Obama Announces changes to HARP Loan modifications for all Fannie and Freddie Mac Loans?

This is breaking news as the Obama administration has side stepped Congress to help underwater homeowners refinance their higher interest loans at today's lower rates.  This could be a big step forward to helping underwater homeowners here in Manatee and Sarasota counties get into a more manageable payment that they can afford.

 

Some big unanswered questions.

 

1.  Will this program help people who are behind in their payments?  Or just upside down and current?

 

2.  Will this program expand to non Freddie Mac and Fannie Mae loans?  (I would hope so)

 

3.  What will be the credit requirements to obtaining a refi?

 

4.  Will principle reductions be a part of the equation?

 

 

Home Affordable Refinance Program (HARP) Changes

 Today, the Federal Housing Finance Agency announced enhancements to the Home Affordable Refinance Program (HARP), and extended the program until Dec. 31, 2013. The changes are designed to expand the number of borrowers with little or negative equity who can qualify for refinancing. It is possible you will receive calls from customers inquiring about their eligibility for the program. Wells Fargo will be working as quickly as possible to have the changes in place and available to borrowers. However, we will not be able to determine when we will be able to offer the program enhancements until we receive the specific program guidelines – expected in mid-November – and have the chance to interpret them and make the appropriate process and potential systems changes.

Here are talking points you can use if you receive inquiries:

·         The Home Affordable Refinance Program allows homeowners in good payment standing, whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, to refinance and take advantage of today’s low interest rates.

·         The program is especially helpful for customers who cannot obtain a standard refinance because their property value has declined.  

·         The Federal Housing Finance Agency announced enhancements to this program today that will allow more customers to qualify.

·         Only borrowers with a loan sold to Fannie Mae or Freddie Mac before May 31, 2009 are eligible to refinance through HARP. In addition, borrowers who already have refinanced through HARP are not eligible to refinance through the program again.

·         Fannie Mae and Freddie Mac plan to send the program guidelines required to offer this program to all lenders in mid-November. When we receive them, we will work quickly to make the changes required to support the implementation, including any potential changes to our systems in order to offer the program to our customers as soon as possible.

·         It will take some time until the new HARP features will be available through Wells Fargo.

In the meantime, the current Home Affordable Refinance Program remains available for customers who qualify and borrowers who aren’t eligible for HARP may qualify for other refinancing options.

 

U.S. to overhaul mortgage-refinance program: WSJ

By Michael Kitchen

LOS ANGELES (MarketWatch) -- The Obama administration plans to announce major changes to a mortgage-refinance program that include eliminating restrictions for those whose homes have fallen significantly in value, The Wall Street Journal reported late Sunday, citing unidentified U.S. officials. The overhaul to the "under-used" program would also end required appraisals and extensive underwriting for most participants, so long as they have stayed current on their mortgage payments, the report said. President Barack Obama is slated to speak on the changes at a speech Monday, the report said.

·         Requires borrower to be current on their loan payments—no other requirements

·         Makes no difference how far underwater their home is

·         Will eliminate appraisals and extensive underwriting requirements for most borrowers

·         FHA, Fannie Mae and Freddie Mac have agreed to eliminate some fees in some circumstances

·         CoreLogic estimates 20 million homeowners could qualify—one out of four homeowners in the country

·         At a $400 per month loan payment reduction ($4,800 per year pre-tax), this potentially could put $96 billion annual in consumers pockets without increasing U.S. government or consumer debt 1 cent – consumers spending that would spur an economic recovery

·         Could potentially keep one out of four distressed properties off the market significantly reducing shadow inventory and expediting a recovery in the housing markets

·         Federal government will collect more income taxes as homeowners will have less interest deductibility

·         Since none of these existing loans had prepayment penalties, all current investors in those loans knowingly had the potential of repayment at any time

Posted via email from Joe Murphy Knows Real Estate in Bradenton

New loan modification program from Freddie Mac

There may be hope for those that have tried for a loan modification without success.  Freddie mac has announced that they will have a program for modifying delinquent borrower's mortgages for those that have tried, and failed prior modifications, and also for those that do not qualify for the HAMP program.

