Short Sale & Foreclosure Resource Team

Family Avoids Foreclosure After Plant Closure

Mon, 17 Oct 2011 12:53:06 GMT

Family Avoids Foreclosure After Plant Closure

Dear Friend,

Here’s a quick note to let you know how we can help you or anyone you might introduce to us.

Tommy was the sole provider for his family, so when the Numi Auto Plant in Fremont closed its doors, it was devastating. His wife Sharon exhausted all avenues working with the bank’s loan modification department, but the bank denied all attempts. Due to the economy new jobs were hard to come by. The income from unemployment was not enough to cover the house payment and all the other bills. Knowing that they did not want to have a foreclosure on their permanent record Tommy and Sharon gave us a call.

We were able to negotiate with their bank, and got the bank to accept a short pay off on the loan, with them not owing another dime after the close. We were even able to get the bank to cover all of the expenses the seller would have had to pay to sell the home. On top of all that Tommy and Sharon received a check for $3000 from the bank to help with their relocation expenses.

Valerie Teixeira & Richard Wamsat, Roland Group Real Estate

(209) 403-8845 or (209) 613-4092

P.S. Who’s the next person you know who is not having any luck working with the bank and would like to avoid foreclosure? Be sure to give us a call so we can discuss how we can let them know about our services. Thank you!

Man Suffers Heart Attack After Losing His Job

Mon, 19 Sep 2011 13:44:49 GMT

Man Suffers Heart Attack After Losing His Job

Dear Friend,

Here is a quick note to let you know how we can help you or anyone you might refer to us.

Mark came to us after suffering a heart attack and was unable to work. After surgery his doctor released him to go back to work on light duty but unfortunately his company closed its doors and laid-off everyone. Mark suffered another heart attack and was placed on permanent disability.

Not being able to afford the payments, and with the medical bills piling up, Mark had to sell his home. Adding to the problem, Mark’s house was no longer worth what he owed on it and all of this stress was not helping his recovery.

We were able to negotiate with Mark’s lender and got them to agree to accept a short payoff on his home, with him not owing the bank another dime after close. We also got the bank to cover all of the expenses Mark would have had to pay to sell the home. Mark was able to move into an apartment with lower monthly payments. Enjoying a stress free life has enabled him to start exercising 5 days a week strengthening his heart. The doctors say that he is now strong enough to travel again.

Richard Wamsat & Valerie Teixeira

Roland Group Real Estate, (209) 613-4092 or (209) 403-8845

P.S. Who’s the next person you know who is stressing out over making their house payment each month? Be sure to give us a call to discuss how we can let them know about our services. Thank you!

Realtor Nominated the BEST of Manteca 2011

Thu, 17 Mar 2011 17:11:22 GMT

Realtor Nominated the BEST of Manteca 2011

By: Richard A. Wamsat III

From Best of Manteca 2011

This year I was honored with a nomination as the Best Realtor in Manteca for 2011. This is the 3rd time that I have received the nomination to the Best of Manteca, which is an award that is voted on by the public. Each year the Convention and Visitors Bureau, along with the Manteca Bulletin and the eManteca.com website encourage the public to submit entries (“nods”) of business’s and service providers that they feel represent the best Manteca has to offer. The three people that receive the highest number of “nods” are then voted on by the entire community and a winner is chosen.

You too can vote by visiting: http://emanteca.com/best_of_Manteca.asp . You can vote every day from now until April 15, 2011 (I'm in #37). An award ceremony will be held May 6, 2011.

If you or someone you know and care about are considering buying or selling a home and would like to work with “The Best Realtor in Manteca” give me a call at (209) 613-4092, or fill out the contact information at the bottom of this page or on www.foreclosurepreventionoption.com.

Short Sell Your Home and Receive $20,000 at Close!

Thu, 24 Feb 2011 19:17:01 GMT

2/24/2011

Short Sell Your Home and Receive $20,000 at Close!

