Housing Bill, Government Bailout, Loan Modifications, Mortgage Payments Late? Considering a Short Sale
Read on. . .
Please understand the Housing Bill that recently passed to help current homeowners in refinancing their home to save them from foreclosure.. . Has many flaws but it will be some help for a few homeowners that may qualify.
In a nutshell it means that you could qualify for an FHA refi for 90% of the CURRENT value of your home. The caveat here is that your bank has to agree to do the refinancing. The bank will weight the consequences in accepting such a major default from your original loan.
Take the following test if you qualify. . .
TEST #1 the bank will ask themselves. .Could we get more money if we just foreclose?
Remember that NO BANK has agreed to participate in this program. . This is on a case by case basis.
At this point, I'm not sure how the 700 Billion Bailout will play on this.
TEST #2 Your loan must have originated between the daters of January 2005 and June 2007
TEST #3 You should be spending more than 31% of your gross monthly income on mortgage debt to be eligible
Test #4 You can be up to date on your existing mortgage or in default, but either way you must prove that you can't keep paying your existing mortgage
Test #5 You can't have any other debt in your home. .like a Home Equity Loan, and in addition you will be NOT BE ABLE to take an equity loan for at least 5 years. There are certain exemptions like you may be allowed to borrow money to repair your house.
Test #6 This program will begin on October 1, 2008 and sunset on September 30, 2011.
If you pass this test then. . .
You will need to apply with any FHA-approved lender to start the process.
Please remember that this is a voluntary program and no lender is obligated to give you this break. The key thing here is that "The bank has to be convinced that they could LOSE more money if a foreclosure is eminent.
Each loan will have to pass underwriting from an FHA lender and you will still have to qualify based on your income and maximum FHA loan limits. (This changes depending where your home is located in) Check with your lender if you have a high end home.
Costs Associated with these loans.
Loan origination fees will vary which lender you use. They're should be little up-front charges here but. .
Two major things to take in consideration
#1 you will be paying insurance premium guaranteeing the loan.
#2 you will be sharing the profits from the sale of your home if you decide to sell. .
Before one year: You will have to give them 100% of the profit
After year one, you will pay 90% of the profits
After year two, you will pay 80% of the profits
After year three, you will pay 70% of the profits
After year four, you will pay 60% of the profits
After year five, you will pay 50% of the profits. . And it will stay there until you sell it.
These are the major points about this housing bill.
The required Disclaimer is warranted to end this article. . So here it is.
Disclaimer: Best efforts have been used to prepare the material presented. The author Fernando Herboso , Herboso & Associates and Choice Real Estate do not warrant that this information is 100% accurate. Information presented in this article was taken from various websites including HUD.GOV. Please consult with a FHA approved lender and a certified accountant to learn of the full ramifications of this program to your finances. The author and Choice Real Estate may not be held liable, in any circumstance, for damages or loss, including but not limited to this article and its contents.
Short Sales
Short Selling Your Home
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MORE INFORMATION ABOUT SHORT SALES
eBOOK : Is a Short Sale An Option For Me? Quick guide to find out if you qualify for a short sale in
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Assuming that you have a HARDSHIP and you are 30 DAYS LATE ON YOUR MORTGAGE PAYMENTS
The only thing that can help you save your home is to win the LOTTERY or Borrow from your credit cards hoping that your situation changes. .
You may qualify for a loan modification. .
Depending on your credit and how much $$$$ are you bringing home?
This is the time to FIGHT to save your property. . . insist that your bank reduce your interest rates or change the terms of your loan from ARM to Fixed
If everything else fails. . you shoud consider a SHORT SALE
You can read our e-Book about SHORT SALES HERE
Our Website about Foreclosures and Short Sales
Short Sales For Maryland DC and Virginia
Another SHORT SALE CLOSING!
TWO Mortgages. .
The first one accepted a month ago and gave us the OK
The second one was happy. . they were getting $2500, they didn't even do a BPO
The buyer's lender did an appraisal. .
NO GOOD. . it appraised for a lot less
Oh Oh . .
Got the information to the first lender and ask them to drop the price. . we also enclosed a copy of the appraisal for good measure. .
They came to their senses and say OK
Went to closing but omitted a small detail
The second lien already accepted $2500 for a higher sales price. .
Since the sales price was much less . . we figured that they were going to be ok with it.. .they were getting the same amount.
SHORT SALE LESSON
No matter what. . if there is a small change, make sure you get ANOTHER authorization or . . your closing will get delayed.
We got another approval in TWO DAYS
TWO DAYS !!
Case CLOSE
Are you NEXT ?
If you live in Maryland DC or Virginia. I would be happy to consult with you about short sales . .read my eBOOK “:
Is a Short Sale an Option for me? “
Fernando’s direct line 240-426-5754
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search for Rockville Maryland Listing here
Short Sales in Maryland
“DOING A SHORT SALE” has been the latest craze among homeowners that are upside down. In real estate, a short sale refers to the sale of a property in which the sale price is insufficient to pay off all encumbrances and pay the expenses of sale. It tales a lot of convincing to the bank to be able for them to agree to take less that the full amount owed and allow the sale to close. The incentive for the bank to approve a short sale is to have the property sell before foreclosing the property and incurring additional expense and the uncertainty to sell the home a few months later.
