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"Making Home Affordable" Home Loan Modification Program Guidelines
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The Obama Administration has announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan. The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative effects of foreclosure such as lower property values, increased crime and higher taxes. You can see the complete Home Affordable Loan Modification Program Guidelines here. Here are the highlights of the loan modification program: • Mortgages for single-family properties that are worth more than $729,750 are excluded from the provisions of this bill. For two families the amount is $934,200. For three families the amount is $1,129,250 and for four families the amount is $1,403,400. • Interest rates can be lowered to a minimum of 2 percent and then if necessary, the term of the loan can be extended to a maximum of 40 years. • The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill). The home may not be investor-owned. • The home may not be vacant or condemned. • Borrowers must provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify. • Borrowers in bankruptcy are not automatically eliminated from consideration for a modification in this program. • Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights. • Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1, 2009 or earlier. • Eligibility is restricted to loans originated on or before January 1, 2009. • Incentives are provided to extinguish second liens on loans modified under the program. • Homeowners are eligible for up to $1,000 of principal reduction payments each year for up to five years. • Separately, up to 5 million borrowers who have mortgages held by government controlled mortgage finance giants Fannie Mae and Freddie Mac should be eligible to refinance through June 2010.  This loan modification home affordability program should stem the tide for quite a few folks who would otherwise end up in foreclosure. This new bill comes on the heels of the first time buyers incentive program.
While these are great steps to get the nation's housing back on track, there are some that are so far in over their head that even a loan modification is not going to help. There are still some very viable options available that can be taken to avoid foreclosure. A short sale is one of the means that may allow you to sell your home and get rid of your debt. Please give me a call if you would like to discuss your options - 360-679-2706. |
Welcome To Your Real Estate Connection on Whidbey Island
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| RELOCATION RENTALS: The legwork will be done for you - no searching ads, no going from property management co. to property management co., no driving around endlessly looking for houses, no phone calls to owners, agencies, or calling ads... I search out quality properties that match your needs and wants saving you precious time, dollars and major headaches. As a Property Consultant, I search, weed out, schedule showings, make all the phone calls, send out email feelers, negotiate and handle getting the paperwork to you and arranging all the logistics of the rental process for one minimal fee Property management companies only show what they have listed. I provide you a list and pictures of every home in your search criteria, even some that are not advertised yet! Call today for further information - 360-679-2706 Email: TerrySwett@ConnectRealty.com. SELLERS/OWNERS: I market your home on local, national and international sites, keeping your property with FULL exposure. I also advertise your home on my website(s) as a Featured Listings plus providing you a Realtor.com Showcase listing, along with getting your property on over 75 other viewing websites! Our marketing stands ABOVE all the rest in exposure and customer service. FOR SALE BY OWNERS: Swett-Equity Group will provide FSBO's with FREE website access on this site. If you wish to have full access to all the sites I work with, I can get your home out there for a minimal fee and provide you with a updated list every week of your stats. I will be happy to assist in getting your home/property/rental/lease/business seen by prospective buyers or tenants. You gain maximum exposure with minimal effort. BUYERS: If you haven't heard (or read thie article on my "BUYING" page yet), first time homebuyers now have $8000 credit to assist in purchasing your new home. Don't let "1st time" fool you. That can be anyone who has not owned in the last 3 years. It is a fantastic market for Buyers adn Investors so let's talk about YOUR wants and needs - let me make it happen for you! Getting qualified is a snap - I can get you qualified today! And if you are a First Time Home Buyer (or haven't owned a personal residence in 3 years or more) you qualify for a $8000 buyers Rebate - no payback! This is available only if purchasing a home in 2009. SWETT-EQUITY GROUP, CONNECT REALTY INC. Your Full Service Real Estate Company Whatever your needs - WELCOME, ENJOY THE INFO and COME BACK often! The information changes as fast as I can get it on. If you have a Real Estate question or wish to share a topic of interest or local picture you wish to place for viewing, call or send me an email and I will be more than happy to respond. Send to: TerrySwett@ConnectRealty.com or call (360) 679-2706. Swett-Equity Group, Connect Realty Inc. is here to assist in making this your one-stop shop for local info, pictures, businesses and all of your Real Estate needs on Whidbey Island and the surrounding areas. Homeowners: If you would like to pay off your existing mortgage faster, with no more payments than you are making now, contact me and I will send you details on the Money Merge System that thousands are wusing to pay off mortgages FAST! I will have a link on here soon to be directly linked to the site. It's free Information and bottom line - you SAVE hundreds, probably thousands in interest! Licensed in both California and Washington with Referrals throughout the nation. Low overhead and spot-on strategies, great customer service and fantastic marketing abilities - these are just a few of the ways Swett-Equity Group can save you time, money and provide service above and beyond. I look forward to working with you! SWETT-EQUITY GROUP is your "GREEN CONNECTION" | | |
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Questions Answered Here ---
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Do you have a Real Estate question that needs answering? Is there something you would like to see here, just send me an email. Email me what you would like to have answered or what you wish posted and I will address it online, post your question online here, place it here or provide an expert answer! Just email: TerrySwett@ConnectRealty.com. |
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Live on the Sea of Cortez - Your Baja home awaits!
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For many of you, this recent financial crisis has caused valid concerns about retirement --- questioning even if you can or will be able to afford to retire with any quality of lifestyle. It is forcing many to explore "outside of the box" thinking. No matter what age we are, retirement, health care, and cost of living are foremost in all our minds. To help open a door to explore some alternative opportunities, I confidently introduce you to one of our international partners, a successful American developer, Parkstrong U.S.A. They have two master-planned communities along the Sea of Cortez in San Felipe, Baja Mexico and have reminded us that a home in their sea-side resort-style retirement and second home community is still easily within an American retiree's grasp. (The eastern corridor of Baja is hundreds of miles away from the current drug problems and is peaceful, sleepy village-type atmosphere and home to hundreds of Americans.) Many of you have over-looked or were unaware of this opportunity that is within grasp. Only an hour-and-a-half's safe and easy drive south of the border, these gated, security guarded communities offer a chance to live the American dream. Most retiree's are still attractive vibrant active social people and the Baja's Playa de Oro (literally beach of gold) and Playa San Rafael developments offer a whole new perspective on retirement. Swimming pools, gym, golf, volley ball, shuffle board, shelling, fishing, romantic walks on the beach, plus a variety of dining experiences and a nightlife filled with games and dancing, await residents. A beautiful home for $100 a square foot, an ecologically friendly community, and safe secure land ownership are awaiting the young at heart. Another plus and a important one: excellent medical clinics and prescription drug availability offers a way to stretch health-care dollars. Whether it is for a first, second or retirement home, Playa de Oro and Playa San Rafael offers irrevocable ownership through a Individual Bank Trust, have First American Title Insurance in place on the property, and offers financing. It is truly a breath of fresh air in this troubled economy. For further information to see if this opportunity is for you, email at TerrySwett@ConnectRealty.com or call 360-679-2706 for contact and website information.
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Sunrise over Oak Harbor
Moon Over Mt. Baker - Dugualla Bay
A beautiful boating day in Oak Harbor
2008 Regatta in Oak Harbor
Deception Pass Bridge |
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