Laura McDaniel

FHA Short Refinance option - Another Option for Underwater Phoenix Homeowners

Starting September 7, 2010 - FHA is reaching out to Phoenix Homeowners and others who have NON-FHA loans. This new addition to the refinance option may help Phoenix homeowners who are underwater (owing more than their home is worth). Phoenix home borrowers who are current on their mortgage, and whose lender will agree to write off at least 10% of the unpaid principal balance of the first mortgage will have the opportunity to qualify for a new FHA loan.

Here are some of the key determining factors.

Phoenix homeowner must:

• Participate voluntarily
• Requires consent of all of the leinholders (Lenders)
• Must owe more than the home is worth
• Be current on their mortgage
• Must qualify for new FHA loan under current standard FHA underwriting requirements
• Have a credit score of 500 or more
• Home must be primary residence
• Existing leinholder (lender) must be willing to write off at least 10% of principal loan balance bringing the combine loan to value to no more than 115%
• Any existing loan to be refinanced must not be FHA loan and have a lone to value ratio of no more than 97.75%

If you are interested in seeing if you qualify you can contact your lender to see if they would be willing to write down a portion of the unpaid principal balance. FHA is offering incentives to second leinholders who agree to full or partial write off of the loan. They are also offering a letter that you can send to you lender.

If you find that this option doesn't work for you, we are hear to help you find one that does. Short Sale may be the option you need. Please find more information regarding Short Sale and Foreclosure Information on our website. Short Sale and Foreclosure Information

I have given you most of the details but to get all the details of the FHA Short Refinance Option and the sample letter to send to your lender you can visit Hud.gov

I hope that the information here helps you to find the solution you are looking for in your current Phoenix housing situation. I will continue to help update you with any new options that I find. Make it a great Phoenix Day!

Short Sales Short Sales Short Sales - Loan Mod not working?

Need Help? I want to help, not just for the sale. I want to help to make a difference and change the stressful situations that I see homeowners facing every day!

I know that you are hearing it from your family, your neighbors, the people you work with, and may be in some situation regarding your homes mortgage yourself. I hear from many that the banks are not working with them to get their loan modification worked out or some that say they are not getting real answers from their lender at all.

You are not alone and I can help! Short sales in most cases do work! If you are ready to change your current situation a Short Sale may be the answer for you. I have buyers looking to purchase homes and your home may be just what they are looking for.

You can download a free Foreclosure Vs. Short Sale Workbook to see how your situation looks. You can always call me directly. Laura Direct 602-684-9224 I want to help find the best solution for you. Education is key in our distressed property market. If we stick together, people helping people we can get through the trying times!

A good place to start may be Free Home Evaluation of your property and it is available for you with no obligation. Remember I want to help you find the solution for you if you are struggling to make your mortgage payment, a short sale may help, but whatever that solution is I will be straight forward and with understanding that each situation is unique.

Together We Are Stronger!

Phoenix Short Sale Property in Arizona? What You Need to Know about Buying a Short Sale...

Are you looking to buy a new home in Phoenix Arizona? Are you thinking that now's a great time to find bargains? That's true, but it pays to know a little about the seller's situation before you make an offer.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You're a good candidate for a short-sale purchase in Phoenix Arizona if:

• · You're very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.
• · Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you're pre-approved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
• · You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

If you're serious about purchasing a short-sale property, it's important for you to have expert assistance. Here are some people you want to work with:

• · Experienced real estate attorney. Only about two out of five short sales are approved by lenders. But a good real estate attorney who's knowledgeable about the short-sale process will increase your chances getting an approved contract. Also, if you want any provisions or very specialized language written into the purchase contract, a real estate attorney is essential throughout the negotiation.
• · A qualified real estate professional.* You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they've represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender. (All MLSs permit, and some now require, special notations to indicate that a listing is a short sale. There also are certain phrases you can watch for, such as "lender approval required.")
• · Title officer. It’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to the property. If there are multiple lien holders (e.g., second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it's much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.

Some of the other risks faced by buyers of short-sale properties include:

• · Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.
• · Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.
• · No repairs or repair credits. You will most likely be asked to take the property "as is." Lenders are already taking a loss on the property and may not agree to requests for repair credits.

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.

Buying a Short Sale property in Phoenix Arizona can be easy if you have the right tools. For lots of FREE information on the Buying Process visit our "Phoenix Arizona Real Estate" page.

You can access Short Sale Properties on my website 24/7, to begin "Search Short Sales" . For a customized search that sends properties to you via email click our "New Listing Notifier".

Please feel free to call and ask questions if you need an answer.

Laura McDaniel, Assoc. Broker/Owner of Southwestern Style Real Estate

www.valleymove.com

Some of this information was Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

Phoenix Housing Market - ARMLS Stats For July are In

Phoenix Housing Market Statistics

What's in the numbers? Do they even really mean anything? The questions relating to the current market and the future of the market continue to be a question on everyone's mind these days.

Is my Phoenix home ever going to recover in value? Will I be able to sell my phoenix home? Should I keep my Phoenix home? Should I short Sell my Phoenix home?

All of these questions that you as a Phoenix Homeowner face daily can be very daunting and not having the answers can be a very frustrating experience. My business partner and I have made changes to our website to help you find some of the answers to questions regarding changes that have taken place in the Phoenix Housing Market and are here to help you sift through the questions on your mind and find the answers. One of the things added is a monthly statistical report provided by our association with the Arizona Regional Multiple Listing Service to our website so you the Phoenix homeowner may have access to this tool. A report showing what the Phoenix Housing Market is doing using numbers and graphs and easy to read narrative. While the statistical thing is not for everyone, some find it just what they need to stay current and up to date.

Be in the know with a compilation of what is happening in the specific market rather than the nation as a whole. Let's face it Phoenix for the most part is set apart from most other states with being a hot spot for those suffering from the cold and harsh winters. The amenities here are sought by many and that continues to be a bright spot in our future and for the future of the Phoenix Housing Market.

After taking a look at the ARMLS Stats for July if you want to talk specifics regarding your particular property we are here for you with no cost or obligation and want to help you find the right choices for you in a distressed property market. Please don't hesitate to contact us or sign up for updates of Phoenix Real Estate Talk so you can know just what is happening in your Phoenix Housing Market.

Popsicles Popsicles Popsicles - Cool Summer Treats

Oh is it ever hot! Phoenix in the summer can be overwhelmingly hot!

There are jokes...You know your in Phoenix when...The cold water from the tap comes out hot, when you can cook your breakfast on the sidewalk...

You get the picture!

Solution?? Popsicles! Popsicles and more Popsicles!

This is serously how my kids survived the heat in the summer. While they are all growing up and getting what you would think are outgrowing some things, when it comes to Popsicles, I always have some in the house and no one ever refuses one when I offer. Let's face it they come in all sizes, shapes, flavors, colors and you never get bored with the choices. Make them with fruit juice and let them have as many as they want. Really what can it hurt? It's a great way to cool off!

I found this great site with tons of great recipes for homemade popsicles, smoothy pops, jello pops, swirl pops, pudding pops, yogurt pops...it goes on and on. Check it out 50+homemade popsicles

Enjoy the summer and stay cool!