Pay your mortgage on time, but can't refinance? Improvements to HARP may help.

Home Affordable Refinance Program (HARP) Sponsored by OCHOPC Tuesday, May 22; registration begins at 4:30 P.M. with the workshop from 5 P.M. to 7 P.M.  at Senator Lou Correa's Office, Rancho Santiago Community College Bldg., 2323 N. Broadway, Santa Ana, CA 92706   Many homeowners pay their mortgages on time, but are not able to refinance to take advantage of today’s lower rates. Learn about the HARP 2.0 program which may help homeowners, with loans held by Fannie Mae or Freddie Mac, refinance into a more affordable or more stable mortgage. A lender panel will be on site to answer questions. This event is free and open to the public. Please RSVP to Connie Der Torossian:ConnieDT@housingcollaborative.org or call (714) 599-1014

"Mortgage Crisis to End in 2012..." Don't be Fooled!

I have read 2 articles in the last 2 weeks which make the claim the "mortgage crisis will end in 2012".  It seems too good to be true!  I read them, they actually seemed to be the same article, just posted by different sources.  It is great to be optimistic, but we also must be realistic.  As much as I would like to believe we will be out of this slump soon, the facts just do not support the claim.  Take a look at this article, from a credible source, "The Wall Street Journal", and decide for yourself.http://blogs.wsj.com/developments/2012/04/04/are-mortgage-credit-standards-loosening-hint-no/

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

Banks involved in Foreclosure Abuse Settlement being rewarded for business practices

An interesting article on how the banks involved in the foreclosure abuse settlement are being rewarded for their business practices.
http://www.nytimes.com/2012/03/28/business/foreclosure-deal-gives-banks-credit-for-routine-activities.html?_r=2&ref=realestate

Bank of America "Mortgage to Lease" Foreclosure Alternative

Last week Bank of America began sending letters offering distressed homeowners the option to lease their homes in an effort to avoid foreclosure.  The test markets included Arizona, Nevada, and New York.  It is not officially offered here in California, but it would not hurt to ask if you are in the process of trying to avoid foreclosure.  Fannie Mae also has a similar program.  Read the full story athttp://finance.fortune.cnn.com/2012/03/26/bank-of-america-foreclosure-rental/?iid=HP_Riverhttp://finance.fortune.cnn.com/2012/03/26/bank-of-america-foreclosure-rental/?iid=HP_River

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/

Scam Targets Distressed Homeowners

Tip of the Week: Scam targets distressed homeowners
Scammers are calling homeowners, offering to help save their homes by filing an application for them for the Keep Your Home California program, bilking the victims of as much as $900.  Applying for help from Keep Your Home California is always free.

Homeowners can go to www.keepyourhomecalifornia.com for more information on programs offered or call this number to get information about assistance with mortgages: (888) 954-5337.