$700 Million Federal Program to Assist Homeowners from CalHFA

The California Housing Finance Agency yesterday announced that they will be allocating up to $700 Million in a new Federal Program to help California’s neediest homeowners struggling with mortgages payments remain in their homes. This funding alone will not solve the significant problems in the housing market that California families face, but combined with other initiatives by state, local and federal governments as well as the private sector, this will contribute to stabilizing California’s housing market.

This follows an announcement by the Obama Administration that CalHFA is one of five state housing finance agencies slated to receive a total of $1.5 billion from the federal government’s Emergency Economic Stabilization Act of 2008. In addition to California, the funds will support efforts in Arizona, Florida, Michigan and Nevada. All five states have seen average home prices decline by 20 percent or more. Under the Obama administration’s plan, the funding can be used for innovative programs to assist unemployed homeowners, homeowners who owe significantly more than their homes are now worth and for those facing challenges associated with second mortgages. The programs will be available to homeowners, regardless of whether their mortgage was initially financed by CalHFA.

Major Scottsdale Resorts Facing Foreclosure

Scottsdale Resorts
The popular warm weather destination of Scottsdale, Arizona has had its second announcement of a major resort facing foreclosure in just a few weeks.

The InterContinental Montelucia Resort & Spa which has 293 rooms has been announced that it is heading towards foreclosure and scheduled for disposition on April 28 after its opening last fall. There is also the W Scottsdale which hit foreclosure a few weeks ago.

According to releases from press and media is that the owners of the Montelucia is having a troubles with a $185 million mortgage held by Eurohypo AG of Germany.

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Obama’s proposed solution to get out of the housing mess

Save Your House
One solution the administration of President Barack Obama is seeking is a change to federal bankruptcy laws that would allow federal judges to restructure mortgages of struggling borrowers.

Senate Democrats are advancing legislation that would allow judges to reduce the principal or “cram down” the amount owed for the primary residences of borrowers who have sought Chapter 13 bankruptcy protection. Chapter 13 is a bankruptcy status that allows debtors to retain assets and pay back their debts over three to five years.

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Foreclosure Homes Going Cheap

Foreclosure Homes Going Cheap
There are many persons right now who can’t even stand to hear the word Forclosure because of what that word means to them. It means that they lost there house to that simple word. But do you know what is foreclosure? It is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan.

Here is the fun part you can gain from previous homeowner’s lost. Did you know? Because these houses where owned and repossessed they are being sold for basically what was owed on the mortgage. So whenever you hear of a Foreclose Auction go out and see you may just end up with a house for less than you think.

Foreclosure News: Feds to the rescue?

Foreclosure HomeThe Federal Deposit Insurance Corp. along with the Treasury Department are working on a major program to prevent widespread foreclosures and would have guarantees of government home mortgages.

They will use $50 billion of the recent $700 billion bailout package, This will provide approximately $500 billion to $600 billion in government guarantees on at-risk mortgages. With this in effect it will require banks,savings and loans to offer loans with lower interest rates for a five-year period.

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5 Ways to Find Deals on Foreclosed Homes

Foreclosure Home SignIt’s harsh but true: You can benefit from others’ misfortune. The rise in foreclosure means that those in the market to buy a home can find great deals on houses that have been reclaimed by lenders. They are often sold for prices well under their market value because their owners are eager to unload them. Well here are five ways in which you can find the houses up for foreclosure and benefit from others’ misfortune. Find all 5 tips after the jump….

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7 Big Reasons To Invest In Pre-Foreclosures

Hey! here is another helpful article that i want you share with you. Real Estate investing is a good wealth builder and the transition from working a job to achieving wealth through real estate investing is becoming increasingly well documented. so here are 7 Reasons to invest in pre-foreclosures.
1) When people are in default on their mortgage they have stopped making payments to the bank. So when you are negotiating with the seller, and the bank, right up until the point where you buy, no-one is making the payments. For novice investors worried about holding costs this is a huge advantage.
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Step 1 of a 7 Step guide to Aquire a Foreclosure

ForeclosureLet’s assume you found a property from one of the foreclosure sites I mentioned in my previous post How to Find Foreclosures – Where Do I Start? or in a legal notice from your newspaper. You’re excited with the information you read about the property and you’re ready to start doing additional research. At this point it’s a good idea to go look at the property before you spend any of your time processing the legal work. Until you do that, you don’t even know what the neighborhood looks like,  the condition the property is in, and if it’s vacant or not. If you don’t know these simple things about the property, you’ll never know Read more »