One of the most important factors to consider when buying a new home is affordability.  As a general rule, mortgage payments should not exceed 25-30 percent of your monthly take-home pay.  The best way to know what you can afford is to determine the possible payment range by comparing the price of the home with other essential ingredients.

Figure Out How Much You Want To Borrow

Your first step to calculating your monthly mortgage payment is knowing how much you want to borrow.  This can be determined by subtracting your down payment amount from the purchase price of the home, which will give you the amount that you will need to request from a lender.

Know Your Rates

The next step is to determine the current interest rates for the purchase of a home.  Rates vary and may change often, so check with your lender for current rates.  It's worth noting that the interest rates you receive will, in part, be based on your credit history.  This means that knowing your FICO score and credit rating will give you a good idea as to how your interest rates will be calculated.

Choose Your Loan Term

Your monthly mortgage payments will be determined by a number of factors, including the term of your loan.  If you were to borrow $250,000, your monthly payments would be less with a 30-year mortgage than with a 15-year mortgage.  The reason is because it would take larger monthly payments to get the loan paid off quicker, which is why you will need to select a loan term before calculating your payments.

Additional Costs To Consider

Your total mortgage payment will include taxes, homeowner's insurance and possibly even private mortgage insurance (PMI) if you provide less than 20 percent down and your loan requires it.

Just The Facts & Figures

Now that you know how much you need to borrow, have chosen your loan term and are familiar with the current interest rates, it's time to calculate your payment.  Most lenders offer a mortgage calculator on their Web site or you can get an estimate by speaking with your lender.

If you still need help in calculating your potential monthly mortgage payments, don't hesitate to ask your REALTOR®, mortgage broker or lender.

Credit Blemishes

When life unexpectedly takes a turn for the worst, it's not always possible to come out without a few bumps and bruises.  Every day, people are faced with late or missed credit card payments, mortgage foreclosures, bankruptcy proceedings, auto repossessions and even civil judgments that will affect their credit reports for years to come.  Whether it's from a job loss, injury or just a simple case of temporary hardship, credit blemishes are often a part of life.  The good news is that they no longer have to prevent you from becoming a homeowner.

Give Yourself A Little Credit

After experiencing a credit problem, most lenders will want to see an attempt to rebuild your credit through a steady payment history with a new account.  This can be accomplished by applying for a credit card and maintaining a responsible use of the account.  If you aren't approved for an unsecured card, you can always apply for a secured credit card.  Either will rebuild your credit over time and will help to show lenders that you’re past credit problems are just that - in the past.

Clean Up Your Credit Report

Before applying for a home loan, make sure that you check your credit report from each of the three major credit reporting agencies.  Every 12 months, consumers can request a free copy of their credit report from Experian, Equifax and Transunion.  If anything is incorrect or found to be inaccurate, filing a dispute with the credit reporting agency can help to get the information corrected before speaking with a lender.

When you apply for a home loan, the lender will access your credit report for the purpose of determining your creditworthiness.  In an effort to ensure that you have the best possible chance at being approved for the loan at the best possible interest rates, making sure that your credit report is accurate is a must.

Save Up For A Down Payment

Some homebuyers often qualify for a mortgage with down payments as low as five percent (three percent for FHA loans), but those with past credit problems may be required to shell out up to 35 percent or more for a down payment on their new home.  A buyer who pays a larger down payment obviously has more vested interests in the home and may, thereby, be less likely to default on a loan.  If you have past credit problems, check with your lender about specific down payment requirements and start saving!

Creative Financing Options

If you've exhausted all of your conventional efforts and are still turning up empty, don't give up just yet.  Alternative financing is an option that many homebuyers use to purchase a home.  Your REALTOR® can provide you with details regarding any lease purchase and/or owner financing properties, which may require no credit check, no bank qualifying, a low down payment and competitive interest rate options.

Are you ready for summer in your new home?  We all know that summer brings to mind relaxation, vacation, and rest-but we also know that it can get hot!  I thought you might like to have a few tips on keeping cool in the upcoming summer, so that you can enjoy life to the fullest in your beautiful new house.

Remember, if you have any real estate questions on your mind, I hope you'll remember to call me at 949-295-6491 or visit my Web site www.ShamooTeam.com !  I'd be happy to answer any questions you may have!

 COOL-DOWN TRICKS FOR THE HOT SUMMER MONTHS

Spin it: Ceiling fans are an excellent way to keep everyone cool, and they're beautiful as well.  But did you know that they can also help you save on your energy bill?  By circulating cool air throughout your home, you won't need to keep the thermostat set as low as you would without the help of one, two or more well-placed fans.

Green is good: There's no debating how refreshing a large patch of shade can be on a hot summer day…so why not invest in some shade of your own?  Planting trees is an excellent way to ensure shade and to keep your house cool in the warmer months.  Already have some?  Make the most of the summer foliage by relaxing beneath a large tree and sipping some cool lemonade.

Clear as a bell: Window manufacturing and supply companies now offer an invisible way to keep you cool: by installing a transparent coating to windows that effectively blocks heat.  Adding this type of treatment to your sunniest windows is a smart and easy way to save a few dollars on your energy bill.

Program and relax: If you have a programmable thermostat but haven't gotten around to figuring out how to use it, now's the time.  Setting your thermostat to regulate the temperature of your house and maintaining an average temperature can save you a lot of money.  Can't find the instructions?  Most manufacturers provide free, downloadable guides via the Internet.

Block it out:  Room-darkening blinds can reflect a great deal of sun and heat, so keep them closed during the morning and afternoon hours to keep things cool inside!

But not every home makeover has to be so exhausting. In fact, there are many small alterations and additions you can make to your home that have big results for very little money and effort. If your home is in need of a new look, but you don’t want to spend an arm and a leg to do it, then try these six simple ways to give your home a makeover for cheap.

1. Paint the furniture.

An easy way to shake up a room is to paint your furniture. Go bold with a red accent piece or lighten up the room with a white finish. You can also skip the paint altogether and opt for a simple stain. The color options are endless and the cost for this project is fairly cheap.

2. Add indoor plants.

It’s amazing how much a simple plant or two can dress up a room and add an unexpected pop of color. Not only do real indoor plants purify the air inside your house, but they also bring a remarkable amount of life to any room. Aim for low maintenance plants that have a variety of colors and textures and can be displayed in unique ways, like inside a non-working fireplace.

3. Accessorize

A cheap and easy way to spice up a dull room is to accessorize with colorful pieces, such as throw pillows for the couch, bold frames, or an eye-catching mirror. To keep it affordable, use the items you’ve already got or restore them with a new coat of paint or embellishments. You can also find cheap accessories at antique shops, flea markets, and thrift stores.

4. Create an accent wall.

An accent wall can take any room from blah to beautiful in a matter of hours. Whether you paint one wall in a contrasting color or use whimsical wall decals, an accent wall can make your home appear bigger and brighter than before.

5. Rearrange the furniture.

Before you go buy new furniture or start knocking down walls, try rearranging your furniture first. Move your bed to another wall, reposition your couches, and switch up your artwork. With the right rearrangements, your room will feel and look brand new to you and your guests. Best of all, this makeover will cost you nothing, except for maybe an achy back after moving heavy furniture.

6. Organize the clutter.

Organizing your clutter may not sound like much of a makeover, but it actually makes a huge difference in the overall look and functionality of your home. If you’re like most people, you probably have a drawer or closet full of unorganized junk. By going through your clutter and finding a new home for the things that are actually worth keeping, you can free up this storage space for other important items. This project will cost virtually nothing, except for maybe a few cheap storage bins or baskets.

