Archive for the ‘Mortages and Loans’ Category
New Programs Help Homeowner’s Avoid Foreclosure
On Thursday, the government announced two programs that may help thousands of homeowners that are sinking in debt avoid foreclosure.
Treasury Secretary, Tim Geithner, said “Today we are announcing a new program component to help homeowners obtain modifications in areas suffering from price declines. If a modification is not possible, we are announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future.” Geithner went on to say that, “These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to your economic recovery”
The Program in a Nutshell:
- Foreclosure Alternatives: The program increases the odds of closing a short sale by streamlining the process and offering incentives to lenders for participation. The program is designed for homeowners who are eligible for a loan modification, but can not qualify for one. Under the new program, lenders may receive compensation up to $1000 for completing a short sale. Borrower’s may receive up to $1500 for relocation expenses. Holders of 2nd mortgages will receive up to $1000, if they agree to the terms of a short sale.
Why This New Program May Help:
- A short sale is the last step before foreclosure, and is far less costly for lenders and borrowers. Selling short is less damaging to the homeowners credit and they are less costly for banks and lenders. Survey results show that losses from short sales average 19 percent versus losses of 40 percent in the case of foreclosure.
- Currently, more than 75 percent of short sale contracts fall apart, despite sometimes heroic efforts on the part of the borrower. Lenders have for the most part been uncooperative when responding to offers on short sales, which means the properties sit vacant and pull down values in the entire area.
- The new program may provide a much needed boost to the current Making a Home Affordable program. Despite good intentions, the program has only helped 55,000 homeowner’s modify their loans. In comparison, there were 342,000 foreclosure filings in the month of April, alone.
Stop The Sinking Feeling. If you are struggling to pay your mortgage or you are falling behind on your payments…CALL YOUR LENDER TODAY!! Don’t procrastinate, the problem will only become larger if you wait. You may also waste valuable time in stopping a foreclosure on your property, which is the worst case scenario for borrower and lender alike.
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What to do if Appraisal Comes in Below Sales Price
Finally, the house is under contract. The inspections are done. Repairs have been negotiated. Everyone is ready to move…then, the buyer’s appraisal comes in below the agreed upon sales price.
Don’t Panic. It’s Not the End of the World. Read this helpful article about how to keep the deal alive.
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Warren Buffett Says Inflation is Coming.
In the annual Berkshire Hathaway shareholder’s meeting, Warren Buffett, the oracle of Omaha, predicted that inflation will hit the US economy due to the financial crisis. Buffett told shareholders, “I haven’t had my taxes raised. My guess is the ultimate price will be paid by a shrinkage of the value of the dollar”.
If Warren is right, and he usually is, the average person can use his wisdom to profit with a smart real estate investment.
- To invest safely, a home buyer should put 20 percent down and take out a 30 year fixed rate mortgage, locking in an interest rate around 4.5 percent. If you haven’t owned a home over the past 3 years, you can cash in immediately with the $8000 tax credit. When inflation hits, your mortgage costs will remain the same, as your salary increases. This means that you have even more money to save and invest later on.
- If you are currently renting, there is another compelling reason to invest. During periods of inflation, rents will rise. If you don’t own a home, your monthly rent obiligations will soar.
- Another reason to invest in real estate is that during times of inflation, home prices appreciate, if even at a slower pace. History shows that during inflationary periods, real estate appreciation tends to beat inflation by 2-3 percentage points.
- Leveraged assets, such as real estate, outperform other asset classes. Leverage magnifies gains because as your income rises, your debt payments will not. You’ll be able to pay off the mortgage with money that is worth less than it was when you borrowed it.
- With home prices and interest rates hovering at historic lows, now may be the perfect time for investor’s to withdraw the cash they have sitting in savings accounts that is paying only a 2-3percent and buy a piece of property. If you buy a property where the tenant covers the expenses and costs of ownership, then the investor can relax and wait for inflation to move up rents and home prices.
InfoTube.net and Warren Buffett agree that inflation, over the next 5 years, is a sure bet. And, when we get rampant inflation, real estate is the perfect hedge. Throw in low prices, cheap money, ridiculously low returns on cash investments and thousands of dollars in tax savings, and you have a powerful case for buying a home now.