By: Richard A. Wamsat III

Yes you are reading that correctly. How would you like to short sell your home and owe nothing afterwards AND walk away from the closing table with a check for $20,000? This is an offer that Chase is making to some of their customers. I know what you are thinking, “Yeah right”. That is what I was thinking too until I actually saw a copy of the letter. I have also seen a copy of the HUD-1 closing statement. It actually went through!

“So where do I sign up?” Well apparently this offer is being made to people that have the old Washington Mutual Neg-Am and Pick-A-Pay loans that Chase acquired. It would seem that Chase really wants to get these loans off their books and they are ready to pay up to do so.

If you have one of these letter, before you toss it in the trash and say “yeah right, it’s too good to be true”, give me a call for some FREE no nonsense real estate advice regarding your specific situation. Please fill out the contact form at the bottom of this page, on www.foreclosurepreventionoption.com, or call (209) 613-4092.

Here is an ACTUAL copy of the closing statement called a HUD-1.

If you or someone you know have received a letter like this, or if you would like more information about your specific situation give me a call for a no obligation, free, consultation at (209) 613-4092 or fill out the contact information at the bottom of this page on www.foreclosurepreventionoption.com.

5 Steps for a Successful Short Sale

Wed, 16 Feb 2011 16:05:05 GMT

2/16/2011

5 Steps for a Successful Short Sale

By: Richard A. Wamsat III

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?

You must:

1. Have a verifiable hardship, like divorce, unemployment, reduction of hours or salary, medical bills, or relocation

2. In most cases you must be in a position where you cannot meet all of your monthly bills.

3. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale:

1. Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale

2. Gather financial information (i.e., tax returns, bank statements, pay stubs) from at least the last three months

3. Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford

4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency

5. Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today. I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier. I can be reached directly at (209) 613-4092, or you can fill out the contact form below or on www.ForeclosurePreventionOption.com.

Foreclosure Halted Four Hours Prior to Sale

Wed, 16 Feb 2011 15:02:14 GMT

2/16/2011

Foreclosure Halted Four Hours Prior to Sale

By: Richard A. Wamsat III

Real Estate investors were lined up this morning at the court house steps to find out that at least one home would not be on the auction block today.

This is a case where the bank said NO, that they could not postpone the sale. Luckily I don’t know the meaning of no, and pressed on. The bank said that the investor had denied the request. (The large banks that you make your payment to, usually do not own the loans that they service). I asked who the investor was and was told that they do not give out that information because it is proprietary. So I talked to her boss, and I got the same run around. By the time I was done I had spoken to her boss’s boss’s boss’s boss until I got far enough up the food chain that I reached a boss who does not take phone calls from people like me. Each boss held the party line “Sorry we cannot give you that information and there is nothing that we can do to postpone the foreclosure.” I did some research and found the email address of the manager that would not talk with me, and well as the email of someone that was in a higher position then he was. Believe it or not I had an email back from that same manager that would not speak to me just an hour earlier and an email from his boss. Well unfortunately they told me that there was nothing that could be done. Meanwhile I found the investors name out on my own and replied back to them, that I would be calling the investor in the morning to explain where the servicer fell short on this file and to show them that the offer I had represented a cost savings to them over foreclosure, and that any help that they could provide would be helpful. A few more cans were rattled and an upper level executive’s assistant was encouraging people to help me.

When I spoke to the investor they submitted my request to the foreclosure department and with-in a few hours I found out from the Trustee that the sale had been postponed just four hours before the auction was to begin.

Now this is an extreme case, and lesser agent might have given up at several points along the way. If you or someone that you know and care about is facing foreclosure and would like to talk to an agent that doesn’t take no for an answer easily please give me a call at (209) 613-4092. Or fill out the contact request form at the bottom of this page or on www.ForeclosurePreventionOption.com.

California expected to cancel tax on forgiven mortgage debts

Tue, 06 Apr 2010 14:19:51 GMT

California expected to cancel tax on forgiven mortgage debts

SB 401 is likely to be voted on this Thursday 4/8/2010 and is expected to be signed by the Governor. This bill will let thousands of homeowners off the hook for taxes they incurred in 2009 when they did a loan modification or a short sale.

