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Carol or Jim Chamberlain

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HUD: Homebuyer Tax Credit Loans Still on Track

Daily Real Estate News  |  May 21, 2009  |

HUD: Homebuyer Tax Credit Loans Still on Track
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.

"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.

Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.

The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.

When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.

Source: REALTOR® Magazine Online

Memorial Day Weekend

What a beautiful weekend we had in Orange County and most of us are off today,  Memorial Day. The real estate market, however,  seems to be humming along in North Orange County. If any of you read the Orange County Register over the weekend, it confirmed this. My favorite city of Brea is leading the way in home sales.

We held 2 open houses over the weekend and had over 50 groups of people through both 2151 Clears Springs Rd and 1155 Timbergate in Brea. That’s more people than we have had in the last 6 month holding open houses.

No one knows where the bottom of the housing market is until long after it has passed. There are a few signs to be optimistic about though; 1. Inventory is down for the 3rd month. 2. The number of multiple offers on properties has increased. 3. The length of time on the market is decreasing. These are all sure signs we are in the bottom curve of the market and home sales will begin to improve

And, "Here's Your Monday Morning Coffee"...On Memorial day: it is good to be reminded that veterans and active duty personnel alike deserve our undying gratitude.  Keep in mind that there are heroes from the past and there heroes today, living and dying for our country and our freedom.

There have been 5 Medals of Honor presented in Afghanistan and Irag ... All five recipients gave their lives to save others, 3 of the five literally covered grenades with their bodies to save others... you can read their stories at www.homeofheroes.com

(When you read this story remember our soldiers are in the middle of an ambush, guns blazing, RPG's blasts (Rocket Propelled Grenades), and comrades being injured all happening all around them.)

This story is about a surviving recipient of the Silver Star...

Staff Sgt. Lincoln V. Dockery said he didn't even see the grenade that sent shrapnel into his right forearm while charging insurgent fighters in Afghanistan's Korengal valley, Nov. 16, 2007.

"Someone yelled out,” he said.  “My hand went up and a hot, sharp feeling went through."

Dockery, a combat engineer then assigned to a route clearance patrol with Company A of the 173rd Airborne Brigade's Special Troops Battalion, said he decided the injury wasn't major, and continued his charge up a hill into enemy fire.

"I don't want to think about what would have happened had he not been there," said Capt. William Cromie, Dockery's platoon leader that day in Afghanistan. "It would have been a completely different day."

Dockery said the description of the mission for which the patrol departed from Forward Operating Base Asadabad in Kunar Province that day sounded like the description of their mission for any other day: "Out looking for bombs."

"My only concern was for the guys who worked under me," the 25-year-old stated.

His concern became reality when the lead vehicle on the mission, a Husky mine-detecting vehicle, activated an improvised explosive device. Rocket-propelled grenades immediately started hitting the damaged vehicle and it became clear the convoy was in the middle of an ambush.

With RPGs coming at his men and him from two different directions, he realized that the enemy was not only across a nearby river, but also about 20 meters from their position.  He had to make a quick decision. 

"If we didn't assault the hill they were attacking from, they would have taken us out. They couldn't miss with their weapons they were so close," Dockery recalled.

He checked on the lead vehicle’s driver who was barely conscious but not wounded.  Pfc. Amador Magana managed to give a thumbs-up, Dockery said, and soon stood up, manned his M-249 machine gun and returned fire on the enemy.

Dockery and one of his Soldiers, Spc. Corey Taylor, then stormed the hill as their team members provided support from the convoy.  During the charge Dockery was injured, but he kept going, through hand grenade exchanges and incoming RPGs.

The pair low-crawled the rest of the way up, watching bullets kick up rocks and dirt all around them.  They then pushed the enemy back from their position and found the IED command detonator and wire.

Indirect fire, air strikes and other close air support was called in later to deal with about 30 fleeing fighters, but Dockery's assault kept everyone else from the patrol alive.

Dockery received the Purple Heart for his injury in combat and earned a Silver Star for valor.  Both medals were presented on March 11 in Bamberg, Germany.

"Hopefully anybody would have done the same thing I did that day," Dockery said, downplaying his role in the event.

Excerpts from article by Sgt. Micah E. Clare, U.S. Army Europe Public Affairs Office, March 19, 2009.

Support our soldiers by sending a gift this holiday at

www.AnySoldier.com

Have a thankful and enjoyable day and remember to thank our Serviceman and Servicewomen.

Sincerely,

Carol & Jim

Need To Refi But Owe To Much!

Want to take advantage of the low loan Rates but you have no equity. Well there may be help for you now. If your mortgage loan is owned by Fannie Mac or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Your mortgage company can tell you if your loan is guaranteed by Fannie Mac or Freddie Mac or you can contact Fannie Mac or Freddie Mac directly by click on the link below and completing the forms for each company. Two things you should know before you make the call. 1. You can't owe more than 105% of the appraised value. 2. No late payments in the last 12 months. If you meet these two conditions fill out the forms and get the ball rolling.

FANNIE MAE
1-800-7FANNIE (8 am to 8 pm EST)
www.fanniemae.com/loanlookup

FREDDIE MAC
1-800-FREDDIE (8 am to 8 pm EST)
www.freddiemac.com/mymortgage

Is Your Swiming Pool Leaking!

I thought I was loosing excessive amounts of water from my pool. I was filling it everyday to bring the water level back to normal. Before you call a leak detection company in to see if your pool  has a leak there is a simple test you can do. If found this online at http://www.americanleakdetection.com:

1. Bring pool water to normal level.
2. Fill 5 gallon bucket with pool water about 3-4 inches from top.
3. Place bucket on first or second step of pool.
4. Mark water level on inside of bucket.
5. Shut off pump and mark pool level on outside of bucket.
6. Resume normal pump operation. Make sure auto/manual fill valve is off during test.
7. After 24 hours, compare the two levels. If the pool water (outside mark) goes down more than the inside water level, there is probably a leak.

