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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Private mortgage insurance provides protection to a lender in case you default on your home loan. Unless you make a 20% downpayment on a house, you’ll most likely be required to purchase PMI. PMI premiums on a median priced home ($198,100 in 2008) can run between $50 and $100 per month, according to the Mortgage Insurance Companies of America.

PMI might be unavoidable, but it isn’t eternal. Knowing exactly when you’re entitled to cancel coverage can save you a bundle. If you own a median priced home, you’ll pocket between $600 and $1,200 for each year’s worth of premiums you can avoid. That extra cash can be used to pay down your principal instead.

When PMI is cancelled automatically
Though often maligned, PMI plays an important role. Many aspiring…

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Buying Short Sales -

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a…

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TIPS TO GET GOOD FORECLOSURE DEALS

Foreclosure rates are spiking and brewing up a hot market for investors and buyers. To get the best deal possible, follow these tips:

1. Timing is everything. In New Mexico borrowers often are given a chance to avoid foreclosure with a redemption period, typically two to three months, to pay off the amount they owe and redeem the property. The borrower may opt to sell the property during this pre-foreclosure stage if they can’t make up their missed mortgage payments. This is typically the best time to strike a deal, as home owners are looking for ways to avoid foreclosure. Another prime time to buy: prior to an auction date.2. Look in the right places. Follow the foreclosure trail. Title companies, banks, purchase…

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In a typical relocation the spouse that does not have a job was able to use their projected income combined with the relocating spouse income when applying for a mortgage which would help determine housing affordability.

FNMA had announced it will disallow inclusion of 'trailing' income.  What does this mean?  It means that this secondary trailing income will not be allowed which will reduce the affordablility of the couple's next home.  According to RISMedia 70% of all corporate relocations are dual income so the effect on these relocations is significant.  This rule change seems to stem from current economic conditions and the availability of employment.

As a Realtor® with years of helping families relocate I must work even closer with these families…

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More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.
Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000. 

$8,000 First-time Home Buyer Tax Credit at a Glance

  • The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is…

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