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No More Foreclosure only this Holidays

Dec - 12 | | no comments.

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GSEs Announce Eviction Moratorium for the Holidays

Fannie Mae and Freddie Mac announced temporary eviction moratoriums on all single-family homes and two-to-four unit properties over the holidays.


Both companies will enforce the moratorium from December 19 through January 2.

“The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, EVP of credit portfolio management at Fannie Mae.

“No family should have to give up their home during this holiday season,” he said.

The moratorium will not affect the pre- or post-foreclosure processes, the GSEs said in their announcements.

Servicers may continue the administrative processes involved in foreclosures, but evictions will be delayed until after the start of the new year.

“If the property is occupied, our foreclosure attorneys will suspend the eviction to provide families a greater measure of certainty during the holidays,” said Tracy Mooney, SVP of servicing and REO at Freddie Mac.

Los Bancos durante estas fiestas de Navidad ha decidido no Subastar o embargar casas. Sin embargo, esto continuara al comenzar el ano nuevo.

Past Due Mortgages,6,300,000. Casas sin Pagar

Dec - 11 |

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There were 6,298,000 mortgages going unpaid in the United States as of the end of October, according to Lender Processing Services (LPS).

It’s a daunting number, but the data show that it’s actually been on a fairly steady decline for nearly two years now.

At the start of 2011, the total number of non-current mortgages in the U.S. stood at 6,870,000. In January 2010, it was 8,118,000.

LPS’ more recent reports show the industry is slowly but surely chipping away at the number each and every month – the result of both loss mitigation workouts and removing loans that cannot be resolved from the inventory through foreclosure.

At September month-end, the tally of non-current mortgages was 6,373,000. It was 6,397,000 at the end of August and 6,538,000 at the end of July.

LPS’ data indicates mortgage delinquencies are declining while the nation’s foreclosure inventory is growing.

Of the 6,298,000 loans past due at the end of October, 2,329,000 were behind on their payments by 30-89 days and 1,759,000 were 90 or more days delinquent but not yet referred to foreclosure.

Combined, these tallies represent 7.93 percent of the nation’s outstanding mortgages that are delinquent but not in foreclosure. The October delinquency rate is down 2.0 percent from the previous month and is 14.6 percent lower than the rate recorded in October 2010.

The foreclosure inventory rate, on the other hand, is up by both measures. LPS says 4.29 percent of the nation’s mortgages are winding their way through the foreclosure process, a month-over-month increase of 2.5 percent and a year-over-year increase of 9.4 percent.

By LPS’ calculations, there were 2,210,000 residential mortgage loans in foreclosure at October month-end.

States with highest percentage of non-current loans – which combines foreclosures and delinquencies – include: Florida, Mississippi, Nevada, New Jersey, and Illinois.

Montana, Wyoming, South Dakota, Alaska, and North Dakota have the lowest percentage of non-current loans.

Understanding HAFA in shortsales

Jun - 16 | | no comments. | blog

Understanding HAFA
Home Affordable Foreclosure Alternative

HAFA (Home Affordable Foreclosure Alternative) was established (April 5, 2010) to assist America’s Homeowners through these troubled times of decreasing home values and finding a “graceful exit” from a bad financial situation.

The HAFA program allows you to sell your primary residence if you are “upside down” or in a “negative equity” position.

What Does HAFA cost me?

Nothing, your mortgage company pays your Real Estate Agent.
What does it do for me?

The HAFA program:
Allows you to sell your primary residence if you have no equity.
Allows you to sell without any penalty or commitments to repay your mortgage company the difference or “Non-Recourse“.
Pays you…the seller…up to $3,000.00 for moving expenses or “Cash For Keys”.
Pays off your 2nd liens or 3rd liens without any “Re-course” or promise to repay.
How do I apply?

You must use a Licensed Real Estate Agent from your state to initiate the HAFA process
The process may require the following:
Financial Worksheet
Bank Statements
Most Recent Pay stubs or Unemployment Documentation
Hardship Letter of Explanation
Loss of employment.
Relocation of employment (100 miles from primary residence).
Most life altering circumstances that result in a loss or reduction of income.
2 years Federal Tax Returns or Explanation

How Long does it take?

The application process takes up to 10 days from the time all your Short Sale documents are submitted.
Once a HAFA approval is received, the sale will take  from 30 to 60 days to close, much ike a standard sale.

How will my credit be impacted?

Your credit may report “Satisfied for less than agreed” ,  ”Paid less than agreed”, “Settled”, etc…
Your credit score is very subjective and based on your specific debt to income ratio.
Most credit scores are impacted between 50 and 100 points.
Late Mortgage Payments or Default in payments may have a greater impact.

What if I owe back property taxes?

In most cases, your mortgage company will pay your late or defaulted property taxes.

Will HAFA pay IRS or State tax liens?

No, however, the IRS and most states, upon notification and submission of a few documents will allow the property to be sold as long as their is no “gain” to  the seller or what is known as a Short Sale.
Some considerations not covered by HAFA
Investor owned, 2nd or vacation homes, vacant land
Strategic Short Sale
Where you simply want to sell the property to get out from underneath the debt.
Freddie Mac or Fannie Mae backed loans
These two government backed entities will have a program that mirrors HAFA but as of this date, the program has not been rolled out by either entity.

FHA new Rule

Feb - 08 | | one comment. | blog

Fha new rule

Happy Holloween

Oct - 29 | | no comments. | blog

Have a Great Holloween

new loan modification law

Oct - 16 | | 8 comments. | blog

California New Loan Modification law

Check Your Email Now and Confirm. Also I have bank owned houses not on the Market. Put your info below and we will give it to you For Free.

Gracias, Revise su Email y Confirme. Tambien,Tengo casas del Banco y Baratas no disponibles todavia al Publico, Quiere Verlas? Ponga su Info aqui.