Napa Solano Yolo real estate blog

NAR- National Assoc of Realtors is busy contacting Congressional leaders this month trying to get them to consider extending this worthwhile tax credit.

The $8000 federal tax credit is really a help for first time homebuyers (and any others who have not owned real estate in the past 3 years).

Your tax advisor will assist you in understanding how this credit works for you in your tax situation.

Call your congressman for support too. The current credit is set to expire on Nov 30th, this means your escrow must close by that date or the credit does not apply to you.

Time is nearly out to purchase a home under this program. You must close escrow by Nov 30th, with the new lending regulations, it takes nearly 60 days to close escrow due to disclosure notices, new HVCC appraisal rules and the last minute rush of buyers cashing in on this tax credit.

There is a movement to extend the expiration but that is not a certain thing. November 30 is certainly a reality.

Interest rates held steady at the last Fed meeting last week. Lenders are ready for the rush.

Call me today to see what's available right now. Don't delay.

California Association of Realtors Financing Programs- Comprehensive Manual

Government programs, local and state.

Financing options.

Federal homebuyer Tax credit details.

Mortgage Protection Program

Income criteria

Loan information

Home Investment Partnership Program

203b loan info

203k info

HUD homes (I am a registered HUD home buyer agent)

Energy Efficient mortgages

MCC program

RMCC program

Cal HFA

Cal 30

SMART loan program

AHPP

Home mortgage qualifying worksheet

Don't pay a fee in advance for any company that promises to modify your loan.

First of all, you can easily call your mortgage lender or bank yourself and find out if they will modify your mortgage.

Click here for a consumer alert from the California Department of Real Estate concerning loan modifications.

In most cases the bank will ask you to supply financial information directly to them so they can assess your situation.

If you are behind on your payments or if you have missed payments, in California it really doesn't seem to make much of a difference Hope for Homeowners is for homes that are slightly lower value than what it was purchased for originally.

If you cannot make your payments, after four months your bank will most likely file a notice of foreclosure with the county. This does not mean you are evicted from your property yet, it is basically a notice warning you that if you do not pay your late payments plus late fees and charges you will most likely be served with a notice of sale and ultimately your home will be returned to the bank that currently holds your mortgage.

Lately, some banks have sold their loans (individual home loans) to outside persons, investors, groups either in or outside the USA.

In most loan modification cases, your loan modification approval will be reviewed by more than one entity or person or lender. It can take a long time for this process to work. In many cases, if you have not or cannot make any payments to them, the foreclosure process can take your home.

This is because the original paperwork you signed to purchase your home said that the bank could take this action if you don't make your payments.

Each case, each bank, each situation is handled differently.

Please read the information in the California Department of Real Estate Consumer Alert link to find out more information on the loan modification process and how to protect your family from distress.

written by barbara.adams @yahoo.com

It has been made known to our local Realtor Assocation that many of our listings have been scooped up off the local mls data feed and sent into fabricated Craigslist or other online sites by scam artists saying these homes are "for rent" when in fact they are only for sale and the intention of the scammer is to collect deposits from their victims (potential renters responding to the ads).

The FBI has warned us to report this type of activity as it is happening on a national level, many of the con men are located in Nigeria, but not always.

If you drive by a property you believe to be for rent and you see a for sale sign on it, please call the listing agent's phone number on the sign and ask them if the house is for rent.

Do not place a deposit on a home unless you are certain you are in contact with the owner of the property or their property manager agent.

All licensed real estate agents are now required to give you their California Department of Real Estate License number the first time they hand you any printed material since July 1, 2009.

Meet the property manager in person either at their office or at the rental property, this will insure that you are in fact dealing with the right person.

Also be aware of and ask the agent or owner if the property is in foreclosure or if the mortgage payments are being made in a timely manner. It is your right to know this information to protect yourself, ensure you are signing a valid rental lease contract so you can be certain that you will have a place to live for the duration of your lease period.

The best way to protect yourself is to work with a reputable licensed local property management company to find the home, duplex, condo or apartment you are looking for. Don't send money or personal information to strangers.

written by barbara.adams@ yahoo.com