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Don’t be Duped by Real Estate Loan Scams
In a bad economy, housing con’s, scams and fraud are on the rise. The increase in real estate related scams is up so much this year that the Obama administration is involved, and promises “We will shut down fraudulent companies more quickly”.
Here are some of the most common scams seen in the housing industry and tips about how to protect yourself and your family.
Promise to Stall or Halt Foreclosure
Foreclosure scammers are the worst of the worst. Like vultures, they swope down to pick at the flesh and bones of weak and vulnerable. These companies promise to stall, avert or stop the foreclosure process. Many families which are facing the loss of their homes interupt their “pitch” as an answered prayer. Don’t Fall for It.
Homeowner’s can identify these companies because they always ask for an upfront fee for their service. In addition to losing thousands of dollars to these con men, the victims also waste precious time in working with their lenders, which means that this scam can actually speed up the foreclosure process.
Homeowner’s are advised to check with the Better Business Bureau, their lender and the Hope Now organization, before doing business with any company promising the stop a Foreclosure.
Loan Modificiation
The state of California issued permits to real estate agents for loan modifications. The state now has almost 600 Realtors, so far, that can collect upfront fee’s for negotiating loan modifications and short sales with lenders on behalf of the homeowner.
We have heard reports that some of these companies charge $2500-$3000 to negotiate with lenders, saying they provide more service and expertise than overworked non-profits do.
Consumers should ALWAYS be on High Alert if they are ask to pay upfront fee’s to anyone, especially when the service provider can not guarantee results. There are a lot of starving real estate agents out there, so beware and always verify credentials before paying for any upfront service.
Where to go for Real Help.
- Homeowner Preservation Foundation. 1-888-995-4673
- Hope Now Website Link
- Making Home Affordable. gov Website Link
- Your Lender
- Beware: Don’t be fooled into working with companies because they have official sounding names and copy cat websites. The government recently shut down 5 companies and issued warning letters to 71 others who are operating under names that sound legit, but aren’t.
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Condo and Homeowner Associations in Trouble
Foreclosures and loan delinquency’s wreck havoc on the budgets of Homeowner’s Associations (HOA’s) across the country.
Many condominium communities are glutted with nonpaying units that swamp their operating budgets, force cutbacks on promised services and increase monthly dues for owners who are paying their mortgage and association dues.
Crisis In Florida:
In Florida, the land of the condo dweller, things are spinning out of control for HOA’s and property owners. As a result, Florida constituents are turning to legislators for an help they can provide.
Under the current system in Florida and other states, lenders can avoid paying homeowner’s fee’s until they foreclose and become the owner of the unit. Lenders face a continuing avalanche of foreclosures and loan defaults, which means that up to 2 or more years can pass before the property transfer gets through the court system.
During the lengthy legal process, homeowners often continue living in the units, using the ammenities and facilities for free. Some even rent the units for income, after they have stopped making payments on the property. Many associations are forced to cover the costs of water, cable, laundry, lawn and pool maintenance and garbage collection for paying and non-paying owner’s alike. To make up for the added expenses, paying unit owner’s have to foot the bill or the entire association goes down.
And, things get even more complicated. Some banks stall on taking title to units because they have a cap that limits the amount of past-due fee’s they have to repay to 6 months or 1 percent of the original loan amount. Some luxury condo associations report that some units have as much as $50,000 in unpaid fee’s by the time the bank takes ownership.
Downward Spiral:
Lenders are also denying financing for financially unstable buildings, which essentially means the property can not be sold, even if a buyer is found. In January, mortgage giant Fannie Mae said it would no longer fund loans in buildings if more than 15 percent of the units were 30 or more days past due with their association fee’s.
The problem has reached a crisis point for many HOA’s that are struggling to cover basic utilites such as water and electricity. If they raise fee’s on paying owners for the shortfalls, they risk pushing even more residents into delinquency. Most owners are already upside down on the property and they simply can not afford a higher payment.
Renting out units could offset loses, but rentals are usually prohibited or they are limited to a very small percentage of the number of units in the complex. Furthermore, lenders such as Fannie Mae also deny funding for buildings that are less than 51 percent owner occupied. So, raising money with rent income does not appear to be a viable solution, nor does it maintain the quality of life for the paying residents.
