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New HAFA Program: Borrowers Get Help In Selling Homes!

April 1, 2010 By Leave a Comment

Great News for homeowners who have a mortgage and need the banks to cooperate with them in doing a short sale.

As of April 5, 2010, the government is doubling the incentives for banks to cooperate in short sales; they are now going to receive $3000 to bank participants on the first loan, and up to $6000 on the second loan.

They are also going to double the incentive to borrowers / sellers participating in short sales to assist in relocating.

* NOT every Short Sale will be a HAFA Guidelines Short Sale. Remember, these are guidelines not laws.

* A borrower does NOT have to go through the HAMP Loan Mod process to qualify for a HAFA Short Sale. In other words, they can simply request a Short Sale (or Deed in lieu of foreclosure) which means giving the house back to the bank.

* Virtually ever lender is participating.

* There will be standardized, uniform forms.

* Lender will tell the real estate broker/ agent the NET dollar amount they need upfront.

* Borrowers MUST list with an agent. No For Sale By Owner doing a HAFA short sale.

* Lenders have 10 days to approve/ accept or request and extension to all offers.
* If the lender (servicer) doesn’t accept your Short Sale offer they have to tell you IN WRITING why.

* Fannie and Freddie HAFA Guidelines are coming soon.

Filed Under: HAFA, News, Seller Info Tagged With: , ,

Short Sale Glossary Terms

March 17, 2010 By Leave a Comment

 SHORT SALE: A homeowner can enter into a short sale when they owe more on their mortgage than the home is currently worth.

In a short sale, the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage.

DEED-IN-LIEU OF FORECLOSURE: With a deed-in-lieu, the borrower voluntarily transfers ownership of the property to the servicer.

SERVICER: A mortgage servicer is responsible for collecting monthly loan payments as well as escrow accounts.

DELINQUENT: A homeowner is delinquent on their loan when they fail to make payments.

DEFAULT: A homeowner can default when they are unable to pay their debt.

FORECLOSURE: A foreclosure occurs when the homeowner’s right to the property is terminated. A home can be foreclosed upon when the homeowner defaults on their mortgage payments.

 

Filed Under: Foreclosure Information, HAFA, News, Real Estate Advice, Seller Info Tagged With: , ,

I have just been appointed to join ExcellenREO

March 17, 2010 By Leave a Comment

I have been working for TitaniumInc.com for two years assisting home owners having difficulty paying their mortgages. My title is Home Retention Consultant. Titanium Solutions is a wonderful company. Basically, different banks / services contact Titanium who in turn send one of their Brokers like me out to the Borrower’s Home. The goal is to make contact with the borrower and have them speak directly with the bank in my presence, OR if they are trying to do a loan modification, my assignment may be to obtain the documents and have them notarized, then fedex to the Servicer.

Titanium has a sister company, called Excellen REO. This company has hired 1100 real estate agents and broker across the country – and I am one of them – to list their assets, that is, properties. These are bank owned properties, otherwise known as REO (real estate owned). I will be posting more information on this web site in the near future. I do not expect any listings until possibly May, 2010. However, I will keep you posted.

Filed Under: Foreclosure Information, News, reo Tagged With: ,

Working on this Blog

March 5, 2010 By Leave a Comment

 

At this time in my career I find my work is expanding in many fields including REO which is “Bank owned properties” as well as “short sale properties” which means the homeowner owes the bank more than the property is worth. These two forms of listings involve much paper work and of course,  time.

I have a fantastic teacher from whom I have learned so much. His name is Mark Burrell. I have learned how to create web sites, microsoft programs and more so that I could be most productive in my real estate business.

As a result, my good friend Mark is working with me on improving this site. I am really trying to give it a total make-over not so much in appearance but in VALUE to you, the reader. Therefore, please bear with me. My intent is to give you good CONTENT.  I thank you for coming to my web site.

If you have any real estate questions feel free to call me anytime or send me an e-mail at Debbie@DebbieFranklyn.com

Filed Under: News Tagged With: ,

Home Buyer Program Extended……

November 8, 2009 By Leave a Comment

Great News!  The Federal Government DID extend the federal tax credit through April 30, 2010,
with a 60-day extension if a binding contract is in place before the deadline. First-time homebuyers will continue to be
eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500.
To qualify for the $6,500 credit, existing homeowners must have lived in their current homes for at least five years.
The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to
$125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009
income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home
remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Nationwide, more than 1.4 million first-time home buyers were given the chance to become homeowners as a result of the Federal Tax Credit for
First-time Home Buyers. It is expected that number to increase dramatically in the months ahead with this new legislation in place.

Filed Under: Buyer Info, News, Seller Info Tagged With: , ,

This was a really successful YARD sale in Anaheim!

November 7, 2009 By Leave a Comment

pwood_garage_sale2_600Well, this day is finally over.  The banners were up, the ads in the Pennysaver and the Register, both online and in print were placed. Fliers were delivered to about 500 houses to let the event be advertised……We wanted many people to come and purchase the products for sale that these homeowners no longer wanted. This was a huge success. Not only were the residents able to “empty” their homes, but they also made some money…..and, the public who came got some wonderful “buys”.