When a borrower is forgiven for all or part of their mortgage debt they typically receive a 1099 for the amount that was forgiven. That amount has been treated as ordinary income and the borrower would have to pay taxes on that amount. The Federal government suspended collecting taxes from 2007 through 2012, California suspended the tax from 2007 and 2008 but failed to extend it for 2009 and the state tax was still due. If passed the state suspension of taxes will be extended for 2009 - 2012 and conform state law to the IRS code as amended by the Mortgage Forgiveness Debt Relief Act of 2007.

Please consult with qualified tax advisors for advice on your specific situation and to verify all information provided. No part of this article is intended to be construed as advice.

Read more: http://www.sacbee.com/2010/04/06/2657410/california-expected-to-cancel.html#ixzz0kLZVYyUI

If you or some one you know is considering selling their home through a short sale I can help. Please call or email me by filling out the info below. I will get back to you right away.

THE UPFRONT COST TO GET AN FHA LOAN JUST WENT UP

Thu, 25 Mar 2010 15:58:17 GMT

THE UPFRONT COST TO GET AN FHA LOAN JUST WENT UP

As announced inPO10-011 (HUD Mortgagee Letter 2010-02), effective for FHA loans with case numbers assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium (UFMIP) of 2.25%. This policy change will increase premiums for purchase money and refinance transactions, including streamline refinance transactions.

FHA Mortgage insurance is collected upfront and each month with your loan payment. The UFMIP rate prior to 4/5/2010 was 1.75%, so on a $100,000 loan the new rate will cost you an additional $500 upfront. You can have the monthly premium removed after 5 years when the loan balance drops to 78%.

In 2001 the HUD dropped the UFMIP from 2.25% to 1.50% for all FHA borrowers. This increase takes us back up to the pre 2001 rate.

The UFMIP does not come directly out of the borrowers pocket at the closing table, so borrowers who are struggling to come up with the closing costs and the down payment do not need to worry too much. FHA increases the loan by the amount of the premium, and collects the premium that way.

FHA is in my opinion a great loan product. If you or someone that you know is looking to buy a home or refinance give me a call I can refer you to some great local lenders.

Citigroup agrees to modify some second mortgages

Thu, 25 Mar 2010 15:18:44 GMT

Citigroup agrees to modify some second mortgages

According to an associated press article in the San Jose Mercury News, Citigroup became the latest lender to commit to the government's program to modify second mortgages. This is part of a $75 billion dollar loan modification plan the Obama administration hopes will reduce monthly loan payments and allow families to stay in their homes.

Three other Bank of America, Wells Fargo, and JP Morgan Chase already participate in the program. This is good news especially for homeowners trying to modify their first mortgage. A lot of times they get stuck because the 2nd mortgage does not agree to participate in the 1st mortgage modification because the 2nd fears that they will not be repaid. The homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their home is currently worth.

http://www.mercurynews.com/business/ci_14755928?nclick_check=1

Short Sale Loan Fraud - Go to Jail for 30 years and Pay $1 million in fines!

Tue, 16 Mar 2010 17:08:54 GMT

Short Sale Loan Fraud - Go to Jail for 30 years and Pay $1 million in fines!

Here is one more reason why you want to make sure that you seek the assistance of a Real Estate Consultant who is familiar with Short Sales (such as me). If you or anyone one know can benefit from my help please do not hesitate to call me (209) 613-4092.

-Richard A. Wamsat III, Real Estate Consultant

UNDISCLOSED SHORT SALE PAYMENTS MAY BE ILLEGAL

One common scenario is when a short sale seller's senior lender authorizes a payment of $3,000, for example, to extinguish a junior lien, but the junior lender demands that the buyer pays an additional $9,000 outside of escrow. Not only would it be risky for a buyer to pay outside of escrow, but concealing this additional payment from a federally-insured senior lender may constitute loan fraud, which is a crime punishable by 30 years imprisonment plus a $1 million fine (18 U.S.C. section 1014). Furthermore, omitting from the HUD-1 Statement any charges paid at settlement by either a buyer or seller may violate the Real Estate Settlement Procedures Act (RESPA) (Appendix A to 24 C.F.R. Part 3500). Depending on the specific circumstances, carrying out these payment requests may also violate other laws and regulations, and an agent's participation in the scheme may be subject to license revocation by the Department of Real Estate or other disciplinary action.