Lenders ask if the borrower will repay the debt. Lenders look at the borrower’s credit history, including the amount of money owed, the frequency of borrowing, the timeliness of bill payment, and a pattern of living within one’s means.

The credit information compiled by national credit bureaus reveals a borrower’s history of handling credit. A credit bureau is an agency that collects and maintains up-to-date credit and public record information about consumers. A credit bureau may also be called a credit-reporting agency.  In addition to detailed financial information, credit bureaus give lenders a numerical score or a credit summary that projects a borrower’s expected credit performance. Credit bureau scores are based on the statistical relationship between information in a borrower’s credit files and his or her repayment practices. These scores accurately summarize a borrower’s likelihood of repayment. A FICO® score is one example of a credit bureau score. FICO® scores range in value from about 300, which denotes the highest risk, to about 850, which indicates the lowest risk. Another example of a credit bureau score is the MDS bankruptcy score, for which a lower score indicates lower risk. Lenders look for signs of stability such as how long the borrower has lived at the present address, if he or she owns or rents the home, and the length of current employment.Credit files also document the number and nature of recent credit inquiries and information from public records, such as declarations of bankruptcy and unpaid judgments. Because there is such an assortment of information the lender must consider, it is difficult to make an accurate assessment of a borrower’s credit profile.

I would not be surprised to find out that you have heard that a foreclosure is sometimes the best option for you. Nothing could be further from the truth. For the vast majority of homeowners out there who are in danger of losing their homes, a short sale represents a vastly superior option.

The reality is that a foreclosure is a devastating option.

As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I have put together all of the benefits of a short sale over a foreclosure in a free report that is available to anyone.

Take a look at my site and download a copy of my free report entitled “The Foreclosure Fairytale” Then contact me for a free, confidential consultation.

Frank Shamoo

949-295-6491

Email@HelpUShortSale.com

Many people don’t realize that just because they are in danger of losing their home to foreclosure doesn’t mean they have to wait around for it to happen. With help, they can take matters into their own hands.

CLAIM YOUR TICKET TO FREEDOM!

As a Certified Distressed Property Expert (CDPE), I make it my business to know all of the ins-and-outs of the options that are available for people who are in danger of losing their homes and help the challenges head-on.

Take a look at the information on this site and then Contact me today to schedule a free, confidential consultation.  http://www.HelpUshortSale.com

The Shamoo Team

Frank Shamoo

The reason this act is important in today’s housing market is that, without the act, debt reduced through mortgage modifications or short sales qualifies as income to the borrower and is taxable. If the legislation is not extended, then it would require homeowners to complete a short sale or modification prior to year’s end in order to avoid a tax consequence.

“Obama’s FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007…  

In the Treasury’s Green Book, its summary explanation of the administration’s budget proposal, it calls for an extension of the tax break due to “the continued importance of facilitating home mortgage modifications.”

The administration is proposing an extension that would apply to any amounts forgiven before January 1, 2015.”

• Negotiated Short Sale Service at No Cost To Homeowner


• Free, Confidential, and No Obligation Consultation .


• Short Sale is No Cost to you. The bank will pay the all the commissions and closing costs.


• No Obligation. Cancel your listing at any time.


• Weekly Updates on the status of your Short Sale.


• Industry proven short sale system with a 100% success rate; over 385 approved short sales.


• Experience. I've worked with all the major lenders.


• You may remain in your home during the short sale process.


• We are sympathetic to your needs and we will hold your hand the entire time.

The Shamoo Team

Frank Shamoo

www.ShamooTeam.com

www.HelpUshortSale.com

The consumer watchdog group announced Monday it will provide greater oversight of the industry, including the big three credit agency firms: Experian, Equifax and TransUnion. 

Consumers often complain about inaccurate information on their credit reports, but many are unsuccessful in getting the credit reporting agencies to correct the information. The credit scores from the credit agencies are an important piece that lenders use to decide if a borrower should be issued a mortgage or other type of loan or credit cards. The three major credit reporting agency have files of the credit history and financial information of more than 200 million Americans. 

The CFPB may soon clarify what the Fair Credit Reporting Act requires of credit bureaus, including investigations when a borrower calls into question information on their credit report, Jon Ulzheimer, president of consumer education at SmartCredit.com, told The Associated Press. For example, when a consumer challenges their credit score, what constitutes a reasonable investigation as dictated by the Fair Credit Reporting Act?

We started looking at existing homes last summer, hoping to get a house. But the new-home market seemed like a better deal, so they decided to compromise for now, and if the buyers  business does well, they'll rent out there condo and buy a house down the road.

"We have extremely attractive interest rates, extremely attractive prices," they said.

"Buyers have come to their own conclusions that it is smart to buy now," Frank Shamoo of LocalHotPads.com. "The only trouble with that is scores of shrewd buyers have figured it out all at the same time. Thus, there is tremendous competition."

 "distressed inventory" of foreclosures and short sales now account for 18 percent of the market, down from 35 percent of the market in the spring of 2011.

"There is a palpable sense that we not only have reached bottom, but that we are starting to recover," he wrote.

CASH IS KING

That in some ways it's reminiscent of the housing peak, but with a key difference: No longer do you see 100 percent, no-down-payment mortgages.

"Now, "cash is king."

Homes in the $300,000 to $500,000 price range are most in demand.

"If you have a house in that price range and it's standing, it's going to get offers,"You have a lot of investors, and you have a lot of first-time buyers. It makes sense. ... There's a lot of cash that's looking for a place to go."

Most of our buyers at The Shamoo Team decided to quit being renters because they didn't want to miss out on the low interest rates and the low prices.

SACRAMENTO — California lawmakers have passed legislation that would provide homeowners with some of the nation's strongest protections from foreclosure and such aggressive bank practices as seizing a home while the owner is negotiating to lower mortgage payments.

After years of distress in the housing and mortgage markets, during which lenders seized nearly a million California houses, legislators Monday sent a pair of Assembly and Senate bills to Gov. Jerry Brown designed to help financially troubled borrowers stay in their homes.

The legislation would make California the first state to prohibit lenders from "dual tracking," the practice of negotiating with clients to modify a mortgage so that payments become more affordable while simultaneously pursuing foreclosure. In such cases, homeowners can wind up being evicted even though they had been working with the bank to modify their loans.

The measures would outlaw so-called robo-signing — the improper or faulty processing of foreclosure documents— and would allow state agencies and private citizens to sue financial institutions, under limited conditions, for economic compensation and for additional civil damages of up to $50,000 if lenders willfully, intentionally or recklessly violate the law. No lawsuit could go forward if the bank or servicer first fixes the problem with documentation or procedures, according to the bills.

The legislation, SB 900 and AB 278, also would simplify dealings between homeowners and their banks or loan servicers by requiring that clients be given a single representative to work with, helping to prevent bureaucratic runarounds.

"This has been an incredibly long and tortuous process to get the kinds of basic protections that borrowers have long needed throughout this six-year crisis," said Paul Leonard, California director of the Center for Responsible Lending in Oakland.

The banking and real estate industries opposed the foreclosure-prevention bills, calling them well-meaning but overly complicated and so legally ambiguous that they would spur frivolous lawsuits.

It is crucial that "we don't give borrowers and enterprising attorneys an opportunity to delay foreclosures at will," said Dustin Hobbs, a spokesman for the California Mortgage Bankers Assn.

Bankers also said the bills would increase real estate transaction costs, slow the housing recovery, tighten credit and lower home values.

