IF you are a first time home buyer and afraid to buy a home because you may lose your job- well if so, you GET A BAIL OUT. The government will cover you if you do. 

Read on this is taken from the The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

They launched the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), for first-time home buyers.

Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month,  for six months,  to help make their mortgage payments.  A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.  To qualify for the Mortgage Protection Program, applicants must:

· Be a first-time home buyer – someone who has not owned a home in three or more years

· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009

· Use a California REALTOR® in the transaction

 · Purchase the property in California

· Be a W-2 employee (cannot be self-employed)

To apply for the program, home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®.

Here is a copy for your connvience- your Realtor must submit this form for you.

For examples on how the program works Click Here.
   
For a list of  Frequently Asked Questions Click here 

 The Home Team Girls care about you keeping your home.

The Home Team Girls Realtors® Real Estate Team helping you with Investment properties,  Property  For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Serving the Military and Veterans, Bank Foreclosure Specialist,  Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. If you are looking for a Roseville or Sacramento area property for sale,  call on the Home Team Girls.

 Home Affordable Modifications    Avoid Foreclosure- Free Counseling 

Are you having a hard time making your loan payment? Are you hearing about all those loan modification programs on the radio and TV and do not know who to trust? Afraid of Fraud?  Did you know that there is free counseling that is available to you through government programs?

You may not be alone- one out of every 10  families who are just like you who have either missed one or more of their mortgage payments and  still desperately want to keep their persoanl residence.

If you can no longer afford to make your monthly loan payments, you may qualify for a new government loan modification program called HAMP. Check it out and see if you quaify.

Am I eligible for a Home Affordable Modification? Answer these questions:

1.  Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage?
   For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
4. Did you get your current mortgage before January 1, 2009?
5. Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues, if applicable) more than 31% of your current gross income?

 If you answered yes to these questions- you may qualify for a loan affordable modification Click here to view the government loan modification survey. Fill it out and see if you qaulify.

If you do not qualify for a  loan mod, you may want to see  if you qualify for the government HAFA program and the 3,000 moving expenses if you comjplete a short sale.

The Home Team Girls want you to keep your home. Call us for any questions and we will direct you to people who can help. If you can not get a loan modification, call us to see if a short sale if right for you.

Avoiding Mortgage Scams

•  By some indications, the market could be close to a bottom.  Pending home sales – homes that are under contract, but have not yet closed – and construction spending rose in March.
• When a market reaches bottom, foreclosures usually stop piling up and banks become more willing to issue loans, confident that the collateral backing them will not continue to decrease in value.
• The first-time home buyer tax credits from the federal and state governments, coupled with favorable home prices and near record-low interest rates, led to an increase in home sales in March.  Sales of existing, single-family homes rose 63.8 percent in March compared with the prior year.   Monterey County reported a sales increase of 248.7 percent and the High Desert region saw sales increase 172.7 percent compared with last year, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
• The median price for the state also increased in March, rising 2.2 percent in month-to-month comparisons.  March marked the first monthly increase since August 2007, while the statewide median price has remained in the $250,000 range for the past three months.

To read the full story, please click here

The Home Team Girls Realtors® Real Estate Team helping you with Investment properties,  Property  For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Serving the Military and Veterans, Bank Foreclosure Specialist,  Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. If you are looking for a Roseville or Sacramento area property for sale,  call on the Home Team Girls.

• Although California’s median home price – the price point where half of the homes sold for higher and half for lower — was 39 percent lower in March than a year ago, many of the sales taking place are in areas, such as the Central Valley and the Inland Empire (Riverside and San Bernardino counties), which have higher foreclosure rates. These regions offer home buyers better opportunities to purchase homes at extremely low prices.

• The California housing market is often characterized as having three pricing segments: under $500,000, $500,000 to $1 million, and more than $1 million. Homes in the under-$500,000 segment have accounted for the majority of the state’s price declines thus far.

• As real estate is local, a home in one neighborhood with the same square footage and amenities may not sell for the same price as a comparable home in a neighborhood one mile away. By working with a REALTOR® familiar with a specific area, home buyers should be able to submit reasonable offers that are more likely to receive seller approval.

Read this Story

The Home Team Girls Realtors® Real Estate Team helping you with Investment properties, Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Serving the Military and Veterans, Bank Foreclosure Specialist,  Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

 Types of Mortgage Scams:

Phony Counseling:   Some scam artists tell their victims that they can negotiate a deal with their lender if they pay a fee first. They tell them not to contact their lender and to let the “negotiator” handle the details. Once the fee is paid, the crook takes off with their money without contacting the lender.