The housing crisis has uncovered many problems that we have never encountered before, but the number of failing HOA’s is an imminent crisis. Unfortunately, it isn’t simple 
and if solving it isn’t done correctly, more permanent damage may occur.
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Buyers Learn It is Often Impossible to Buy a Foreclosure
As bargain hunters everywhere turn their attention to foreclosures, many buyers discover that for all the hype, the homes can not be purchased. Banks are so overwhelmed by the sheer numbers of REO (Real Estate Owned) properties, that they hold up sales and leave buyers stuck with thousands of dollars in extra costs.
Distressed properties now make up 25 percent of all homes for sale. Many foreclosed homes have been vandalized, neglected and cause a blight on otherwise good neighborhoods. Selling these properties would help stabilize house prices and remove inventory from the market, but the banks simply can’t keep up with the paperwork.
Take the case of the Collins family, who in January, rushed to buy a foreclosure on a picuresque, tree lined street in southern California. They immediately obtained their financing, paid for inspections, appraisals and completed other paperwork the lender required from them. It is now mid-April and the Collins family finds themselves still sitting in limbo. They have yet to receive confirmation of a closing date or signed paperwork.
While common sense tells us that the housing market can not recover until the foreclosures are sold, the reality is that the banks can not keep up with the paperwork required to transfer the property. There are a lot of layers and people, with varying degree’s of work ethic, that are involved with the sale of any bank owned property. Further frustrating to “would be” buyers, is that they can’t just call the bank and ask what is going on. There is no one to ask for help, as there is when buying from a real owner.
As the nation’s banks anticipate owning another 1.5 million foreclosed homes in 2009, things will likely get worse in terms of getting rid of them quickly. Maybe outraged buyers, and the neighbors who tolerate these blights on our communities, should all cry out to their congressmen for help. Perhaps, they can force the banks to step up their management of foreclosed homes, and force the agents and servicers to do their jobs.
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4 Mistakes Home Seller’s Make
As the spring home selling season approaches, many homeowner’s rush to put their houses on the market. Interest rates are low, tax rebates and sales incentives abound, and home prices are more affordable than they have been in a decade.
But, before you throw the ‘for sale’ sign in the yard, please educate yourself about the common mistakes you should avoid, if you want to sell your home. Decades of real estate experience have proven again and again, that making these mistakes, even once, will stop any sale in its tracks.
- Pricing: Setting an unrealistic price is the biggest mistake home seller’s make. The home MUST be initially priced at or under its competition, or you are simply wasting time and money. Some seller’s toy with the notion of “low balling” their asking price, hoping for bidding wars and a quick sale. While this strategy sometimes works on lower priced property, it doesn’t work in higher price ranges. Buyer’s in a higher price range simply think that the seller is desperate, which always results in even lower offers, not bidding wars. We won’t address overpricing, because there is nothing to say. The truth is no one will overpay for your home, it won’t appraise anyway, so please keep it off the market, until you are ready to be realistic.
- Property Condition: Know as much as you can about the condition of your property, fix everything that will stop a sale, and disclose everything you know about the property condition to the buyer. If you don’t, when the problematic inspection report is revealed, the buyer will cancel the contract and walk. Afterward, the seller will find themselves in a much worse position because they lost momentum, valuable time on the market, and the cancelation signals that something was wrong with the house. The seller will also be required by law to disclose everything found on the prior inspection report, so there is nothing to gain and a lot to lose by hiding the facts.
- Working with Today’s Buyer’s: It is a mistake to not entertain any offer, no matter how low the inital offer is. Buyer’s in this market make low ball offer’s first, to test the desperation of the seller. You will never know what price a buyer may be willing to pay for your home, if you don’t negotiate with them.
- Potentially Unqualified Buyer’s: NEVER get into a contract with a buyer who isn’t financially qualified for a loan. A letter of prequalification is not enough to take a home off the market. First, know who the lender is and require full underwriting approval within days of the acceptance of the offer. Be sure to write this loan approval (not prequalification) provision into your contract. Maintain your Active Listing Status and DO NOT indicate that your home is Contract Pending until the buyer has verifiable loan approval.
