What in the world is HAFA? The attached link will take you to CDPE’s new video explaining HAFA. It is simple and to the point. Lenders must comply with this new law and several lenders have stepped-up to the plate. Wells Fargo Bank just hired 10,000 people to hande their case load, Chase has a new website to help its clients, and BofA is using Equator to streamline processing and has added a website. Also, mortgage insurer (MGIC) has signed up for the program. HAFA will not replace the short sale, but should be a great step forward in helping owners stay in their home until they obtain financial help or a new owner.
CDPE also has a website to help, so click here. If you need more help, let me know. Take care!
For you realtors/contractors/investors & property managers out there, there is a few Federa Law regarding lead-based paint. This guideline was just released by the EPA and enforceable as of April 22nd. It pertains to homes built BEFORE 1978 and can change how renovations are done on these properties. Per the EPA, here is a summary of this new law:
“Beginning April 22, 2010, federal law will require that contractors performing renovation, repair and painting projects that disturb more than six square feet of paint in homes, child care facilities, and schools built before 1978 must be certified and trained to follow specific work practices to prevent lead contamination.”
Removal of lead paint is now similar to mold removal where a certified technician must handle the work. The responsibility ultimately resides on contractors that are trained and certified in new mediation practices.
Please note, there is potential risk/liability including a large fine if caught violating these guidelines. To become more informed, please visit the EPA’s and National Association of Realtor’s websites to get informed. To find certified contractors to do this work, click here.
As I mentioned previously, email is like Forrest Gump’s box of chocolate. You never know what will end up in your inbox! In the past few months, I haven’t shared anything new from my email, so below is something to make you SMILE! 
It is called Have you ever wondered?
- I think part of a best friend’s job should be to immediately clear your computer’s history if you die.
- Nothing sucks more than that moment during an argument when you realize you’re wrong.
- I totally take back all those times I didn’t want to nap when I was younger.
- There is great need for a sarcasm font!!!
- How the hell are you supposed to fold a fitted sheet?
- Was learning cursive really necessary?
- Map Quest really needs to start their directions on #5. I’m pretty sure I know how to get out of my neighborhood.
- Obituaries would be a lot more interesting if they told you how the person died.
- I can’t remember the last time I wasn’t at least kind of tired.
- Bad decisions make good stories.
Trilogy is a destination and a lifestyle that exceeds your expectations in a community. It is a location for new beginnings for those over 55! There are two Trilogy Locations in the San Francisco East Bay: Trilogy Rio Vista and Trilogy Vineyards located in Brentwood.
At Trilogy Rio Vista, prices range from $194K – $360K, and 1153 sq feet to 2500 sq feet. This location makes you feel that you are hours away from the Bay Area, when you are located in the heart of the Delta. Shea builds their homes with a very high quality control level in their building with energy efficiency products, green construction, eco-friendly ventilation, and interior/exterior water conservation items. The clubhouse is gorgeous with indoor pool, indoor running track, cyber-café, weights/work-out rooms and massage/sauna area. Trilogy Rio Vista is having a Hawaiian Luau this weekend, give me a call at 925-852-1659 and I can share with you the Trilogy lifestyle, along with a Blue Hawaiian.
Trilogy at the Vineyards (Brentwood) has magnificent views of Mt. Diablo, with a wine country setting among active vineyards and olive tree orchards. Home prices range from $500K – $850K with square footages of 1750 – 2900 square feet. The focal point of The Vineyards is the community’s spacious 34,000 sq foot clubhouse, Club Los Meganos. This facility is scheduled to be completed in the next few months, and will have four restaurants: a cafe, gourmet cooking studio, poolside cabana service, spa lounge, and full-service catering kitchen. A full-service spa is included, with an indoor and outdoor treatment rooms for nails, skin & massage. There will be two (2) pools (inside and outside) and an expansive fitness center with dedicated areas for cardio, strength training and women’s-only workouts.
You owe it to yourself to discover the TRILOGY LIFESTYLE!
Palindrome’s are words that can be read from front-to-back and back-to-front and still make sense. In this world where texts, twitters and typos are the norm, this video is VERY GOOD and makes you think! Nothing here about real estate, mortgages or Earth Day, just a simple message to think about!
The video is less than 2 minutes, and was submitted in a contest by a 20-year old. The contest was titled “u @ 50″ by AARP, and this video won 2nd place. So simple and yet so brilliant.
Click the link and then take a minute and watch it. A VERY GOOD Palindrome
HAFA (Home Affordable Mortgage Alternative) launched on 4-5-10, is part of the HAMP (Home Affordable Mortgage Program). HAFA is overseen by the US Treasury. It is a program to promote foreclosure alternatives, including a short sale. If a short sale is to take place, there are standards in place to simplify the process. The government’s definition of “standards” is timelines, minimum proceeds decided for the lenders and a standardized process using standardized documentation.
