HAFA Helps Homeowners who need to avoid foreclosure

HAFA is a program available to homeowners who are facing foreclosure. This program is supposed to streamline the short sale process for homeowners that need to sell their home to avoid foreclosure.

Due to the market conditions many sellers are unable to net enough to pay off the existing mortgage or they are behind on their payments and already receiving foreclosure notices. There is help out there!

More information available at this link and definitely worth the time to read if you or anyone you know is facing foreclosure!

http://hafa-program.com/

Need to know how a short sale works?

Short Sale Information

Perrysburg and Toledo Rentals- Evicted Due to Foreclosure

You are thinking about renting a home, doing a lease option, or any type of seller financing, be sure to check on the seller as much as they check on you  


Example: You rent a home and pay your landlord on time every month and then suddenly you start to see notices coming from the bank, the sherriff shows up with an eviction notice, or you have a sudden eviction from the owner of the home.

Good Read from Legal Encyclopedia 
http://www.nolo.com/legal-encyclopedia/article-30064.html 

Your first question is, How can this happen? I can't be evicted if  I have followed all the rules of the lease-can I?

It does happen and there are resources to help when it does.

Many renters are unaware of the landlords financial situation when they sign a lease. You may pay rent to a landlord who is not paying their mortgage and they can get away with that for a long time before the bank forecloses on the home you are living in.

If you are thinking about renting a home, make sure you research the owner of the home as closely as they research you!

If you are able to buy a home, your investment will be more secure, however, if you are going to rent, lease option, do seller financing, or buy a home, hire an attorney to look into the contracts and title work so you don't end up with a landlord or seller that can't pay the bills.

I can help you with rentals as well as buying your first home!

Buying Foreclosures with FHA financing

Stuck wishing for the right home?


If you have an FHA loan, buying a foreclosure home can be difficult. Many foreclosure homes are not in the condition FHA would approve. So how do you get into a foreclosure home with FHA financing? It can be tricky but there are ways to do it! FHA has a program they offer call the FHA 203k rehab loan. Although this product has been around for years, not many purchasers know about it or use it when they are looking at finding the right home.

The word "rehab" probly scares most first time home buyers away to begin with! The good news is, the home doesn't have to be in horrible shape to use this loan! If you find a home you really love but the carpeting and paint need to be done-talk to your mortgage lender because this may be an option for you!

The rehab loan allows purchasers to finance many of the improvements needed on a home. There is always a limit to what can be done, this loan can be time consuming and you should work with someone who is familiar with it's process. It may help you get the home you have been dreaming of as well! Find more information at the HUD website http://www.hud.gov/buying/loans.cfm

RE/MAX WORKS ON STREAMLINING SHORT SALES

Great news to share! Go Dave and CDPE'S

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Secretary Donovan Meets With RE/MAX Chairman Liniger


RE/MAX Recommends Procedures to Streamline Shortsales


Denver, CO (Vocus/PRWEB ) September 10, 2009 -- RE/MAX Chairman and Co-Founder Dave Liniger met with Housing and Urban Development Secretary Shaun Donovan on Friday. They had a conversation on a variety of topics related to the current state of the real estate market, but focused primarily on recommendations for streamlining the Short Sale process.

"We feel strongly that if Short Sale transactions can become more like normal real estate transactions, we can make significant headway in reducing the number of vacant and foreclosed homes on the market," Liniger said. "Because most homeowners aren't aware that they have this option and loan servicers haven't made it a priority, we feel that the federal government should facilitate an effective national initiative."

Also present at the meeting, held in Secretary Donovan's office, were FHA Commissioner Dave Stevens and Laurie Maggiano of the Treasury Department's Chief of Homeowner Preservation Office. Accompanying Dave Liniger to Washington was RE/MAX Senior Vice President, Mike Ryan.

A Short Sale can occur when a lender allows a homeowner to sell a home for a price that is less than what is owed on the mortgage, if the homeowner is experiencing a financial difficulty that would make monthly mortgage payments a significant burden. Unfortunately, nearly 70% of homeowners facing foreclosure never list their home for sale, even though a Short Sale has many benefits over a foreclosure.