Agents and their clients are encouraged to file any complaints regarding fraudulent activities to the proper authorities, including the following agencies:

Attorney General's Office
California Department of Justice
800-952-5225 Phone
http://ag.ca.gov/consumers/mailform.htm
Department of Housing and Urban Development (HUD)
HUD Office of Inspector General Hotline (GFI)
800-347-3735 Phone
http://www.hud.gov/offices/oig/hotline
Federal Bureau of Investigation (FBI)
202-324-3000 Phone
https://tips.fbi.gov

2009 & 2010 Energy Efficient Tax Credit

Thu, 11 Mar 2010 15:17:52 GMT

2009 & 2010 Energy Efficient Tax Credit

Right now might be the perfect time to do certain energy efficient home improvements. Tax credits are available at 30 percent of the cost, up to a $1,500 lifetime limit, for installation in 2009 & 2010.

Not all energy efficient improvements qualify, even if they have the Energy Star Label. It is recommended that you check first.

A partial list of improvements covered: Roof, Insulation, Doors / Windows, HVAC, Water Heaters, Wind, Solar, & Geo Thermal. A detailed list is available here: http://www.nahb.org/generic.aspx?genericContentID=113316

New Web site launched to prevent loan mod scams

Wed, 03 Mar 2010 19:14:01 GMT

New Web site launched to prevent loan mod scams
The U.S. Dept. of Housing and Urban Development, in partnership with the Loan Modification Scam Prevention Network, launched www.PreventLoanScams.org, a new Web site to prevent loan modification scams.

The Loan Modification Scam Prevention Network developed the Web site to provide homeowners with a single destination to report alleged scammers. Complaints filed online are added to a national complaint database and forwarded to the appropriate law enforcement agencies for review. The Network estimates that the Web site will assist approximately 50,000 homeowners affected by scams. Additionally, HUD has directed its local fair housing and housing counseling grantees to begin reporting alleged loan modification scams via the Web site. http://www.preventloanscams.org/

Avoid Foreclosure Rescue Scams

Tue, 23 Feb 2010 19:25:39 GMT

Avoid Foreclosure Rescue Scams

Article From HouseLogic.com

By: Donna Fuscaldo
Published: January 15, 2010

With foreclosure rescue scams widespread as more homeowners fall behind on mortgage payments, be smart if you seek help.

A record high 2.8 mllion properties were hit with foreclosure notices (http://www.realtytrac.com/contentmanagement/pressrelease.aspx?channelid=9&accnt=0&itemid=8333) in 2009, putting even more Americans at risk of facing foreclosure rescue scams. Homeowners who fall behind on mortgage payments need to tread carefully when seeking assistance, since foreclosure rescue scams come in many guises. A day spent researchng legitimate options, from a mortgage modification or principal forebearance to a short sale or deed-in-lieu, could keep you from becoming a scam victim.

Foreclosure rescue scams run rampant

Homeowners facing foreclosure are prime targets for scam artists. The U.S. Federal Trade Commission identified 71 companies (http://www.ftc.gov/opa/2009/04/loanfraud.shtm) running suspicious foreclosure rescue ads, and the Better Business Bureau counts foreclosure rescue rip-offs among its top 10 scams (http://dc-easternpa.bbb.org/NewsStory.asp?sid=100106Top10). Understanding how these scams work can help you avoid becoming a victim.

The variations are seemingly endless, but one popular foreclosure scam involves a representative of a so-called foreclosure rescue company promising to negotiate a deal with your lender. The rep, vowing to take care of everything, will instruct you not to contact your lender, lawyer, or credit counselor during the supposed negotiations. The more brazen ones will even tell you to pay your mortgage directly to them.

