Chances are, you or someone you know in Bullhead City is facing the possibility of foreclosure. But you need to understand that you are not alone. Today, 1 out of every 10 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged. Through my experience handling distressed properties at Country Ranch Realty, I've found that homeowners today have more questions than answers about their circumstances. I have created this site to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners. The idea of losing a home can be overwhelming, and I feel it is vital for you to have all the facts necessary to make an informed decision. As an agent with the CDPE® Designation, I have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you. If you would like to know more about your options, please call me at 928-715-0925. I am here to help … in any way I can. Petra Fahey Return to Top
Federal Government Announces Short Sales Guidelines The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.
To qualify under these new guidelines: - The property must be the home owner's principal residence.
- The home owner must be delinquent on the mortgage or close to defaulting.
- The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
- The borrowers' total monthly mortgage payment must exceed 31 percent of their before-tax income.
Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.
Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.
Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009) Return to Top
Arizona Short Sale Guidelines I received this update November 23, 2009. This is really good news for homeowners in Arizona facing foreclosure As always, please contact your CPA and Attorney for advice and to learn what the law means to you. Below is the information I received from the Arizona Association of Real Estate. The House of Representatives passed SB 1004, the anti-deficiency fix, early this afternoon with a vote of 53-0. SB 1004 included the repeal and replacement of ARS§ 33-814 essentially returning the statute to its original status prior to the passage of SB 1271. With this fix, Arizona will continue to operate as a deed of trust state with the protections that have been in existence since 1971. SB 1004 did pass both the Arizona State Senate and House of Representatives with an emergency clause, and it will go into effect upon Governor Brewer's signature. We will continue to work with the Arizona Bankers Association on language to address "speculative builders" in the upcoming session in order to resolve this issue entirely.
Remember, these are only guidelines, contact us to discuss your specific situation. Return to Top |