BREAKING NEWS -- BREAKING NEWS -- BREAKING NEWS
Americas Top 100 Real Estate Professionals
I'm happy to share with you my success story and that I'm #16 out of 1,500,000 Agents
in the Nation! and #1 in VA, DC and MD! I'm proud to represent the Washington D.C.
Metropolitan Area community and dedicate to all of my friends and clients my hard
work during these tough economic times. Many of you are facing difficulties, going
through unemployment, foreclosure disaster and fear of bankruptcy... Our market
now is showing signs of improvement; many families pursuing their dream of home
ownership. I'm here for you to offer my guidance if you need it now more than ever
before. I will keep maintaining my professionalism to deliver exemplary service.
Thank you for visiting all of our web sites!
George Saab, Principal Broker/C.E.O., SAAB, REALTORS®
Top Updates
FHA plans to require borrowers to produce more cash for down payments
By Dina ElBoghdady
Washington Post Staff Writer
Wednesday, January 20, 2010
The Federal Housing Administration plans to increase the amount of up-front cash paid by all new borrowers and to require higher down payments from those with the poorest credit, according to agency officials.
These policy changes, scheduled to be announced on Wednesday, are part of the agency's effort to beef up its ailing finances, which have been eroded by rising defaults in its increasingly popular flagship mortgage insurance program. The FHA currently backs about 30 percent of all loans for home purchases and 20 percent of refinanced loans...
IRS should regulate all tax-return preparers
By Michelle Singletary
Sunday, January 10, 2010
Maybe it's just me, but when I see the word "all," I assume it means all-inclusive.
Recently, the Internal Revenue Service announced a major initiative to bring greater scrutiny to the tax-preparation industry. IRS Commissioner Doug Shulman wants paid tax preparers to be tested for competency and required to take continuing-education courses.
Support grows for tackling nation's debt
By Elaine S. Povich and Eric Pianin
The Fiscal Times Thursday, December 31, 2009
Senate action late last week that increased the limit on the government's credit card to a record $12.4 trillion gave a significant boost to a proposal to appoint a special commission to make the tough decisions that will be required to dig the nation out of debt.
President Obama has voiced support for such a plan, and 35 Democratic and Republican senators have signed on to legislation that would create a bipartisan commission with broad power to force painful spending cuts and tax increases through Congress.
Ending the Housing Crisis -- One Short Sale at a Time - How One Company Provides Security to the Process
By Paige Tepping, RISMEDIA
December 14, 2009
Short sales and home warranties seem to go hand in hand, especially considering the realities of today's real
estate market. "Short sales have a hundred moving parts; a hundred problems that all need to be solved at the same time"
says Bonnie Overbeck of Three Blondes and a Short Sale. "While you are dealing with a stressed seller, a buyer who
doesn't entirely trust the situation and money problems everywhere, the home warranties we provide through HSA Home Warranty act as an extra layer of security."
Home Affordable Foreclosure Alternatives Program (HAFA)
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.
Press Releases from MakingHomeAffordable.gov
Read New Articlies here
Servicer Performance Report through October 2009
Government unveils new short-sale rules
By J.W. Elphinstone
THE ASSOCIATED PRESS
Tucson, Arizona Published: 12.03.2009
The Treasury Department unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can't get a price high enough to pay off their mortgages. Homeowners will even get $1,500 to help cover their moving costs.
The plan is designed to help homeowners who don't have the income or debt levels to qualify for a loan modification under the Obama administration's $75 billion Making Home Affordable program. The plan establishes timelines, a standard process and documents, and cash incentives for participation.
Government Will Provide Financial Incentives To Encourage Short Sales
Wednesday, December 02, 2009
Written by: Jon Prior, HousingWire.com
The US Treasury Department has announced plans to launch a foreclosure program aimed at encouraging
borrowers, servicers and investors, to pursue short sales. Scheduled to launch in April 2010, the Home
Affordable Foreclosure Alternatives Program (HAFA) will offer up to $3,500 in incentive payments to
qualified borrowers, servicers and investors who complete short sale transactions for properties with
loans on the verge of foreclosure.
Weekly Updates from Making Home Affordable
This site provides mortgage servicers with the information and tools needed to participate in the
Obama Administration's Home Affordable Modification Program (HAMP) and other program updates related to
the Making Home Affordable (MHA) Program.
December 2, 2009
HAMP Update - Q4 2009 Base NPV Model Documentation Supplement Now Available
Short Sale Incentives Coming in 2010, Treasury Says
By JON PRIOR
December 1, 2009 10:38 AM CST
As HousingWire first reported, the US Treasury
Department will launch the Home Affordable
Foreclosure Alternatives Program (HAFA) in 2010.
Guidelines Aim to Ease Short Sales
By RUTH SIMON , Wall Street Journal
December 1, 2009
The Obama administration laid out final guidelines on Monday that should make it easier for some
financially troubled borrowers to sell their homes.
The guidelines are designed to encourage the use of short sales, transactions in which the borrower with
lender approval sells the home for less than what is owed on the loan. The program also makes it easier
for borrowers to voluntarily transfer ownership of properties through a "deed in lieu of foreclosure."
Introduction of Home Affordable Foreclosure Alternatives: Short Sale and Deed-in-Lieu of Foreclosure
Making Home Affordable
November 30, 2009
Help for America's Home Owners
Supplemental Directive 09-09
HAMP Update: New Program Offers Borrowers Foreclosure Alternatives
Making Home Affordable
November 30, 2009
Help for America's Homeowners
Supplemental Directive 09-09: Introduction of Home Affordable Foreclosure Alternatives: Short Sale and Deed-in-Lieu of Foreclosure was published
Internal Revenue Service
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Mortgage Workouts,
Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form Reduction
of Tax Attributes. Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
Form 1099-C, Cancellation of Debt.
Service members Civil Relief Act (SCRA)
All Real Estate Top News
To view more news Selected by SAAB, REALTORS® click here.
Click here for a complimentary market analysis of your home.