New Short Sale Program - HAFA

The U.S. Treasury Department rolled out the Home Alternative Foreclosure Alternative (HAFA) in April 2010.  This program is an add-on to the existing Home Alternative Modification Program (HAMP) that is supposed to guarantee a faster short sale approval and closing while guaranteeing the homeowner that they will not come after them for a deficiency or [...]

Tags: borrowers, buyers, foreclosure, HAFA, HAMP, sellers, short sale

Are you considering a Loan Modification?

If you are one of the many homeowners struggling to make your mortgage payments and considering trying for a loan modification, don’t get your hopes up.  To date, only approximately 31,000 homeowners have actually successfully completed a loan modification.  That is only 4% of the actual amount of people who have done the paperwork and [...]

$8000 Tax Credit Extended!

MSNBC reported today that the First-time homebuyer tax credit that is set to expire at the end of November, will be extended through April.  All sales contracts will be need to be signed by the end of April and then closed by the end of June.  This is great news for the sagging real estate [...]

First-Time Homebuyer Tax Credit Seems to be Working

I have seen a strong influx of first-time homebuyers coming off the fence and helping the housing market and the economy.  The $8000 tax credit that became effective as of January 1st this year is apparently working.  Not to be mistaken with a tax deduction, this is a true tax credit.  The benefit of [...]

What does a buyer do if the home doesn’t qualify for an FHA loan?

How does a buyer who cannot afford a hefty down payment take advantage of the great home deals on the market today?  Most of the lower priced homes in the $50,000 to $90,000 price range do not qualify for a straight FHA loan because they need work.  So what is a buyer to do?  [...]