 

I have heard of lots of talk of loan modification programs, but I am always hopeful that the idea of permanent loan modification for troubled borrowers could become commonplace.  This new modification program is set to begin in January.  

 

To find out if you have a Freddie Mac loan to be eligible, check out their loan look up tool, here you can find out if Freddie mac owns your mortgage.

 

https://ww3.freddiemac.com/corporate/

 

 

In the hundred plus short sales that I have helped sell for customers here in Sarasota and Bradenton, I would estimate that more than half had tried, unsuccessfully, to modify their mortgage.  They typically call me when they reach a point of frustration dealing with all the paperwork that needs to be submitted, and the slow process.  Usually only to find out that they do not qualify.

 

In the Freddie Mac program the borrower must be at least 60 days past due.  The mortgages that are modified will have the interest rate set to 5% and have the term of the loan extended to 40 years.  What help make this program work is that Freddie Mac will offer cash incentives up to 1,600 dollars for each approved modification.  That's cash to the lender/investor.  Giving the lender a financial incentive to modify just make the difference.

 

One other interesting points to the program is that being 'owner occupied" is not a requirement for the program, so this can potentially help investors that own rental properties obtain a modifications as well.  usually being not a primary residence disqualifies a loan for modification,

Once the borrower is approved for the modification, they will be in a 3 month trial process, and if they can keep their payments current, the modification becomes permanent.  I have heard from many people that have had a modification and a trial payment period find out that at the end of the trial the loan modification was not approved, usually without a concrete answer as to why. 

 

Here in Sarasota and Bradenton we have almost half of all homeowners underwater owing more than their home's value.  There are over 16,000 active foreclosures on the market in just Manatee county.  That does not even take into account the properties that are delinquent, and not yet into the foreclosure pipeline.  Hopefully this new Freddie Mac Loan modification program will be able to help home owners here in Sarasota and Manatee counties avoid foreclosure, or having to short sale properties that they would rather keep. 

 

If you need help or advice about buying, selling property here in Sarasota and Bradenton please feel free to contact me.  Joe Murphy, Short sale expert for the Sarasota and Bradenton area.

 

  

JOSEPH MURPHY, P.A.
941-780-3260 cell/text
941-739-9120 fax
joe@manateemoves.com
manateemoves.com

COLDWELL BANKER RESIDENTIAL RE
11215 SR 70 East SUITE #105
Bradenton, FL 34202

Posted via email from Joe Murphy Knows Real Estate in Bradenton

Shadow Inventory of Foreclosures in the Major markets, a real EYE opener

We all hear about the "shadow inventory" issues our country is facing, these graphics are really amazing at showing all the upcoming foreclosures throughout the country.  This is a major problem, that will be with us for some time.  What do you think of these maps?

 

 

THIS IS A STARTLING SET OF PICTURES!   Note: The red dots show homes currently in foreclosure. The slide title describes the fraction of homes that received foreclosure filings in 2010 Although some of the worst hit areas in Nevada, California and Florida improved from 2009, the foreclosure rate in these areas remains high. For a way to visualize the foreclosure crisis, they borrowed a Google maps technique described by Barry Ritholtz . Keep scrolling down, Las Vegas is the big winner/loser with its number of foreclosures. 20) Boise, Idaho -- 1 in 21 homes in foreclosure (The red dots show all foreclosures in process) Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 19) Sarasota, Fla. -- 1 in 21 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 18) Lakeland, Fla. -- 1 in 21 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 17) Tampa, Fla. -- 1 in 20 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 16) Port St. Lucie, Fla. -- 1 in 19 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 15) Sacramento, Calif. -- 1 in 19 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 14) Naples, Fla. -- 1 in 18 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 13) Deltona, Fla. -- 1 in 17 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 12) Bakersfield, Calif. -- 1 in 17 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 11) Reno, Nev. -- 1 in 16 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 10) Vallejo, Calif. -- 1 in 16 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 9) Orlando -- 1 in 15 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 8) Merced, Calif. -- 1 in 14 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 7) Stockton, Calif. -- 1 in 14 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 6) Riverside, Calif. -- 1 of 14 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 5) Miami -- 1 in 14 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 4) Phoenix -- 1 in 14 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 3) Modesto, Calif. -- 1 in 14 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 2) Cape Coral, Fla. -- 1 in 12 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. 1) Las Vegas -- 1 in 9 homes in foreclosure Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. BONUS: USA -- 1 in 46 homes in foreclosure Image: Courtesy of Google Maps Note: The red dots shows homes currently in foreclosure.. The slide title describes the fraction of homes that received foreclosure filings in 2010. How 's that  " Hope & Change "  working out for ya?