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Interest Rates, Home Prices, Tax Incentives Move Buyers Off the Fence
People who are gainfully employed, with solid credit, and have a down payment can buy a lot more house these days, thanks to record low interest rates and home prices.
The average interest rate for a 30 year fixed-rate mortgage fell to 4.79 percent on Wednesday, after the Fed announced that it would begin buying up bonds and mortgage-backed securities.
The real estate market has recently seen a pick up in activity due to the $8000 tax credit for first-time buyers. And, the huge drop in lending rates yesterday, put a huge layer of icing on the cake for home seller’s. When people, who can qualify for a loan to buy a home, see the combination of tax incentives, low interest rates and dramatic price drops, the ones that are sitting on the fence, jump in and buy. Urgency to buy and refinance is also important when rates fall this low, as often the drop is temporary, as it was in January 2009.
The convergence of ecomonic stimulus does benefit some Americans more than others, however. People who do not have a down payment or good credit are less likely to benefit from the postive news, as are the 14 million Americans who are upside down (owe more on their home than it is worth) or face foreclosure. More than 13,000 struggling homeowner’s are calling the Homeownership Perservation Foundation each day. The hotline for help number is 1-888-995-HOPE.
Thank you for visiting InfoTube. net homes for sale website. Spring is here. Rates are Low. House Prices are Fantastic. Tax Incentives Abound. Buyers, Get off the Fence and Lock in the Deal of Your Lifetime. The fact is you have to live somewhere, and if renting was so great, ask yourself why your landlord owns??
Loan Modification Loophole Leaves Taxpayers on the Hook
While I am sure that all Americans appreciate the efforts being made in Washington to save us from ourselves… they have again overlooked a simple requirement for loan modifications which could cost taxpayers billions of dollars.
Much like the “overlooked” loopholes that allowed bonus payments, in excess of $160 million, to be paid to employee’s of Goldman Sach’s and AIG, the Obama loan modification program sets up the same windfall profit situation, without regulation, for the financial institutions who modify loans.
Under the guidelines for the loan modification program, lenders are being offered taxpayer incentives (money) to modify loans. These cash incentives provide a huge Boom to the mortgage lending business, but unfortunately for taxpayers, some crucial regulations are missing. Does this sound familiar?
One immediate loophole that needs to be closed is the issue of how the borrower will qualify for their new, reduced loan. The Obama plan gives lenders incentives (ie: taxpayer money) to bring a borrower’s monthly payments down to 31 percent of their gross income. However, the plan totally ignores the amount of other debt that the borrower can have.
Why is a borrower’s debt important? If a homeowner has excessive credit cards, car notes, college loans or other debt, with substantial monthly payments, they may not be able to afford even 31 percent of their income for a modified mortgage payment. Under the present program guidelines, lender’s would be still be paid to modify a loans for borrower’s who would not qualify for a loan, if their debt was considered.
In order for the Obama housing plan to work, changes must be made. If not, taxpayers should expect another fiasco, like the ones we a discovered after AIG, Goldman Sachs and the automakers used their taxpayer bailout money for bonuses, trips, jets and office remodeling.
To date, over 50 percent of all modified loans have fallen back into default and the foreclosed homes are showing up on the market. Before the taxpayer’s pay out billions of dollars to unregulated lenders, as an “incentive” to modify loans to keep people in their homes, let’s make darn sure the borrower doesn’t have so much debt that they can’t repay their loan, again. After all, how much debt a borrower has is a standard measure used to qualify for a typical loan. Why is the borrower’s debt ratio being overlooked, when taxpayer’s are on the hook?
If you agree, write to your congressional representative. There is still time to “modify” our guidelines for lenders. Hopefully, with a little public outcry, this loophole will be eliminated before we hear that billions have been paid for modified loans that fall back into default in record time.
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Tax Perks and Tips for Homeowners and Buyers
Tax Perks of Homeownership
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100 percent of the mortgage interest you pay is tax deductible, which can add thousands of dollars to your bottom line each year. Click Here to FIND OUT HOW MUCH YOU CAN DEDUCT, if you own a home.
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Property taxes (real estate taxes) paid to state and local governments are 100 percent deductible on your federal income tax return.