Borrowers must be evaluated for HAFA, have acquired the loan BEFORE 2009,have the home as their principle residence, and occupy the home. (Unless they moved for a job relocation.) Jumbo Loans and Fannie Mae/Freddie Mac loans are NOT eligible for HAFA. (Fannie & Freddie will have their own program later, but no timeline has been set.) Borrowers in bankruptcy or already in an executed short sale contract are also not eligible.
The borrower is eligible for HAFA if they do not qualify for HAMP, do not successfully complete a HAMP trial period, are delinquent on a HAMP loan modification, or the borrower just wants to go direct to a short sale with HAMP consideration. A huge benefit of this program is that the homeowner‘s debt is DISOLVED and they receive a $3000 financial incentive at close of escrow !
It has statistically shown that a home foreclosed upon can decrease the value of the home’s neighbors by 9%! This is why the government so wants this program to work, and not let the home go to foreclosure. This saves the lenders money! In addition, there are financial incentives for servicers and investors.
Finally, the HAFA Program is for borrowers in hardship and not for those seeking a strategic default! If you want more information on short sales, please call me at 925-852-1659. I have a Certified Distressed Property designation (CDPE), having completed extensive training to work with homeowners in distress, with a particular emphasis on short sales.
The Brentwood Iris Garden (195 Payne Ave) is having its annual Iris Festival this weekend on 4/17 and 4/18. The garden hosts iris bulbs in full bloom and for sale. Brentwood Gardens grows irises, day lilies, and chrysanthemums. Come out and enjoy FREE hot dogs, soda and the beauty of Spring!
If you come to Brentwood on Saturday, take time to also enjoy the Brentwood Farmer’s Market. Located on 2nd street in downtown Brentwood, street vendors offer fresh fruits/vegetables, organic eggs and meats, breads, plants, and prepared foods. I purchased a beautiful hanging basket last weekend, so check out the Brentwood Farmer’s Market.
Plan to also sample wines at Co. Co. Wine Company, located on 2nd Street and across from the Farmer’s Market. They have a fun wine bar and unique wine barrel tables to enjoy your wine. They feature Contra Costa wines, including Concord’s Sterling Albert, Walnut Creek’s Shadowbrook and Brentwood’s Tamayo wines. Their phone number is 634-9463, and they are open noon to 11PM on Friday and Saturday and noon to 4PM on Sunday.
If you want to tour some vineyards, check out our local winery: Hannah Nicole or try some unique flavors of olive oil at McCauley Olive Groves. Treat yourself and come out and enjoy the bounty of this great area of East Contra Costa!
Today, April 15th, bring in a empty reusable travel tumbler to your local Starbucks and get a FREE brewed coffee!! As you may know, I love Starbucks, so join me in celebrating TAX DAY with a free coffee. ENJOY! (Click here for more information)
The question comes up with East Bay County higher prices and lower inventory levels, is the market stabilizing? When will the market recover?
There is an interesting article I came across on housingwire.com (click here for link) The article says that the amount of delinquent mortgages is 21% higher than the same time last year. (That is after all the loan modification programs that are available.) Foreclosures are also 51% over 2009 levels. WOW- That is a large number!!! Hopefully, some of that foreclosed inventory will soon become available, but we have been hearing about its release for over a year.
What this article does show is that it will be some time before we recover fully from the housing situation and the loss of 871,000 California jobs lost in 2009. Do you have access to data showing other trends?
If you are a delinquent home owner or thinking of foreclosure, please call me. I want to help you through this difficult and emotional process.
This is an update on my East Bay Short Sale #2. We just completed week 3 of the short sale process, and I have a new buyer that should stick. (Buyer #2 had put in OVER 40 offers on other East Bay properties and lost out; he is very anxious to close on my seller’s home.) Buyer #2’s purchase price is 6% less than original offer, but it meets list price and the BPO evaluation. YEAH!
Interestingly, the 2nd lender amount due has NOT changed from first offer. I had a conversation with my contact at the 2nd lender. She told me that investors are now requiring MORE of a percentage out of the offer price than previously required. The amount just went up this week, and thus no change in what the investor wanted. So, if you have a 2nd on a short sale, that investor will want more from the deal than they would have wanted in March.
I am a Certified Distressed Property Expert (CDPE) , having completed extensive training to work with homeowners in distress, with a particular emphasis on short sales. On this week’s CDPE conference call, it was mentioned that lenders now look more favorably on SHORT SALES than REO’s! Lenders feel they can get more money from a SHORT SALE that is occupied than an empty distressed home. Lenders do NOT want empty homes to become blight, because they draw down the value and also cost them more money in potential fines from not meeting county ordinances.
Week #4 will be 1st lender. Hopefully, they”ll agree to give the 2nd lender what they request and accept the balance that is left. Wish me luck, and I will keep you updated. If you want more information on short sales, please call me at 925-852-1659
