New California $10,000 Tax Credit for Home Buyers If you purchase a principal residence between May 1st, 2010 and Dec. 31st 2010 and close escrow by Aug. 1st 2011, you will be eligible for a $10,000 tax credit from the state of California.
New California $10,000 Tax Credit for Home Buyers If you purchase a principal residence between May 1st, 2010 and Dec. 31st 2010 and close escrow by Aug. 1st 2011, you will be eligible for a $10,000 tax credit from the state of California. Dear C.A.R. Member: I’m gratified to report that late this afternoon, Gov. […]
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Loans Going Bad Faster
Loans Going Bad Faster Than the Fixes The good news is the pace of loan deterioration is slowing. The bad news is we are still seeing record high delinquencies, and new delinquencies are outpacing loss mitigation efforts. Lender Processing Services put out its Mortgage Monitor report today, and the numbers are really staggering. Loans delinquent/in […]
Program Will Pay Homeowners to Sell at a Loss In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. This latest program, which will allow owners to sell for less than […]
Real estate slump will end next year: America’s most listened-to investor Warren Buffett said the United States residential real estate slump will end by next year, predicting that’s how long it will take demand for homes to catch up with the supply. “Within a year or so, residential housing problems should largely be behind us,” […]
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Mortgage Loan Workout Options
Mortgage Loan Workout Options Forbearance. Lenders may let you make a partial payment, or skip payments, if you have a reasonable plan to catch up. Tell your lender if you expect a tax refund, a bonus, or a new job. Reinstatement. Reinstatement refers to making a payment that covers all your late payments, usually at the end of a forbearance period.Repayment Plan. If you can’t afford reinstatement, but can start making payments to catch up, the lender may let you pay an additional amount each month until you are caught up. Loan Modification. Your lender may agree to amend your mortgage to help you avoid foreclosure. The options include: Adding all the missed payments to the loan amount and increasing the monthly payment to cover the larger loan. Giving you more years to pay off the loan, lowering the interest rate, and/or forgiving part of the loan, to lower your monthly payment. Switching from an adjustable‐rate mortgage to a fixed rate mortgage, so you aren’t exposed to increases in your monthly payment. Requiring amounts for taxes and insurance to be included with your monthly mortgage payment so you avoid big bills in addition o your mortgage. Sign Over the Property to the Lender in Exchange for Debt Forgiveness. This can hurt your credit, but is better than having a foreclosure in your credit history.