Home Foreclosures 51% of California Home Sales
home foreclosures
Home Foreclosures
The foreclosure listing firm RealtyTrac Inc. said in a report today that home foreclosures accounted for 31 percent of the market in the second quarter of 2011. The good news was that this was a smaller share of sales when compared to the previous quarter. Unfortunately this percentage of home foreclosure sales is approximately six times the amount that would be seen in a normal housing market! Read more 
Real Estate Foreclosures
real estate foreclosures
Real estate foreclosures — According a report by RealtyTrac, one out of every 9 homes in Las Vegas received some kind of default notice in 2010. But there is some good news: The foreclosure rate is actually dropping in Vegas, down 7% compared to the end of 2009. In fact, rates fell in all top 10 foreclosure markets of 2010. Read more
Improvement in Real Estate Short Sales
Real estate short sales
The Home Affordable Foreclosure Alternatives (HAFA) program, announced in November 2009 and fully implemented April 5, is the government’s answer to the problem. It’s a supplement to the February 2009 Home Affordable Modification Program (HAMP) that outlines a separate set of criteria for short sales or deeds-in-lieu to address the group of homeowners who are facing foreclosure because loan modification hasn’t worked out. Read more
California SHORT SALE TIP
San Diego California
In 2007 the federal government enacted the Mortgage Debt Relief Act which generally allows taxpayers to exclude income from the discharge of debt on their principal residence, with certain caps and restrictions.
Residents of California have recently been afforded similar benefits. You can get further details at the California Franchise Tax Board’s site: Read more
Home Foreclosure Help – Home Affordable Foreclosures Alternatives
home foreclosures
Home Affordable Foreclosures Alternatives, or HAFA, went into effect April 5. HAFA encourages short sales to avoid home foreclosures.
Under HAFA, banks must decide within 10 business days whether to approve or deny a requested short sale under the program. Banks already have an inventory of 1.1 million foreclosed houses, recent estimates by LPS Applied Analytics of Jacksonville, Fla., show. Many more will be heading for a short sale or foreclosure. The Mortgage Bankers Association said more than 9 percent of homeowners were behind at least one payment on their mortgages in the fourth quarter. LPS figures 4.8 million are delinquent or already in the start of the foreclosure process. The HAFA program can t reach many of those houses. Lenders participating in the federal government’s effort to encourage mortgage relief for distressed homeowners.
San Bernardino estate planning lawyers
New Home Short Sale Rules
The new short sale rules from the Treasury Department took effect this month, now troubled homeowners may be able to qualify if they meet the following conditions:
- The property is their principal residence;
- They are delinquent on their mortgage or close to it;
- The loan was made before Jan. 1, 2009, and is less than $729,750;
- The homeowner’s total payment exceeds 31 percent or before tax income.
- The loan is now a Fannie Mae or Freddie Mac loan. Fannie Mae and Freddie Mac are expected to release their own separate foreclosure avoidance guidelines. Read more