Senate Minority Leader Bob Huff (R-Diamond Bar) on Monday called home foreclosure "a significant and life-changing problem for many Californians and many California communities."

"But rather than find realistic and reasonable solutions to help those in need, Democrats are wielding a sledgehammer on our fragile housing market," Huff said.

A two-house conference committee made a number of amendments in an effort to address some of the criticisms made by the banks.

Committee members narrowed the measures to apply only to modifications on primary, or "first-lien," mortgages. The compromises also limited the protections to owner-occupied residential properties with four or fewer living units. Mortgage holders who bought property for investments and so-called strategic defaulters, who turn in keys and voluntarily go into foreclosure, aren't covered by the proposed law.

On Monday, the Assembly voted 53-25 in favor of the pair of bills that came out of the conference committee; the Senate passed the bills on a 25-13 vote.

Brown, who hadn't previously indicated whether he supported the bills, issued a statement Monday saying the legislation "establishes important consumer protections that are long overdue." Gil Duran, Brown's press secretary, said that the governor "is expected to sign" the bills this week or next and that they would take effect Jan. 1.

The bills are the most controversial part of a Homeowner Bill of Rights legislative package, sponsored by California Atty. Gen.Kamala D. Harrisand written by 10 Democratic lawmakers, including the state Senate and Assembly leaders. The package is modeled on a multi-state, $25-billion settlement of a foreclosure lawsuit against five large banks; it would extend protections to more homeowners and would lock the provisions into state law.

"Passing these key elements of the Homeowner Bill of Rights represents a significant step forward for struggling homeowners," Harris said. "These common-sense reforms will require banks to treat California homeowners more fairly and bring more transparency and accountability to their practices in our state. Responsible homeowners will have a better shot to keep their homes."

The housing crisis has hammered California: Although mortgage delinquencies and home repossessions have eased, more than 362,000 California homes were in foreclosure or seriously delinquent as of March 31, Mortgage Bankers Assn. data show. About 30% of all California homes with mortgages would not be able to command a sales price high enough to pay off the mortgage, according to research firm CoreLogic.

If the bills had been law a few years ago, they would have saved many homeowners much time, anxiety and heartache, said Rose Gudiel, who knows the problems all too well. The state worker from La Puente ran into unexpected financial difficulties in 2009 and fell slightly behind on her mortgage payments.

For three years, Gudiel said, she tried to get a loan modification but couldn't get a straight answer about her status. She received a foreclosure notice in early 2011 but refused to vacate her home. The bank granted new terms only after Gudiel, backed by activists with the Alliance of Californians for Community Empowerment, made the news by getting arrested during a protest.

Gudiel, 35, said she can afford to stay in her three-bedroom house, where she lives with her parents and brother, now that her monthly mortgage payment has dropped to $1,800 from $2,400.

She said she likes the legislation: "It's a good thing, because at least you're able to get an answer and don't have to go through the extremes that I had to do."

Some of the proposed rules that state lawmakers approved Monday are already finding their way to borrowers because of the national mortgage settlement and other agreements reached last year between banks and federal regulators.

Alberto Gutierrez of Panorama City, another homeowner and alliance activist, said he gave up in frustration trying to get a loan modification from his bank last year. But recently the bank assigned him an officer to handle his case.

"Within the last four months," the 39-year-old Gutierrez said, "I have been able to make more headway than I did all of last year."

Frank Shamoo

www.HelpUshortSale.com

The Shamoo Team

1. Be skeptical: Don’t overreact to every new fad. “Quit chasing the rabbit” of ever-changing media-manufactured trends, Gillett said.

2. Don’t fight the riptide: Rip currents in the ocean are more dangerous for people who try to fight them, because they wear themselves out trying to swim against them instead of going with it. Similarly, if there’s an important new development in the business or your local market (e.g., mobile technology or distressed sales) that you resist, you’ll exhaust yourself. “This market is the same thing,” Gillett said. “If you fight this market, you’ll die.”

3. Show your value proposition: A decade ago, consumers didn’t care as much about what their real estate agents brought to the table. Now, they really want to understand why you’re worth the commission you’re charging, Gillett said. “The market has shifted. We have to be bringing real value,” he added.

4. Operate virtually: Because of the role of the Internet in real estate searches, mobile devices, and the ability to conduct meetings virtually or in locations such as Starbucks, today’s practitioner doesn’t have to spend a lot of time behind a desk in a fancy office. “Twenty five years ago, I had to have a great bricks-and-mortar location,” Gillett said. “Now I could run my business out of a liquor store backroom, as long as I’ve got a good Web presence.”

5. Don’t be all things to all people: Here, Gillett offered up a salient quote from Bill Cosby: “I haven’t learned the secret to success, but I’ve learned the secret to failure, and that’s to try and please everybody.”

6. Have flexible goals: Set clear objectives at various intervals of time (six months, one year, three years, etc.), but don’t be afraid to change them in response to the market as you go. Also, have specific plans to achieve those objectives.

HelpUShortSale.com

For example, on Monday, California state lawmakers approved a bill that would apply a set of stricter rules on mortgage servicers who foreclose on home owners and open servicers up to new legal liabilities. While some say it will help ensure the foreclosure process is more fair and transparent, others have argued that it will lengthen the process of foreclosures in the state. The bill still must be approved by the state’s governor to go into effect. 

Other states have adopted, or are considering, similar guidelines on foreclosures. Nevada lawmakers last fall approved a bill that made it a felony for lenders to make any false representations when signing off on foreclosures. The bill caused foreclosures to plunge in the state, but housing analysts say it created a backlog of severely delinquent mortgages. 

Bank officials are concerned that states’ new rules will slow the foreclosure process and prolong the foreclosure crisis. 

"Should all 50 states decide to go down their own path, lenders are going to have multiple processes, each with their own little nuances, and every single penny of that cost will be borne by tomorrow's borrowers," David Stevens, chief executive of the Mortgage Bankers Association, told The Wall Street Journal.

What’s more, the mortgage industry says the bills do little to truly help borrowers avoid foreclosure altogether but rather just drag out the process. 

"It would allow consumers to extend, in theory payment-free, the entire proceeding for months while waiting for the deliberation of the modification effort".

On the news, there is talk of a housing recovery. Experts feel more optimistic about the state of housing industry in America. However, if you or someone you know is one of the millions of homeowners who is stuck with a home on which you owe more than the property is worth, the feeling of helplessness can be overwhelming and frustrating.

Many people don’t realize that just because they are in danger of losing their home to foreclosure doesn’t mean they have to wait around to be kicked out. With help, they can take matters into their own hands.

THEY CAN CLAIM THEIR TICKET!

As a Certified Distressed Property Expert (CDPE), I make it my business to know all of the ins-and-outs of the options that are available for people who are in danger of losing their homes and help the challenges head-on.

Take a look at the information on my site www.HelpUshortSale.com, you can also log on to www.LocalHotPads.com to search available values and homes on the market.

Frank and Jennifer Shamoo

The Shamoo Team

949-264-2177

Once your loan is approved, you will be ready to take the final step that will lead to the door of your new home.  Many homebuyers are intimidated by the closing process, but it's not as complicated as you may think.  In fact, finding the right home is much more difficult than closing the deal.

Making It Official

The closing process begins with the borrower and lender meeting in the presence of a notary public.  This is a person who is authorized to oversee, create or certify contracts, deeds and other legal documents.  At the conclusion of the signing, the notary public will provide their stamp and signature, which certifies the identification of everyone present and the signatures on the loan application.