In case of rain, repeat the test.

They also had a short video at http://www.americanleakdetection.com/tips-bucket-test.php  Fortunately for me the Sun was sucking it away.

$18,000 First Time Buyer Tax Credit

Buyers have an opportunity to save big between March 1, 2009 through December 31, 2009. The State of California is offering a $10,000 credit for newly built homes. The property will have to be your principal resident and you will have to live in it for 2 years or you WILL have to repay the tax credit.

Plus the Fed is offering a $8,000 tax credit and you take advantage of both the State & Fed tax credit for a total savings.$18,000 don't miss this one time opportunity.

If you are buying a resale home you still can take advantage of the Fed credit until the end of the year. I wouldn't wait much longer before buying a home in the last 3 months distressed homesellers down 16% over the last 3 months. The amount of distressed homes keeps reducing either by loan modification of resale home sale.

Sales of Resale Homes Explode

For the last 3 months sales of resale homes have dropped in value month after month. We sit in the office day after day and with very few calls. We've retired and didn't know it. It looked like it was going to be another dismal spring and summers.


February 2, 2009 there is this awful noise and its insistent at the office, Oh it’s the phone and its ringing. People are calling and want us to show them houses to buy. That’s Good! Take 2 listing over the weekend and one has 4 offers, that’s good! And 2 of the offers are over full price, that’s even better!


As for the 5 new buyers who want to start look at property, into the MLS (Multiple Listing Service) we go looking for properties that fit their needs. Plenty of properties listed that fit their needs. Start calling offices and agents to make sure properties are available to show. Ugh! Over half the properties we called on were in escrow or have multiple offers. Wait a minute I though no one was buying!


The phone is still ringing and we are filling our days with appointments to show buyers. YaHooooooooooooo! The times are a changing and let it be Southern California that starts the economy moving again. After all this is one of the best places in the US to live.

2009 HOME BUYER'S FAIR

Whether you are a first-time home buyer, or interested in moving from your current home to a larger one, or downsizing, the Southern California Homebuyer's Fair, sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®, offers a free, two-day, power-primer on the home buying process, packed with dozens of educational "how-to" seminars designed to help you navigate today's real estate market with confidence and peace of mind.

The next Home Buyers Fair is Saturday & Sunday April 18-19, 2009. For more information go to www.homebuyersfair.com. The Home Buyers Fair is FREE!!!!!!!!!
 
 

Clearinghouse For Contractors

Call it a clearinghouse for contractors, but Chiefmall.com aims to be consumers' one-stop database for contractors of all specialties. Vistors can search by city, Zip code, and specialty-from air conditioning to waterproofing plus vie portfolios of contractors work.

With Chiefmall you can submit your job to all registered contractors you have searched for. Simply complete the form , and they will take care of the rest.

I have not had the opportunity to use this service yet, but I will give it a try in the future.

Mortgage Workout Programs for Homeowners

The following information is intended for REALTORS® and homeowners seeking information on existing mortgage workout programs.  In general, the loan modification programs on the chart (see link below) and consumer information sheets (see links below) are intended for primary residences only.

For an informational chart on existing mortgage workout programs, click here (Word Doc).  The chart is a compilation of programs offered by the larger lenders and government entities. If a specific lender or loan servicer is not on the chart, homeowners may wish to contact the lender or loan servicer to determine if a workout program is available.

For consumer information sheets containing detailed information on specific programs that REALTORS® can share with their clients, please click on the appropriate link below.
HOPE For Homeowners (H4H)  (Word Doc) 
Countrywide Financial (Bank of America)  (Word Doc) 
Citigroup, CitiMortgage (Word Doc) 
JP Morgan Chase & Co.  (Word Doc) 
IndyMac Federal Bank, FDIC  (Word Doc)


Federal Government Loan Modification (Word Doc)   (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, Department of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)
Mortgage loan modifications typically are handled on a case-by-case basis. Homeowners having difficulty meeting their mortgage obligation or interested in finding out more about a loan modification program should start by contacting their lender. Prior to calling a lender or loan servicer, homeowners should have the following information available:
.  Loan number
.  Income information and documentation
.  Most recent mortgage statement
.  Bank statements
.  Letter demonstrating financial hardship


REALTORS® who wish to assist their clients in seeking loan modifications should ensure they are in compliance with California law.  For further information, please visit the California DRE Web site at http://www.dre.ca.gov/mlb_adv_fees.html . REALTORS® also may direct clients to work with a U.S. Dept. of Housing and Urban Development (HUD)-approved counselor.  For a list of HUD-approved counselors in California, visit the HUD Web site at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA .

Information was provided by the California Association of Realtors web site if you are concerned about clicking on the links above go to www.car.gov or www.car.org/legal/mortgage-workout-programs/?view=Standard 

 

Senior Activities in Brea

Through the City of Brea Community Services Department, a series of  free

exercise and craft classes are available at the Brea Senior Center, 500 Sievers

(Brea Blvd. & Elm) and Pioneer Hall (adjacent to the Senior Center). Read

through the weekly schedule to see what interests you. For more information,

call (714) 990-7750. Click here for more information.

Displaying blog entries 21-30 of 78

Contact Information

Photo of Carol and Jim Real Estate
Carol and Jim
Preferred Home Brokers
3230 E Imperial Hwy, Ste 125
Brea CA 92821
714-726-3166
714-726-3144
Fax: 800-662-7856

Carol & Jim Chamberlain 714-726-3166 or 714-726-3144                  Buy or Sell Your Home With Us . . . Use Our Moving Van For FREE!                  DRE Lic Numbers: 00912962, 01015143