 

 Provided by:

 

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State License Numbers: NH - NH9440 - 13931-MB,

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Posted via email from Joe Murphy Knows Real Estate in Bradenton

A few nice high end bank owned homes hit the market.

High-end foreclosures have had a recent bump in the past few weeks.  I have a link below that will take you to a few unique and some bargain bank owned homes.  In case you are curious, or know anyone looking to move up this is a great time as these homes are now half price, or less than their respective values 5 years ago. 
 
 
There has been an increase in some higher end homes very recently coming on the market.  Some very nice homes here, in case you were interested, or knew anyone looking for a luxury bargain. 
 
 A few are unrealistic with prices, but offers are always welcome! 
 
This is a great time to be looking at this price range as there are less buyers in the market for the next few months before season begins.
 
Have a great night,
 
Joe Murphy

JOSEPH MURPHY, P.A.
941-780-3260 cell/text
941-739-9120 fax
joe@manateemoves.com
manateemoves.com
COLDWELL BANKER RESIDENTIAL RE
11215 SR 70 SUITE #105
Bradenton, FL 34202
E-mail: joe@manateemoves.com
04-Res Customer Gallery
06-Res Customer Gallery w Map

Posted via email from Joe Murphy Knows Real Estate in Bradenton

Rental listing in Waterlefe- Very nice 4000 sqft pool home

Looking for a quick move in?  Here is an great canidate.  10904 Big Bass Place in Waterlefe is available for a move in August 1, 2011.  Asking 3,495 a month including lawn and pool care.  This home is upgraded to the Max!  Huge master bedroom, fireplace, outdoor kitchen, big upstairs bonus room too.

 

Waterlefe is a gated waterfront golf course community in East Manatee county.  Located on the manatee river.  Check this one out, you won't be disappointed.

 

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Regards,

 

 

 

JOSEPH MURPHY, P.A.
941-780-3260 cell/text
941-739-9120 fax
joe@manateemoves.com
manateemoves.com

COLDWELL BANKER RESIDENTIAL RE
11215 SR 70 SUITE #105
Bradenton, FL 34202
E-mail: joe@manateemoves.com

Posted via email from Joe Murphy Knows Real Estate in Bradenton

Now You Can Substitute a New Buyer for One Who Walked Without Restart, Awesome news!

This should really help speed up the process when short sale deals fall apart.  Nothing worse then getting a deal approved, and the buyer cancels the deal.

 

I am glad to see that Bank of America is using some common sense on the realities of short sale.

 

Now You Can Substitute a New Buyer for One Who Walked Without Restart

As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale.  This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist.  This change will save you time by not having to repeat a number of process steps. When a Backup Offer Is Ready You should send a message to your short sale specialist via Equator when the original buyer is no longer interested in the property.  Your short sale specialist will then respond to you within two business days and ask if you have a backup offer ready to submit.  If you have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps.  The short sale status in Equator will change to "Marketing," and you will be directed to complete the following tasks within 14 business days:    ·         Complete the "Listing Data" task. ·         Provide the marketing description. ·         Review the marketing plan. ·         Upload the offer.  (To do this in Equator, locate "My Properties," then "Offers" and select "Place New Offer.") If the "Listing Data" task is not completed and the new offer is not uploaded within 14 business days, the file will be closed. When No Backup Offer Is Ready This new process applies only if there's an available backup offer when a buyer walks.  If you do not have a backup offer ready to be submitted, the short sale will be declined.  In that case, you should return to marketing the property and initiate a new short sale in Equator once you receive another offer. A new educational guide, How and When to Submit a Short Sale Backup Offer, is available to explain the backup offer process.  If you have any questions, please contact your short sale specialist via Equator or call Customer Care at 1.866.880.1232. Visit the Real Estate Agent Resource Center at bankofamerica.com/realestateagent for additional educational guides, news and resources to help you complete short sales at Bank of America.

