As many of us know the Long Beach Real Estate scene has taken a beating the past couple of year... People are in trouble. These are good people who may have been sterred by bad advise from their mortgage professional and/or agent. We have all been hearing over the past few weeks a lot about the new bailout plans for homeowners.
Below you will find an article I found in the Wall Street Journal that helps shed some lite on the confusing mess....
In recent weeks, the government, both on a federal and state level, have announced new tax credits for home buyers, housing stabilizations plans, and the like. Due to the various requirements for each program, some home buyers and/or homeowners may be confused about whether or not they qualify.
MAKING SENSE OF THE STORY FOR CONSUMERS
· The goal of the “Homeowner Affordability and Stability Plan” is to help homeowners remain in their homes. For a loan to qualify for modifications, lenders would need to bring the monthly mortgage payment down to 38 percent of a borrower’s monthly income. The government would then match further reductions until the debt-to-income ratio is 31 percent. The deductions could come in the form of a lower interest rate or reduced principal. For homeowners who pay their mortgage on time, the write down could be as much as $1,000 of the loan each year, for five years.
· The government will help homeowners who owe between 80 percent and 105 percent of their home’s value, and have been unable to qualify for refinancing because their home has negative equity. This could help as many as 14.8 million homeowners. However, only mortgages owned by Fannie Mae or Freddie Mac are eligible, which excludes many homes in high-cost areas, such as California.
· As with all refinances, it is important that homeowners have their mortgage paperwork, proof of current income, and assets readily available. A representative with the Mortgage Bankers’ Association advises homeowners to wait until March 4 to contact their mortgage lender or servicer, when more details and guidelines are due.
· The recently signed “American Recovery and Reinvestment Act of 2009” increases the first-time home-buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Home buyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.
To read the full story, please click here
Jeff Hall
Long Beach Home Solutions Inc.
jeff@jeffhallrealtor.com
www.jeffhallrealtor.com
Thursday, February 26, 2009
Thursday, February 19, 2009
New Stimulus Plan and your home....
Great news for homeowners... We have all been waiting for the new stimulus plan... and here is a summary provided by the California Association of Realtors. Many of us are either in trouble or have friends/family who are or are about to be in trouble. We all need good stable housing and this proposal gives me hope... To see families loose their home is one of the hardest parts of my job as a realtor in Long Beach. To see peoples hopes and dreams taken away devastates me personally.
There are many people in my profession as a realtor that make their living off of peoples losses and I am not one of them. I have worked with families over the past year on ways to save their property and the last resort is to do a short sale. This package will be a welcome relief for those families on the edge.
We should expect to see some new programs soon. Please be sure your friends and family works directly with their mortgage company. There will be a lot of people out there offering help and will be preying on peoples hopes.
The U.S. Treasury Dept. today unveiled the Obama Administration's Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners making a good-faith effort to stay current on their mortgage payments, while attempting to prevent the destructive impact of foreclosures on families and communities. The plan will not provide money to speculators, and instead will target support to working homeowners who have made every possible effort to stay current on their mortgage payments.The plan includes refinancing options for homeowners suffering from falling home prices; a $75 billion homeowner stability initiative including loan modifications and support for displaced renters; support for low interest rates by strengthening confidence in Fannie Mae and Freddie Mac by increasing its funding commitment to Fannie Mae and Freddie and continuing to purchase Fannie Mae and Freddie Mac mortgage-backed securities.There are three components of the plan. The first focuses on homeowners who are current on their mortgage and would be helped by refinancing into a lower interest rate loan; these homeowners must currently be in conforming loans. The second component is designed for homeowners who are currently or are at risk of falling behind on their mortgage obligations and would benefit from a loan modification; the Treasury plan would help offset the cost of the loan modification program. The third component is intended to lower prevailing mortgage interest rates by shoring up confidence in Fannie Mae and Freddie Mac.The U.S. Treasury Dept. today unveiled the Obama Administration's Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners making a good-faith effort to stay current on their mortgage payments, while attempting to prevent the destructive impact of foreclosures on families and communities. The plan will not provide money to speculators, and instead will target support to working homeowners who have made every possible effort to stay current on their mortgage payments.The plan includes refinancing options for homeowners suffering from falling home prices; a $75 billion homeowner stability initiative including loan modifications and support for displaced renters; support for low interest rates by strengthening confidence in Fannie Mae and Freddie Mac by increasing its funding commitment to Fannie Mae and Freddie and continuing to purchase Fannie Mae and Freddie Mac mortgage-backed securities.There are three components of the plan. The first focuses on homeowners who are current on their mortgage and would be helped by refinancing into a lower interest rate loan; these homeowners must currently be in conforming loans. The second component is designed for homeowners who are currently or are at risk of falling behind on their mortgage obligations and would benefit from a loan modification; the Treasury plan would help offset the cost of the loan modification program. The third component is intended to lower prevailing mortgage interest rates by shoring up confidence in Fannie Mae and Freddie Mac.
