HomePath is a special designation given by Fannie Mae to properties
in their portfolio that have been foreclosed on. Fannie claims their goal is to sell these properties in a timely manner in order to minimize the impact on the community. Houses labeled with a HomePath tag become eligible for special financing.
There is a loan limit of up to $729,750 ,depending on property location, for single family homes. Four unit loans available up to $1,403,400 in high cost areas. Minimum credit score is 600 although many investors will not approve loans at this score. Borrower must have 5% of their funds towards the purchase. Seller may offer up to 9% help on combined loan to value ratio, CLTV’s, less than 75%.
10 Important Facts About HomePath Homes
1. Fannie Mae will not accept contingent contracts on the sale of your home.
2. You must use a Realtor® to purchase a HomePath property.
3. You can choose your own title company.
4. Fannie Mae sells properties “as is”.
5. Properties listed for sale include single family homes, townhouses and condos.
Education is the next strategy the Federal government will use to prevent foreclosure to homeowners who can’t keep up with their mortgages. It is felt that the more informed the homeowner is the better their housing decision will be.
The Advertising Council, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury announced this Wednesday the launch of a new public service announcement (PSA) campaign designed to encourage homeowners struggling with their monthly mortgage payments to reach out to the government for help through the Making Home Affordable foreclosure prevention program.
The program, first established and introduced in February 2009, offers free help resources to eligible homeowners through the Federal Government. Since its inception, Making Home Affordable has offered help to over 1.5m homeowners, 1.3m of which have started a trial plan.
“We are proud to partner with the Treasury and HUD on this critical campaign to educate Americans about free resources available to help them prevent foreclosures,” said Peggy Conlon, president and CEO of the Ad Council. “We hope Americans who are struggling will be empowered by these compelling PSAs and take simple actions to help them stay in their homes.”
The PSA campaign comes after a long list of other government implemented funds and programs to keep homeowners in their homes such as the Hardest Hit Fund and the Home Affordable Modification Program(HAMP). iServe Servicing CEO Richard Cimino said that defaults and foreclosures drive the market price of the homes down. So keeping Americans in their homes with mortgages they can afford would limit the amount of both defaults and foreclosures, driving market prices up.
The Ad Council plans to distribute this educational programs to over 33,000 media outlets nationwide, including television, print, radio and web-based. Although the Ad Council did not state exactly when the PSAs will be aired, the videos are currently available for view at the Making Home Affordable Programs official website.
Financial Crimes Enforcement Network (FinCEN) latest report on 06/17/2010 shows the number of suspicious activity reports (SARs) from financial institutions related to foreclosure scams dramatically increased last year.
The report also noted that the type of foreclosure scams also evolved during the reporting period, which covered Jan. 1, 2004, through Dec. 31, 2009. FinCEN said foreclosure rescue scams increased substantially in the last eight months of 2009.
“The increase in reporting of suspected foreclosure rescue scam activity could mean that there is an increase in fraudulent activity, but it also reflects an increase in awareness among financial institutions of the fraud perpetrated,” said FinCEN Director James Freis Jr.
In addition to the increase in reported activity, the analysis shows that the nature of foreclosure rescue scams had shifted. Early SARs identified subjects pretending to be loan modification or foreclosure rescue specialists. and they target financially troubled homeowners with promises of help.
The scams involved the homeowners signing quit-claim deeds, and resulted in loss of equity in or title to their property. The scammers used straw borrowers, who misrepresented income, employment, or occupancy, or provided other fraudulent information to deceive a new lender into making a new mortgage loan.
The scams described in later SARs reflect an evolution into advance fee schemes, in which purported loan modification or foreclosure rescue specialists promised to arrange modification of a homeowner’s mortgage for more favorable repayment terms. Following receipt of large advance fees, scammers rarely, if ever, provided any service. A variation of the advance fee scam involved phony debt elimination programs in which the homeowners paid advance fees and were instructed to contact their lenders with specious assertions that the original mortgage debt was illegal.