Handing Over The Cash

When you meet with the lender to close the loan, you will be required to produce your down payment and, if required, the closing costs.  Ask your lender about acceptable payment methods, which may include a cashier's check or other certified funds.  If you have an account with the lender, a personal check may be accepted in some circumstances.

Review The Loan Documents

At closing, this will be your final opportunity to review the loan documents.  You should make sure that everything is accurate and as promised, including the interest rates and loan term.  It's also important that you confirm that the names and addresses are correct, along with other important information relating to the loan.  If anything is inaccurate, now is the time to make changes.  Never sign the loan documents until everything is perfect.

Sign Here, Please

Once everything is verified and the loan documents are approved by both you and the lender, it's time to sign on the dotted line.  Believe it or not, this is one of the most nervous times for a homebuyer.  If you've chosen the right home and are comfortable with your loan, however, it can also be one of the most exciting.  Once the documents are signed, the notary public will affix his/her stamp and signature.

It's A Done Deal

The final step in the closing process is a simple handshake.  Most lenders and homebuyers will extend their hands and, with a smile, the person who was just a homebuyer is now a homeowner.  Now that's something to shake on!  With the keys to your abode now firmly in hand, it's time to get moving and turn your new house into a home.

Realty ONE Group, Inc

Frank Shamoo

949-264-2177

www.HelpUshortSale.com

www.ShamooTeam.com

Fixed Rate Mortgage

A fixed rate mortgage is one of the most popular home loans and is commonly available as a 15 or 30 year term.  Because it offers the borrower an assurance that both the principal and interest will remain the same throughout the term of the loan, a fixed rate mortgage is ideal for many.

Adjustable Rate Mortgage (ARM)

An adjustable rate mortgage, also referred to as an ARM loan, is one in which the interest rates adjust according to the current market.  This means that interest rates can either increase or decrease at regular intervals, based on established market indexes.

Interest-Only Mortgage

An interest-only mortgage is one that requires the borrower to pay interest only payments for a preset number of years during the loan term.  After that initial period, the monthly payments will then adjust to include both the principal and interest remaining on the loan.

Balloon Mortgage

A balloon mortgage is a loan that requires monthly payments that do not completely repay the loan.  At the conclusion of the balloon term, a large lump-sum payment is due to pay off the balance of the loan. 

FHA/VA Loan

An FHA and/or VA loan are mortgages that are guaranteed by the government.  An FHA loan is easier to qualify for than a conventional mortgage, requires a lower down payment and is guaranteed by the Federal Housing Authority.  A VA loan, which is for veterans only, is guaranteed by the Veteran's Administration.

Construction Loan

Construction loans are available for borrowers who are purchasing or building a newly constructed home.  These loans, which are offered at either fixed or adjustable rates, require slightly more paperwork and inspections than a conventional mortgage.

No Income/No Asset Verification

A no income/no asset verification loan simply means that the borrower will not be required to verify their income or assets in order to obtain a mortgage.  With this type of loan, the borrower typically must have excellent credit and may be required to provide a down payment that's equal to 20 percent or more of the total purchase price.  Although this type of loan is called a no income/no asset verification loan, the borrower may be required to show proof of both, but the information will not be verified by any other means.

Owner Financing

Many homebuyers, especially those with a limited or poor credit history, prefer to seek owner financing when purchasing a new home.  Because there is no credit check, buyers will not be judged for past credit problems.  In addition, owner financing may offer a low down payment requirement and competitive interest rates.

Realty ONE Group, Inc

Frank Shamoo

949.264.2177

www.ShamooTeam.com

www.HelpUshortSale.com

Property Description

When applying for a home loan, you will need to provide the lender with detailed information regarding the property that you intend to purchase, including a physical address, what type of loan you are requesting and how you obtained the funds to be used as a down payment.

Borrower & Co-Borrower Information

All persons named on a home loan must be able to provide their name, date of birth, current address, former address (if within the last two years), marital status, current and former employment information, telephone number and social security number.

Most lenders require tax returns for the two years preceding the loan application, along with current paystubs or, if self-employed, a year-to-date profit/loss statement.

Current Mortgage Expenses

An important part of every home loan is affordability, which is why your lender will need to know how much of your income is available to pay for a new home.  If you have a current mortgage, be ready to provide a detailed list of expenses that you pay each month in relation to the property.  This includes a mortgage payment, real estate taxes, mortgage insurance, homeowner's association dues, utilities, etc.  If you plan to sell the home, let your lender know so that they will understand you are simply replacing one debt with another.

Yes Or No

Almost every loan application asks both the borrower and co-borrower (if applicable) to answer a few simple yes and no questions on the application.  Questions pertaining to outstanding judgments, bankruptcy filings, foreclosures, lawsuits, alimony, child support and citizenship status are standard and should be expected when applying for a home loan.

Statement Of Assets & Liabilities

When applying for a home loan, both the borrower and co-borrower will be required to disclose all of their current assets and liabilities.  An asset is property, either real or personal, that is owned and is of value.  A liability, on the other hand, is a financial obligation for which one is liable.

A loan application will request information relating to assets and their current market value, including automobiles, real estate, stocks, bonds, life insurance (cash value), business net worth, personal property, etc.  If any amount of money is owed on these properties, the lender will request information relating to the unpaid balance in order to determine the actual equity that the borrower has in any given property.

Realty One Group, Inc

Frank Shamoo

949-264-2177

www.ShamooTeam.com

Now that you've decided to purchase a new home, it's important to know what to expect throughout the loan process.  With the right knowledge, the road to home ownership is just ahead.

Choose A Home

Some lenders may offer a pre-approval, but others require that you have a specific home chosen before they will discuss loan options.  Therefore, the first step to obtaining a home loan is to first select a home.  Some sellers may require you to provide an earnest money deposit, which secures the home while you obtain financing and have the necessary inspections completed in order to finalize the purchase.

Check Your Credit

Before you even think about applying for a mortgage, it's important to know where you stand from the lender's point of view.  Checking your credit report is a good idea for many reasons, but it's an essential step in your journey toward buying a home.

Every 12 months, you can request a free copy of your credit file from each of the three major credit reporting agencies - Equifax, TransUnion and Experian.  Look for inaccuracies, outdated information or anything that requires your attention.  If you spot anything, file a dispute right away to get the information corrected.  A free credit report does not include your FICO score, which is available from the credit bureaus for a small fee.  Most lenders use this number in determining your interest rates and creditworthiness, so it may be a good idea to check it out for yourself first.

Gather Your Documentation

When you apply for a loan, you will be asked to provide certain documentation and/or information relating to your current financial status, employment, assets (including both real and personal property) and liabilities.  Before meeting with your lender, make sure to have your current paystubs, bank statements, tax returns for the two years preceding your application and information relating to any debts that you currently owe.  If you are self-employed, you will also be asked to provide a year-to-date profit/loss statement, which is also known as an income statement.

Meet With Your Lender

Now that you have your documentation together, it's time to meet with your lender.  At this point, you will complete a mortgage application and submit it for approval.  Depending on the lender, it may take anywhere from several hours to several days before learning whether or not you are approved.  In most cases, however, a lender can provide you with an answer within 24 hours.

Last Minute Details

If your loan is approved, it's time to move forward to the next step in the mortgage process.  Your lender will order an appraisal and inspection to be completed on the property.  This is just as much for your own protection as it is for the lender because it may reveal hidden problems within the home.  The inspection and appraisal can take up to 30 days, at which point the results will be forwarded to the lender.  If all goes well, you will close on the loan and get ready to move into your new home.

