Barbara Whisenant - Homes4SaleSanDiego.com

I have been working on a short sale with IndyMac since last year. What a frustrating ordeal! We have had an offer in since February. I call every week, sometimes twice a week. This Friday was the pits!!

In late January, I sent over the entire short sale package with a decent offer on a condo in Riverside, CA. (Riverside has been heavily impacted with all the defaults and continues to steadily decline in value.)

I had to fax the 89 page package over three times, because IndyMac couldn't find it. Then the customer service people would compain that I'd sent it over three times. "Yes", I would reply, "Your company couldn't seem to locate it the other two times."

A BPO was order on Feb 4th. It seems it never was completed. Keep in mind that I call every week, sometimes twice. At the end of March, I suggested that maybe they needed to order another one. Every BPO agent that I know only has a maximum of 3 days to complete their BPO's.

A rush BPO was order in early April and completed.

I received an approval letter in April but they wanted $4,000 from the Seller and were reducing the commission to 5%. I notified them immediately that, 1. no the Seller had no money to bring in and 2. that this loan was a Freddie Mac loan and no they could not reduce the commissions.

The asset manager's assistant sent me an e-mail that she doesn't have any information for me and I would have to e-maill Robert Camarillo the manager, who of course never communicates with me.

I use to hear the banks didn't want to own properties but I'm certainly rethinking that saying.

In order to qualify for a CalHFA loan, certain requirements must be met. They are:

• Be a first-time homebuyer.
  (CalHFA considers you a first-time homebuyer if you have not owned and occupied your own home during the last 3 years.).
  (This requirement is not necessary if the property is located in a Federally designated "Targeted Area*”)
• Have an annual household/family income within CalHFA’s income limits for the family size and county in which the home is located.
• Purchase a home that is within CalHFA’s sales price limits for the family size and county in which the home is located.
• Live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.
• Meet credit, income and loan requirements of the CalHFA lender and the mortgage insurer.
• Be a citizen or other national of the United States or a qualified alien.
• All borrowers must have completed homebuyer education counseling and received a certificate of completion through an eligible homebuyer counseling organization.
  • CalHFA will accept a homebuyer’s education counseling certificate of completion issued through Fannie Mae or Freddie Mac identified counseling administration agencies, mortgage insurance companies, Countrywide Bank, FSB, or HUD-approved homebuyer counselors. CalHFA accepts education completion via online, face-to-face, or phone.
    • Fannie Mae Homebuyer Counseling Counselors/Administrators Search
    • Freddie Mac Homebuyer Counseling Counselors/Administrators Search
      
    • Genworth Homebuyer Counseling Online Option
    • Countrywide Homebuyer Counseling Online Option
    • HUD-approved Housing Counselors
    • U.S. Department of Housing and Urban Development
      451 7th Street, S.W., Washington, DC 20410
      Telephone: (202) 708-1112

*Targeted Areas: Census tracts in which 70% or more of the families have income which is 80% or less of the statewide median family income.

Homebuyers interested in applying for financing should contact one of CalHFA's approved lenders.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA's requirements. The fees consumers pay could be different depending on the lender and the program.

The American Recovery and Reinvestment Act of 2009 features an $8,000 tax credit for first-time buyers who purchase a home on or after Jan. 1, 2009 and before Dec. 1, 2009.

Details of the tax credit include:

The temporary credit is only available for home purchases made from Jan. 1, 2009 to before Dec. 1, 2009 and is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit while a $70,000 home would only qualify for 10 percent, or $7,000).

Buyers claim the credit on their federal tax return to reduce their tax liability. If the credit is more than their total tax liability that year, the buyer will get a refund check for the balance.Only first-time homebuyers can take advantage of the tax credit. A first-time buyer is defined under the tax credit as an individual who has not owned a home in the last three years.For married joint filers, both must meet the first-time homebuyer test to take the credit on a joint return.

Eligible properties include anything that will be used as a principal single-family residence-including condos and townhouses.

There are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $95,000 (or $170,000 if filing jointly).

The new tax credit does not have to be repaid if the buyer stays in the home at least three years. But if the home is sold before that, the entire amount of the credit is recaptured on the sale.

People who purchased homes under the 2008 $7,500 tax credit program will still be required to repay that credit to the government over a 15-year period.

I was stunned today to receive full short sale lender approval from Countywide in less than 45 days. Maybe things are going to get better and they've figured out a way to get this process moving. One can only hope!

If you are about to miss a mortgage payment, or have missed a couple already, we can help you avoid the trauma associated with the foreclosure process. We have a FREE, legal alternative to a foreclosure called a "Short Sale". Foreclosure is something many people didn't think would ever happen to them. The reality is, it can happen to anyone. Here are just a few of the reasons people are faced with foreclosure:

• Rising Interest Rates
• Unemployment
• Personal Tragedy
• Health Problems
• Death of a Family Member
  

Our Team of professionals are currently assisting other home owners minimize the impact on the credit rating by negotiating a short sale with their bank/lender.

Are you having trouble making your current mortgage payment and absolutely dreading the day when your interest rate adjusts? Minimize the impact on your credit rating and utilize a FREE, legal, lender approved solution to a foreclosure. Do a "Short Sale" before foreclosure! We have an IRS certified CPA on our team who specializes in the legal aspects of accounting, AND will provide you with a FREE consultation.

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