Once you pay an upfront fee or hand over a few months' worth of mortgage payments, the scam artist will disappear. You'll be left with an emptier wallet and a mortgage that's in even deeper trouble because no deal was cut and no payments were made on your behalf. According to John Riggins, chief executive of the Fort Worth, Texas, office of the Better Business Bureau, upfront fees can range from $500 to $5,000.

Rip-offs come in many forms

A bankruptcy foreclosure scam can involve a promise to fend off foreclosure in exchange for an upfront fee. Instead of getting you legitimate relief, the fraudster will pocket the fee and secretly file a bankruptcy case in your name. The scam may seem to work initially, because a bankruptcy filing will stop foreclosure proceedings temporarily, but they'll resume. Compounding your problems, a bankruptcy can mar your credit report for 10 years.

Another common scam, called the bait-and-switch, results in a scam artist taking ownership of your home. You sign documents supposedly for a new loan that will make your mortgage current. What's really happening is you're signing over the deed of your house. In this scenario you would still owe on your mortgage but no longer own the home.

In a rent-to-own scheme, you're told to surrender a home's deed as part of a deal that lets you stay put as a renter. The scam artist, perhaps claiming to be able to refinance at a better rate with you off the title, promises to sell the house back to you in the future. However, terms of the deal may make it all but impossible for you to repurchase the home, or the scammer may get you evicted by raising the rent beyond your means. Either way, you end up losing the home while remaining on the hook for the unpaid mortgage.

Look out for red flags

Being aware of the warnings signs can protect you from foreclosure rescue scams. Red flags (http://www.loanscamalert.org/things-you-should-know.aspx) include:

          •Demands for high upfront fees.
          •Guarantees to stop a foreclosure.
          •Instructions to make mortgage payments to someone other than your lender.
          •Pressure to sign over a deed.

Legitimate foreclosure counselors won't put on a full-court press, nor will they guarantee that you won't lose your home to foreclosure. What they will do is review your financial situation and offer up options. Foreclosure counselors approved (http://www.hud.gov/offices/hsg/sfh/hcc/fc/) by the U.S. Department of Housing and Urban Development won't charge you a fee either.

Legitimate ways to get foreclosure help

There are a number of legitimate ways to contend with foreclosure. If you've missed mortgage payments, start by getting in touch with your lender. Ask to speak with someone in the Loss Mitigation Department and explain your situation.

Your lender may be able to arrange a repayment plan, called a special forbearance, based on your current economic circumstances. The lender could even give you a temporary reduction in your monthly payment or suspend payments for a period of time.

With a principal forbearance, the lender will reduce the amount of your mortgage, thus reducing your monthly payments. However, the amount of the principal reduction doesn't disappear. Rather, it's tacked on to the end of the loan, effectively creating a balloon payment.

A federally facilitated mortgage modification could also help. The Making Home Affordable modification program (http://www.houselogic.com/articles/making-home-affordable-modification-option/) pays lenders to re-work loan terms and lower monthly payments. Be prepared to gather lots of paperwork and undergo a trial modification.

If all else fails, you may need to give up your home. If so, look into the federal Home Affordable Foreclosure Alternatives (https://www.hmpadmin.com/portal/docs/news/hampupdate113009.pdf) program. HAFA offers lenders financial incentives to opt for a short sale or deed-in-lieu rather than a foreclosure. In a short sale, a lender agrees for a home to be sold for less than the outstanding mortgage, and then considers the debt paid off. In a deed-in-lieu, a homeowner turns over the home to the lender, and the mortgage is closed.

Donna Fuscaldo has written about personal finance for Dow Jones, the Wall Street Journal, and Fox Business News for more than a decade. Like many homeowners, her mortgage is precariously close to being underwater.

HAMP documentation requirements updated

Thu, 11 Feb 2010 11:15:57 GMT

HAMP documentation requirements updated

The U.S. Dept. of the Treasury and the Dept. of Housing and Urban Development (HUD) have released updated guidance for servicers participating in the Obama administration’s Home Affordable Modification Program (HAMP). The guidelines, designed to help improve the conversion from trial loan modifications to permanent modifications, takes effect June 1; however, mortgage servicers may elect to implement the guidelines sooner.