Realty ONE Group, Inc

Frank Shamoo

949.264.2177

www.HelpUshortSale.com

www.ShamooTeam.com

Assess Your Situation

Do you know what your credit score is?  If not, you should.  Most lenders rely on this triple digit number to determine both your creditworthiness and interest rates.  If you have excellent credit, you can probably work with almost any lender.  If you have severe blemishes in your financial past, however, finding the right lender may require a little more footwork.

How much money do you have for a down payment?  If you are on a budget, you will need to choose a lender that can help to get you into a home with a minimal down payment.  Knowing where you stand will give you a good idea as to which lender you need to work with.

Compare Rates

As is the case with anything in life, it pays to shop wisely.  Because a home is the largest investment that most people will ever make, it stands to reason that comparison shopping is a must.  As you speak with various lenders, ask about their rates, loan terms, qualification process and down payment requirements.

Interest rates change often, which means locking in your rates when they are low can save you a bundle of money.  Because there are so many lenders competing for your business, you will be greeted with plenty of appealing offers, including low rates, closing costs and down payment requirements.

Demand The Best

You are the one buying the home, so you should be the one to choose the length of your loan term.  With the exception of a situation where payments are simply unaffordable, it's up to you to decide how long you want to pay for a house.  Many homebuyers prefer a longer loan term to keep the payments low, while others want to get the home paid for as quickly as possible with a shorter term.  It's important to keep in mind that the longer you pay for a home, the more money you will end up spending in interest.

It's a good idea to talk to your lender about their willingness to accommodate your needs.  If you're in doubt about which lender to choose or are new to the area and need a little guidance, ask your REALTOR® for a referral.  He/she knows the business and will be more than happy to assist you in making your dream of home

Realty ONE Group, Inc

Frank Shamoo

949-264-2177

www.ShamooTeam.com

www.HelpUshortSale.com

Prey Verses Predator

When it comes to obtaining a mortgage, the rules of the jungle often apply.  If you aren't careful, you may find yourself in the grasp of a questionable foe.  If you are someone who has had past credit problems or simply find yourself struggling to obtain a mortgage, it may seem like a good idea to sign on with any lender who can close the deal.

But wait, jungle etiquette suggests that you should be knowledgeable of your surroundings and always look before you leap.  Before making a quick decision on a loan that nobody else would approve, ask yourself whether or not the deal is a good one for you.

Measuring Up

If you suspect that you have been subjected to a predatory mortgage lender, look at how they measure up to other lenders.  Were you charged fees up front and, if so, how much were they and what were they for?  Do the lender's interest rates compare to current market rates or do they exceed them?  When reading the fine print, do you notice fees that were never mentioned before but have now suddenly appeared in the paperwork?  An honest lender has nothing to hide and will not surprise you with unexpected costs.

Who's At Risk

To put it simply, anyone is at risk for dealing with a predatory mortgage lender.  This likelihood increases, however, if the homebuyer lacks the proper knowledge in how to identify an unscrupulous lender who preys on the misfortune of others.

Individuals who are especially vulnerable include those that have been turned down by other lenders and have little or no hope of obtaining a conventional loan.  This may include individuals with severe past credit problems, accounts in collections, first-time homebuyers with little or no credit history and the elderly who have difficulty understanding the loan process or reading the fine print.

When it comes to obtaining a home loan, the process can be both exciting and confusing.  There is a lot of paperwork to be signed, details to be worked out and numbers to be crunched.  Your REALTOR® can help to steer you toward a lender that will help you to get the best value for your dollar.

Realty ONE Group, Inc

Frank Shamoo

949-264-2177

Purchasing a home with a low down payment is important for a number of reasons, including the buyer's ability to have extra cash left over for closing costs, decorating expenses, upgrades and/or other essentials needed to turn their new house into a home.  Thanks to the level of competition between mortgage lenders, it's now easier than ever to buy a home with a low down payment.

First-Time Homebuyers

There are a lot of perks to being a first-time homebuyer, including the ability to get in the door with a low down payment.  Many lenders will ask for a down payment as low as five percent (three percent for FHA loans) to those looking to purchase their first home.

A first-time homebuyer is someone who has rented their previous home(s) or has never purchased a house on a permanent foundation.  Individuals who have owned manufactured homes may also be eligible for a first-time homebuyer loan, but the final decision is up to each individual lender.

FHA Loan

This type of loan is guaranteed by the Federal Housing Authority (FHA) and allows for a smaller down payment than many conventional loans.  In addition to offering down payments as low as three percent of the total purchase price, FHA loans often carry lower interest rates and are easier to qualify for.  This type of loan is ideal for first-time homebuyers, individuals with past credit problems or even those who wish to purchase a second home.

Provide Your Land As Collateral

If you own the land that you intend to build on, many lenders will use the land in place of a down payment.  In other words, you build a house on the land that you already own, and the lender gets both if you default.  This is why individuals who own land often choose to build, while using the lot in place of a big down payment.  In addition, many lenders are more willing to approve a loan if the land is already owned by the buyer.

Owner Financing

When a seller lists their home, they have the option of considering owner financing.  In this situation, a buyer provides a down payment to the seller and signs an agreement to pay for the home (plus interest) over a preset number of years.  Owner financing typically requires a lower down payment, which can be any amount that the buyer and seller agree to.  Because there is no bank qualifying and no credit check, a seller can extend the offer on any terms that they wish.

Realty ONE Group, Inc

Frank Shamoo

949-264-2177

Debt-To-Income Ratio

As a homebuyer, your first consideration will be the amount of your monthly mortgage payments.  If you owe a lot of debt, lenders may consider you to be a high credit risk, which makes debt-to-income ratio a leading factor in determining how much of a house you can afford.

Most lenders will discount any loans that you will have paid off within one year when determining how much of a home you can afford.  As a general rule, your mortgage payment should not exceed 25-30 percent of your monthly take-home pay.

Loan Term

Although you will end up paying more interest in the long run, you will find that you can afford a more expensive house if you request a loan term of 25-30 years, compared to a shorter term of 15 years.

Interest Rates

When you look at an interest rate, all you see is a number.  Hopefully, it's a single digit that's comparable with current market rates.  Most homebuyers already know that their interest rate affects their monthly payment which, in turn, is determined by the borrower's income.  Lower interest rates mean that you can afford a larger principal loan amount, which means a more expensive house.

Credit History

Because your past credit history will play a large role in determining your interest rates, it will also impact the affordability of a house.  For instance, a buyer who pays six percent interest will save a considerable amount of money over a buyer who pays eight percent interest on their home loan.  It may not seem like much now but, when averaged over time, the savings could be tremendous.

Down Payment Amount

Believe it or not, the amount of your down payment will not only show the lender how serious you are about buying a home, but it will also affect your ability to afford a particular house.  For instance, if you were to qualify for a home loan of $200,000, but your dream home was currently listed for $250,000, a down payment in the amount of $50,000 would get you into the home.

The above scenario is just an example, but it does show how a down payment can affect the price of the home that you are able to afford.  Some lenders may only require a five percent down payment, but you are free to pay as much above that as you wish.  A larger down payment can also reduce the principal loan amount, which thereby reduces the monthly mortgage payments.

Realty ONE Group, Inc

Frank Shamoo

949-264-2177

Figure Out How Much You Want To Borrow

Your first step to calculating your monthly mortgage payment is knowing how much you want to borrow.  This can be determined by subtracting your down payment amount from the purchase price of the home, which will give you the amount that you will need to request from a lender.