If you would like to have a community garage sale as well, please contact me. It would be my privilege to assist and sponsor it for you also. The banners I have had made are reusable; all we need to do is change the date.  Feel free to send me an email or phone.  This was so much fun, everyone just let their hair down!

Filed Under: News Tagged With: , ,

First Time Buyers: Start House Hunting Now!

August 21, 2009 By Leave a Comment

Start house-hunting now to qualify for tax credit for first-time
home buyers

First-time homebuyers-those who have not owned a home for at
least three years-may be eligible for the $8,000 federal tax
credit, but the window of opportunity is closing rapidly.

To qualify for the credit, the buyer must close escrow by midnight
on Nov. 30, when the tax credit expires. Buyers hoping to take
advantage of this benefit are advised to start house-hunting
early, as the buying and lending processes takes time.

MAKING SENSE OF THE STORY FOR CONSUMERS

I really think that since finding the right house can take some time, so  I reaally believe that home buyers should start the process when they think they are able and ready to buy.  Buyers also should allow for more time in getting their mortgage loan since that process is taking about two weeks longer to process this year compared to last year.

The tax credit is equal to 10 percent of the purchase price, up
to $8,000, subject to income limits. Single taxpayers are
eligible if their modified adjusted gross income is $75,000 or
less, while married taxpayers filing jointly must have a
modified adjusted gross income of $150,000 or less.

In order to qualify, you must live in the property. Vacation homes and investment homes do not qualify. Houseboats do qualify as do manufactured homes.

The seller cannot be related to the buyer in any way.

Married people filing as such cannot claim the credit if either
spouse has owned a primary residence within the last three
years. However, unmarried joint purchasers may allocate the
credit in any way they see fit, as long as it does not exceed
the $8,000 maximum.

The government will allow those who finance their purchases with
a federally insured loan to apply their anticipated credit
immediately toward closing costs or as additional down payment,
rather than waiting until they file their 2009 taxes to receive
the refund.

Filed Under: Buyer Info, News, Real Estate Advice Tagged With:

Banks Slow to Modify Mortgages…US Treasury Dept reports

August 19, 2009 By Leave a Comment

An article in the L.A. Times discusses how some banks are making up excuses by telling home owners that they do not qualify for a loan modification because….. My associate Dan Dobbs, loan manager at
949 250-3981  who made me aware of this article states that the banks are not following the Obama Plan as they should. Basically, the article is about some banks who are making it difficult for homeowners to obtain the loan modifications they may be qualified to obtain.

If you would like a copy of the Plan, please let me know and I will send it to you.

Filed Under: Foreclosure Information, Loan Modifications, News, Seller Info Tagged With:

CREDIT REPAIR

August 16, 2009 By Leave a Comment

Did you know how a bad credit score can hurt your employment?

Did you know that  companies and employers check individual credit reports before hiring a worker. Yes, it’s not just about good academic grades and training. Your credit status can also make or break your future in a respected company.

This applies to executive job levels and regular jobs now require good credit. More employers today screen their applicants based on their credit history. Statistics show a 55% increase in the number of employers who inquire credit reports.

Can a bad credit score really affect your reputation? Apparently, a history of unpaid charges, late payments or too many credit cards with existing balances can send negative impressive to prospective employers.

With so many people looking for a job, it may be difficult to compete with others who can present good grades, college diploma and a high credit score. Having a good credit rating would surely give you the advantage you need over other job applicants.

Think about this, if you were the owner or the manager of a company, would you be confident to hire a person with bad credit? Or would you question the new hire’s sense of responsibility, the reason why this person seems to have problems in managing his own finances? Would you be confident to entrust company tasks to someone who doesn’t seem capable of handling repayment obligations to creditors. So you see, building an early credit history and maintaining a good credit standing can make a big difference in your search for employment. By the time you need to get a car loan, a mortgage or a credit card, a solid credit history can give you the break you need.

Filed Under: Buyer Info, News, Real Estate Advice Tagged With: , ,

Another Thought for the Day….

August 15, 2009 By Leave a Comment

Quote of the day: “Pain nourishes courage. You can’t be brave if you’ve only had wonderful things happen to you.” – Mary Tyler Moore

 

“Everything is always impossible before it works. That’s what entrepreneurs are all about; doing what people have told them is impossible.”

– R. Hunt Greene, Venture Capitalist

I have no money, no resources, no hopes. I am the happiest man alive.” – Henry Miller

 

Try not to become a man of success, but rather try to become a man of value.”

– Albert Einstein, physicist

“The ability to discipline yourself to delay gratification in the short term in order to enjoy greater rewards in the long term is the indispensable prerequisite for success.”

– Brian Tracy

 

 

 

 

 

Filed Under: News Tagged With: ,
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