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First time home buyers hoping for an extension of the $8000 first time home buyer tax credit are probably out of luck. It doesn’t look like that has any legs in Congress, so on April 30th if you’re not in escrow to buy your first home, this tax credit will have passed you by.
But, if you’re a first time home buyer in Temecula, Murrieta and other parts of southwest Riverside and San Diego County there are other tax credit programs you can use. (more…)
If you are a distressed homeowner in danger of losing your home to foreclosure, you have options.
You can apply for the President’s Home Affordable Mortgage Program (HAMP) or if the loan modification was unsuccessful HAFA (Home Affordable Foreclosure Alternative) short sale program may be available to you.
HAFA takes effect on April 5 and is designed to help Temecula homeowners who were unable to successfully modify their existing mortgage. Even if you don’t qualify for the government programs many major banks have implemented new procedures to “streamline” the short sale process.
One homeowner, apparently tired of the runaround, decided on a new negotiating tactic. I wouldn’t recommend this approach but it is definitely the poster child for the frustration many distressed homeowners are feeling.
If you would like to speak to a specialist to help you stop foreclosure, please call or email us.
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Stop foreclosure
Temecula homeowners frustrated with their lender’s approach to handling their loan modification/short sale, may have another plan to help them Stop Foreclosure.
the Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program.
Bloomberg reported that the proposal was reviewed by lenders last week on a White House conference call, “prohibits referral to foreclosure until borrower is evaluated and found ineligible for HAMP or reasonable contact efforts have failed,” according to a Treasury Department document outlining the plan.
At present, lenders can initiate foreclosure proceedings on any loan that hasn’t been submitted for HAMP eligibility. Under current HAMP rules, foreclosure litigation can proceed while borrowers are under review for the program or even in a trial modification.
The proposed changes would prohibit lenders from initiating new foreclosure actions before loan screening by HAMP and would require lenders to halt existing proceedings for borrowers once they are in a trial repayment plan.
This will definitely make the conversations at the “tea parties” very interesting.
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To speak with a foreclosure prevention specialist, please call or email us.
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