How Long Do You Need to Wait to Qualify for a Loan After Short Sale or Foreclosure?

The time frames differ given your individual situation, but this article offers some good information regarding the 'rules'.
http://www.mercurynews.com/business/ci_20241918/past-foreclosure-means-waiting-years-new-loan

Short Sale or Foreclosure and Your Taxes

Take a look at this article for some good information about what can happen to your taxes after a short sale or foreclosure.  You should always contact your tax professional for personalized tax advise.
http://rismedia.com/2012-03-11/what-you-need-to-know-about-cancellation-of-mortgage-debt/

Deadline to request independent foreclosure review extended to July 31

Deadline to request independent foreclosure review extended to July 31Borrowers seeking a review of their mortgage foreclosures under the Federal banking agencies' Independent Foreclosure Review now have until July 31, 2012, to submit their requests.

The new deadline provides an additional three months for borrowers to request a review if they believe they suffered financial injury as a result of errors in foreclosure actions on their homes in 2009 or 2010 by one of the servicers covered by enforcement actions issued in April 2011.

Borrowers are eligible for an Independent Foreclosure Review if they meet the following basic criteria:

• The mortgage loan was serviced by one of the participating mortgage servicers. 
• The mortgage loan was active in the foreclosure process between January 1, 2009, and December 31, 2010.
• The property securing the mortgage loan was the borrower's primary residence.

There are no costs associated with being included in the review. For more information, borrowers can call 888-952-9105, Monday through Friday, 8 a.m.-10 p.m. ET or Saturday, 8 a.m.-5 p.m. ET or visitwww.federalreserve.gov/consumerinfo/independent-foreclosure-review.htmor www.occ.gov/independentforeclosurereview.

More info 

Rental Market Heating Up

The following article taken from Zillow Research and can be found at 

http://zillow.mediaroom.com/index.php?s=159&item=264.


In Laguna Niguel, according to Zillow, the average rents increased 10% over the last 12 months, while the average values declined 3%.  What does this mean?  It means this is a great time to invest in real estate and become a landlord.  For example, the Tampico development in Rancho Niguel has average rents of $2600 per month and average sales prices of $421,000.  This equates to a annual rate of return of almost 4.5%, taking into account the 3% decline in value.  Still, a better rate than you would be able to find in the unpredictable stock market!


Rental markets heating up, but home values continue to declineMedian rents rose 3 percent from January 2011 to January 2012, but home values continued to fall, declining 4.6 percent during that period, according to the January Zillow® Real Estate Market Reports.

The Zillow Rent Index (ZRI) showed year-over-year gains for 69.2 percent of metropolitan areas covered by the ZRI.  By contrast, only 7.3 percent of metro areas covered by the Zillow Home Value Index (ZHVI) saw home values rise.

In the short term, national monthly rents declined slightly from December 2011 to January 2012, falling 0.3 percent to $1,218. Home values fell 0.5 percent during the same period to $146,200.

Additionally, foreclosures ticked up slightly in January, when lenders foreclosed 8.4 out of every 10,000 homes. That was up from December, when 8.1 out of every 10,000 homes were foreclosed. Foreclosure re-sales also rose on both a month-over-month and year-over-year basis. Nearly one-in-five (19.5 percent) of homes sold in January were foreclosure resales.


Missy Wiesen
Realty Benefit


HAFA Certified Specialist
Certified Negotiation Expert


DRE #01745112

It's Friday! Happy Hour Anyone?

Looking for a happy hour location?  Try one of these.

El Cortez (Golden Lantern and Crown Valley)

M-F 4PM -7PM

$1.00 off beer, wine, well drinks, and house margaritas

$3.00 flautas, taquitos, or cheese quesadillas

$4.00 nachos

$3.00  queso fundido

$7.00 appetizer platter

In the bar only and no kids are allowed in the bar.

Fratello’s (Niguel and Clubhouse, Laguna Niguel)

Happy Hour all day, every day in the bar

½ off appetizers

$1 off house wine, domestic beer, well drinks, and martinis

Riptide Rockin’ Sushi & Teppan (Kalidescope, Mission Viejo)

M-F 3PM -6PM

$3 sushi and Japanese beer

PF Changs (The Shops at Mission Viejo)

Everyday 3PM -6PM

$3-$6 beer, wine, and appetizers

Too much to list!  Click the link to see the happy hour menu

http://www.pfchangs.com/menu/menu.aspx?menu=happy_hour

Wind & Sea (Dana Point harbor)

M-F 4PM -7PM

$3.50 Coors Light, $4.45 Mai Tai, $3.95 Wine

$4.45-$7.95 appetizers

Cedar Creek (La Paz and

Picific Park/Oso Pkwy

)

Every day 3:30PM -7PM

$5 Martinis, $4 Well Drinks, $3 off wine

$5 Appetizers

Islands (Kalidescope, Mission Viejo)

M-F 4PM -7PM

$1 off beer

½ off appetizers

Chaparosa Grill (Golden Lantern & Marina Hills)

Sunday – Thursday 3PM – 8PM
Friday & Saturday 3PM – 7PM

Again, too much to list!  Check the menu.

http://www.chaparosa.com/menus/happy-hour/

Stadium Brewing Co. (Aliso Viejo)

M-F 3PM-6PM

$2.50 House Brews and Bud Light

$3.50 Well Drinks

$4 House Wine and House Margaritas

$4-$7 Appetizers

Mosun Sushi (Laguna Beach)

Wednesday and Friday

½ off sushi and rolls for OC Locals

CHEERS!!

A New Safety Net From "Keep Your Home California"

Homeowners that cashed out the equity in their home now could qualify for the "Keep Your Home California" programs.  (source:  CAR Market Matters)

• Keep Your Home California is a state-run program funded with $2 billion from the U.S. Treasury’s Hardest Hit Fund.  It is designed to help low- and moderate-income people who are unemployed or owe more than their home is worth pay their mortgage.

• There are four individual programs that fall under Keep Your Home California.  Eligible homeowners can get up to $50,000 in assistance from one or more of the four programs combined.
• Under the new rules, people who took equity out of their homes will be eligible for the unemployment mortgage assistance, mortgage reinstatement assistance, and transition assistance programs if they meet all the other program requirements.  Homeowners who cashed out equity will continue to be ineligible for the principal reduction program.
• When the program first started, homeowners who had tapped the equity in their homes were ineligible for the programs.  CalHFA decided to include these homeowners due to the large number of homeowners who were being turned away for assistance.
• Under the program revisions, homeowners who originated mortgages after Jan. 1, 2009 also are eligible for the same three programs.  Originally, these borrowers were excluded because they also are excluded under the federal Home Affordable Modification Program, so CalHFA wanted to be consistent with HAMP.
• To qualify for any of the four programs, homeowners must fall below certain income limits, must be living in the home, and cannot own a second home, among other criteria.  For additional requirements, visit www.keepyourhomecalifornia.org/eligibility.htm.

I find it interesting that the government has yet to offer assistance for homeowners that are current on their mortgage.  Shouldn't we all benefit from these "programs" designed to boost the economy?  What about the homeowners that purchased or refinanced when  mortgage rates were higher?  I have one client that purchased in 2006 and now owe more than the house is worth.  They are current on their mortgage, but do not qualify for a loan mod because they cannot prove there is a hardship and cannot refi because there is no equity.  So they now are stuck in a 6.5% mortgage.  Is it fair that those who do it right be penalized?