Frank Harris

Everyone by now has heard of short sales, but what is a short sales and what are the pros and cons.

I will attempt to answer questions about short sales and the steps that are needed to have a successful short sale.

Stay tune, this series starts October. 31. I call it Short Sales ABC's

See you then.

Top Democrats in the Senate have reached an agreement to extend the soon-to-expire $8,000 tax credit for first-time home-buyers. All the kinks have to be worked out, but this will bring great relief to many home-buyers who are worried about missing the current deadline.

The extension may be moved to March of 2010.

More information to come as this topic develops.

Tax Credit Update,

Currently we have a first-time homebuyer's tax credit that is up to $8,000.

It has helped stimulate the housing inventory. The home buying sector may get another boost. There have been numerous bills introduced to the Senate and House to expand on the current tax credit rules. One such proposal is a new cap of $15,000, which will extend the tax break into the middle of 2010... In addition, the benefits may be available to all homebuyers, not just first-time homebuyers.

To top it all one of the proposals is offering a separate tax credit up to $3,000 for borrowers who refinance there loans.

I hope to have more updates soon.

Frank Harris

Real Estate Consultant

240-472-9008

Facing foreclosure is a terrifying time for any homeowner. With the foreclosure rate at an all-time high and the nation in economic crisis, as many as 8 million American homeowners are expected to face foreclosure through 2012, according to industry studies.

Scam artists see this crisis as a prime opportunity to make money off of homeowners in

danger of losing their homes. Scam artist are very crafty and will try several approaches to get your interest.

The so-called mortgage "rescue" companies use simple messages in print, broadcast, and on-line ads to hook in homeowners facing foreclosure or other financial difficulty.

They may contact homeowners directly, offering help for a fee. They may imply they are associated with an organization such as NeighborWorks the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration (FHA), HOPE NOW, and other reputable organizations to gain a homeowner's trust, personal information and money. Here are a few tips to help you watch out for scams.

Never use any ad, person, or company that approaches you and claims to be able to "stop foreclosure now" for a fee.

Never release your financial information on-line or over the phone to a company you know nothing about.

Never send your mortgage payment, or any payment, to a company other than your mortgage lender.

Contact your mortgage lender. Contrary to what a foreclosure scammer will tell you, you should contact your lender the minute you have trouble making your monthly payment.

If you suspect a scammer has approached you or victimized you, contact your local

Better Business Bureau or state attorney general's office. In addition to reporting a

scam , you can file a complaint with the Federal Trade Commission (FTC).

To file a complaint in English or Spanish, visit the FTC's online Complaint Assistant

https://www.ftccomplaintassistant.gov/

or call 1-877-FTC-HELP (1-877-382-4357).

Have you ever been contacted by a scammer?

Details of the loan modification program

Only loans where the cost of the foreclosure would be higher than the cost of modification will qualify. The modification plan calls for the bank to reduce interest rates so that the monthly obligation is no more than 38% of a borrower's pre-tax income, and the government would then kick in money to bring payments down to 31% of income.

Mortgage servicers (banks and mortgage companies) can also reduce the loan balance to achieve these affordability levels, and the government will share in the cost of the reduction, up to the amount the servicer would have received if it had reduced the interest rates.

Please contact your bank. Do not ignore the problem,y ou might be able to get help.

More updates on the way.

Frank Harris

240-472-9008