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Up to $500,000 ($250,000 for singles) in profit is tax free when you sell your home.
2009 Housing Stimulus Increases Tax Savings of Ownership
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Deduct $8000 from Your Tax Bill. To qualify for the $8000 tax savings you must be a first-time (have not owned in the last 3 years)homebuyer earning less than $150,000 (married, filing jointly) per year. You must live in the home for 3 years after purchase.
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Go Green and Take a $1500 Tax Credit. The requirements for energy tax credits have eased. Take advantage of a $1500 Tax Credit for home improvements such as energy-efficient windows, doors, insulation, appliances and mechanical systems.
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Save 30 percent on Alternative Energy for your Home. Earn a 30 percent tax credit for each dollar spent on things like solar heating, heat pumps or fuel cells.
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Save up to $2 million on foreclosures and short sales. Taxpayers get a free pass on mortgage debt forgiveness until 2012. Filers can exclude up to $2 million in forgiven mortgage debt, where the home sold for less than the amount owed on the loan.
Owning a home certainly has its privileges, both emotional and financial. And, real estate is still the granddaddy of tax deductions. Buy a home and save thousands of dollars, or rent and pay thousands to Uncle Sam. If in doubt, ask your landlord why they own???
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Countrywide Executives Profit From Housing Crash
Stanford Kurland
If you aren’t bothered by morals or ethics, it is so easy to make money. If you don’t think so, just ask the executives who ran Countrywide Financial.
Countrywide, in case you forgot, is one companies responsible for the financial crisis. The huge, subprime lender, that was once a Wall Street darling, made billions of dollars by putting people into home loans that they knew the borrower could not afford, then resold these bad loans to unsuspecting investors.
It seems that Stanford L. Kurland, former President of Countrywide, along with his ex-Countrywide team of executives, are back to making money in the lending and real estate business. They opened a brand new company called PennyMac. PennyMac is located in spacious headquarters, in the same Los Angeles suburb where Countrywide once flourished. (Obviously, these smug operators don’t even feel the need to leave town…)
So you ask, what kind of business is Kurland and PennyMac into now?? Surely, they would never be allowed to profit from the slimy mess they helped create??? Wrong. Their new business buy’s delinquent home mortgages for ”pennies” on the dollar, that the US government took over from failed banks and lenders. They are also busy snapping up foreclosures at cents on the dollar, and then reselling them for big profit.
In case you are wondering how well PennyMac and the old Countrywide team are doing… Mr. Kurland is happy to inform you that his new business is “off-the-charts good??”, as he leaned back in his leather executive chair, while the financial markets plummeted.
Are you mad? We sure are. I would love to give Kurland and his team a “A Penny of our thoughts!!! If you have something to say, you can send an email to service@pennymacusa.com or call Toll-Free (866) 545-9070.
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Obama Gives Lenders Approval to Modify Loans
The Obama administration has given lenders the “Go Ahead” to begin modifying mortgage loans for homeowner’s facing financial hardships. 
The Foreclosure Prevention Plan program is designed to ease the downward pressure on home prices, keep qualified people in their homes and prevent more foreclosures.
The Guidelines for Qualifying for this Program are as follows:
Eligiblity and Qualification:
- Loans must be originated on or before January 1, 2009.
- $729,750 is the maximum loan balance.
- The property must be Owner Occupied. Investor-owned, Vacant and Condemned properties are Excluded.
- Borrowers must FULLY document income by providing their last 2 paycheck stubs, tax returns, and must sign an affidavit of financial hardship.
- Owner occupancy status will be verified through credit reports and other documentation.
- Incentives will be given to lenders who modify loans for risky borrowers, who have not missed payments yet.
- Loans can be modified only once.
Loan Terms and Procedures:
- The modified monthly mortgage payment can not exceed 38 percent of the borrower’s gross (Earnings before taxes) monthly income.
- Lenders must follow steps to reduce montly payments to 30 percent of gross income. First, the initial interest rate can be lowered to a floor of 2 percent; Second, the lender can stretch the loan term to a maximum of 40 years; Then, principal debt can be forgiven, but only if the lender agree’s to do so.
- Monthly Payment Calculations must include principal, interest, taxes, insurance, flood insurance and homeowner’s or condo dues.
