Angella's Real Estate Secrets & Insider Tips For Real Estate Investors

Mortgage Help for Unemployed – Home Affordable Unemployment Program (HAUP)

Starting July 1, homeowners can apply for assistance from the Home Affordable Unemployment Program (HAUP).
Mortgage Help for Unemployed, or HAUP, provides homeowners a forbearance of monthly mortgage payments, either reducing them or suspending them for at least three months.   Servicers can extend the timeline depending on regulatory guidelines.
In June, the unemployment rate edged [...]

VA Vendee Program Contact Info

Click HERE to download the VA Vendee Program Flyer.  See the previous two posts for all of the additional info (and people’s experiences) you might need.
The website to look at property selection is VA.REOTrans.com
Here’s a direct line to my Loan Officer – she has been very helpful:
Samye Carter
Mortgage Loan Officer
Purchase Division
800-850-7655 Ext 1562135
Fax 866-373-9498
samye.carter@bankofamerica.com
[...]

VA Vendee Program Facts

VA Vendee Program Facts & Info:
VA Vendee Financing Program offers 5% down financing for Real Estate Investors, and is now administered by the Bank of America.  It used to be called the VA Repo, or OCWEN program.
Click here to download a VA Vendee Financing Program flyer.
If you have access to the MLS, search for “veteran” [...]

VA Vendee Program Offers 5% Down Financing For Investors

VA Vendee Program Info & Questions:
VA Vendee Financing Program offers 5% down financing for Real Estate Investors, and is now administered by the Bank of America.  It used to be called the VA Repo, or OCWEN program.
I’m in the middle of qualifying for a VA Vendee Financing Program, AKA Veterans Administration Vendee Financing Program.   I [...]

What Is an All Inclusive Trust Deed (AITD)?

What Is an All Inclusive Trust Deed (AITD) or a Wrap Around Mortgage?  See a write-up below from Patrick McGurk

PROTECTING TENANTS AT FORECLOSURE ACT of 2009

PROTECTING TENANTS AT FORECLOSURE ACT of 2009 -This is the text from the newly passed federal law protecting tenants who are dealing with landlord foreclosure.
TITLE VII–PROTECTING TENANTS AT FORECLOSURE ACT of 2009
SEC. 701. SHORT TITLE.
This title may be cited as the `Protecting Tenants at Foreclosure Act of 2009′.
SEC. 702. EFFECT OF FORECLOSURE ON PREEXISTING TENANCY.
(a) [...]

$10,000 California First Time Home Buyer Tax Credit – Starts May 1, 2010

$10,000 CaliforniaFirst Time Home Buyer Tax Credit – Starts May 1, 2010
Assembly Bill 183, The Home Buyer Tax Credit – Keep in mind, folks, that this is a California First Time home buyer tax credit, not a Federal first time home buyer tax credit that expires at the end of April, 2010.   The CA [...]

Home Affordable Foreclosure Alternatives Program (HAFA): Overview

The Home Affordable Foreclosure Alternatives Program (HAFA) provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. HAFA alternatives are available to all HAMP-eligible borrowers who: 1) do not qualify for a Trial Period Plan; 2) do not successfully [...]

Bank of America to Forgive Some Mortgage Debt

Bank of America to Forgive Some Mortgage Debt – Good for some, but what about those who already did a loan mod, or are not upside down?  Do they get a break,too?   I think not!  By the way, I heard the principal reduction is by up to 30%.
Angella
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Amid mounting [...]

Government Tries New Fix For Mortgage Crisis – It’s Not Going To Work!

Government involvement in improving our economy didn’t work before, and it’s not going to work now.  All they are doing is wasting Billions of dollars of  taxpayers’ money on silly programs that will end up helping a few thousand homeowners.   I’d rather they take those billions and invest them into VA hospitals and rehab facilities.   At [...]

Loan Mortgage Modifications More Successful Lately

Loan Mortgage Modifications More Successful Lately -
As of last month, Bank of America Corp. had completed loan mortgage modifications for just over 5 percent of the roughly 240,000 borrowers who started the process. JPMorgan Chase & Co. and Citigroup Inc. were also below 10 percent.
The government “massively overestimated the ability of the mortgage industry to [...]

Piggyback Mortgage Plan – Release of 2nd Liens

‘Piggyback’ Mortgage Plan – will it work?
This article covers it all – Lenders who deserve what they got (for allowing ANYONE to take out a 2nd loan and trying to avoid the PMI); critics who claim it’s unfair to people who are still paying their mortgages on time and a bailout for banks that made [...]

FHA Wavies 90 Days Seasoning For One Year

FHA 90-Day Anti-Flipping Rule Waived For One Year – In an effort to stimulate home sales, HUD has announced that as of February 1st it will suspend its 90-day anti-flipping rule. This should have the effect of making FHA loans more easy to obtain for recently refurbished homes.
With certain exceptions, says HUD, “the FHA currently [...]

Home Affordable Modification Program (HAMP) Update

Home Affordable Modification Program (HAMP) Update – I missed this HAMP update yesterday. Although the changes are not all that relevant to most loan originators, struggling homeowners should take note.
From the release:
Critical Home Affordable Modification Program Waiver Granted to Participating Servicers
Effective today, a new critical Home Affordable Modification Program (HAMP) Waiver is granted to [...]

Mortgage Loan Limits for Conventional, FHA and VA

The mortgage loan limits and policies established in 2008 and 2009 will continue through 2010.
There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, FHA and VA loan limits to see how much can be financed with the most-widely originated loans.
If you borrow at or below the conventional mortgage [...]

The Real Reason So Many Home Loan Modifications Fail

This guy is so right, it’s not even funny!  Enough with wasting our tax payer’s money and dumping good money after the bad!!!!!!!!!!!!!!!!!!
Loan Modifications, or rather the majority of them, fail.  That’s the simple truth.  Want to know why?  Take a look at the article ( click here for a link).
If you are in the [...]

Mortgage Loan Modification Basics

Mortgage loan modification process is not as simple as many assume.  Here’s a link to a good LA Times article explaining mortgage loan modification programs, and what it takes to qualify for them – http://articles.latimes.com/2009/mar/22/business/fi-cover22
Some of the main points covered are:

Most people will not qualify for a mortgage loan modification under any program, because [...]

California Cracks Down on Mortgage Fraud

California now has new laws that are supposed to prevent homeowners and home buyers from mortgage fraud.
Legislation to increase protections for consumers in the lending market and provide law enforcement with more tools to crack down on deceitful mortgage practices was signed into law Sunday, October 11, 2009 by Gov. Arnold Schwarzenegger.
The bills are supposed [...]

Loan Modification Scams – No More!

Loan Modification Law Enacted –   On October 11, 2009 Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. Thus, California law now prohibits any person, including real estate licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or mortgage [...]