Sue Paige

HAFA: What does this mean for me?

If you find you think you are a distressed property owner and are trying to find a way to not go to foreclosure, then this might be your answer. There are qualifications required to be accepted into this new government program which can stream line the short sale process. This process will make it easier for a buyer to go forward on making offers for these properties. Historically a short sale offer can take as much as a year to hear back from a lender for an approval on an offer. Many buyers will walk and find another property to purchase rather than wait that amount of time.

Do you qualify?

1.) Is the home you are in your primary residence?

2.) Is the first mortgage on this property issued prior to 2009?

3.) Are you behind on your mortgage payments or do you find you are in a position of defaulting?

4.) Is the principle balance due below $729,750?

5.) Is your monthly mortgage payment greater than 31% of your gross income?

If you can answer yes to all the above questions then you qualify.

Guidelines

* You fail to qualify for the HAMP ( home affordable modification program )

* You didn't successfully complete a HAMP trial period plan.

* You missed at least two payments on your HAMP modification

*You request for a short sale.

* Your lender is requested to contact you that you are qualified for a short sale, and you are then given 14 days to return a response to them.

Short Sale Agreement

You will be given 14 days to have a signed Short Sale Agreement ( SSA) returned to your lender. This is a document which will be sent to you. You will be allowed to sell your house within a 120 day frame by means of a Real Estate Agent. ( hopefully you will choose me)

Purchase

After you receive an offer you or your agent will have to submit a completed Request for Approval of Short Sale ( RASS) to your lender. Once your lender receives the request with necessary documents, your lender has only 10 business days to inform you if your request has been approved or denied.

Closing of the Short Sale

The closing may take place within 45 days. Within ten days ( business ) or sooner the lender should release the mortgage lien and waive the right to seek any deficiency judgments and may not require a promissory note for any deficiency. The lender may offer up to $2500 for you to relocate. This is a given in order to aid in your moving from your home to a new place.

This program can help you reach a decision and make a sound plan for listing your home. This is meant to provide better results than with past methods.

As a distressed property specialist, I am happy to help you better understand more about this program. There is much more to this program than mentioned above. I have the forty-five plus page document explaining the program in more detail.

Let me help you answer those many questions regarding whether this is a right move for you.

Submitted by

Susan Paige

Associate broker

Distressed property specialist

ERA Today Realty

207-892-8100

Susan.paige@era.com

Here we are at the end of the year. I want to wish all the best of holiday cheer to you.

I have been busy with Titanium, working with home owners to help them remain in their homes by filling in a lot of forms to return to their lenders in hopes of a home mod thru HAMP or HOPE.

I am now seeing some near the end of their trial payments and now ready to go into the final part. This will mean filling in more paperwork to return to their lenders and then receive the final payment plan which will continue for the mortgage payment.

This gives me a great feeling to see them be able to stay in their homes. I also like the idea that these home owners will not be forced to sell their home in a short sale and then wonder where they will live. These owners are made up of families with small children and their pets.

I hope this plan continues to help others and for those who don't get the modification at least they will know they did everything they could to stay in their homes.

There will be those who can't continue even with the new payments and hopefully I will be able to help them in the transition from home ownership to being sellers.

This is a new world and I am proud to be a part of it

Here we are towards the end of the year and more news comes to us stating more homes might be coming onto the market due to mortgages being upsidedown.

According to Fitch in the DSNEWS.com media there is an article worth viewing. Fitch reports 2/3 of borrowers are underwater. I want to say I believe Fitch is based out of California.

" A new monthly report from Fitch Ratings, Fitch RMBS Performance Metrics, estimated that approximately 60% of the remaining performing borrowers from 2006-2007 vintage securities owe more on their mortgages than the homes are worth. That negative home equity is preventing sustained improvement in US mortgage performance."Persistent unemployment problems continue to play into these statistics for people being able to remain in their homes. Fitch previously said in its " Global Economic Outlook" report that national unemployment will likely continue rising, peaking around 10.3% mid 2010.

Fitch continues to talk about the prices will continue to decline about 10% nationally in the next year. Gains this year according to Fitch were via modifications, liquidations, and moratoriums in some major markets.

"Even though modification efforts and an extension of th First Time Home Buyer tax credit may help, increased liquidations from growing distressed inventory will likely cause a further price decline."

Here in Maine where I am located we don't have the increased distressed properties such as other states, but this all continues to have an impact wherever you might hang your hat. I find it imperative for an agent to have an understanding of what is happening in the market in their home area along with general knowledge of outside their market. People continue to ask for " that great deal" They are far and few is my general thoughts. Most of our distressed properties have some damage from minor to major needs.

When it comes to wanting to know where to put some of your money and get a good ROI then land, waterfront, water access property might be the way to go. The Sebago Lake region boasts over 45 miles of boating and coves to relax in.There are great places to enjoy kayaking, canoeing, or a quiet sailing adventure. If you would rather go water skiing, wakeboarding there are great areas to enjoy those activities.

You might want to just relax, sip your favorite drink, listen to the loons, watch what is happening on the water, write that book, or rest.

For whatever reason you would like to get away and enjoy a special time away from the daily hustle then come to Maine and find out why so many others have found Sebago Lake and its' surrounding lakes is the answer to stress free living.

Susan Paige
ERA Today Realty
207-693-6500 ext. 222 ask for sue paige
cell: 207-749-5459
susan.paige@era.com

I thought I would just share some thoughts here since I don't have a thought for a blog this week. I have been wracking my brain for an idea and it drew a blank.

I think the problem is there are still snow storms happening and I am thinking Spring. I have listed some land and will be listing more land in a few weeks. The problem is the buyers need snow shoes to walk it, or skis. Where is Spring.

I have a listing I just sold and all the photos show snow, but under that snow is a beautiful perenial garden. Where is Spring?

I went to a book club meeting and the parking lot was enclosed by huge piles of snow. There weren't all the available spots to park available. Where is Spring?

So, I sit here and think of my business plan and how it is working for me. One listing prospect a week is my goal. It's happening. Today I was worried I wouldn't meet my goal but I received two calls for listing appointments. ONe is land and one is a big home. The land? Under the snow. Where is Spring?

Do you think if I dress for Spring it will come sooner? I don't see geese coming back. The ice fishing is in full swing. Ice isn't melting. Where is Spring?

Well, I have gone on long enough for you to see I am ready to see a robin land in my yard and to hear a loon land in the water out front. It's pretty with all the snow and the fun is still there to be had. Snow mobiles cruise the lake and the mountains, the moose travel along trails in the woods, and the mail still gets delivered. I guess I can wait a few more weeks.

While I wait I will make sure to let people know I am here and that the buyers are starting to act on the advantages real estate is bringing to them. Investors are beginning to show more enthusiasm. Sellers are starting to think what will make their home stand out more than their competition. I love marketing and believe with all that is available on the internet we should all have a great come back.

Best of luck to all who wish to meet their goals.