- Monthly Income includes wages, salary, overtime, fees, commissions, tips, social security, pensions and other sources of taxable income.
Incentive Payments to Lenders and Borrowers:
- Lenders will receive $1000 for each loan they modify. They will also receive $1000 per year on performing modified loans.
- Homeowners who pay their modified loan on time will receive a yearly $1000 principal reduction for 5 years.
- The lender receive a one-tine bonus of $1500 on each loan they modifiy for borrowers who are current on their mortgage payments.
- Similar incentives and bonuses will be paid to Hope for Homeowner refinances.
- Incentives will be given to lenders who extinguish 2nd mortgages on modified loans.
Accountability and Loan Transparency: No More Liar Loans
- Measures to prevent and detect fraud, such as documentation and auditing requirements, are a central point of the program.
- Lenders are required to collect, maintain and share records for verification and review. Records include borrower eligibility, underwriting, property verification and other documentation.
- In some cases, property appraisal will not be required.
To verify eligibility or check requirements, the goverment has a question and answer website. Visit Financial Stability to learn more about qualifying.
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Obama Foreclosure Plan Pits Renters and Homeowners
The Obama foreclosure plan has caused a lot of division among the people of this country. Of, course, there is the giant split between conservatives and liberals. But, the bigger divide, and the more interesting one, is the one it causes between the needs of renters (prospective buyers) and homeowners
I have a “hunch” that nearly all the people in favor of the mortgage support plan are homeowners and lenders. Why? From what I understand, Obama’s plan is to use taxpayer dollars to prop home prices. The logic is that this action will keep banks and people from having to sell their homes for huge losses. Or, in other words, the government is stacking the deck against homebuyers, hoping that they will quickly, rush out to buy an overpriced home, thereby “saving” us all.
Unfortunately, Obama’s plan is likely to fail because it does nothing to correct the overbuilding (supply) and lack of demand that cause prices to drop. It also does little to help the banks, who have discovered that they can only sell property for what they can get, not what they are owed. In other words, if the current owner can’t afford their house at anything close what they originally paid, chances are slim that anyone else can either.
The “housing” bailout hinges on keeping prices high or keeping people in homes they can not afford. It does nothing to erase the over supply of homes, increase demand, nor does it put more qualified buyer’s in the market. The bottom line is that the foreclosure plan pits renter against homeowner, in the hope of keeping lenders in business.
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Stall or Stop Foreclosure Proceedings
Homeowners: If you have received a notice of foreclosure on your property, there may be a easy and legal way to stall the lender.
Recent reports have shown that some homeowner’s have been successful in delaying a foreclosure sale, by simply requesting that their lender provide copies of their original paperwork for the loan. It seems that some of our banks and lender’s are often unable to locate the actual paperwork securing the loan against the property. Opps!
Ask your attorney to demand a copy of your original loan documents. If the bank can’t come up with them, they can’t foreclose on your loan until they do.
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$8000 Tax Credit for First Time Buyers
Home seller’s and real estate agent’s are waking up to the fact that nearly half of all buyer’s shopping for a home are first time home buyers.
Sellers should realize the timely opportunities that are available to this group, and they should be aware of all the benefits today’s first time home buyer will receive, in order to successfully do business with them.
One unique opportunity that provides immediate benefits for home sellers and first time buyers is an $8000 tax credit incentive from the US government. The purpose of the program is to encourage home sales and provide a much needed boost to the US economy.
Outline of the $8000 Tax Credit Program is as follows:
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The Tax Credit is available for First Time Home Buyers Only. (First Time Buyers are defined as anyone who has not owned real property in the past 3 years.)
- The home must be used as the buyer’s primary residence.
- The home must close January 1, 2009-December 1, 2009.
- The buyer claims the $8000 on their tax returns, which greatly reduces their tax liability.
- The $8000 does not need to be repaid, unless the buyer resells the home within 3 years of purchase.
The National Association of Realtors, who backed the plan, estimates that the tax credit will stimulate up to 300,000 home sales. The NAR also feels that the bill will help stablize home values and could possibly help some distressed seller’s avoid foreclosure.
To read more about working with first time buyers, click here.
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