The updated process requires that servicers collect three documents upfront: A formal application, including a description of the hardship created by the mortgage; proof of income, such as two recent pay stubs or the most-recent profit and loss statement for self-employed borrowers; and a form authorizing the Internal Revenue Service to release tax data to the servicer.

Under the plan, servicers also will be required to respond within 10 days to an initial request for a modification. Once documents are provided, the servicer will have one month to let borrowers know whether they qualify for a trial modification.

For more information about the new guidelines, please visit: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-021.

New Homebuyer Credit Form Released

Sun, 17 Jan 2010 12:00:30 GMT

New Homebuyer Credit Form Released

Here is some information for home buyers who are filling for the Home Buyer Tax Credit. In order to get your refund quickly, make sure that you fill out the correct forms and provide all of the supporting documentation. The new form is available by clicking here (Form 5405). Instructions and who can claim the refund is available here. Keep reading the IRS bulletin below for the required documentation that you will also need to provide.

Ok here is my fine print.... I am not an attorney or a CPA, and as such I can not give legal or tax advise. This information is provided as information only. If you required legal or tax advise please consult with the appropriate professionals.

If you meet the qualifications for the tax credit, you must be in contract no later then April 30th, 2010. We can help you find and negotiate to buy a home. Fill out the contact form below and I will call you right away.

New Homebuyer Credit Form Released; Taxpayers Reminded to Attach Settlement Statement and Other Key Documents

New Homebuyer Credit - Claim It: English | Spanish
New Homebuyer Credit – Military: English
For these and other videos: YouTube/IRSVideos

IR-2010-6, Jan. 15, 2010

WASHINGTON — The Internal Revenue Service today released the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced processing of those tax returns will begin in mid-February. The IRS also announced new documentation requirements to deter fraud related to the first-time homebuyer credit.

The new form and instructions follow major changes in November to the homebuyer credit by the Worker, Homeownership, and Business Assistance Act of 2009. The new law extended the credit to a broader range of home purchasers and added new documentation requirements to deter fraud and ensure taxpayers properly claim the credit.

With the release of Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, and the related instructions, eligible homebuyers can now start to file their 2009 tax returns. Taxpayers claiming the homebuyer credit must file a paper tax return because of the added documentation requirements.

The IRS expects to start processing 2009 tax returns claiming the homebuyer credit in mid-February after it completes the updating and testing of systems to meet the law’s new requirements. The updates allow the IRS to put in place critical systemic checks to deter fraud related to the homebuyer credit.

Some of these early taxpayers claiming the homebuyer credit may see tax refunds take an additional two to three weeks.

In addition to filling out a Form 5405, all eligible homebuyers must include with their 2009 tax returns one of the following documents in order to receive the credit:

A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement.
For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.
For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

In addition, the new law allows a long-time resident of the same main home to claim the homebuyer credit if they purchase a new principal residence. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. The IRS has stepped up compliance checks involving the homebuyer credit, and it encouraged homebuyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five-consecutive-year period:

Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
Property tax records or
Homeowner’s insurance records.

The IRS also reminded homebuyers that the new documentation requirements mean that taxpayers claiming the credit cannot file electronically and must file paper returns. Taxpayers can still use IRS Free File to prepare their returns, but the returns must be printed out and sent to the IRS, along with all required documentation.

Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return where all required documents are attached. For those homebuyers filing early, the IRS expects the first refunds based on the homebuyer credit will be issued toward the end of March.

The IRS encourages taxpayers to use direct deposit to speed their refund. In addition, taxpayers can use Where's My Refund? on IRS.gov to track the status of their refund.

More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page on IRS.gov.

