If you were a first-time homeowner last year (2009) your agent should have registered you with the Mortgage Protection Program through the California Association of Realtors (CAR) - certain restrictions apply - you cannot be self-employed or owned a home within the past 3 years for example. The Mortgage Protection Program offers you benefits if you lose your job during the first year of your home purchase. It is only available to California home buyers.
This benefit offers you up to $1,500 per month for up to six months if you lose your job due to layoffs, and qualified co-buyers can receive monthly benefits of $750 per month for up to 6 months, and it is free to you! The Mortgage Protection Program was due to end December 31st, 2009 but has now been extended through to the end of this year.
Buying a home is one, if not THE, most stressful thing you can do, this program helps alleviate some of that giving you an added layer of security. The California Association of Realtors Housing Affordability Fund (CARHAF) is a non-profit organization which receives donations primarily from Realtor members and associations, committed to addressing housing challenges in California. For more on the Mortgage Protection Program visit http://www.car.org/members/hafmainpage/carhafmortgageprotection/ and don't forget to call/email me with any questions - I am here - I can help!
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.janeloveday.com/
http://www.facebook/realestatesandiego
http://www.twitter.com/sdrealestate
Monday, February 22, 2010
Friday, February 19, 2010
Advice on Your Possible Short Sale
A short sale occurs when your lender agrees to accept a lower price on your home than the current mortgage balance, provided you meet the lender's requirements and have a qualified buyer.
To prove your case, you'll need to spend some time on a cover letter explaining your hardship and provide full financial disclosure; the original purchase contract; a balance sheet of your income and expenses; asset statements, proof of income; bank statements; two years of tax returns; and a professional who knows the ropes.
Simply stating, 'My house is worth less than the loan and I don’t want to pay any more,' will not be acceptable. Lenders would rather foreclose than develop a reputation as an easy target.
Along with the required documentation, you stand the best chance of getting through the two- to seven-month short sale ordeal if the home is marketable; the second mortgage holder (if there is one) gets a cut or otherwise goes along with the deal; the same lender holds all mortgages; and there is enough time before foreclosure (at least about 4 months).
Don't count on a short sale if you can't prove hardship; you are current on your mortgage; are in bankruptcy; have recently completed a cash-out refinance or have a lien with a third party.
Because a short sale forgives a portion of the debt owed, that portion could be considered as taxable income and you should seek the advice of a tax attorney, certified public accountant, enrolled agent or other person fully schooled in the tax ramifications of a short sale.
According to FICO, the leading credit scoring system provider, there also may be some credit score implications.
You may also need legal and tax counsel. A solid professional team is best for determining the viability of the short sale, assembling the package and pricing and listing the property to find a buyer.
It’s a tough decision, but I am here if you need help!
Jane Loveday
Windermere Pacific Coast Properties
619-519-1615 Cell
http://www.JaneLoveday.com
To prove your case, you'll need to spend some time on a cover letter explaining your hardship and provide full financial disclosure; the original purchase contract; a balance sheet of your income and expenses; asset statements, proof of income; bank statements; two years of tax returns; and a professional who knows the ropes.
Simply stating, 'My house is worth less than the loan and I don’t want to pay any more,' will not be acceptable. Lenders would rather foreclose than develop a reputation as an easy target.
Along with the required documentation, you stand the best chance of getting through the two- to seven-month short sale ordeal if the home is marketable; the second mortgage holder (if there is one) gets a cut or otherwise goes along with the deal; the same lender holds all mortgages; and there is enough time before foreclosure (at least about 4 months).
Don't count on a short sale if you can't prove hardship; you are current on your mortgage; are in bankruptcy; have recently completed a cash-out refinance or have a lien with a third party.
Because a short sale forgives a portion of the debt owed, that portion could be considered as taxable income and you should seek the advice of a tax attorney, certified public accountant, enrolled agent or other person fully schooled in the tax ramifications of a short sale.
According to FICO, the leading credit scoring system provider, there also may be some credit score implications.
You may also need legal and tax counsel. A solid professional team is best for determining the viability of the short sale, assembling the package and pricing and listing the property to find a buyer.
It’s a tough decision, but I am here if you need help!
Jane Loveday
Windermere Pacific Coast Properties
619-519-1615 Cell
http://www.JaneLoveday.com
Wednesday, February 3, 2010
Property Searching via the Internet and your Realtor
Today almost everyone will begin to search for their new home on the internet. There are many different sites to visit - Trulia, Redfin, Homes.com, and the very comprehensive Realtor.com, which is the most up-to-date and accurate site other than using a Realtor's own website which is usually linked directly to the local Multiple Listing Service.
Whichever site, or sites you use, you will always need an actual Realtor to show you homes that he/she have found along with the ones you have found. Despite advertising claims to the contrary, the internet alone is not an experienced Real Estate Professional. It cannot consult, counsel, advise, have knowledge of local laws and market conditions. Nor can it make judgements, 'own' the results, negotiate or most importantly understand your goals and needs and care about you as a client!
To obtain an accurate interpretation of any information you're receiving online, please contact your Realtor, or better than that, contact me!
Follow me on twitter - @sdrealestate and facebook.com/realestatesandiego
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com
Whichever site, or sites you use, you will always need an actual Realtor to show you homes that he/she have found along with the ones you have found. Despite advertising claims to the contrary, the internet alone is not an experienced Real Estate Professional. It cannot consult, counsel, advise, have knowledge of local laws and market conditions. Nor can it make judgements, 'own' the results, negotiate or most importantly understand your goals and needs and care about you as a client!
To obtain an accurate interpretation of any information you're receiving online, please contact your Realtor, or better than that, contact me!
Follow me on twitter - @sdrealestate and facebook.com/realestatesandiego
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com
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