FHA extends period for Jobless to miss payments to 12 months

FHA Extends Grace Period For Jobless Homeowners
by Sick & Tired Yesterday at 1:56 pm

http://www.battlecreekenquirer.com/article/20110713/OPINION01/107130301/FHA-extends-grace-period-jobless-homeowners

Housing continues to stall the nation’s economic recovery, with foreclosed homes dragging down prices and unemployed homeowners struggling to meet their mortgage payments.

Last week, the Obama administration announced another step to help jobless Americans avoid foreclosure, but thus far the government’s efforts have failed to stop substantial numbers of Americans from losing their homes..

Based on feedback from lenders about current market practices, Fannie Mae has refined this policy to permit the delivery of loans with unexpired redemption periods when all of the following conditions are met:

 

 Click on the links below to see the specifications of these loan changes that Fannie Mae has made to allow our clients to buy homes prior to the expiration of the one year redemption period.

Below are links to the Announcement and FAQ’s….

Link to the Fannie Mae Announcement

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1010.pdf

Link to Redemption Period FAQ’s

https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/pdf/redmptperfaqs.pdf

If you still have questions, we understand, call us and if we can’t answer them, we have awesome lenders that we can call and get answers for you.

Check out the foreclosures in ALabaster, Calera, Montevallo, Balantrae, etc.

Double Click here to view these foreclosures
Call us for more links, or if you want us to register you for our daily foreclosure update.

OK Who wants to become an investor. Here is a link, that you can access of a Hand picked list(provided by Teambates) of all the Foreclosures in Jefferson, Shelby area. If you want specific area that we didn’t include, i.e., Leeds, Trussville, Clanton, etc. Call us, we want to HELP you!

Click here for list of foreclosures
if you are having problems accessing this list, it has expired. Please contact us for an updated list of all the active listings in your area. Thanks Tommy and Marsha

Are you Buying A foreclosure with FHA money? You better read this waiver and if you have problems understanding it, Marsha and I can help!

FHA Waiver

The difference between Foreclosures, short sales, and Reo properties

Market Update

If I Buy a Foreclosure – How does the Right of Redemption work?

Should I buy a foreclosure? What are some of the potential problems I can face if I buy a foreclosure? Do I lose everything I’ve done to the property up until the point they take it back?

These are all great questions Marsha and I have answered for several years now. There is nothing wrong with buying a “foreclosed property”. We have made offers on atleast a dozen or more, “foreclosed properties” and you can get some great deals.

The Right of Redemption period in the state of Alabama is one year. Once the property has foreclosed, the owner has one year to reclaim his or her property.

It is not as simple as just saying I want to buy my home back. The foreclosed owner has certain creditors they have to “pay back” including fines, interest payments and penalties…and who knows what…not to mention, the NEEDED repairs, not to be confused with improvements.

A new roof would be a good example of a NEEDED repair. If you decide to put in a pool before the redemption period has ended, this would most-likely be categorized as an improvent and it would not be reimbursed prior to redeeming the property. Needs a new roof? That would be reimbursed. Put in a pool, that does not have to be reimbursed.

Just make sure you use a Realtor that has worked both sides of the transaction and is familiar with dealing in foreclosed properties. Including knowledge of different types of mortgages to possibly assist in rehabilitation of the property. Also indemnification bond will probably be required from your mortgage company to insure the loan on the time remaining on the redemption period.

Marsha and I have extensive experience in the foreclosure process, give us a call.

Good luck.

Difference between REO, Bank Owned, & Short Sale

Foreclosure-REO-Short Sale-Bank owned, What does it all mean?

Consumers are hearing the terms every where! “Bank Owned (REO) properties and short sales are the only homes available these days!” But do you know what the terms mean?

To begin, bank owned or REO’s (Real Estate Owned) properties are the same thing (referred to in two different ways depending on who you are talking to). A bank owned (REO) propty is just what the name says, homes that have been foreclosed on and are now owned by the lender or bank. Many consumers associate a bank owned property with a property that is in “bad” shape. In many cases this is true. However, many bank owned properties are in very good shape and only require a few minor repairs and paint! When you put a contract on a bank owned home the seller is the bank or lender. Many people feel you can get a good deal on a REO because banks and lenders aren’t in the property management business and just want to get the property off their “books”. While this is the case in some instances, they still have a listing agent that is looking out for their best interest and want to walk away with as much money as possible. Overall, bank owned properties are very prevalent on the market and should be considered an option when you begin your home search!

A short sale on the other hand is when real estate is sold for LESS than what is owed to the lender. For example, lets say you bought your home in 2006 for 200,000$ and the home would only sell for 150,000$ today. The lender would have to approve the sale for 150,000$ because they would lose 50,000$ (200-150) on the sale. A short sale must be approved by the lender(s) before the property can be sold. This process can be very strenuous especially if the home has more than one mortgage (i.e. when a home has first mortgage for 100,000$ and second mortgage for 20,000$). The more parties involved the longer the process typically takes. If you are considering selling your home and you feel you may need to go the route of a short sale, please consult with your accountant for any tax issues you may face if you sell the home.

Posted in Buyers, General Real Estate Information, Sellers by Zach Otten Metro-Denver Real Estate Blog on the September 1, 2009

We are in the middle of a short sale now, and we can help you with any questions you may have, feel free to call for a confidential evaluation of your local market area.