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 [...]
Fannie Recommends to Pursue Deficiency Judgments
Yorba Linda La Habra Fullerton Brea Placentia Hacienda Heights Rowland Heights Diamond Bar Fannie Mae Gets Tough on Homeowners Who Walk Away By E. Scott Reckard, Los Angeles Times June 24, 2010 The mortgage giant plans to go to court against those who can afford to make their payments but decide it’s not worth it. [...]
Fannie Mae: Walk Away and You Will Pay
Yorba Linda La Habra Fullerton Brea Placentia Hacienda Heights Rowland Heights Diamond Bar Fannie Mae: Walk Away and You Will Pay By: Diana Olick CNBC Real Estate Reporter Dare I say it? “What took you so long??” An announcement from government-owned mortgage giant Fannie Mae warns: “Defaulting borrowers who walk-away and had the capacity to [...]
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.
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 [...]
California Approves Tax Forgiveness on Short Sales
Realegal® April 13, 2010 Leading the Way…® in Real Estate Law NO MORE STATE TAX ON FORGIVEN DEBT “Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds [...]
Short-Sale Incentives Start April 5th
Short-Sale Incentives Start April 5th Potential buyers of short-sale homes might consider waiting until April 5th before making a formal offer. That’s the date the federal government will begin offering lenders financial incentives to hasten the process. Under the new rules, banks will seek a BPO before the property is listed for sale and let [...]
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 [...]
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 [...]
Lost to Foreclosure – On Location
We visit a Foreclosed Property that was lost due to bad Loan Modification decisions. The homeowner waited to take action and followup. Don’t make the same mistake.
Homeowners with Underwater Mortgages
Homeowners with “underwater” mortgages are more prone to defaults and foreclosures. They typically do not qualify for refinancing and are unable to sell their homes because they would need to cough up cash at closing time to pay off their mortgage. The video explains more. Click to view. Mortgages Underwater Here is the article in [...]
Effort to save Homes in Foreclosure is Having Little impact
Some of you have realized his by talking with your bank or heard others around you tell you their horror stories. The Foreclosure Relief Programs either set up by the government or voluntarily by banks has had little affect to help those in need. This article highlights and shares some of the frustration homeowners are [...]
