Cancellation of Debt Tax And What It Means To Homeowners

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Certified Distressed Property Expert logoHere’s a short, informative video explaining The Mortgage Fair Debt Collections Act and how it is set to expire December 31, 2012. It also explains that while there is a chance that this act may be extended, if it isn’t it will severely affect homeowners facing foreclosure or selling their home through a short sale. Read the rest of this entry »

Latest HARP program for underwater homeowners ramping up

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The newest Home Affordable Refinance Program or “HARP 2.0,” the second version of the federal mortgage refinancing program, comes with streamlined processing, but some key issues could hinder borrower participation.

The most ambitious federal mortgage program to date aimed at millions of underwater homeowners is poised to take off in the coming two weeks, yet some key issues could hinder borrower participation.

  • Key points:
    • No upper limit on permissible loan-to-value ratios. The previous version of HARP  had a maximum 125% LTV limit – so now you could owe 1.25 times or more what your home is worth and still qualify.
    • Streamlined underwriting – drive by appraisals and elimination of some deal-breaker fees.

 

  • Key rules (some):
    • Your loan must be guaranteed by Freddie Mac or Fannie Mai to be eligible (click here to see who guarantees your loan).
    • Your mortgage must have originated no later than May 31, 2009, and must have an LTV ratio in excess of 80% (you must owe more than 80% of your homes value).
    • You must be current on your loan with no 30-day late payments during the six months preceding application and no more than one late payment during the last 12 months.

Other rules may apply. If you think you may qualify, contact your mortgage servicer, or call us with any questions at 951-506-1956.

Read the full article here:  Latest HARP program for underwater homeowners ramping up – Los Angeles Times.

U.S. home prices could rise 4% a year, forecast says

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uptrendAverage U.S. home prices — down by a third since 2006 and still falling — will rise almost 4% a year for the next five years, according to a new forecast. Read the rest of this entry »

If you are going through hell…

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Winston Churchill

“If you are going to go through hell, Read the rest of this entry »

BofA Starts Writing Off Borrowers’ Mortgage Debt

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More than 200,000 underwater home owners with mortgages through Bank of America may be eligible to have a reduction in the amount they owe on their loan, which could possibly trim their monthly payments by up to 35 percent. Read the rest of this entry »

What is “Success” ?

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Winston-Churchill

“Success is the ability to go from one failure to another with no loss of enthusiasm” Sir Winston Churchill

 

via Sir Winston Churchill Quotes – The Quotations Page.

10 Apps Murray Can’t Live Without #6 – Realist Value Map

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Realist Value MapMy first five “Ten Apps Murray Can’t Live Without” started with  Seamonkey, DropBox KeePass and Evernote and PandoraJam.

This months app I can’t live without isn’t really an app – it’s a link – but I can’t live without it!

Realist Value Map is pretty close to the real estate industry’s standard Realist Tax application. Realtor’s use the Realist Tax application for a wide variety of things – property tax information, loan history, and of course – property value profiling.

With Realist Value Map, you can search anywhere in the United States and get a pretty quick, accurate idea of what your property value is – way more accurate than some of the other web sites like Zillow, Redfin, etc. in our opinion.

If you want to get a good estimate of how much your property is worth today, click here to go to our Realist Value Map page.