Are You Owed Money? There May Be Money Waiting For You Here!
Are You Owed Money? There May Be Money Waiting For You Here!
Have you lost your home to foreclosure or had a notice of default filed during 2009 or 2010? If so, you may qualify for a portion of a settlement that was reached in 2011 and has not received much media coverage so far. If you lost what is commonly referred to as your primary residence to foreclosure in 2009 or 2010 you may qualify for a portion of this settlement. If you had a notice of default filed on your primary residence in 2009 or 2010 while attempting a short sale, loan modification, deed in lieu of foreclosure, some other program to avoid foreclosure or you are still in default but the foreclosure sale has not taken place yet, you may qualify for a portion of this settlement.
One of the conditions is if your lender is participating in this settlement, if your lender is one of these:
You may qualify for a portion of this settlement.
To find out more information and to apply to find out if you qualify simply visit independentforeclosurereview.com.
One other very important condition, the deadline to apply is April 30, 2012 so be sure to visit independentforeclosurereview.com today!
As always, thank you for listening!
Are You Underwater? What Can You Do?
Are You Underwater? What Can You Do?
Are you a homeowner that currently owes more on your home than it's worth? What can you do? What are your options? Believe it or not you have a few.
If your current mortgage is not affordable, there is an organization called the Neighborhood Assistance Corporation of America or NACA, that can help you work with your lender to try to find a more affordable modification of your home loan. NACA is a HUD approved housing counselor and they have a contract with over 80 of the largest lenders in the nation. This contract commits these lenders to consider any modification proposal that NACA assists you in creating. One stipulation is that NACA must be able to document that your current home loan payment is not affordable. If you have contacted your lender in the past and have been unsuccessful in modifying your home loan to an affordable payment, whether you've been declined or approved for a payment that's simply not affordable you will want to talk with NACA.
It just so happens that NACA has a Save The Dream Tour that is coming to San Diego February 2-6 at the San Diego Convention Center. I have personally been involved with Nokia and have volunteered during there tour stops here in San Diego and Los Angeles. I have seen firsthand the amazing results that NACA can produce. The real key to NACA's power is the contract and the resulting commitment that they receive from the lender to work with them to find an affordable solution for the borrower. If you or someone you know, is having a hard time affording their mortgage payment please let them know about NACA. For more information about NACA and their Save The Dream Tour that's coming to San Diego the first week of February, you can visit NACA.com or you can contact me directly at 760-802-9500.
Another step you can take or option that you have if you're underwater on your mortgage is to sell your house for less than what's owed on it which is known as a short sale. A short sale is something that's actually encouraged by lenders today because it is in their best interest financially to let a home sell by short sale rather than foreclosing on it. Believe it or not lenders actually net more money as a result of a short sale than they do taking it back and having to sell on their own. If you or someone you know would like to sell your home please call me today at 760-802-9500 or you can visit littonrealtygroup.com.
As you can see from the video below which is an appearance I made on News Eight at 6 AM in November of last year, I mentioned that two of the options available to homeowners that are underwater or owe more on their home than it's worth was NACA or short sale.
There are more options available to you, like bankruptcy, deed in lieu of foreclosure and of course foreclosure any of these options require that you consult an attorney as does the short sale option. We also recommend that you consult your tax professional regarding the potential tax ramifications of short sale, bankruptcy, deed in lieu of foreclosure and foreclosure.
As always, thanks for listening.
Can I Buy Again? After A Short Sale? When?
Can I Buy Again? After A Short Sale? When?
When a homeowner sells their home as a short sale or for less than what's owed on the property, one of the first questions that we receive is can I buy again? If so, when can I buy again? The dream of homeownership truly is the American dream. For many homeowners lately, it has seemed like less than a dream. There are, millions of Americans every day who enjoy, relish and cherish homeownership. For those who've sold their homes by short sale, it is easier to buy again than you might imagine. If you or some one you know has sold their home as a short sale, you will want to keep reading.