FHA is Temporarly Lifting the 90 day ban on Investor Flips

Fri, 15 Jan 2010 20:06:09 GMT

FHA is Temporarly Lifting the 90 day ban on Investor Flips

This is great news! Right now homes that have been bought by an investor, cleaned up and remodeled could not be purchased by a buyer using FHA financing (which is most first time home buyers). Starting in Febuary 2010 FHA will lift this ban for one year. This means that first time home buyers will be able to buy the homes that in this market are the cleanest and nicest homes, and they will not have to worry about struggling to come up with a down payment, closing costs AND the thousands of dollars that many of the other homes require in repairs just to make the home livable.

If you would like more information or to see if you would be able to take advantage of this new ruling. Fill out the contact box below and I will be happy to help.

-Richard A. Wamsat III

HUD No. 10-011
Lemar Wooley
(202) 708-0685

FOR RELEASE
Friday
January 15, 2010

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties

WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization."

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website.

Investors Forced to Wait 15 Days for Fannie REO

Thu, 14 Jan 2010 15:13:10 GMT

January 14, 2010

Investors Forced to Wait 15 Days for Fannie REO

According to an article published in the REO Insider, Investors are being forced to wait 15 days before their offer will be considered on Fannie Mae's REO properties.

This is great news for owner-occupant buyers who are constantly being forced to the side lines by investors stepping in with all cash. Now owner occupants will have a slight advantage when purchasing Fannie Mae owned properties. After 15 days Fannie will consider all offers.

This program dubbed "First Look" was piloted in August and will expand across the country.

If you or someone you know is interested in looking at Fannie Mae owned homes fill out the contact form below and I will be happy to help.

Fannie Mae Suspends Foreclosure Evictions

Wed, 23 Dec 2009 14:27:20 GMT

December 17, 2009

Fannie Mae Suspends Foreclosure Evictions

WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that it is suspending all foreclosure evictions from December 19, 2009 through January 3, 2010. All owner-occupants and tenants living in foreclosed properties the company holds will not be subject to evictions during the holiday time frame. The company will also support the efforts of the servicers it works with that are taking similar actions.

"We're taking this step in support of struggling families who have unfortunately found themselves facing foreclosure," said Michael J. Williams, President and Chief Executive Officer. "No family should have to face the prospect of being evicted during the holiday season."

______________________________________________________________________________

Reprinted from Fannie Mae's Press Release: www.fanniemae.com

If you or anyone you know is facing foreclosure, let them know that we are here to help. We would be happy to review your specific situation and let you know your options. Happy Holidays from the Wamsat family to your family.

Gov’t increases pressure on mortgage industry

Wed, 09 Dec 2009 14:08:39 GMT

12/8/2009

Gov’t increases pressure on mortgage industry

The Government is leaning on the Mortgage Industry to get banks to do more to help home owners facing foreclosure. This sounds like good news, and it is… but remember that the Government can not force the bank to modify your loan or to approve you for at short sale. All the Government can do is shame the banks in to doing a better job. The program is still basically a voluntary program for the banks.

What makes matters worse is that the banks that are trying to do a good thing are receiving incomplete paperwork and missing documentation from the borrower. This is in part because the forms are often times complicated and difficult to understand.

The bank can not make a decision until they receive a complete package. Often times the bank is overwhelmed by packages to review. If yours is not complete it may end up at the bottom of the stack, or worse in the garbage. They will work on the most complete packages first while you might hear such things as your file was lost or it is still being processed (meaning the bottom of the stack).

If you need help fill out the contact form at the bottom of this page and we would be happy to talk to you about your situation.

To read more about it in the San Francisco Chronicle click here: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/11/28/national/w170610S38.DTL

Is it a Buyer's Market or a Seller's Market?

Fri, 20 Nov 2009 14:41:35 GMT

11/20/2009

Is it a Buyer's Market or a Seller's Market?

That is among the first question I ask a new client to give me their opinion on. I know that it is not a matter of opinion, but it interests me to know what a buyer or seller’s perception is about the market. It gives me a clue about what they are hearing in the media, and from talking to friends and family.

