Do you ever notice, just by adding, changing, or moving just one word in a sentence you can completely change the whole meaning? For instance go back to the title of this post, “Who Am I And Why You Should Care” there is a reason for the title of this post, but we’ll get back to that in a minute. I could have changed one word in the sentence and it would have been a completely different message. If i would have put you after should it would read ‘Who Am I And Why Should You Care’. Let’s face it, we live in a me first world now or as I have heard it before

Who Am I And Why You Should Care is a post from: LetsTalkTrends.com

Program Highlights

• Down Payment Assistance (Currently in the form of a grant not a bond)
• For The Purchase of Primary Residences in California
• New or Existing Properties are Eligible
• Program is NOT limited to First-Time Homebuyers

Qualifications

Thousands of people each year dream of becoming homeowners. The CHF Platinum Program may help that dream become reality.

This home buyer assistance program currently provides low-to-moderate income families and individuals with a grant that does not have to be re-paid.  Many times this allows them to purchase a home much sooner than they thought possible.

Here’s a quick break down of Income Qualifications for your County.

Only in California

The program is available for the purchase of an owner-occupied single family residence (SFR), approved condo or planned unit development located in the state of California.  The grant made possible through the program can be used towards the homebuyer’s down payment and/or closing costs on a 30-year fixed-rate fully amortized FHA Mortgage Loan.

Available for purchases of both new and existing homes and is NOT limited to the first-time homebuyers.

source:http://chfloan.org/Programs/Platinum/Platinum_HB_Flyer_Contact_CHF.pdf

Homebuyer Assistance Program CHF Platinum Grant is a post from: LetsTalkTrends.com

A short sale is by far the best option.  It’s the easier softer way compared to a foreclosure.  A few reasons…

Effects On Your Credit

Your credit gets hit equally hard by 200-300 points initially after a foreclosure and a short sale, but your credit rebuilds much faster after a short sale (2-3 years) compared to a foreclosure (5-7 years).

On most loan applications (house, car, credit card, etc.), there’s a question.  Have you ever been foreclosed?  You can honestly check mark no.  If you check mark yes, you can be rejected for the loan or pay a higher interest rate.

There are two points of view when a potential future lender (home, car, credit card, etc) looks back at this event in your life.   If you chose foreclosure, it says life happened, I couldn’t pay my debt, I stiffed the lender, and I did nothing to resolve the matter.  If you chose short sale, it says life happened, I could not pay my debt but I took steps to resolve the situation by selling the asset and paid back as much as the debt as possible.  This is why short sale looks better on your credit report and is favored by all future lenders.

In regards to your taxes:
- November 2007, President Bush signed into law H.R. 3648, The Mortgage Debt Relief Act of 2007. It prevents the IRS from treating forgiven debt like income. This law covers short sale transactions through the end of 2012.
- April 2010, California passed SB 401 which has the same effect as the IRS law through the end of 2012.
Each person’s tax situation is different.  You need to check with your tax adviser/CPA to determine the exact effects of a short sale on your taxes!

In regards to possible deficiency judgments:
- October 2010, California passed SB 931 gives peace of mind to homeowners selling their homes through a short sale process by protecting borrowers from allowing the first mortgagor to pursue a deficiency judgment, after approving the short sale payoff.  It applies to purchase money and hard money loans.   It applies to closings after January 1^st, 2011, for one- to four- unit dwellings, of which are either owner or non-owner occupied.
- July 2011, California passed SB 458 which builds on SB 931 mentioned above.  This bill prohibits junior lien holders from pursuing deficiencies after a short sale closes.

Consult an attorney in your state to determine deficiency laws in your specific state prior to any foreclosure prevention strategy.

Short Sale vs Foreclosure is a post from: LetsTalkTrends.com

Gov. Jerry Brown signed Senate Bill 458, authored by Senate Majority Leader Ellen Corbett (D-San Leandro),  Into law.  Senate Bill 458 is a new California law that further protects homeowners pursuing short sales by barring first and Second lien holders from going after sellers for money owed after the short sale closes.

The new law builds on the protections offered by a previous law SB 931, which required the First lien holder in a short sale to accept an agreed-upon payment as the full payment for the outstanding loan balance.  The Previous law did not address Junior lien holders (Seconds), but now it does.  The new law, which became effective immediately, now prohibits Secondary lien holders from pursuing deficiencies after a short sale closes.

Each person’s short sale situation is different.  Consult an attorney in your state to determine deficiency laws in your specific state prior to any foreclosure prevention strategy.

What Does This Mean For You?

“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said California Association of Realtors President Beth L. Peerce.  SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lien holders-those in first position and in junior positions-will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”

Short Sale Explained

A short sale is a transaction in which the homeowner owes more on the loan than the property is worth.  To sell the home, the lien holder or lien holders must approve the sale because the amount owed to the lien holder will be “short” of what is currently owed by the borrower.

Source: http://www.car.org/newsstand/newsreleases/2011newsreleases/sb458/

Behind On Your Mortgage Payments? SB 458 Explained…what does this mean for you? is a post from: LetsTalkTrends.com

Foreclosure

The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property.  This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan.  If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt.  While this equitable right exists, it is a cloud on title and the lender cannot be sure that (s)he can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue homeowners’ association dues or assessments.

The Process

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”.  Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property.  When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”.  If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.

Consult an attorney in your state to determine deficiency laws in your specific state prior to any foreclosure prevention strategy.

Source: http://en.wikipedia.org/wiki/Foreclosure

What is a Foreclosure? is a post from: LetsTalkTrends.com

Short Sale

A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens’ full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.  Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties.

Each person’s short sale situation is different.  Consult an attorney in your state to determine deficiency laws in your specific state prior to any foreclosure prevention strategy.

Alternative to Foreclosure

A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower;  however both will often result in a negative credit report against the property owner.  However, a short sale is by far the best option.  It’s the easier softer way compared to a foreclosure.

What Not To Do

In desperate times, sometimes people take desperate measures.  Unfortunately, some homeowners have limited knowledge of their choices,  and with limited knowledge, sometimes people can make hasty decisions that aren’t always best for them and their family.  However,  some people choose to do nothing and that could end up even worse.

As Teddy Roosevelt once stated:

”In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.”

If you find yourself in a similar situation,  consider contacting me and find out which option would best be suited for you and your family.  In the end, you will at least have a better understanding of your situation to know which direction you should go.

What is a Short Sale? is a post from: LetsTalkTrends.com

INFO THAT HITS US WHERE WE LIVE

To help the economy succeed, the Fed is certainly using its ability to the max.  Coming out of the The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System, is charged under United States law with overseeing the nation’s open market operations (i.e., the Fed’s buying and selling of United States Treasury securities).

Operation Twist

The Fed announced “Operation Twist”–a strategy of selling its short-term securities to buy long-term bonds to drive down long term interest rates, especially for mortgages.  This latest Fed effort to help the housing market is great news for anyone thinking of buying a home, as mortgage rates should stay very very low.

Interest Rates Are Moving, But Which Way? is a post from: LetsTalkTrends.com

Get A Home Value Report is a post from: LetsTalkTrends.com

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Welcome! is a post from: LetsTalkTrends.com