Know Your Rates

The next step is to determine the current interest rates for the purchase of a home.  Rates vary and may change often, so check with your lender for current rates.  It's worth noting that the interest rates you receive will, in part, be based on your credit history.  This means that knowing your FICO score and credit rating will give you a good idea as to how your interest rates will be calculated.

Choose Your Loan Term

Your monthly mortgage payments will be determined by a number of factors, including the term of your loan.  If you were to borrow $250,000, your monthly payments would be less with a 30-year mortgage than with a 15-year mortgage.  The reason is because it would take larger monthly payments to get the loan paid off quicker, which is why you will need to select a loan term before calculating your payments.

Additional Costs To Consider

Your total mortgage payment will include taxes, homeowner's insurance and possibly even private mortgage insurance (PMI) if you provide less than 20 percent down and your loan requires it.

Just The Facts & Figures

Now that you know how much you need to borrow, have chosen your loan term and are familiar with the current interest rates, it's time to calculate your payment.  Most lenders offer a mortgage calculator on their Web site or you can get an estimate by speaking with your lender.

If you still need help in calculating your potential monthly mortgage payments, don't hesitate to ask your REALTOR®, mortgage broker or lender.

Frank Shamoo

Realty ONE Group, Inc

949-264-2177

Credit Blemishes

When life unexpectedly takes a turn for the worst, it's not always possible to come out without a few bumps and bruises.  Every day, people are faced with late or missed credit card payments, mortgage foreclosures, bankruptcy proceedings, auto repossessions and even civil judgments that will affect their credit reports for years to come.  Whether it's from a job loss, injury or just a simple case of temporary hardship, credit blemishes are often a part of life.  The good news is that they no longer have to prevent you from becoming a homeowner.

Give Yourself A Little Credit

After experiencing a credit problem, most lenders will want to see an attempt to rebuild your credit through a steady payment history with a new account.  This can be accomplished by applying for a credit card and maintaining a responsible use of the account.  If you aren't approved for an unsecured card, you can always apply for a secured credit card.  Either will rebuild your credit over time and will help to show lenders that your past credit problems are just that - in the past.

Clean Up Your Credit Report

Before applying for a home loan, make sure that you check your credit report from each of the three major credit reporting agencies.  Every 12 months, consumers can request a free copy of their credit report from Experian, Equifax and TransUnion.  If anything is incorrect or found to be inaccurate, filing a dispute with the credit reporting agency can help to get the information corrected before speaking with a lender.

When you apply for a home loan, the lender will access your credit report for the purpose of determining your creditworthiness.  In an effort to ensure that you have the best possible chance at being approved for the loan at the best possible interest rates, making sure that your credit report is accurate is a must.

Save Up For A Down Payment

Some homebuyers often qualify for a mortgage with down payments as low as five percent (three percent for FHA loans), but those with past credit problems may be required to shell out up to 35 percent or more for a down payment on their new home.  A buyer who pays a larger down payment obviously has more vested interest in the home and may, thereby, be less likely to default on a loan.  If you have past credit problems, check with your lender about specific down payment requirements and start saving!

Creative Financing Options

If you've exhausted all of your conventional efforts and are still turning up empty, don't give up just yet.  Alternative financing is an option that many homebuyers use to purchase a home.  Your REALTOR® can provide you with details regarding any lease purchase and/or owner financing properties, which may require no credit check, no bank qualifying, a low down payment and competitive interest rate options.

What Women Want!

The demographics of single women buying homes are quite diverse.  From young professional women in their 20s to divorced mothers in their 40s, there are really no typical single women making home purchases, and their needs are just as diverse.  Overall, however, there do appear to be a few trends in the market, and here is a list of what the average single woman is looking for in a new home.

Most spend less than $200,000

Prefer two bedrooms or more

Less likely to choose new construction

Will compromise size and cost to get other amenities, but not location

Smaller spaces are acceptable, and many prefer condos

Desire security and safe neighborhoods with a strong community feel

Look for close proximity to stores, shopping, and fitness centers

Things To Consider

If you are a single woman looking to enter the housing market, or know someone who is, then what should be considered before making the leap into home ownership?

Essentially the considerations are much the same as those of any homeowner.  Taking a realistic look at your financial situation is always important.  Seeking out the advice of a qualified financial advisor and a REALTOR® can make the process less difficult.  It is also important to be sure you are not entering into any unwise loan agreements that may not be wise down the road, such as no-money-down deals.  It is also important to have a clear picture of what your needs as a homeowner are, and that you don't settle for something that will not work with your particular lifestyle.

By Frank Shamoo, Realtor

949-295-6491

 Spruce Up Your Walls

If you need a quick and affordable way to decorate your otherwise bare walls, consider adding a square of your favorite gift wrap to a standard photo frame and hanging it on the wall.  Not only will this look great, but it will also save you a bundle of money when compared to the cost of traditional artwork.

Lighten Up

If you are tired of looking at a plain lampshade, consider adding some pizzazz by purchasing tassel fabric at your local craft store and affixing it to the trim.  This will create a designer look and, best of all, won't cost you a fortune.

A Little Paint Can Go Along Way

If you have an old drawer set that's simply gone out of style, add a fresh coat of paint and some new hardware.  This will work brilliantly whether you are changing the decor or just need a more updated look.

Have A Seat

If the cushions on your chairs are looking worn or simply need some new life, you can make a big difference with some new fabric.  You can change the look of any chair by purchasing fabric and attaching it to the underside of the cushion.  This is an easy and affordable way to get the look of a brand new chair at a bargain.

Wow Your Walls

If you're looking for a conversation starter, consider purchasing plain white quilt squares and sending them to your favorite celebrities for an autograph.  Be sure to send a SASE (self-addressed stamped envelope) with your request so that they can return the item to you.  With each autographed quilt square that you receive, sew it next to a patterned square.  Over time, you will have a wall hanging that's sure to be a colorful treat for both you and your guests.  Having a quilt signed by dozens of your favorite celebrities is one way to wow your walls in a big way.

Create The Illusion Of A Larger Space

Did you know that mirrors can actually give the illusion of a larger room?  Even if your house is small, you can open it up with a few strategically placed mirrors.  Horizontal designs are some of the best and they can offer a look that turns a small room into an open and airy spot.

 Now that you know what's hot in decorating, it's time to get busy and start sprucing up your space.  After all, it's often those finishing touches that make a house into a home.

Frank Shamoo

HelpUshortSale.com

949-295-6491

Making sure that your home is secure should be a priority in your life not only because you want to protect what's rightfully yours, but more specifically because it could be the most important thing that you do for your family and for yourself.

Lock Your Locks

When it comes to home security, the single most important thing that you can do is to make sure that both your windows and doors are locked.  We no longer live in a time when it's safe to go to bed at night with the door unlocked or the windows open, so do yourself and your family a favor by double checking those locks and making sure that all latches and hinges are functioning properly.

Light Your Lawn

What would you do if you were to hear a noise outside, but had no way to see without opening the door?  The proper lighting outside your home is essential as it allows you to view your outside space from the safety of your home's interior.  A bright porch light or even a motion light is perfect and, for home security, it is a must.

Keep Out

One way to ensure the security of your home and family is to make sure that the possible entry ways are minimized.  This means that you should take a look around your home, evaluate how many ways a potential intruder could conceivably find a way in and do your best to make the necessary upgrades and repairs to prevent that from happening.

Clean It Up

If you have any clutter in the yard, such as gardening or lawn tools, place them in a locked storage building or your garage.  The reason why this is so important to home security is because an intruder could use almost anything to break into your home, but you can deter them by making their task more difficult.

