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 Few decisions you will make rival the importance of a home sale or purchase. When the time comes for you to make your real estate move, call on Laura to be the one you can count on during this critical moment. Her goal is to connect you with the right results in your next sale or purchase.
To order any of the following complimentary reports, just check the box to the left of the title and click "Send Me" at the bottom. You will then be prompted to enter your mailing information. Laura will send you the report(s) of your choice once she has received your request.
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New Laws
More info posting this week
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Untitled Document
This recently became law. We understand how confusing the "Hope" program is, please call us for more information, or look for our next free seminar.
September 23, 2008
The U.S. has taken extraordinary measures in recent weeks to address risks posed to the broader economy by struggling entities and risky practices. It has, among other things, taken control of mortgage giants Fannie Mae and Freddie Mac, provided an $85 billion emergency loan to insurance colossus American International Group Inc. and temporarily banned short selling of hundreds of financial stocks.
Today, Federal Reserve Chairman Ben Bernanke bluntly warned reluctant lawmakers that they risk a recession with higher unemployment and increased home foreclosures unless they take further action, and approve some derivation of the Bush administrationÃÆ'¢â‚¬â„¢s $700 billion plan to bail out the financial industry. The legislation that the administration is seeking would allow the government to buy bad mortgages and other troubled assets held by endangered banks and financial institutions. The debate has been heated.
CAMB's Washington D.C. representatives report that alternative language has been bouncing back and forth between Congress and the Treasury since Friday at a dizzying pace. The bill has blossomed from about three pages to more than forty. Some have said that the House wants to send its bill to the Senate by Thursday, although there are still several key areas that need to be ironed out:
ÃÆ'‚· Lawmakers have expressed concern that the administration proposal does not do anything to directly help homeowners or to punish financial executives who caused the crisis, while giving the Treasury Secretary too much power.
ÃÆ'‚· Congressional Democrats are also developing alternatives, including giving the administration only $200 billion in borrowing authority, delaying action to give time to assess whether the proposal is working.
ÃÆ'‚· The administration is at odds with another key Democratic demand: allowing judges to rewrite bankrupt homeownersÃÆ'¢â‚¬â„¢ mortgages so they could avoid foreclosure.
"Nobody is happy" about the bailout request, said House Majority Leader Steny Hoyer, D-Maryland "Nobody wants to have to do this," agreed Rep. John Boehner of Ohio, the Republican leader. "Just because God created the world in seven days doesnÃÆ'¢â‚¬â„¢t mean we have to pass this bill in seven days," said Rep. Joe Barton, R-Texas. Still, prospects for legislation seem strong, with lawmakers eager to adjourn this week or next for the elections.
CAMB will report events as they unfold during this historic debate, and as always, will use all means available to ensure that the mortgage needs of California consumers continue to be met.
Sincerely,
Fred Arnold CMC
CAMB President
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INFORMATION ON THE NEW HOUSING BILL
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What is the Mortgage Forgiveness Debt Relief Act of 2007?
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On September 25, 2007 Chairman of the House Ways and Means Committee, Rep. Rangel (D-NY) introduced his own mortgage cancellation relief bill, H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007. H.R. 3648 would remove taxes from mortgage cancellation relief provided on a mortgage on a primary residence. The tax relief would apply to the original purchase price, plus personal improvements of a primary residence and would not cover any amount over the original purchase price if a loan has been refinanced with a "cash out" option. The relief would also only apply to the first mortgages, not second mortgages or home equity lines of credit. The relief would apply to any forgiveness given on or after January 1, 2007. H.R. 3648 passed the House on October 4th by a vote of 386-27.
For more information on this topic, click the link below:
Mortgage Forgiveness Debt Relief Act of 2007
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Will the new housing law help you? Click the link to read a summary of the new law:
This new law is geared mostly towards helping the Financial & Lending institutions that are voluntarily participating.
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What is a Short Sale?
A Short sale is the sale of a home when the homeowner owes more on the property than what it is worth, and your lender accepts a discounted payoff to satisfy the loan.
There has to be hardship, loss of wages, death in the family, illness, job relocation, divorce or an increase in mortgage payment due to an adjustable rate.
How do you benefit?
The benefit of a short sale for the homeowner is that it saves you from foreclosure. I negotiate with the bank on your behalf and you walk away from the home and get to start fresh sooner rather than later. The best part is that it costs you NOTHING! That is right, NOTHING!
The lender pays virtually all costs including commissions, back taxes, liens, title, escrow, and in some cases, closing costs for the buyer. You can still sell your home, pay the lender, avoid foreclosure and save your credit for future purchases.
" QUE ES UN SHORT SALE? O VENTA CORTA"
Un short sale, es la venta de una
casa cuando el dueno debe mas de lo que vale la propiedad. El banco o
financiera acepta un pago disminuido de lo que se debe para satisfacer el
prestamo.Para poder negociar con el banco hay que comprobar que se tienen
privaciones, como perdidas de ingresos, muerte en la familia, enfermedad,
divorcio, o un aumento del pago mensual debido al ajuste de interes.
Como le
beneficia a usted?
La ventaja para el dueno es que lo salva de FORECLOSURE, que es
equivalente a banca rota.Yo lo representare a usted y negociare con el banco y
usted quedara libre de deuda. La mejor parte de este servicio es que no le
costara absolutamente nada y le quedare paz en su mente y en su corazon
para usted y su familia.
La financiera se encarga de pagar la mayoria
de los gastos incluyendo, comisiones, taxis, (al corriente y retrasados)
titulo y en algunos casos los gastos de compra de el nuevo
propietario.
En el transcurso de este proceso usted puede seguir en su casa,
ahorrar dinero y salvar su credito para futuras compras y sobretodo evitar
foreclosure.
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