These days you have to know your options. If your buying a home you have to know your options. If your selling your home, you need to know your options. If you are trying to loan mod or short sale, well you know the answer. Know your options! Luckily Fannie Mae has created a web [...]
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How Can a HAFA Short Sale Help
How can a HAFA Short Sale help you? But first, what is HAFA? You can read below but to get a better understanding, you might want to watch this quick video. The Home Affordable Foreclosure Alternatives Program, known as HAFA, is designed to help owners (referred to below as borrowers) who are unable to retain [...]
31 Percent of Foreclosures in March were Strategic Defaults
Yorba Linda La Habra Fullerton Brea Placentia Hacienda Heights Rowland Heights Diamond Bar BofA: Mortgage Walkaways Have Huge Incentive Published: Wednesday, 2 Jun 2010 | 1:14 PM ET Text Size By: Diana Olick CNBC Real Estate Reporter This morning executives at Bank of America [BAC 15.795 0.355 (+2.3%) ] rolled out their new “Principal Reduction [...]
Homeowners Stop Paying Mortgages and Love It
Owners Stop Paying Mortgages Yorba Linda La Habra Fullerton Brea Placentia Hacienda Heights Rowland Heights Diamond Bar Owners Stop Paying Mortgages, And Stop Fretting Published: Tuesday, 1 Jun 2010 | 11:29 AM ET Text Size By: David Streitfeld The New York Times For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life [...]
GET HELP! SAVE YOUR HOME for FREE
Yorba Linda La Habra Fullerton Brea Placentia Hacienda Heights Rowland Heights Diamond Bar GET HELP! SAVE YOUR HOME for FREE GET HELP! SAVE YOUR HOME for FREE DON’T MISS THIS EVENT! MUST REGISTER PRIOR TO EVENT (626) 606.5037 events@myhomeownerhotline.com Are you having trouble making your mortgage payment? Have you lost income? Or lost your job? [...]
HAFA – What in the World is This?
Yorba Linda La Habra Fullerton Brea Placentia Hacienda Heights Rowland Heights Diamond Bar What is HAFA? What’s happening in the housing market? What’s being done about it? Learn about the government’s new HAFA program, providing foreclosure avoidance options including short sales and deeds-in-lieu of foreclosure. Here’s the big picture, clearly explained.
FORECLOSURE PREVENTION WORKSHOP – Loan Modification Short Sales
*SPECIAL EVENT* FORECLOSURE PREVENTION WORKSHOP GET HELP! SAVE YOUR HOME – We will be helping families with filing their loan modification for FREE Saturday, June 5th (Held Locally) 10am-12pm YOU CANNOT AFFORD TO MISS THIS!! This event is for those who . . . * Are now (or will become) delinquent * Have been denied [...]
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Strategic Default; What is it? And is it Right for You?
What is Strategic Default and is it right for you. (CBS) Despite some indications that the economy is recovering, the housing market remains a disaster area. Currently, about seven million homeowners are behind on their mortgages and that number is only getting worse. Banks, with the help of the government, are offering some relief to [...]
What are Your Foreclosure Options?
When a person falls behind on their mortgage, there are options available to the borrower. Options include Loan Modifications, Reorganization of debt through Bankruptcy Protection, Short-Sales, Deed-in-Lieu of Foreclosure, or an outright sale of your property. Naturally more options are available to the person who seeks immediate legal advice. Here are a few options available [...]
What is HAFA?
You’ve heard a lot of talk about HAFA, but what is it? In early 2009, the National Association of REALTORS® (NAR) urged the U.S. Treasury Department, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac to improve the short sales process. NAR’s concerns were first addressed on May 14, 2009, when the Obama Administration [...]
Loan Modification Denied-Now What?
Loan Modification Denied—Now What? New Short Sale Guidelines Under HAFA (Home Affordable Foreclosure Alternatives) Program Because so many million homeowners across the United States are struggling to make their mortgage payments and facing foreclosure, the US Treasury Department under Making Home Affordable implemented the Home Affordable Foreclosure Alternatives Program (HAFA). Effective April 5, 2010, HAFA [...]
New Foreclosure Prevention Plan Announced
New Foreclosure Prevention Plan Announced President Obama is announcing an expansion of foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers. The bulk of the responsibility for carrying out the new program will be assigned to the Federal Housing Administration, which will insure lenders against part of the losses. [...]
Mortgage Meltdown Rollercoaster
See where we are in the Mortgage Meltdown Rollercoaster This is a graph from an economic forecast lecture from Sept. 2007. If you look at the bottom of the graph, we are TODAY around month 35-37. If you know anyone that needs help avoiding Foreclosure, please forward this. We have several free options that can [...]
Would You Consider a Short Sale If You Were Paid?
Program Will Pay Homeowners to Sell at a Loss Published: Monday, 8 Mar 2010 | 10:21 AM ET by: David Streitfeld The New York Times In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some [...]
Mortgage Loan Workout Options
Mortgage Loan Workout Options Forbearance. Lenders may let you make a partial payment, or skip payments, if you have a reasonable plan to catch up. Tell your lender if you expect a tax refund, a bonus, or a new job. Reinstatement. Reinstatement refers to making a payment that covers all your late payments, usually at the end of a forbearance period. Repayment Plan. If you can’t afford reinstatement, but can start making payments to catch up, the lender may let you pay an additional amount each month until you are caught up. Loan Modification. Your lender may agree to amend your mortgage to help you avoid foreclosure. The options include: Adding all the missed payments to the loan amount and increasing the monthly payment to cover the larger loan. Giving you more years to pay off the loan, lowering the interest rate, and/or forgiving part of the loan, to lower your monthly payment. Switching from an adjustable‐rate mortgage to a fixed rate mortgage, so you aren’t exposed to increases in your monthly payment. Requiring amounts for taxes and insurance to be included with your monthly mortgage payment so you avoid big bills in addition o your mortgage. Sign Over the Property to the Lender in Exchange for Debt Forgiveness. This can hurt your credit, but is better than having a foreclosure in your credit history.
A Foreclosure Alternative
Another Foreclosure Alternative The New York Times By BOB TEDESCHI Published: February 24, 2010 HOMEOWNERS on the verge of foreclosure will often seek a short sale as a graceful exit from an otherwise calamitous financial situation. Their homes are sold for less than the mortgage amount, and the remaining loan balance is usually forgiven by [...]
FORECLOSURE OR SHORT SALE? WHAT ARE MY OPTIONS?
FORECLOSURE OR SHORT SALE? WHAT ARE MY OPTIONS? Our clients know what “foreclosure” means: bank takes your home and you leave. In short payoff (the correct term for “short sale”), a buyer is found for your home and your real estate pro negotiates with your lender (or lenders, plural!) until an agreement is reached to [...]
Short Sales vs. Foreclosure
Many economists view short sales as a way to address a problem that mortgage relief hasn’t fixed: properties that are “under water,” carrying more debt than the home is worth. Even though it may not be the first and favorable option for most, short sale is the best way to get out of foreclosure. There [...]
