February 2010

Found 7 blog entries for February 2010.

NMWelcomeHome.com

Starting to See Progress. Photograph by Carlos Martinez.

City is making progress on the new pedestrian crossing connection Coors to Rio Grande Blvd over the Rio Grande River.  I'm sure many residents will be happy with this as you will now be able to bike from the Westside of Albuquerque to the North Valley and Nature Center. 
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Tax Credit Expires Only 65 Days

FEDERAL HOME BUYER TAX CREDIT SUMMARY

  • The Federal Homebuyer Tax Credit is available to buyers who have not owned a principal residence in the last three years (“New Buyers”) and to buyers who have owned and lived in their principal residence for 5 consecutive years out of the last 8 years (“Repeat Buyers”).

  • The maximum credit amount is $8,000 for New Buyers and $6,500 for Repeat Buyers.

  • The tax credit is available for homes closed after November 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the credit provided the closing occurs prior to July 1, 2010.

  • Homes with a purchase price of up to $800,000 qualify. The home must be used as a principal

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HI EVERYONE, IT IS CRUCIAL THAT WE MUST VOICE OUR OPINIONS. - OWNER FINANCING ITS SO IMPORTANT TO ALL OF US.  

Wether you are a Realtor, Investor, Buyer or not in the market I think this is important.  Owner Financing is an option that allows a seller to sell their property using their own financing. This is a tool that will usually help a seller sell a home that otherwise may not be able to be sold.

TRY log on www.
regulations.gov   then follow Bronchick directions.

We only have one week, please forward to everyone !
 

**CALL TO ACTION**
 
The following information is extremely important!
 
HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACT HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a

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Here are just some quick facts from a member call I was on recently. 

1 out of 10 prime borrowers are delinquent
4 out of 10 sub-prime borrowers are delinquent

Continuing increase in delinquencies, foreclosures, defaults.

Reverse mortgages could be the next subprime...which in my opinion does not seem to dominate NM so should not be much of a problem here.

Lender pursue mortgage payoffs long after homeowners default.

This type of mortgage recovery rose 48 percent to a record $1.01 billion in the first nine months of last year. Now that lenders have had a chance to 'catch up' they are now pursuing deficiencies.

Luxury Homes Deliquency 

Faster growing number of deliquent loans are loans over $1 million. Reasons: Very little
purchase money, no refinance

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Buyer's interested in a short sale require an agent who is experienced in the process.  This means the buyer agent and the listing agent need to have intimate knowledge and systems to see the short sale process through.

When hiring an agent to work for you on a short sale, you should ask the following questions.

  • How many short sales have you done in the past 12 months?
  • How many have failed/been successful?
  • What lenders have you worked with?
  • What is your typical timeframe from contract to close?
  • Do you have any education in the short sale process ie. certification?
  • What is your lender follow up like?

There are many more questions you should ask regarding a short sale but these questions will help you to gauge their knowledge of the process. 

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