RE/MAX has made assisting such families a high priority and has undertaken a comprehensive, targeted agent training program. In March, Liniger set a goal of having 7,500 RE/MAX Sales Associates earn the Certified Distressed Property Expert (CDPE) designation by the end of the year. The actual number has already passed 7,000 and represents 62% of all CDPE agents in the United States.

Surveys show that after earning a CDPE designation, agents are twice as likely to be able to keep families in their homes. With the CDPE designation, agents are also able to cut the time in half that it takes to close a Short Sale. The average CDPE agent closes about 10 Short Sale transactions a year.

"Secretary Donovan has a very good understanding of how Short Sales can help this market, and he was certainly open to our specific recommendations, especially in the area of agent training and public awareness. We're expecting an announcement will soon be made about procedures to facilitate a streamlined Short Sale process," Liniger added.

Short Sales could be the best solution for homeowners who are facing a foreclosure, have been turned down for a loan modification, or who have lost their job and can no longer make their mortgage payments. Homeowners who find themselves in one of these difficult positions should contact a real estate professional who is specifically trained to handle Short Sales to find out how the process could result in a positive outcome. A CDPE agent is especially aware of this critical process.

A streamlined Short Sale process could benefit the entire real estate marketplace and offers a much better alternative to foreclosure. Lenders often experience greater losses taking a home to foreclosure, neighborhoods suffer greater losses in home values with foreclosed homes, which are often vacant, and homeowners sustain more severe damage to their credit as the result of foreclosure.

The real estate market will not recover until the number of foreclosures is reduced and home prices start to rebound. An efficient Short Sale process can have a significant impact on foreclosures, which remain at record high levels. RE/MAX hopes that a standardized, national Short Sale process will soon be in place to promote a lasting housing recovery.

About RE/MAX International, Inc.

RE/MAX was founded in 1973 by Dave and Gail Liniger. From a single office in Denver, Colorado, it has grown into a global network of nearly 100,000 Sales Associates in more than 70 countries, an international presence greater than any of its competitors.


RE/MAX has been honored as the leading real estate franchise for 9 of the last 10 years in the oldest and most respected ranking, "The Franchise 500 Survey," published by Entrepreneur Magazine.

Short Sales- Are they worth the wait?

HE LOOKS FRUSTRATED DOESN'T HE?


As more short sales enter the market, buyers should prepare ahead of time for a long process! On the bright side, the short sale properties we have closed on recently have been a great buy for our clients and also a relief to the seller!

Home buyers need to plan in advance to be patient if they choose to go through this type of purchase. I have noticed time and again, as we start the process the purchaser is really excited about the great deal they are getting on the home but sometimes we lose that excitement when the offer on this type of property takes a long time to approve and sometimes a long time to close. Very understandable! Just try to remember that anything you invest in, that is truly worth the time and trouble, is not always easy!

Some of the most recent issues we have noticed that you may want to prepare for are.

1. Both seller and bank approve your offer but right before close, the MI or PMI company wants to approve the amount or have the seller sign a promisary note as well. This can cause delays.

2. The bank has approved your sale and liens are attached at the last minute. This can be resolved, expect delays.

3. Too much time has passed and your interest rate lock has expired-prepare for this ahead of time with your lender.

These are only a few of the many problems that can arise in this type of purchase. I highly recomend my clients use an attorney along with a Certified Distressed Property Expert (CDPE) to navigate through this type of sale. Don't plan on a closing date or order your moving truck until you have officialy closed on the short sale home. Be prepared for possible last minute issues.

In the end-are they worth the wait, the time, and the effort? Absolutely, if you are looking to save thousands! Just keep your eye on the final goal and you can achieve great results!

Help us get the word out-stop foreclosures in Toledo!

It is still shocking to see how many homes are still going into default in Toledo! Especially with all the information and help available today! Realty Trac is showing an amazing number in Toledo-there are over 5000 homes in distress and foreclosure. Help us reach out to these homeowners and let them know there is help out there for them-they just need to know where to look and what to do.

One of my former clients has had great success with a local organization that is helping homeowners renegotiate with their current mortgage company. This client was able to save on their monthly payment and keep their home! You can find the information from a WTOL story at http://www.wtol.com/global/story.asp?S=9464967

Additional information is also available at my website http://www.perrysburg-homes.com