Customize Your System

If you don't have a home security system, get one.  If you purchase a home that already has a system in place, change the code just as you would change the locks to any doors.  Before you bought the home, who knew the security code that the former owner had programmed?  You have no idea, right?  That's why you need to change the information.  It's also important that you not leave the code written on a piece of paper, which is lying around the house.  The code to your security system is private information and it should be treated as such in order to protect the security of your home and family.

Trim Down

If you have large trees, bushes or hedges in your yard, trim them to a level that will allow you to see out the window without an obstructed view.  If you hear a noise or a knock at the door, you will need to be able to turn on the porch light and glance outside the window before opening the door.  An important rule of thumb is to remove or trim anything that may block your view of the lawn in any way.

On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but many people are being led to believe that walking away from their home is a good (or even the best!) option.

It is called Strategic Default. For distressed homeowners who believe that they have no good choices left, the idea of walking away free of consequence may sound like a relief. The reality, however, is that choosing strategic default has serious repercussions on your credit.

THERE ARE BETTER OPTIONS AVAILABLE!

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to escape from unmanageable mortgages without running away.  

Facing your problems head-on is always the best solution. Let me help.

Frank Shamoo

Help U Short Sale.com

949-295-6491

When writing the hardship letter for a short sale: California Properties!

State the legitimate, special circumstances which have caused you to fall behind on your house payments.

·         Explain your current situation and what you are doing to try and get back on your feet.

·         Don’t make your situation worse, by complaining to them.

·         Be honest and represent the facts clearly.

It is important that you put some effort into writing the hardship letter. A lender will agree to a short sale only when they are convinced that a loss on the property is inevitable. The lender then weighs the cost/benefit of a short sale versus a foreclosure. To qualify for a short sale, the borrower must demonstrate evidence that the mortgage cannot be paid and that the property cannot be sold for what is owed on the property. Although short sale applications are assessed on a case by case basis, short sale approval is easier to obtain from a lender if the following conditions exist:

• ·         The market value of the property has decreased.

• ·         The borrower has experienced a financial hardship.

• ·         The mortgage is in default.

The underlying reason behind most delinquent mortgage payments is what the mortgage industry defines as a “hardship condition.” A hardship is an unexpected financial crisis of some sort. Although it is the lender who ultimately determines whether a situation will be deemed a “hardship,” HUD guidelines may help determine status. HUD recognizes the following situations as valid hardships and justification for default:

·         Illness of principal mortgagor                      Death of mortgagor’s family member

·         Illness of mortgagor’s family member       Marital difficulties

·         Curtailment of income                                   Unemployment

·         Excessive obligations                                   Inability to sell property

·         Job Relocation                                                Incarceration

·         Property problem (roof leaks, construction litigation, etc.)

·         Inability to rent property                               Military Service

·         Casualty loss (such as a Hurricane, etc.)  Energy-Environmental costs

·         Servicing problems                                        Payment adjustment (ARM Adjusting)

·         Payment dispute                                             Transfer of ownership pending

·         Fraud

·         Abandonment of property (due to condition of property, for instance)

It is important to keep in mind that some scenarios may meet these criteria and yet not be viewed favorably by a lender. Additionally, the more proof of the hardship which a borrower is able to produce, the better.

Here are a couple of scenarios which are guaranteed to raise red flags in the eyes of your bank. Bank negotiators are trained to look for these items, and once a bank has determined that your short sale falls into one these “minimized hardship” categories, the chances of you being declined for a short sale increases.

Your Mortgage Payment is Current?

Banks may not take you seriously if you have the ability to pay your monthly mortgage. This does not constitute a hardship in the eyes of the bank. Remember, a bank will only consider a short sale if they think the chances of foreclosure is eminent. As long as you continue to make your monthly payment, the bank will likely “sit back and wait” to see if you will make another payment next month too. It is possible to obtain a short sale approval while continuing to make your mortgage payment. The less of a hardship you have, in the eyes of the bank, the greater your chances are of declining the short sale.

Recent Purchases on Your Bank Statements or Inquiries on Your Credit Report!

When you apply for a short sale, the first thing the bank will do is pull your credit. (Yes, they have the right) They will use your credit report and your bank statements to determine the extent of your hardship. If your bank statements show recent electronics purchases on your credit card, or show purchases made on a recent vacation, or if your credit report shows recent credit inquiries at car dealerships, or places for large purchases involving credit etc., then you are going to have a much harder time convincing your bank that a hardship exists. Banks are very smart. They intentionally make the short sale process complicated, to sort out the people with actual hardship from the people who may still have the ability to make their mortgage payment.

http://www.HelpUshortSale.com

is designed to assist homeowners avoid foreclosure and speed up the short sale process.  It is modeled after the Treasury Department’s HAFA short sale program, which Bank of America also participates in.  However, as some homeowners are ineligible for HAFA, the Cooperative Short Sale Program is a great alternative.

A few benefits to homeowners include:

• Non-owner occupied eligible
• Jumbo Loans may qualify
• “Up Front Approval”, which shortens the time required for a decision
• Foreclosure action stops once a contract is received on the house
• $2,500 Incentive for Homeowners upon successful sale.

But as a real estate professional that is in the trenches with financially stressed homeowners every day, it never for a second feels to me like business-as-usual.

The prospect of losing one’s home is right up there among the major sources of grief, and often, it goes hand in hand with other tragic setbacks such as the loss of a job, a divorce, death of a loved one, mounting medical bills or skyrocketing mortgage payments.

Unfortunately, the first stage of grief is denial, and that’s even more the case when the threat of foreclosure is looming. No one wants to talk about or admit financial troubles—even when millions of others have found themselves in a similar spot.  It’s completely understandable, but for homeowners who are behind on mortgage payments, decisive action is often the most critical step toward ensuring the best possible solution.

As a real estate professional who has sought out the Certified Distressed Property Expert (CDPE) designation, I help homeowners to deal with every aspect of the grief and uncertainty that accompanies a mortgage which is no longer manageable. In the process, I help them to get on a path of financial solvency.

If you or someone you care about would like to change the course of a life that’s facing foreclosure, I get it and I can help.

Frank Shamoo

The Shamoo Team / Realtor, CDPE AGENT!

DRE # 01899250 / # 01778189

Direct   949.295.6491

E-Fax    949.313.1769

Email@helpUshortSale.com

http://WWW.HELPUSHORTSALE.COM

Here’s the most important thing that financially strapped homeowners need to know: foreclosure is not your only option.

In fact, foreclosure is not an option at all.

As a Certified Distressed Property Expert (CDPE) it is my mission to help homeowners to get out from under a burdensome mortgage, and in the process, change the course of their lives.

If you or anyone you care about is faced with an unmanageable mortgage, please know that I am connected to the best information and the best resources to ensure struggling homeowners the best solution based on their circumstances. 

I invite you to visit my website www.HelpUShortSale.com for a copy of my most recent report entitled, “Change the Course! And Navigate Away from an Unmanageable Mortgage.”

More help is available for financially distressed homeowners than ever before. This is no time to go it alone, and the time to contact me about changing the course is NOW!

Frank Shamoo

CDPE Advance Team / Realtor

DRE # 01899250 / # 01778189

412 Olive Ave #150

Huntington Beach, CA 92648

Direct   949.295.6491

E-Fax    949.313.1769

Email@helpUshortSale.com

http://WWW.HELPUSHORTSALE.COM

Making sense of the story

• Beginning Oct. 1, the conforming loan limit will decline to $625,500, from the current $729,750 limit, though the majority of counties will fall far below the $625,500 maximum.
  
