FYI

~~~~~~~~~~~~~~~~~~~~~~~~

As a CDPE I can assist you in one of the biggest

decisions you will make...

Do I Short Sale my home or do I Foreclose?

There are solutions... give me a call.... I CAN HELP!

CALL ME AND LETS SEE WHAT WE CAN DO TOGETHER

Here is the link to the new HAMP (Home Affordable Modification Program): https://www.hmpadmin.com/portal/index.html

New foreclosure alternatives program
The U.S. Dept. of the Treasury announced in April the Home Affordable Foreclosure Alternatives Program (HAFA), which provides financial incentives to servicers, borrowers, and investors for a closed short sale or a deed-in-lieu (DIL).

Only FHA backed loans qualify for the HAFA program.

Video over view: What in the World Is HAFA?

The HAFA program simplifies and encourages short sale and DIL options by:

Allowing pre-approved short sale terms before a property is listed; and
Releasing borrowers from future liability for the debt.

Borrowers not eligible for the Home Affordable Mortgage Program must be considered for HAFA within 30 calendar days of the date the borrower does not qualify for a HAMP Trial Period Plan; does not successfully complete a HAMP Trial Period Plan; is delinquent on a HAMP modification by missing at least two consecutive payments; or requests a short sale or DIL.

You can also visit their sites:

Freddie Mac: http://www.freddiemac.com/

Loan Look Up: https://ww3.freddiemac.com/corporate/

Fannie Mae: https://www.efanniemae.com/home/index.jsp

Loan Look Up: http://www.fanniemae.com/loanlookup/

Many loans are getting ready to "re-set" for most home owners this can be a good thing in that your mortgage payment could actually go DOWN. Loan Modifications are helping home owners stay in their homes. The bad news is that most borrowers will not qualify for a Loan Modification. It is best to speak with your lender to see if you are a good candidate.

~~~~~~~~~~

This is a good time to get with your lender and be ready to move. Sellers are requesting that all offers are accompanied with a pre-qual/pre-approval letter from a lender.

~~ LENDERS ~~

Central Coast Mortgage Consultants Lisa Renelle (805) 238-6100

Email: lisa@ccmortgageconsultants.com

Connect Home Loans Reed Gulvosen (805) 237-8811

Email: reed@connecthomeloans.net

Central coast Mortgage Consultants Sharon Ross (805) 238-6100

Email: sharon@ccmortgageconsultants.com

North County Sales Chart:

NOD Chart:

PDF Links/NOD Chart July 2010.pdf

10 Year Bar Graph:

PDF Links/10 Bar Graph SLO County July.pdf