Unsubscribe Instructions This is a promotional email from Bank of America. You can unsubscribe from future promotional email, now or anytime in the future, by updating your Email Preferences. Questions / Comments: If you have any questions or comments related to Bank of America's short sale process please contact our Customer Care line at 1-866-880-1232 or visit bankofamerica.com/realestateagent Privacy and Security Keeping your financial information secure is one of our most important responsibilities. For an explanation of how we manage customer information, please read our Privacy Policy. You can also learn how Bank of America keeps your personal information secure and how you can help protect yourself. Bank of America Short Sale 8th Floor, 101 S. Tryon St. Charlotte, NC 28255-0001

Posted via email from Joe Murphy Knows Real Estate in Bradenton

sweet condo on the river just came active boat dock included low 100's 2/2

If you are looking for a place to keep your boat, and have a place to live too, than you might want to call me.  This deal is

less than what boat slips alone were costing a few years ago.  Email me for more details.  For the boater this is a gem.

Joe Murphy 941-780-3260

See the full gallery on Posterous

Posted via email from Joe Murphy Knows Real Estate in Bradenton

Short Sale Approved in less than 24 hours!

Submitted the contract and approved in less than 24 hours!  

Most everyone who has considered buying a short sale thinks that there is nothing "short" about a short sale.  This is not always the case!

Time frames for a short sale offer to be approved typically are measured in months not days.  This was my fastest approval for my career.  The offer was executed on Saturday, and submitted in over the weekend.  By 5 pm on Monday, we had a written approval from Wells Fargo for the short sale to close within 30 days.

Wells Fargo home mortgage company has never worked this fast before!  A lot of the credit has to go to the sellers who had applied for HAFA benefits well before the offer was submitted.  They were approved for HAFA, and in fact are getting a moving credit too.

If you know someone that needs help with a home that has a mortgage for more than it's value, then a short sale should be seriously considered as an alternative to foreclosure.

I have noticed a big drop in the active inventory of short sales here in the Sarasota and Bradenton Real Estate market.  I am hopeful that this is a sign of how things will go now that the major lenders like wells fargo, bank of america, chase, and fannie/freddie have the systems in place to get through all the files.

Also, with the recent slow down in listing inventory, I think that the stacks of files that have clogged the system will diminish.

If you need help from a short sale expert here in Manatee and Sarasota county, make sure to give me a call.  Joe Murphy, Short sale expert for Sarasota / Bradenton.

COLDWELL BANKER RESIDENTIAL Real Estate
11215 SR 70 SUITE #105
Bradenton, FL 34202
E-mail: joe@manateemoves.com

JOSEPH MURPHY, P.A.
941-780-3260 cell/text
941-739-9120 fax
joe@manateemoves.com
manateemoves.com

 

 

Posted via email from Joe Murphy Knows Real Estate in Bradenton

Just Listed! Short sale Updated- 1 bed 1 bath Near MCC condo 5400 26th St West J150

Just Listed!  Awesome investment opportunity in West Bradenton.  Walking distance to MCC/ Florida State College.  Owners paid 99,000 for the condo, and now comparable sales are less than 1/3 those prices.

 

Updated with a new, complete A/C system.  The condo has a great location in Bradenton, low monthly fees ($178 a month), two pools, and a nice feel with plenty of mature shady oaks.  This is an end unit top floor.  Not big, but nice and quiet tucked away in the corner of the development.  It has a nice screened lanai too.  The bathroom has just had new tile installed.  All Major appliances included even a stack able washer and dryer.

 

If you, or someone you know is interested in a great starter home, or a place near MCC this is a must see.  It is a single mortgage short sale with an attorney representing the sellers.  Experienced short sale team is in place

Call me today if you would like to see this great Bradenton, FL condo.

 

Joe Murphy, Coldwell Banker

941-780-3260

 

Real Estate Expert for Manatee and Sarasota Counties

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Posted via email from Joe Murphy Knows Real Estate in Bradenton