Mortgage Loan Information 
There are currently 5 blog entries related to this category.
Bank of America Starting a New Trend
Friday, April 20th, 2012 at 11:45am. 158 Views, 0 Comments.
Bank of America recently announced that it is revamping their short sale process and are projecting approvals within 20 days. That is a significant change from the current 3-4 months average for short sale approval. Rumors of other banks joining this movement are also prevelant. Hopefully the tide is finally starting to turn on these challenging sales.
ForeclosureGate - Legit or a Blip?
Sunday, October 17th, 2010 at 4:04pm. 1050 Views, 0 Comments.
Flooding the news this week are announcements of new and existing foreclosures being suspended due to national attention regarding the legality of lender’s review of paperwork and transfer of title. Attorney Generals in all 50 states have launched investigations regarding lender’s foreclosure proceedings.
Every state processes foreclosures differently. Unlike California, many states require judicial review of foreclosure proceedings. Allegations have surfaced in 23 states stemming from the involvement of the court system and the associated documentation and transfer of title.
So what are the allegations?
Lack of Review of Foreclosure Documentation and Possible Forgery
Law firms in these 23 states review foreclosure documentation in…
HAFA Short Sales - Will They Work?
Friday, August 13th, 2010 at 3:18pm. 1083 Views, 0 Comments.
Home Affordable Foreclosure Alternatives (HAFA)
You may have received a letter from your lender notifying you of a new government programs for homeowner mortgage assistance called “Home Affordable Foreclosure Alternatives (HAFA)." This program appears to hold some promise for streamlining the lengthy short sale process and also offers incentives for homeowners and lenders to participate. Here's some of the basics for those currently upside down on their home:
What is a Short Sale?
A homeowner works with a local realtor to sell their property for a current market rate and the mortgage lender agrees to accept the net proceeds of the sale even if the proceeds are less than the total amount due on the mortgage.
What is HAFA?…
Tax Credit Extended!
Friday, July 16th, 2010 at 4:17pm. 303 Views, 0 Comments.
Originally Published November 2009 --
The big real estate news this month is the extension of the federal tax credit for first-time home buyers from November 30, 2009 to April 30, 2010. A first time home buyer is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
Now even more interesting for many of my sellers/buyers is a new tax credit that was added for repeat buyers. Buyers who already own a home and have lived in the home for five consecutive years are eligible for up to a $6,500 tax credit on their next home purchase. Whether you are interested in moving up or downsizing from your current home, you qualify as long as the new home will be your future primary residence.
Click to…
First Time Home Buyers – Cashing In!
Friday, July 16th, 2010 at 4:03pm. 318 Views, 0 Comments.
Originally Published September 2009 --
Tax Credit Deadline Approaching!
The clock is ticking and the rush is on for first time home buyers to cash in on the $8000 federal tax credit. They must close escrow by November 30, 2009. With escrows typically lasting a minimum of 30 days, the next few weeks are critical for anyone interested in squeaking in before the deadline!
Here are a few of our recent clients that took advantage of these credits to buy their very first home!
Mike Bone
“I wasn’t even thinking about house hunting until I heard about that $8,000 tax credit,” remarked first time home buyer Mike Bone. He had heard that Harold Penner was an agent with the connections and knowledge to get people into homes fast and thought he…