The chart shows the top 10 metropolitan regions, ranked by the concentration of local subjects of all mortgage loan fraud SARs reported between Jan. 1, 2009, and June 10.
Location
Subjects
Rank
Miami-Fort Lauderdale-Pompano Beach, FL
5,029
1
Los Angeles-Long Beach-Santa Ana, CA
4,839
2
New York-Northern New Jersey-Long Island, NY-NJ-PA
3,447
3
Chicago-Naperville-Joliet, IL-IN-WI
2,973
4
Washington-Arlington-Alexandria, DC-VA-MD-WV
1,848
5
Riverside-San Bernardino-Ontario, CA
1,791
6
Phoenix-Mesa-Scottsdale, AZ
1,674
7
Atlanta-Sandy Springs-Marietta, GA
1,667
8
San Francisco-Oakland-Fremont, CA
1,364
9
Orlando-Kissimmee, FL
1,326
10
FinCEN, part of the Department of the Treasury, administers the Bank Secrecy Act. Its analysts research and analyze reports submitted under the Act. In addition, in the fall of 2009, FinCEN became a participant in the Obama Administration’s Financial Fraud Enforcement Task Force.
According to analysis of recent Zillow Real Estate Market Reports, U.S. homes lost $489 billion in value during the first 11 months of 2009, significantly less than the $3.6 trillion lost during 2008. Furthermore, 48 of the 154 markets tracked by Zillow, or nearly one in three, showed gains in home values during 2009.
The stabilization in home values reduced rates of negative equity in the third quarter of the year. Twenty-one percent of single-family homeowners had mortgages underwater, or greater than the value of their homes, compared with 23 percent in the second quarter.
Negative equity has been one of the biggest banes of homeowners, making many unqualified for home loan refinancing and preventing some from selling. Borrowers with negative equity are more prone to defaults and foreclosures.
Sales have surged in recent months as buyers scrambled to take advantage of the government's first-time home buyer tax credit, which was originally set to end November 30. Last month the Obama administration extended the $8,000 first-time home buyer tax credit, added a $6,500 credit for home owners buying a new residence and increased income limits. Eligible borrowers must sign contracts by April 30 and close loans by June 30.
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.
Many people are finding themselves in a situation of, pay the neighbor’s bills or else lose their home.
Know anyone in this situation of having to pitch in more than their fair share on the utility bills? We’d love to hear about it. Send us your comment and sound off.
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
With the U.S. economy and financial markets showing some signs of life, optimistic analysts are looking for a recovery in the all-important housing sector. They got some ammunition recently from the National Association of Realtors (NAR), which said that its Pending Home Sales Index jumped in April by the most in more than seven years.
But housing can’t revive as long as the market is being flooded with homes that are falling into foreclosure. And far from going away, the problem is broadening.
It’s not just about subprime anymore. Now, people with excellent credit who never dreamed of getting in financial trouble are being dragged down by a dangerous cycle of rising unemployment and falling home prices. That is likely going to prolong the foreclosure crisis and, inevitably, inhibit the recovery of the rest of the economy.
The biggest factor in this second wave of foreclosures is the inability of distressed homeowners to sell in order to pay off their debts. According to research by the NAR, there are enough $750,000-plus homes on the market to cover more than 40 months’ worth of demand at the current rate of sales. That’s four times the rate of oversupply in the housing market as a whole.
Many economists and researchers believe that even if foreclosures don’t rise, the rate is already so high that it will put considerable pressure on the national housing market for at least two more years.
While forecasts differ in detail, the clear message is that foreclosure is going upscale. This means the housing bust won’t end anytime soon, and is affecting people who never thought it would.
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
During his campaign for the presidency, Barack Obama explained where he stands on many of the economic issues that matter most to Americans.
On foreclosures, Obama wants the government to step in to help homeowners facing foreclosure.
– Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.
