financial news: Buying 3 Months After You Sell Your Home in a Short Sale - 11/11/10 09:51 PM
According to Larry, a buyer who sold their home in a short sale can qualify for an FHA mortgage if they meet the following guidelines.
Fran
Via Larry Bettag - Cherry Creek Mortgage:
It just happened. I spent about 1.5 months getting this guy's ducks in a row. Sounds almost too good to be true. But it is true. You can't do it on a conventional loan. You can, however, do with an FHA mortgage with:
TWO CRITICAL CAVEATS!!!!! The bank can't be reporting a deficiency and; The borrower can't have any 30 day lates reporting either. I feel almost … (6 comments)
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financial news: Video - Homeowner Melts Down when Housing Bubble Bursts - 10/22/10 12:15 AM
Video - Investor melts down as Housing Bubble Bursts. This makes a point in a way I never would have thought of myself, but I must admit, I enjoyed the video very much, even though I'm one of the homesowner's myself. What do you think?
… (7 comments)
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financial news: How to Video - How to Have Your Lender Produce the Note - 10/18/10 12:26 AM
Having your lender produce the original note seems to be the new hotbed issue of the foreclosure crisis. I liked this video the best out of several I watched on How to compel your lender to produce the note. Pass this along if you know of someone in the foreclosure process. Who knows, it just may help.
… (23 comments)
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financial news: Walk Away From the Mortgage, Strategic Defaults - 10/17/10 05:53 PM
This report is from May of 2010. We already know that people are choosing this option more and more. I find this subject compelling and continue to follow it with interest. When I first read about Strategic Defaults, many real estate professionals were highly against them on moral grounds, however, as I follow the comments on subsequent blogs on this subject, the tide is definitely turning. What say you, real estate professional?
… (5 comments)
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financial news: The Government-Created Subprime Mortgage Meltdown - 10/08/10 01:41 AM
Here is a take on the Mortgage Meltdown that you probably haven't heard.
The Government-Created Subprime Mortgage Meltdown
by Thomas J. DiLorenzo
The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call "communities of color" that they might not otherwise make based … (10 comments)
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financial news: What Happens When More Homeowners Figure This Out? - 09/22/10 01:33 AM
What Happens When More Homeowners Figure This Out?
Say you purchased your home in 2005 for $400,000 and it is now worth $250,000? Not such a stretch especially if you live in California, Arizona, Nevada or Florida.
Now imagine you have either lost your job, or in the case of many residents in my market, had your wages cut 15-25% by the State of California. To add insult to injury, that great loan being touted at the time you purchased your home is set to adjust up in 2011 at year five.
You can no longer afford your home...what to do?
Overwhelmed by … (58 comments)
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financial news: NOD Filings Down by 30% Cause for Celebration...Hardly. - 09/16/10 06:24 PM
NOD Filings are down 30% over this time one year ago. Many are saying the sky is no longer falling and foreclosures are leveling off...hardly the case.
According to Rich Sharga of RealtyTrac, the NOD number is down ONLY because banks and lenders are not sending NODs to seriously delinquent homeowners. He believes this is a "managed slowdown" by banks and lenders to keep home prices from declining any further.
"We are seeing people in more and more serious stages of delinquency, who in a normal market long ago would have received an initial notice of default or been in the foreclosure … (0 comments)
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financial news: Californian's get some much needed relief - 04/11/10 01:03 AM
With the number of California notices of default filings hitting 31,004 in February, it is no wonder California signed into legislation relief for homeowners who lost their home home due to foreclosure or short sale.
California had been lagging behind the federal government in cancelling taxes owed on the "short amount" or the difference between the mortgage amount and what the house actually sold for at short sale or in the case of foreclosure, trustee sale.
I had a client call me in a panic last week letting me know that although he would not be taxed by the federal government, his CPA … (4 comments)
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financial news: Are Strategic Defaults a Moral Issue? - 03/28/10 04:04 PM
According to the Washington Post:
24% of all U.S. homeowners are underwater with their home loan, meaning they owe more than their home is worth. New foreclosures are far outpacing loan modifications. Economic weakness and government debt is what is really ailing the housing market. And, strategic defaults are on the rise. These are homeowner's who still have the capability to pay their mortgage, but for one reason or another, maybe that Joe who purchased a foreclosure three months ago for the exact same home next door owes $200,000 on the same house you paid (and owe) $400,000 for in 2005.
… (19 comments)
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financial news: California Tax Credit for New Construction and Previously Owned Homes - 03/25/10 11:07 PM
California's governor signed a home buyer tax credit into law today that will keep the tax incentives to buy a home going until the end of the year.
Although the federal home buyer tax credit runs out for home buyers at the end of April, California has one that will kick into gear on May 1st, keeping the homebuyer party going until years end.
Here are the details:
AB 183 will provide $200 million for home buyer tax credits Allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. … (3 comments)
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financial news: California to institute 3% withholding on 1099-misc to balance their budget? - 02/10/10 02:47 PM
Call to Action - Proposal makes businesses into tax collectors and forces small biz to make interest-free loans to state.
California continues to have a severe budget crisis - $20 billion in the hole. Unfortunately, one of the solutions being proposed in Sacramento is yet another budget gimmick - an onerous 3% independent contractor withholding mandate on businesses and public agencies.