FHA financing is a very large part of financing real estate today in America. FHA guidelines actually allow, as you'll see below, for a homeowner who does what's called a nondelinquent short sale to buy right away as soon as their sale closes. For those who have had delinquencies associated with their short sale, FHA requires that the former homeowner wait three years. There are guidelines available that allow for this three year period to be potentially reduced if there are extenuating circumstances, or those circumstances beyond one's control, that caused the homeowner to have to sell her home by short sale.
You will need to consult with your home loan professional because everyone's situation is different. If you do not have, or do not wish to call your home loan professional, we have contact information for home loan professionals in our area available to you.
The dream of homeownership in America is alive and well today. As our economy continues to improve our housing market should recover, in that, demand should eventually equal supply and when demand exceeds supply we should see appreciation in housing values.
As always, thanks for listening.
Can I Buy Again? After A Foreclosure? When?
Can I Buy Again? After A Foreclosure? When?
Going through foreclosure or having your home foreclosed on can be a very traumatic experience. Many homeowners after going through foreclosure consider never owning again. However, there are a large number of homeowners who lost their homes to foreclosure that are eager and passionate about becoming homeowners again. As time passes, more and more homeowners who've gone through the foreclosure process are more anxious to buy it seems than ever. It's because of that passion and that desire, that I feel it is important to get this information to you. If you or someone you know has been through foreclosure you understand what I'm talking about. If you or someone you know would like to buy again keep reading.
FHA financing, has made it possible for homeowners that have been through foreclosure to be able to buy again sooner rather than later. As you will see in the exhibit below, you can qualify in as little as three years after a foreclosure. Please understand, that there are guidelines available through FHA that if you have had extenuating circumstances or things that have happened that are beyond your control, you can be considered favorably for a home loan with FHA sooner than three years.
You will need to consult with your local home loan professional because everybody's situation is different. A home loan professional will be able to help you to buy in as little a time frame as possible. If you don't have, or don't know a home loan professional we will be happy to give you the contact information of home loan professionals in our area.
Homeownership today is very important to many people who've lost their homes to foreclosure. The American dream of owning a home is still alive and well today. As the housing market continues to improve and demand begins to equal and then exceed current supply, owning a home becomes more fruitful everyday.
As always, thanks for listening.
Can I Buy Again? After a Bankruptcy? When?
Can I Buy Again? After a Bankruptcy? When?
I have received this question so many times lately that I've decided to answer it here as well. Having been the real estate for over 20 years now, I understand the passion that many of us have for homeownership. In our recent history here in San Diego County, we've experienced a large number of bankruptcies, foreclosures and short sales. I have personally worked with dozens of homeowners after they have either filed for bankruptcy, had a property foreclosed on or have closed a short sale. You cannot help but see in their eyes the desire and passion that they have to own a home again. Because of that passion that these homeowners have I felt it was important to bring this information to them and to you. Owning a home is supposed to be the American dream. Unfortunately, it has been more like well, let's just say less than a dream for many. With recent economic reports coming out and many of them pointing to positive economic growth, the housing sector in the United States and specifically here in San Diego County will eventually pick back up. Meaning, that demand will increase and at some point should either equal or exceed inventory, thus putting upward pressure on housing prices. This is were the real opportunity of the American dream comes in the play.
Believe it or not, you'll see this below, it is easier today to qualify to buy a home again after a bankruptcy that it has been in quite some time. Because FHA is such a large part of the financing of real estate today and because they have eased their guidelines recently, it is simply easier to buy today after a bankruptcy. As you will note below, with FHA financing, you can qualify for a new home loan in just 12 months after the beginning of a chapter 13 bankruptcy. With chapter 7 it actually takes three years, but with extenuating circumstances or those that are beyond your control that timeframe can be reduced, sometimes significantly.
You will need to consult with your home loan professional for the specifics because everybody's case is different. If you don't have, or don't prefer to consult with your home loan professional we can certainly give you the contact information for a number of home loan professionals in our area.
I have made it my mission to promote homeownership. I understand the joys and the challenges that come with owning a home. And I truly do believe that owning your own home is still and will be again be the American dream.
As always, thanks for listening.
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Real Estate Radio Show Host, Real Estate Expert on Television, Expert Witness, Broker/Owner/Operating principal of Keller Williams Realty North County San Diego with over 19 years experience.
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