Normally a Realtor should be able to help you do this process .Ultimately resulting in the sale of the property and the owner not paying anything.
Before a lender approves a short sale they will have to make two key decisions.
First, can the owner afford to continue making the payments on the property? If they can there is no reason for the bank to lose potentially thousands of dollars. Insolvency is the key word here. Look at it as putting an application for a mortgage loan. .. in reverse. You have to convince them that you are in trouble.
Second, will approving the short sale increase the return on their money. . in other words, if the bank has the possibility to get MORE money foreclosing the property, make no mistake. The bank WILL FORECLOSE.
Every short sale has one thing in common. .the seller must not receive any sale proceeds for themselves.
3 THINGS TO WATCH FOR:
#1 If the person helping you to do a short sale has a vested interest in your property. . They aren’t helping you, they are helping themselves!
#2 A Realtor normally will NOT want to buy your property and wants to help you; but you should insist in a Realtor that has the experience to make it happen. This is no time for learning on the job. . Your own future is at stake.
#3 Lying, lying about your assets or your hardship. A short sale is when you can’t pay your mortgage anymore and you have to choose between buying food or paying the bank.
A short sale is when you have arrived to the conclusion that absolutely you can’t keep your property and a foreclosure is eminent.
If that is you and you live in Maryland DC or Virginia. I would be happy to consult with you about your case. . Meanwhile you can also read my eBOOK “:
Is a Short Sale an Option for me? “
Fernando’s direct line 240-426-5754
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Dundalk (pop. 62,306)
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Easton, Maryland (MD) (pop. 11,708)
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Green Haven (pop. 17,415)
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Greenbelt (pop. 21,456)
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Halfway, Maryland (MD) (pop. 10,065)
Havre de Grace (pop. 11,331)
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Hyattsville (pop. 14,733)
Jessup, Maryland (MD) (pop. 7,865)
Joppatowne (pop. 11,391)
Kemp Mill (pop. 9,956)
Kettering, Maryland (MD) (pop. 11,008)
La Plata, Maryland (MD) (pop. 6,551)
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Langley Park (pop. 16,214)
Lanham-Seabrook (pop. 18,190)
Lansdowne-Baltimore Highlands (pop. 15,724)
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Laurel, Maryland (MD) (pop. 19,960)
Lexington Park (pop. 11,021)
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Linthicum (pop. 7,539)
Lochearn (pop. 25,269)
Londontowne (pop. 7,595)
Lutherville-Timonium (pop. 15,814)
Marlow Heights (pop. 6,059)
Marlton, Maryland (MD) (pop. 7,798)
Maryland City (pop. 6,814)
Mays Chapel (pop. 11,427)
Middle River, Maryland (MD) (pop. 23,958)
Milford Mill (pop. 26,527)
Mitchellville, Maryland (MD) (pop. 9,611)
Montgomery Village (pop. 38,051)
Mount Airy, Maryland (MD) (pop. 6,425)
Mount Rainier, Maryland (MD) (pop. 8,498)
New Carrollton (pop. 12,589)
North Bethesda (pop. 38,610)
North Kensington (pop. 8,940)
North Laurel (pop. 20,468)
North Potomac (pop. 23,044)
Ocean City, Maryland (MD) (pop. 7,173)
Ocean Pines (pop. 10,496)
Odenton (pop. 20,534)
Olney, Maryland (MD) (pop. 31,438)
Overlea (pop. 12,148)
Owings Mills (pop. 20,193)
Oxon Hill-Glassmanor (pop. 35,355)
Parkville, Maryland (MD) (pop. 31,118)
Parole (pop. 14,031)
Pasadena, Maryland (MD) (pop. 12,093)
Perry Hall (pop. 28,705)
Pikesville (pop. 29,123)
Potomac, Maryland (MD) (pop. 44,822)
Randallstown (pop. 30,870)
Redland, Maryland (MD) (pop. 16,998)
Reisterstown (pop. 22,438)
Riverdale Park, Maryland (MD) (pop. 6,690)
Riverside, Maryland (MD) (pop. 6,128)
Riviera Beach, Maryland (MD) (pop. 12,695)
Rockville, Maryland (MD) (pop. 47,388)
Rosaryville (pop. 12,322)
Rosedale, Maryland (MD) (pop. 19,199)
Rossmoor, Maryland (MD) (pop. 7,569)
Rossville, Maryland (MD) (pop. 11,515)
Salisbury, Maryland (MD) (pop. 23,743)
Savage-Guilford (pop. 12,918)
Severn, Maryland (MD) (pop. 35,076)
Severna Park (pop. 28,507)
Silver Spring (pop. 76,540)
South Gate, Maryland (MD) (pop. 28,672)
South Kensington (pop. 7,887)
South Laurel (pop. 20,479)
St. Charles, Maryland (MD) (pop. 33,379)
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Takoma Park (pop. 17,299)
Temple Hills (pop. 7,792)
Towson (pop. 51,793)
Travilah (pop. 7,442)
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Walker Mill (pop. 11,104)
Westminster, Maryland (MD) (pop. 16,731)
Wheaton-Glenmont (pop. 57,694)
White Marsh (pop. 8,485)
White Oak, Maryland (MD) (pop. 20,973)
Woodlawn, Maryland (MD) (pop. 36,079)
Woodmore (pop. 6,077)
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