Top Banks Encourage Short Sales With Large Monetary Incentives

February 17, 2012 by  
Filed under Short Sale/Loan Modification Blog

Apparently, President Obama is not the only one actively trying to help homeowners in these dire economic times.  Just a few days ago, some of the biggest banks, including JPMorgan Chase, Wells Fargo, and Allied Financial, announced an incentivized effort to help troubled homeowners wipe their mortgages off the books.  These banks are currently offering up to $35,000 in cash to homeowners who opt for a short sale.

In a short sale, a bank or lender will accept less than the outstanding amount that the borrower owes.  Short sales are top option not only because of the current foreclosure backlog, but also because the foreclosure process overall is extremely slow and tedious.  When modification is not an option, a short sale produces better results for both the homeowner and the lender.

If you are underwater on your mortgage and making payments is a financial nightmare, you should strongly consider a short sale.  Housing Assist of America has helped thousands of Los Angeles homeowners in preventing foreclosure on their homes.  If you are considering a short sale, now is the time, especially with the added bonus from these banks.  Housing Assist of America will not only help you conduct a short sale, but help you collect these massive incentives as well.

Obama Enacts New Plans For Increased Mortgage Relief

February 1, 2012 by  
Filed under Short Sale/Loan Modification Blog

On Wednesday, President Obama released details of a new housing proposal aimed at helping millions of homeowners lower their monthly mortgage payments.  The new $5 billion to $10 billion dollar plan will enact a streamlined refinancing program for homeowners who are current on their payments.  The new housing plan also calls for easier access to simple mortgage disclosure forms as well as homeowner protection from wrongful foreclosure.

The new plan, which must still be approved by congress, would also administer simpler refinancing plan for homeowners whose mortgages are owned by banks or possessed by investors.  To be eligible, however, homeowners must be up to date on their payments for the past six months and hold a credit score of 580 or higher.  The program will not be applicable to jumbo loans nor loans greater than the Federal Housing Administration’s loan limits.

House Speaker John A. Boehner is among those who feel that the plan, like many other Obama relief plans, will ultimately fail.  Regardless, the plan isn’t close to a cure all for the housing market nor will it save every underwater homeowner.  Like other proposals, some relief will be found for those in mild debt, but there is still no answer for those who are completely upside down on their mortgage payments.  The solution for underwater homeowners is still the same: Inquire about a short sale.  Short sales occur when a homeowner sells the property for less then when he owes.  Homeowners must get the bank’s consent before the sale, as well as word that they will forgive the deficiency on the sale.  Short sales are a great option because there’s less paperwork, less hassle, and nobody needs to declare bankruptcy or take the time and energy to foreclose.  For more information on short sales, contact Housing Assist of America today

Housing Market Resurgence in 2012?

January 16, 2012 by  
Filed under Short Sale/Loan Modification Blog

Though in 2011 there were certain times when experts felt the housing market was heading for a resurgence, the flight never actually occurred.  Housing experts are extremely excited about 2012 though, some going as far as saying the housing crisis might come to an end.

Experts agree that low prices and interest rates will be met by lowering numbers of unemployment and easier access to financing, which will make the market surge.  Also, the delayed release of foreclosed properties could impel buyers into activity.  Values are seemingly holding up like they haven’t in quite some time, and though we’ve seen this before, this time, it might be for real.

Though 2012 might be the beginning of the end of the down housing market, not every homeowner will be affected.  Some will still have to deal with debt and threat of foreclosure.  If foreclosure is looming and you are looking for ways to prevent it, contact Housing Assist of America today.

Housing Market On The Mend: How To Take Advantage

January 16, 2012 by  
Filed under Short Sale/Loan Modification Blog

Economists and experts tend to agree that the housing market crisis might be coming to an end.  Though it might take some time for the wounds to heal and the market to make a complete turn around, these early signs of change are certainly noteworthy and exciting.  So how can you take advantage of a rising market?  Well, it seems as though apartment buildings, and not small homes will remain at the boom of the market’s rise.  Buyers are becoming renters and the landlords are reaping the rewards.  If you have the assets, be a landlord and take advantage!

In the stock market, the housing market turnaround is causing a stir as well.  Financiers are realizing that buying the big banks could make for double digit returns.  Low share prices and the hopes that employment will rise mean the values of shares in bigger bank will increase.  So stock up before the shares rise and thank me later.

Number of Sherman Oaks Short Sales and Foreclosures Soar in 2011

December 15, 2011 by  
Filed under Short Sale/Loan Modification Blog

In 2011, short sale and foreclosure numbers, indicators of an unhealthy housing market increased by a gigantic margin.  From last year, in the Sherman Oaks area, the number of short sales increased by more than 150%.  The number of Sherman Oaks foreclosures has increased by more than 33% since last year.  These numbers indicate that Sherman Oaks homeowners are struggling (or were struggling) with their monthly mortgage payments, and either did something about it by conducting a short sale, or lost their homes to foreclosure.

At the same time, the number of forecloses homes purchased has risen, meaning potential buyers are looking to save an extra buck by purchasing these homes that banks are selling at reasonable prices.  In turn, the resale value of homes that are not bank owned, are losing value because buyers prefer the discount of bank owned homes.

If you are one of the thousands of people who can’t afford their monthly mortgage, and foreclosure is looming, do yourself a favor and contact Housing Assist of America today, for information on the short sale process and preventing foreclosure.

