Mortgage Relief for Medical Bills and Unemployment
August 8, 2010 by Robert Fraijo · Leave a Comment
I noticed an article in the San Francisco Chronicle about a new pool of Federal assistance money. This might be a good strategy for borrowers to bridge the gap while temporarily unemployed, or if hit with unexpected medical bills. It could also be part of a plan to best utilize a short sale on your principal residence, as the assistance money will “buy” some time for you and your family to resume payments on your mortgage, or will give us ample time to negotiate a short sale with your bank.
Congress has just come up with an extra $1 billion to help people who can’t pay their mortgage because of unemployment or a medical problem.
Under this new Emergency Mortgage Relief program, eligible homeowners who are at least three months delinquent can get up to $50,000 apiece in federal loans to pay their mortgages.
The money for this program came in the financial regulation bill signed last week and will be made available to the U.S. Department of Housing and Urban Development on Oct. 1.
According to the 1975 act, as amended by the new law, HUD can provide assistance to homeowners who have suffered “a substantial reduction in income” because of involuntary unemployment, underemployment or medical conditions.
Homeowners must be at least three months behind in their payments and the lender must have indicated an intention to foreclose. There also must be a “reasonable prospect” the homeowner can resume payments. The loan must be on their primary residence.
Homebuyer Credit Will Be Extended!
July 1, 2010 by Robert Fraijo · Leave a Comment
This just in! The House of Representatives has approved, and President Obama is expected to sign, a bill that extends the $8,000 first-time homebuyer credit until September 30, 2010. Also available is for existing homeowners is a $6,500 credit on the purchase of their next home.
These credits were previously due to expire on June 30th. The new deadline requires purchases to close their escrows by September 30th.
Here’s a good article on CNN Money with more information about this important story.
26 Camino Silla
November 24, 2009 by Robert Fraijo · Leave a Comment
Beautiful 4 Bedroom, 3 Bath Turnkey condition. Downstairs bedroom/office. Upgraded landscaping. Built in BBQ with granite counter. Plantation shutters and upgraded paneling. Custom entertainment center, slate flooring and upgraded carpeting. Built in security system. Price excludes outdoor spa.
FULLY APPROVED short sale.
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143 Montana del Lago, Santa Margarita, CA 92688
November 23, 2009 by Robert Fraijo · Leave a Comment
Wow, what a way to wake up, with Rancho Santa Margarita Lake right out your front door!!! Gorgeous lake front property, with a deck for entertaining. Mountain views. Master bedroom and bath upstairs, second bedroom downstairs; ceiling fans in both rooms! Close walk to grocery, coffee, yogurt, and restaurants. Wonderful walking trail around lake. Cozy, well kept condo, in great community. Excellent opportunity.
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30902 Clubhouse Drive
November 22, 2009 by Robert Fraijo · Leave a Comment
Your buyers will love this highly upgraded unit with a beautiful view. Move in ready. Laminate wood floors, neutral colors. Beautiful kitchen. Show your buyers and don’t be dissappointed. One of the few units in this tract with 2, 1 car garages. #139 and #144.
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2208 East Via Mariposa #B
November 21, 2009 by Robert Fraijo · Leave a Comment
This condo is located in the quiet, beautiful, and safe neighborhood of Leisure World, a senior living community for those 55+, which affords a lovely, private lifestyle with countless ammenities close by, via free bus service. The monthly HOA fee includes all utilities (except electric) and all amenities Leisure World has to offer.
The excellent layout of the living and dining rooms provide a spacious area. A large balcony is attached to the living room and second bedroom, with amazing views of the Saddleback Mountains and treetops! The carport and large laundry room are close by, and all on one level, for easy accessability.
Seller is motivated, so bring all offers!
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“Robert Saved Our Lives from Financial Disaster”
November 21, 2009 by Robert Fraijo · Leave a Comment
“We had two properties facing foreclosure. We had to sell them, and with the decline in the market there was no equity. We thought that we were stuck.
“Robert was so knowledgeable in this market and he gave us so many options that other Realtors never mentioned. He was working so hard to save our credit. He really cared what happened to us and really hung in there and worked out every problem. Robert saved our lives from financial disaster. It was nice to find someone who could really help and provide answers. I have on more property – if I ever sell, Robert will have my business.”
R. Hernandez
Placentia, California
“Short Sale Saved Me from Foreclosure”
November 20, 2009 by Robert Fraijo · Leave a Comment
“I count my lucky stars that I found Robert just in time to help me successfully sell my home in a short sale, when I feared that foreclosure might be my only option. The short sale that they negotiated saved me from foreclosure.”
I had unsuccessfully attempted to work with my bank on a loan modification of some kind for months, to no avail, and could no longer make my mortgage payments.
After meeting with Robert I knew he and his team were the right solution for me. They are experts at what they do, showing me dozens of lender short sale acceptance letters for homeowners just like me, and answering all my other questions – allaying my fears along the way. They even submitted an agent authorization form to my bank so that I wouldn’t get any collections calls as the process unfolded.
Best of all – THERE WAS NO COST TO ME. Now I’ve rented an adorable place while I get back on my feet – and, if I choose to…in two short years I could be working with Robert again to potentially buy another home!”
K.T.
Laguna Niguel, CA
Making an Offer on a Short Sale? What You Need to Know…
November 20, 2009 by Robert Fraijo · Leave a Comment
Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? That’s true, but it pays to know a little about the seller’s situation before you make an offer.
If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.
A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks Read more
Celebrity Foreclosures – Nicholas Cage
November 15, 2009 by Robert Fraijo · Leave a Comment
Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday.
Birmingham, Ala.-based Regions Bank purchased Cage’s 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage’s 2523 Prytania Street property appraised at $3.3 million in the Garden District. Read more