 Bait and Switch: Other con artists trick their victims into signing documents for a new loan to make the existing mortgage current. Unfortunately the distressed homeowner could be surrendering the title of the house to a scam artist in exchange for a worthless or expensive “rescue” loan.

 Rent-to-Buy Scheme:  Some victims are told to surrender the title of their home as part of a deal that allows them to stay in the home as a renter, and buy it back during the next few years. But deals like this usually are so expensive that buying back the home becomes impossible. In the end, they lose their home and the scam artist takes off with the equity that they had built up.

 Bankruptcy Foreclosure: A few of the fraudsters may promise to negotiate with the victim’s lender or get refinancing on their behalf if they pay a fee in advance. Instead, they pocket the fee and file for bankruptcy in the homeowner’s name — sometimes without their knowledge.

 How to Find Legitimate Help

Homeowners who are having trouble paying their mortgage should contact their lender immediately. They may be able to negotiate a new repayment schedule. For more information, read “Mortgage Payments Sending You Reeling? Here’s What to Do,” at http://ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm

To learn more about shopping for mortgages, visit http://www.ftc.gov/credit and click on “Mortgages/ Real Estate.”

 Who to Contact if You’ve Been the Victim of a Mortgage Scam

The U.S. Federal Trade Commission works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, contact: http://www.ftc.gov/ or 877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.

  In general, be suspicious of:

• Anyone who wants the deed to your house for any reason, whether it’s to clean up your credit or obtain special” financing from an investor.

• Anyone who offers to rent your house back to you until you can get back on your feet.

• Lenders who encourage you to borrow more than you need or more than the value of your home.

• Terms that change at the last minute or offer next-day approval based on prepayments or up-front fees.

• Forms you do not understand or that contain blank spaces “to be filled in later.”

• Beware of phony credit counseling agencies charging high fees for financial counseling services you can get for little or no charge through non-profit agencies.

Red Flags for Mortgage Scams

The Home Team Girls Realtors® Real Estate Team helping you with Investment properties, Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Serving the Military and Veterans, Bank Foreclosure Specialist,  Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

This bulletin is an excerpt form the Department of Veterans Affairs to provide information during major disasters. The information given below is primarily for homeowners whose loans are guaranteed by VA.

 Contact Your Mortgage Company

Contact your lender as soon as possible regarding your loss. You are not excused from making your regular monthly loan payments even if your home is not habitable. You should discuss forbearance or possible extension or modification of your loan if you are unable to make your payments on time. You should also have your lender explain procedures regarding insurance loss checks and repairs to your property, payment to contractors, etc.

Contact Your Insurance Company or Agent

File insurance loss claims as soon as possible. However, do not make a hasty settlement on insurance. When the property is damaged but repairable, attempt to get the engineer’s office of your local government to make an inspection for structural damage. If possible, get at least two estimates from licensed contractors for cost of repairs or rebuilding. Insurance checks for personal property and living expenses should be made payable to you only. Checks for damage to your home should be made payable to you and your mortgage company.

Contact FEMA (Federal Emergency Management Agency)

You begin the disaster application process by calling FEMA’s toll free number 1-800-621-FEMA (3362), or 1-800-462-7585 (TTY) for the hearing and speech impaired. In order to receive the maximum assistance, you must register with FEMA before their deadline expires. You cannot obtain assistance for uninsured losses or damages to your home from the Small Business Administration (SBA) or any other disaster recovery agency if you have not registered with FEMA. More information can be found at the FEMA website, www.fema.gov. Be sure to check every source for maximum assistance including the SBA. Do not pay your loan in full before checking with SBA on a loan for the uninsured portion of your loss. Low interest loans, cash grants, and housing assistance may be available from agencies associated with the disaster recovery effort.

Check Other Sources of Help

Veterans should contact local offices of the American Legion, Veterans of Foreign Wars, Disabled American Veterans (DAV), or other veterans organizations to see if special assistance may be available, even to non-members of the organization.

Change your Address

If you are receiving a monthly benefit check from VA or another source, and you will not be able to receive mail at your regular address, notify your local post office and VA Regional Office of your change of address. For information on VA benefits other than home loans, call 1-877-827-3702. For more info Click Here

 The Home Team Girls Realtors® Real Estate Team helping you with Investment properties, Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Serving the Military and Veterans, Bank Foreclosure Specialist,  Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.