Federal Government Institutes New Reduced Home Loan Limit

October 27, 2011 by  
Filed under Short Sale/Loan Modification Blog

The first of October marked the government’s nationwide loan limit reduction on conforming loans.  The restrictions apply to bank made loans that the government will buy or insure.  During the harshest moments of the recession, these limits were actually increased to spur the economy.  In higher cost states like California and New York, the increased ceilings helped stimulate the economy, though to a minimal degree.

The market is still fragile, but proponents of the new limits believe that only a select few will be impacted including large balance borrowers in California.  Those unsure of the new restrictions don’t understand why the government is placing any form of impediment in the way of the housing market recovery.

For more information on the current housing market, or buying or selling your property, contact us at

Fix the Housing Market – and the Economy Might Rise Again

October 27, 2011 by  
Filed under Short Sale/Loan Modification Blog

The economy and the housing market are hurting.  They’ve been hurting for a while, and if this is news to you, welcome back from your six year hiatus from reality.  Though there are small signs that the economy and the housing market are both making a comeback, the truth is, there has yet to be any real progress made.

The housing market is more a driving force for the economy than you may think.  House prices affect our spending.  Data shows that for every $1,000 our home value falls, we spend $50 less dollars.  The more we spend, the better our economy.  So why not focus more efforts on the housing market?  Well, efforts have been made, by the likes of the Home Affordable Refinancing Program (HAMP), but those eligible to participate are turned off by the additional and seemingly hidden charges.

Though there have been certain attempts to spur the housing market, there have been limitations and restrictions set as well, disabling homeowners from making any progress.  Maybe when realize our economy will turn around when the housing market does, there will be greater attention paid to assisting homeowners.

Short sales in Beverly Hills?

August 18, 2011 by  
Filed under Short Sale/Loan Modification Blog

Short sales in Beverly Hills?

By: Joshua C Anderson

Published: Tuesday, 2 Aug 2011

Afshar Properties Chief Correspondent

Over the past few years the housing market has taken a turn for the worst, even in affluent communities such as Beverly Hills, Bel Air and Malibu, to name a few. Homeowners are left with few options once their property value declines. In some cases, the homes are owned free and clear, but in most they carry high ticket mortgages that seem to balloon as the market declines. If a home goes into foreclosure and sells at auction, the neighborhood will be adversely affected. Often times when the property is underwater, a homeowner can choose to short sale it as long as there is a legitimate hardship, and in 90 percent of the cases, there are.

Los Angeles based Housing Assist of America knows the short sale market better than most. With over 200+ short sales under their belt and one of the biggest names in real estate backing them, they are a short sale powerhouse. Coldwell Banker brought them on board in 2011 and hasn’t looked back since. The secret to their success lies in their ability to negotiate effectively with hardball lenders, an attribute that separates Housing Assist from the distressed property expert.

Overall the short sale is a proven method to alleviate debt and get a fresh start, no matter what the property is worth or how much you owe. It is always advantageous to the seller in every aspect, however in some cases there could be tax ramifications. Whether it’s a 250k home in a modest community or 1.5 million dollar villa in Beverly Hills, the banks just want to cut there losses and move on, The process is exactly the same, but keep in mind no two short sales are alike. Avoiding foreclosure at all costs should be a top priority to sellers. And recent research has shown that lenders are approving more and more of these complex transactions. As of April 2011, bank of America has completed well over 23,500 short sales nationwide, with Wells Fargo and GMAC at 13,500 apiece and counting. JP Morgan Chase has even offered some owners as much as $30,000 as an incentive to short sale their property.

If you owe more on your property than its worth and it’s a financial burden to make the payment, the answer should be quite clear, short sale.

Mortgage Applications Continue To Slump

April 14, 2011 by  
Filed under Short Sale/Loan Modification Blog

Mortgage Applications Continue To Slump

The amount of home buyers and refinancers who applied for mortgages this week was recorded at two percent less then the amount who applied the week before.  This is concerning considering   the spring real estate market has just began, and the numbers of applications for mortgages were thought to increase.  

Though the number of home purchasers has risen recently by nearly seven percent, the amount of people refinancing has dropped over six percent.  Though it seems like a turnaround when you consider those numbers, keep in mind that the these percentages reflect the same numbers from the 1997 levels…which isn’t saying much.  

Save Money…Buy A Foreclosed House!

Save Money…Buy A Foreclosed House!

If you’re in the market and looking to buy, you should definitely consider purchasing a foreclosed house.  Houses being offered as ‘short sales’ should not be overlooked.  When a lender agrees to accept less then what a homeowner owes on his house, the property is put on the market as a ‘short sale’.  Buying distressed properties is tedious, but if you’re dedicated and willing, it will prove worth your while.

So what makes buying a foreclosed house so stressful?  Well, you’ll be dealing with multiple third parties instead of a single agent, and so the process is entirely time consuming.  This is particularly tedious because each of their third parties has a separate agenda and code to adhere to.  As you can imagine, there’s a lot of back and forth talk.

But if you’re thick skinned and can take the angst, you should seriously consider buying a distressed property.  And now for a few suggestions to help you out.  When you make an offer bid low, but not insultingly low, as the houses are already priced to sell (seriously!) Also, make sure you are pre approved to be financed before you even discuss a negotiation.  And lastly, make sure you generate a contract that give you leeway to terminate the sale if the house is not in the condition you presumed it to be.  Now take these tips to the bank, and get ready for a new house at a fraction of the price 

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