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.

Read more from the Chronicle…

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.

FULLY APPROVED short sale.

Contact us for more information!

26 Camino Silla, San Clemente, CA 92673
BEDS: 4
BATHS: 3
SQ. FT.: 2,300
$/SQ. FT.: $237
LOT SIZE: 4,245 Sq. Ft.
PROPERTY TYPE: Residential, Single Family
STYLE: Two Level, Mediterranean, Spanish
YEAR BUILT: 2000
COMMUNITY: Talega
COUNTY: Orange
MLS#: S583773
$545,000

Contact us for more information!

143 Montana del Lago, Rancho Santa Margarita, CA 92688
BEDS: 2
BATHS: 2
SQ. FT.: 780
$/SQ. FT.: $281
PROPERTY TYPE: Residential, Condominium
STYLE: 3+ Levels, Contemporary
VIEW: Lake Front, Mountain, Park/Green Belt
YEAR BUILT: 1992
COMMUNITY: Central Rancho Santa Margarita
COUNTY: Orange
MLS# S592328
$219,000

Contact us for more information!

30902 Clubhouse Drive, Laguna Niguel, CA 92677
BEDS: 2
BATHS: 2
SQ. FT.: 1,100
$/SQ. FT.: $263
LOT SIZE: -
PROPERTY TYPE: Residential, Condominium
STYLE: One Level, Spanish
VIEW: Canyon
YEAR BUILT: 1989
COMMUNITY: Laguna Niguel West/North of Crown Valley/West of Niguel
COUNTY: Orange
MLS# S590113
$289,000

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!

Contact us for more information!

2208 East Via Mariposa #B, Laguna Woods, CA 92637
BEDS: 2
BATHS: 2
SQ. FT.: 1,030
$/SQ. FT.: $117
PROPERTY TYPE: Residential, Condominium
STYLE: 3+ Levels, Contemporary
VIEW: Mountain, Park/Green Belt, Tree Top, Has View
YEAR BUILT: 1968
COMMUNITY: Laguna Woods
COUNTY: Orange
MLS# S591850
$120,000

“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

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

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 before you pursue a short-sale purchase.

You’re a good candidate for a short-sale purchase if:

• You’re very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.
• Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
• You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you want to work with:

• Experienced real estate attorney. Only about two out of five short sales are approved by lenders. But a good real estate attorney who’s knowledgeable about the short-sale process will increase your chances getting an approved contract. Also, if you want any provisions or very specialized language written into the purchase contract, a real estate attorney is essential throughout the negotiation.
• A qualified real estate professional. You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they’ve represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender. (All MLSs permit, and some now require, special notations to indicate that a listing is a short sale. There also are certain phrases you can watch for, such as “lender approval required.”)
• Title officer. It’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to the property. If there are multiple lien holders (e.g., second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it’s much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.

Some of the other risks faced by buyers of short-sale properties include:

• Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.
• Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.
• No repairs or repair credits. You will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

(Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA.)

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 the rest of the story by Hibah Yousuf, CNNMoney.com staff reporter, on Yahoo.com