Extra, Extra, Read All About It!! Government Announces New Short Sale Guidelines!
Tired of seeing perfect homes being vacant and vandalized and going to waste? As ofApril 5, 2010 Short Sales will eliviate such situations and will now sail more smoothly and assist in lower foreclosure rates and better credit ratings for those involved. While short sales must be approved by the mortgage lender there are also a few other stipulations set forth by the government in order to qualify:
With these new guidelines borrowers will be given $1,500 from the government for selling their home for less than the amount of theis mortgage. In addition mortgage companies will receive $1,000 from each short sale they complete. If there is a second-mortgage involved the holder will get $3,000 of the sales proceeds in exchange for releasing their liens. Along with all of the aforementioned benefits the investors of the first mortgage can collect up to $1,000 from the government for allowing the payments.
The home owner's who are in question, but that complete a short sale under these new guidelines must be "fully released" from any future liability for the debt.
For finding short sale homes in your area visit my website at www.harrisrealestategroup.com
Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)
Obviously the old news is posted as one of the first blogs on this page, this however is new and exciting information on the amendment to the Homebuyer's Tax Credit that now extends all the way to April 30, 2010! This allows for the buyer to take advantage of the credit so long as they are within a closing by June 2010. Not only is this $8,000 tax credit available to the usual suspects but also to non-first time homebuyers also. My webpage www.harrisrealestategroup.com goes into greater description about the tax credit and has information on CHFA's Jumpstart program.
Rules are a bit different for the"move-up" buyers, first stipulation is that is only a $6,500 and they must have had lived within their previous home as a principal residence, (deemed as where the individual spends the majority, more than 50% of their time), for 5 of the past 8 years.
There are a few new rules that apply to both first-timers and "move-up" folk. The income limits have been increased for both groups from $75,000 to $125,000 per single filer and from$150,000 to $225,000 for joint filers. Also the limit of the cost of the house has been extended to $800,000! In addition to all of these increases there have also been Anti-fraud measures added to protect this great opportunity for all of the law abiding citizens hoping to take advantage of such a phenomenal deal.
This new set in of the tax credit takes effect onDecember 1, 2009 and goes all the way through April 30, 2010, thus allowing a maximum closing date 60 days late so long as a binding contract is placed by the 30th of April.
Also be sure to visit my webpage at www.harrisrealestategroup.com to learn more about the tax-credit and to find AMAZING homes to take advantage of the credit on!
In the most recent months everyone has felt some change in their lifestyles due to the recession the American economy has faced. Foreclosures on houses have been at one of the all time highest rates. Lenders and loan servicers have been so jumpy to collect on homeowners that have hit the same rough patch most everyone is going through in some way or another. Capitol Hill housing has proposed a new advance to delinquency of mortgage payments that will actually benefit the common citizen suffering from the poor state of the economy. Instead of being foreclosed upon the lenders would be mandated to work with the individual to come up with reasonable modifications to their payments. If the lender did not comply with this mandate they would be penalized with fines and legal penalties. Another process which the lenders would be required to perform is a "net present value" test for overly delinquent clients. This test would assess the financial benefits for the lending service of foreclosing versus modifying the loan conditions. If all of the previous options do not alleviate the financial pressures for the borrowers there will also be a multi-billion dollar national fund to prevent foreclosures in the form of loans and grants for those in serious need.
There are multiple websites that provide more in-depth information on this act, visit my website for an easy link to read more about the advantages of this act. Click here to go to my website and read more! www.harrisrealestategroup.com
A special thanks to realtytimes.com for a great article on this subject that helped inform me of this act!
Between hybrid cars and shirts that say, "Green is the New Black," no one can deny that our population as a whole is beginning to do its part in recycling and making our planet a safer and more eco-friendly place to live. As homeowners we go through supplies that are recyclable like candy, the only thing is do we know which ones are and are not recyclable and where to bring them if they are? Depending upon where you live your city or town may have a list of items and places accepting said items on their website.
So I urge you, as I am doing, to make a difference and take advantage of the services these companies and your towns are offering to you to make everyone's life a little better. If you live in Castle Rock visit my webpage and check out my blog with some of the most useful recyclables available here, or you can click on some of the surrounding areas that also offer these services.
City of Castle Rock- www.harrisrealestategroup.com
City of Lone Tree- http://www.cityoflonetree.com/index.aspx?NID=535
City of Colorado Springs- http://www.springsgov.com/Page.aspx?NavID=1054
City of Highlands Ranch- http://www.highlandsranch.org/03_p&os/03_7f-recycling.html
City of Littleton- http://www.littletongov.org/publicservices/leafrecycling.asp
Helping buyers and sellers from Castle Rock to the South Denver metro area. Always putting you and your interest first!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
