Archive for July, 2009
REFINANCING NEWS FROM HUD
Good news for those in need of refinancing
and they are upside down….the following statement was recently released:
1) WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration’s Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage. Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.
STAY POSITIVE
I know how hard it is to stay positive in today’s
real estate market….in your daily life — especially with the economic situation today. The news is doom and gloom and I often need to shut it off. My heart goes out to people who’s life has been affected by job loss, home loss, curtailment of income. When you’re used to everything being ok and then poof it’s changed, it’s a harsh reality.
I do stay positive and know that others are worse off. I believe that you bring more destruction to your life when you are constantly negative. Write down what you are thankful for and hopefully that will bring you around. Think of happy memories with your family or partner. How about a particular piece of music that brings back memories that are pleasant or calming.
Naturally, there will be times when you feel discouraged, but take a deep breath and stay confident that this too will pass. Collectively, we are all seeking the same thing and collectively we will come out of this as well.
WE’RE LOOKING FOR RAIN
This is typically the start of our monsoon season
here in the desert west. We’ve had an unusually cool start to the summer. While the temperatures have inched up — 100+ degrees, the cloud cover is amazing. I cannot recall in the recent past so many cloudy days. Not complaining, because it’s a nice change. However, the humidity is here and we all just wish it would rain.
Monsoons can be quite strong and they blow in and blow out. I love this time of year, the smell of the wet desert is so nice and a welcomed break. Now, if you are in the high country…..they get a good deal more rain than in the valley. We have a place in Show Low and we get plenty of rain along with the bluest skies and tall pines.
We are looking for the rain!!! Gives me a chance to bake like I used to when I lived in Chicago and the weather kept me indoors…
FORECLOSED PROPERTIES
Because I’ve recently had an experience with a
foreclosed property that didn’t close on time, I want to share with you how you keep on top of things during one of these types of transactions. First, be sure that you have an agent who is willing to stay on top of the transaction. This means that he/she is calling title and/or the selling agent at least weekly to find out how the process is moving along.
My deal was all cash and should have been a no brainer. However, there was an HOA involved and arrearage due. The HOA hired an attorney. Once they do that, it puts another element into the mix. When the HOA submits their invoice to title for transfer fees, etc., title then has to submit this statement to the bank holding the note on the property. If there’s an attorney involved, the cost will be higher. Just be sure that the attorney has a “breakdown” of their costs. The attorney for the HOA on my transaction did not and it held up the closing for an extra week putting my clients in a bind as they had already moved here from California.
I became the “squeeky wheel” and it did close, but my buyers could have walked…..you must be diligent in dealing with these transactions and also have an agent who will put in the time to make sure that you get the home you want!
