New and Improved HARP Home Affordable Refinance Program
The Federal Housing Finance Agency (FHFA) released details of a newly revamped Home Affordable Refinance Program(HARP) today, with the main feature being a lack of a loan-to-value (LTV) limit. Previously, the max LTV accepted under the program was 125 percent, meaning those in need of the most help were essentially out of luck. With this change, even the deepest underwater borrower will be able to refinance their mortgage to take advantage of today’s record low mortgage rates. Of course, there are some limitations. - The mortgage must be owned or guaranteed by Freddie Mac or Fannie...
Read MoreNew California Law Means "No Recourse" for Liens on Successful Short Sales
We’ve been writing about this…why? It’s amazing! For many Californians, the fear of future recourse or bill collections after a short sale halted many prospective short sales from going through…well no more worries. Learn more about this new law here… CCP 580E Call Kris and Kim to list your home for sale…why you ask…because they know what we’re doing!
Read MoreCalifornia Senate Bill 458 Passes…No More Collections on Mortgages after Successful Short Sales
Yes…it’s true…Governor Brown signed into law SB 458 amending CCP 580E . That means if you’re a homeowner or investor of a Single Family Residence property or a 1 to 4 unit rental property and it’s not held in a corporation, LLC or other Joint venture… You’re protected from debt collection after the successful closing of your short sale. Fantastic News… Call us today and get your home listed with Kris and Kim!
Read MoreLaw Protects CA Home owners Completing Short Sales from Judgements from 2nd lien Holders
If you were hesitant to start a short sale…as of Friday, July 15, 2011… Governor Jerry Brown has all but removed every road block for the average homeowner in Los Angeles, California to proceed in full protection from any bank recourse. In an effort to protect all of us from banks, California Governor, Jerry Brown eliminated banks, servicers or any secondary lien holders from pursuing judgements The new law is a build on California Civil Code Procedure 580E that was added last year and came into effect January 1, 2011. This revision protected home owners completing short...
Read MoreMARs No More! FTC Says Licensed Agents and Brokers Don't have to Abide by Confusing Regulations
This is surprising. 1 year after Dodd-Frank bill was passed…we’re already seeing back lash. The confusing and tedious disclosure required by the Federal Trade Commission for any parties offering Real Estate Short Sale guidance is going away. It was confusing to say the least and difficult to interpret to anyone. and I mean anyone…Kim and I have challanged National Association of Realtors offices in Washington DC with interpretation and no one in the DC, including attorneys can interpret the law. So, we say “au revoir” to another government debacle. Is...
Read MoreHousing and Urban Development Gives more Time to Unemployed to Catch Up on Mortgage
This just released by Mortgage Daily News.com In an effort to further assist our ailing economy and it’s out of work victims…HUD will be increasing the current limit of 3 months to 12 months of free rent! Why pay rent when the government gives you all the free passes in the world not to? Strange way to deal with a problem. BY JANN SWANSON The Department of Housing and Urban Development (HUD) has modified the existing policies related to two of its assistance programs to give unemployed homeowners additional time to obtain a job before losing their homes. The changes impact...
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Attention Agents: Learn how to Short Sell, Rent and Buy Back for your Listings.