  
• Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting housing affordability for California home buyers.
  
  
• Under the new GSE loan limits, Monterey County would see the greatest drop in the loan limit at $246,750, followed by San Diego ($151,250), Sonoma ($141,550), Solano ($140,500), and Napa ($137,500) counties.
  
  
• Under the new FHA loan limits, Monterey County would see the greatest drop in the loan limit at $246,750, followed by Merced ($201,450), Riverside ($164,650), San Bernardino ($164,650), Solano ($157,300), and San Diego ($151,250) counties

Frank Shamoo

HelpUshortsale.com

Help U Short Sale

Is The Season A Factor?

If your house has been on the market through the summer and well into fall, and the holiday season is approaching, you may feel there is no point in keeping it listed through the winter.  You may be right.  The holiday season is a notoriously difficult time to sell, and you yourself may want to just take a break and enjoy your holidays without interruptions from agents and potential buyers.  If you can take a step back and resume your efforts to sell in the late winter or early spring, doing so is usually a wise choice.

Are You Asking Too Much?

Before you consider pulling the house off the market, take an honest look at your asking price.  If it is unrealistic and you have been holding off from dropping it, going to a lower asking price before you give up on selling altogether might be the wiser course of action.  Giving up on what you feel your house is worth is difficult, but if selling is an urgent need you are going to have to do what is necessary.

The Market Is Just Slow

Economic factors have slowed the sale of homes all across the country.  If the market is particularly slow where you live, you might want to consider taking the house off of the market for a while and waiting it out to get a better price later.  If you have already moved out, consider renting the house for a while until the market looks up.

Making the decision to pull your home off the market is difficult, and you should never do it without looking at all the details and discussing it with your REALTOR®.  In some cases, however, it will be the wisest course of action and result in a sale for more money down the line.

Frank Shamoo

949-264-2177

Email@helpUshortSale.com

http://WWW.HELPUSHORTSALE.COM

 Excess Family Photos

Buyers want to picture themselves in the house, and a slew of family photos hung all over the place can make that difficult.  If all they can see is you and your family, they won't be able to easily envision their own family there.

Your Liquor Cabinet

A nice wine rack or a few bottles displayed near the wet bar are fine, but if you keep a lot of liquor in the house put it somewhere out of sight.  While it may seem illogical, buyers who share different lifestyle views might be put off by it.

Your Pet's Toys

 Chewed up tennis balls, smelly stuffed animals, and half-digested bones are part of life with a dog, but people coming to see your house will find it unattractive.  It will also tell them your pet has the run of the house, and they will wonder what damage might have been done.

Signs Of Repairs

Put away the plunger and similar items when you are selling.  It will prevent buyers from wondering if something is wrong with the plumbing, even if you only keep it around as a precaution.

Anything That Clutters A Room

So the extra bedroom is used as an office/exercise room/guest bedroom?  Versatility is great, but all that stuff in there will just look like there isn't enough space in the house for everything you-or a buyer-needs.  Get rid of the exercise equipment and the desk, and leave the guest bed.  Extra bedrooms are more of a selling point than an office or exercise room.

 It might be annoying to have to put some of your personal items away while you sell your home, but it can mean a faster sale and a larger profit.  Buyers need to see a home as a place where they can live, not the place where you live.

Frank Shamoo

Help U Short Sale

www.HelpUshortSale.com

949-264-2177

On 2nd Feb, 2012, President Barack Obama revealed the details of a proposal that is going to encourage the housing market by assisting more distressed homeowners than are being helped now by lenders. The current HARP only assists the borrowers who have their loans backed by Fannie Mae and Freddie Mac. The President expressed the idea that HARP would reach to more homeowners. So now this program would be expanded so that the loans that are not backed by Fannie and Freddie. These loans are without any federal backing and would be allowed to refinance into FHA backed loans and will be considered as the same Fannie and Freddie backed loans. According to an estimates the distressed homeowners would save around 3,000 US dollars per year in mortgage cost.

Realty ONE Group, Inc

Frank Shamoo

CDPE Advance Team / Realtor

DRE # 01899250 / # 01778189

Direct   949.295.6491

E-Fax    949.313.1769

Email@helpUshortSale.com

http://WWW.HELPUSHORTSALE.COM

These new HAFA updates will be effective as of June 1, 2012, and will allow more distressed homeowners to seek assistance. Most importantly, the deadline for submitting for HAFA eligibility will be extended a full year, to December 31, 2013.

March’s 2012 updates to the HAFA program include:

    The removal of occupancy requirements. Previously, HAFA required homeowners to have lived in the property within the last 12 months.

    $3,000 relocation incentives will be limited to properties occupied by an owner or tenant at the time of the short sale.

Mortgage payments will be allowed to exceed 31% of the homeowner’s gross monthly income. This update will allow a homeowner to stay current on her mortgage and still qualify, minimizing the overall impact to her credit.

    Secondary lienholders may receive up to a maximum of $8,500, up from $6,000 previously.

And one of the most dramatic changes: The Credit Bureau Reporting will be Account Status Code 13 (paid or closed account/zero balance) or 65 (account paid in full/a foreclosure was started), as applicable.

With these updates, a homeowner can be current on their mortgage, qualify for HAFA, continue to make their payments, and execute a short sale with minimum impact on their credit!

Contact Frank Shamoo at Help U Short Sale 949-295-6491

1. What is robo-signing?
2. Which banks are involved?
3. How much money is the settlement worth?
4. Who is eligible?

For distressed homeowners, however, there is only one question that is important: Can this settlement help me stay in my home? This report will help to answer all of these questions and help homeowners who are in danger of foreclosure learn what options are available to them.

WHAT IS ROBO-SIGNING?

WHICH BANKS ARE INVOLVED?

1. Bank of America
2. JPMorgan Chase
3. Wells Fargo
4. Ally Financial/GMAC
5. Citigroup

FACT:

Oklahoma was the only state that did not sign on to the agreement, reaching their own settlement worth $18.5 million.

HOW MUCH MONEY IS THE SETTLEMENT WORTH?

The money will be distributed by state attorneys general offices and varies on a state-by-state basis.

The news has been abuzz in the past few weeks about the historic Robo-Signing Settlement reached between the government and five major lenders. The settlement raises lots of questions, but for homeowners who are in danger of losing their home there is only one:

Can this settlement help me stay in my home?

The answer: Possibly! But regardless of whether you meet the specific eligibility requirements for this settlement, it is important to remember one thing:

YOU HAVE OPTIONS!

As a Certified Distressed Property Expert (CDPE) I am uniquely qualified to help determine your eligibility and answer any questions you may have about the settlement. Call me or email me and set up your free, confidential consultation. Let me help you figure out the best foreclosure alternative option for you.

Frank Shamoo

949-264-2177
Email@HelpUshortSale.com
HelpUshortSale
Orange County, California

An expensive car repair, an unexpected hospital visit, a missed week of work – just a few little things and the life you’ve worked so hard to build can feel like it’s tipping dangerously out of balance.

Once the scales turn against you, it can feel like it is impossible to ever tip them back in your favor again. When your financial problems reach the point where they threaten your home, it is difficult to manage the stress. Sometimes it is even difficult to force yourself to seek help.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Choose to face the challenge with a professional on your side.

I can help you realign the balance in your financial life and tip the scales back in your favor. Call or email me and schedule your free, confidential consultation. We can work together to make sure you end up ahead.

Frank Shamoo

949-264-2177

Email@HelpUshortSale.com