Any business/agency hiring an independent contractor (anyone who receives a 1099-MISC) will have to reduce every payment by 3%, and is responsible for remitting that money to the Franchise Tax Board, the state tax collection agency.
Almost all companies, agencies and non-profits of … (4 comments)
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financial news: Is a Short Sale a Good Way to Go? - 12/01/09 04:20 PM
Is a short sale a good way to go for you the seller?
I received the accompanying article today in my in-box and thought I would share it with you. Please remember that these are "guidelines;" nothing was said about the "teeth" that will compel lenders to comply with these guidelines. If banks do not perceive there is a benefit for them in complying, they may not be willing to change their current mode of operation. Incentives, which have been in place since the beginning of 2009, have not sped up modifications or short sales, so I don't have a lot of … (6 comments)
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financial news: First Time Home Buyer and Move-Up Buyer Tax Credits - 11/15/09 09:03 PM
Here is Information on the First Time Home Buyer and Move-Up Buyer Tax Credits -
$8,000 First-time Home Buyer Tax Credit at a Glance
The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. The tax credit applies only to homes priced at $800,000 … (0 comments)
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financial news: First Time Home Buyer's Tax Credit Extended? - 10/29/09 05:10 PM
It looks as though the $8000 First Time Home Buyer Federal Tax Credit will be extended.
Lawmakers, looking for ways to generate home sales, are talking about extending the First Time Home Buyer Tax CreditAND increasing the income requirements so more Americans can qualify for this incentive.
Experts agree that the extension is all but certain as lawmakers look for the vehicle to bring this before the senate. Per The Wall Street Journal last night, Senate Majority Leader Harry Reid is trying to attach the legislation to a bill that will extend unemployment benefits.
More about the revamped extension:
The new version … (3 comments)
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financial news: Refinance options for underwater homeowners - 10/12/09 12:18 AM
Simon Smart explains in an easy to understand manner the Making Homes Affordable plans instituted by the President. It's great information that may help you, a friend or family member. Here is a link to find out if you have a Fannie Mae loan. Thanks for stopping by.
Via Simon Smart (Sunstreet Mortgage, Arizona):
Refinance Options for Underwater Homeowners
We all know people who are having trouble keeping up with their payments but could not refinance because they are underwater (or close to it) on their loan. Many were not willing to refinance because it would push them above the magic … (2 comments)
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financial news: Experienced a "Reprice Rate" on your Credit Card? You may be entitled to a Refund! - 10/05/09 07:33 PM
Have you experienced a "Reprice Rate" on your credit card? If so, you may be entitled to a refund from your credit card issuer.
I wrote a post almost a year ago about my personal experience with one of my credit card issuers. Here is the link if you would like to read it.
The short version is my credit card issuer more than tripled my interest rate (Rate Repricing). I had never made a late payment and always paid AT LEAST the minimum amount due and my reward for being an excellent customer, they raised my interest rate to 33%. … (8 comments)
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financial news: Del Norte County USDA Guaranteed Rural Housing Program - 08/08/09 11:32 PM
The USDA Guaranteed Rural Housing Program in Del Norte County - This is the predominant form of financing in Del Norte County right now and with good reason. Look at the highlights below. Click here for more information on the GRH loan program and do not hesitate to call me for local lenders who do a great job with GRH loans.
We have many homes that would fit into this program. Here is a link to all Del Norte County listings if you would like to have a look: Del Norte County MLS. Check out this listing, a brand, spankin' new home for … (1 comments)
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financial news: Crescent City Real Estate - Financing Your Home Purchase - 07/18/09 10:15 PM
Crescent City real estate - financing your home purchase -
Real estate financing has changed in my market quite a bit from the liars stated income loans and easily obtainable 100% financing of the early part of this decade.
Gone are the days of having a real estate agent show you several homes and your lender being able to find you a loan for whatever you wanted to purchase.
The subprime meltdown has changed the face of lending and only the real estate agents who get on board with this new reality are going to meet their clients needs and … (2 comments)
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financial news: Coping with the Reality of Foreclosure? - 06/10/09 03:50 PM
How do you cope with the reality of foreclosure or imminent bankruptcy?
Someone very near and dear to me is facing foreclosure. There is no one left to borrow from, their bankruptcy is completed and the end (foreclosure) is looming near.
My friend is overwhelmed and depressed. She has lived in her home for over 25 years and wants very much to stay there, but the faltering economy is threatening to claim them as another victim.
I made a few suggestions to my friend and if you have any other suggestions, don't hesitate to share, please.
I've been married for 29 wonderful … (0 comments)
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financial news: Paying too Much in Property Taxes? - 05/20/09 10:54 PM
If you purchased your home within the last 5 years, chances are good that you are paying more than you have to in property taxes.
Why? Because property values have fallen in California, in some areas, by more than 50%.
There is always someone trying to make a buck out there, so why should lowering property taxes be any different. You do not need to pay someone to assist you with this process, just like you DO NOT have to PAY SOMEONE to assist you with a loan modification.
It's a very easy process that I just completed. I received my letter today … (0 comments)
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