For more on this story read... Homeowner Affordability and Stability Plan
Have a great day,
Jeff
Long Beach Home Solutions Inc,
jeff@jeffhallrealtor.com
www.jeffhallrealtor.com
There are many people in my profession as a realtor that make their living off of peoples losses and I am not one of them. I have worked with families over the past year on ways to save their property and the last resort is to do a short sale. This package will be a welcome relief for those families on the edge.
We should expect to see some new programs soon. Please be sure your friends and family works directly with their mortgage company. There will be a lot of people out there offering help and will be preying on peoples hopes.
The U.S. Treasury Dept. today unveiled the Obama Administration's Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners making a good-faith effort to stay current on their mortgage payments, while attempting to prevent the destructive impact of foreclosures on families and communities. The plan will not provide money to speculators, and instead will target support to working homeowners who have made every possible effort to stay current on their mortgage payments.The plan includes refinancing options for homeowners suffering from falling home prices; a $75 billion homeowner stability initiative including loan modifications and support for displaced renters; support for low interest rates by strengthening confidence in Fannie Mae and Freddie Mac by increasing its funding commitment to Fannie Mae and Freddie and continuing to purchase Fannie Mae and Freddie Mac mortgage-backed securities.There are three components of the plan. The first focuses on homeowners who are current on their mortgage and would be helped by refinancing into a lower interest rate loan; these homeowners must currently be in conforming loans. The second component is designed for homeowners who are currently or are at risk of falling behind on their mortgage obligations and would benefit from a loan modification; the Treasury plan would help offset the cost of the loan modification program. The third component is intended to lower prevailing mortgage interest rates by shoring up confidence in Fannie Mae and Freddie Mac.The U.S. Treasury Dept. today unveiled the Obama Administration's Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners making a good-faith effort to stay current on their mortgage payments, while attempting to prevent the destructive impact of foreclosures on families and communities. The plan will not provide money to speculators, and instead will target support to working homeowners who have made every possible effort to stay current on their mortgage payments.The plan includes refinancing options for homeowners suffering from falling home prices; a $75 billion homeowner stability initiative including loan modifications and support for displaced renters; support for low interest rates by strengthening confidence in Fannie Mae and Freddie Mac by increasing its funding commitment to Fannie Mae and Freddie and continuing to purchase Fannie Mae and Freddie Mac mortgage-backed securities.There are three components of the plan. The first focuses on homeowners who are current on their mortgage and would be helped by refinancing into a lower interest rate loan; these homeowners must currently be in conforming loans. The second component is designed for homeowners who are currently or are at risk of falling behind on their mortgage obligations and would benefit from a loan modification; the Treasury plan would help offset the cost of the loan modification program. The third component is intended to lower prevailing mortgage interest rates by shoring up confidence in Fannie Mae and Freddie Mac.
For more on this story read... Homeowner Affordability and Stability Plan
Have a great day,
Jeff
Long Beach Home Solutions Inc,
jeff@jeffhallrealtor.com
www.jeffhallrealtor.com
Saturday, February 14, 2009
Valentine's Day
Valentine's Day is one of those weird holidays... my father refers to them as Hallmark Holidays. But there is folk lore behind this day; in fact two different tales...
This afternoon as I sit down to write I think of those people in my life that I love. And what is remarkable is the amount of people I personally consider important in my life. Some of these are family and some are friends, work mates and the list goes on.
As Americans I feel we do not spend enough time with those we love. We need to let those we love know we appreciate them and love them. Our time on this earth is too short and may be over in the next second.
So take time out of your lives and remember those people that are important to you. Remember those who have passed beyond this life and there is another group to remember... Our loved pets.
Life is good and live each day to the fullest.... Happy Valentine's Day,
Love,
Jeff
Long Beach Home Solutions Inc.
Thursday, February 5, 2009
PROPERTY TAX REDUCTION SCAM ALERT
| We all see these notices in our mail. Buyer beware.... there are legal ways to have your taxes reduced it just takes work on your part. You will need documentation and I will be happy to provide comps per the assessor's offices requirements. The Los Angeles County Assessor's office is alerting homeowners that various private companies are sending mailings to property owners offering their services to pursue a reduction in the owner's property taxes. The companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies also are imposing late fees if the application is received after an arbitrary deadline. Solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency. Failure to provide such notice is a violation of California law. In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1. The assessed value is the value shown on a property owner's most recent property tax bill. Typically, an application from the property owner is required to initiate a review of the property's value by the Assessor. Copied from the California Association of Realtor website. Jeff Hall Long Beach Home Solutions Inc. jeff@jeffhallrealtor.com 562-505-6204 www.JeffHallRealtor.com |  | |
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