It might surprise you to know that 9 out of 10 people usually get the answer wrong. So what do you think about the market in the San Joaquin and Stanislaus Counties? If you said Buyer’s Market try again. It is a strong Seller’s Market, and it has been for quite some time. That does not mean that it is not a good time to buy. It is a very good time to buy. Prices are low enough that people can afford a home, interest rates are attractive, and loans are still easy to get.

We determine Buyer’s Market or Seller’s Market buy looking at how many homes there are for sale in a given area divided by the number of homes that sold in that same area the previous month which tells us how many months worth of supply we have in the market. For example if we had 500 homes for sale on the market and last month 400 homes sold we would figure that we had approximately 1.25 months of supply. Put another way, if no more houses came on the market we would be out of homes to sell in just over one month. A neutral market where neither the Seller or the Buyer have an advantage would 6 months of supply, so it is easy to see that in the example above it is a strong Seller’s Market.

The graphs below show you the trend for each county. Remember 6 months is neutral, anything lower then 6 is a Seller's Market. Anything greater then 6 is a Buyer's market. Keep in mind that these graphs are for all single family homes in every price range. The market in your price range may look different. For example if you are looking for a home in the $500,000 and above price range in Stanislaus County there is currently a 28 month supply, so with in that price range it would be a strong Buyer's Market.

For an in depth discussion on Buyer's or Seller's market, and whether it is a good time or not to buy or sell fill out the contact form below and I would be happy to review the market with you.

SAN JOAQUIN COUNTY

STANISLAUS COUNTY

President signs federal tax credit extension

Mon, 09 Nov 2009 18:01:18 GMT

President signs federal tax credit extension

November 6, 2009

President Obama today signed a bill extending and expanding the Federal Tax Credit for Home Buyers. The bill passed the U.S. House of Representatives yesterday and the U.S. Senate late Wednesday.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Click Here to contact Richard to see if you can take advantage of this tax credit.

The Truth About Mortgage Modifications

Mon, 02 Nov 2009 08:23:43 GMT

The Truth About Mortgage Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I’ve prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply provide your information below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call me today.

Richard Wamsat
209-613-4092

Missing Mortgage Payments? It's Never Too Late!

Missing Mortgage Payments?

It's Not Too Late!

According to Lender Processing Services (LPS), over 6.32 million homeowner missed their mortgage payments in April 2011. Another four million have missed more than three months of payments and are now considered seriously delinquent. If you or someone you care about is having difficulty making mortgage payments, you should know it's not too late to get help.

I created this website so homeowners could gather as much information as possible about a homeowner's options and what steps should be taken next. The free reports available on this site are phenomenal resources for you to learn more about how I can help overwhelmed homeowners overcome this temporary challenge in life.

Government Program Surveys

Are You Eligible?

The government programs currently available to homeowners can be valuable resources, but only if you know which ones are right for your situation.

That’s why I’ve created this free resource that lets you find out which programs you’re eligible for. Read the descriptions for each program to see which one fits your situation, then fill out the corresponding survey to see if you are eligible.

Find out now if you are eligible!

The good news is that programs exist for a variety of situations, and even more options are available beyond those programs. As a CDPE-designated agent, I can provide all of your possibilities and help you get moving toward a solution.

Options and Solutions

Thank you for visiting this site and taking the first step toward finding answers. I appreciate what it has taken for you to come here, and commend your efforts to get the facts about your situation. The current real estate environment can be frustrating, with misinformation and conflicting plans for how to proceed.

As a real estate agent, what I often see in troubled homeowners is a belief that they are alone with their challenges. Regrettably, over 70% of homeowners in foreclosure proceed without ANY visible assistance. This is not acceptable for the communities I serve.

That's why I've developed this site: to ensure you get the valuable resources that can reduce your financial strain and change your life for the better. As a CDPE I know the options for homeowners in foreclosure or delinquent on their mortgages, and I can send you a report detailing this information, prepared just for you.

Simply enter your information below and click "Send." I hope that you will review this information carefully, so that your next steps are the right steps toward a real solution.

Let me help you evaluate your options and get back on track to a solid, stable future.