about 11 months of inventory. Since selling has been heaviest at lower price-points and especially with first time home buyers who are taking advantage of more affordable housing and tax credits, we’re not surprised to see healthier sales inventories in the east-side regions of Portland.

Bank-Owned and Short Sales are Selling in Portland
Over 25% of all the transactions in February were with bank-owned properties and properties requiring third party approval (short sales and relo’s). 18% of the active listings today are either bank owned or require third party approval. Over 1/3 of the closed sales in Beaverton and Tigard areas were on these “distressed” properties. Similarly deal hunters were active in Lake Oswego last month. Half of the current listings are vacant. This is down slightly, which is good. Nonetheless, we have noticed that many of today’s vacant listings become tomorrow’s short sale and/or bank-owned property.

We stand ready to help you understand how to maximize your proceeds if you want or need to sell. Call us for a free consultation, and we’ll show you how we can court our extensive buyer traffic to get your pricing strategy right and connect you with your target audience. If you’re ready to purchase, we can help you find the right home and negotiate great terms.

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Portland Real Estate Cafe