– Require any financial institution participating in Treasury’s Troubled Asset Relief Program to put a 90-day moratorium on foreclosures for homeowners “acting in good faith.”
– Create a 10% tax credit for homeowners who do not itemize their taxes.
– Create a $10 billion fund to help victims of predatory loans.
– Authorize bankruptcy judges to reduce mortgage principal.
“…If the government can bail out investment banks on Wall Street, then we can extend a hand to folks who are struggling on Main Street.” — Obama*
What do you think? Can the new President-Elect deliver on these campaign promises? We’d love to hear your opinion.
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
Sales of existing homes rose in September, but prices continued to drop, according to the latest reading on the battered housing market by the National Association of Realtors. The report shows sales by homeowners jumped in September to an annual pace of 5.18 million, up 1.4% from a year ago. It was the first time that sales rose compared to a year earlier since November 2005.
Sales got a boost last month because prices continued to fall. The median price of a single-family home fell 8.6% from a year ago to $190,600. The median price of all homes sold during the month – including single-family homes, townhomes, condominiums and co-ops – fell to $191,600, down 8.8% from $210,500 a year ago. Before the start of the current housing slump, it had been 11 years since prices fell compared to a year earlier. Experts say foreclosed properties are driving this sales jump.
The report offered some encouraging news, with the excess supply of homes on the market falling in September. Realtors estimated that there are now 4.3 million homes available for sale, which represents a 9.9 month supply. That is down from the 10.6-month supply in August. But that number could rise back above 11 months if sales begin to sink again and foreclosures continue to escalate.
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
Housing is at the root of the financial crisis, and preventing foreclosures could bring a double-barreled benefit. It would allow families to remain in their homes and could also help keep the housing market from spiraling out of control. The more foreclosed homes that get dumped on the market, the more home prices will fall. The idea of helping Main Street has an undeniable appeal.
Given all the other imperfect emergency measures that the U.S. government has taken in recent weeks, it can certainly do more to stem foreclosures than it has. The Treasury Department’s $700 billion bailout fund, as it’s now structured, may spend almost nothing on troubled mortgages.
There are two separate groups of people who are at risk of foreclosure, and they often get muddled in any discussion of the housing crisis.
The first group is made up of people who, for whatever reason, will not be able to make their monthly payments. Some took out mortgages with initial monthly payments that they couldn’t afford. Others took out adjustable-rate mortgages whose monthly payments have ballooned to an unaffordable level. Still others have lost their jobs.
The second group is quite different. It is made up of people who are at risk of foreclosure not because they won’t be able to keep up with their monthly payments – but because they may decide they don’t want to continue making them. These are the homeowners who are “under water,” which is to say their houses have lost so much value that they’re now worth less than the underlying mortgage.
In recent weeks, several intriguing ideas for helping homeowners have begun making the rounds. So who should be rescued? Tell us what you think.
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
With the huge number of homeowners facing foreclosure, it is true that your lender does not want your home. In fact, mortgage lenders are also victims in this crisis (believe it or not) as well. Your problem has become their problem!
With 8 homes in every 1000 currently in foreclosure (and many, many more on their way), banks are in no hurry to take your home. They will run themselves out of business if they were to take back the homes of all their high risk mortgages. Most lenders are willing and eager to find a way to keep you in your home. The key is to act sooner rather than later so you have as many options available to you as possible. Don’t let fear keep you from contacting your lender to see if there is a workout plan available to you.
Homeowners who have one big mortgage payment and 5 smaller credit card bills make the mistake of sending in money to these credit card companies and others. After all, if there are six people calling and demanding money, making five happy means fewer calls for you and fewer headaches in the short run.
In the long run, this is a critical mistake!
At some point you will need some money to save your home. Many options exist to stop a foreclosure; but they all require at least one month’s mortgage payment.
So start saving some money for your lender. After all, if you stop making your credit card payments, they give you a bad entry on your credit report. If you can’t work out a loan program with your lender, they will take your home.
Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.
We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.
We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com
