Bank of America says it will provide up to $30,000 in relocation assistance to delinquent borrowers who work with the bank to obtain a preapproved short-sale price before submitting purchase offers.

Short sales must be initiated by the end of this year and close by Sept. 26, 2013, to be eligible for the payments, which will range from $2,500 to $30,000 at the completion of a qualifying short sale. Payments will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations, Bank of America said in announcing the program.

The program — based on a similar incentive offer Bank of America tested last year in Florida — will be available nationally. But Bank of America anticipates the greatest response will come from borrowers in California, Nevada, Arizona, Florida, and other states hit hardest by the economic downturn and falling property values.

Customers who believe they may be eligible for Bank of America’s short-sale relocation assistance program may contact program specialists at (877) 459-2852. Qualifying short sales that have already started but have not closed may be eligible for the program.

Bank of America says its short-sale initiatives have generated 200,000 short sales in the last two years and another 30,000 in the first three months of this year.

Last month, Bank of America announced it was shortening decision times on short-sale offers to 20 days, down from 45 days or longer.

If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION for loan modification and or selling .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

___________________________________________________________________________

Bank of America offers $2.5k-$30,000 to short-sellers is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes

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Press Release   More Than 200,000 Bank Customers May Qualify for Principal Reduction Under Government Agreement With Large Mortgage Servicers CALABASAS, Calif., May 08, 2012 (BUSINESS WIRE) –Bank of America Home Loans has begun reaching out to customers who may be eligible for forgiveness of a portion of the principal balance on their mortgage under terms of a recent settlement among five major banks, 49 state attorneys general and the federal government.The first letters in a targeted outreach to more than 200,000 potential candidates for this assistance are arriving in homes this week; most of the letters will be mailed by the third quarter of this year. The bank estimates average monthly savings of 30 percent on mortgage payments of customers who qualify for this program.”Building on home retention and payment assistance programs already in place, we are meeting our obligation to deliver this additional relief to our customers following the completion of the recent global mortgage settlement,” said Ron Sturzenegger, Legacy Asset Servicing executive. “To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors and communities.” Bank of America actually began making principal reduction offers under the program guidelines in March, initially concentrating on homeowners who were already in the modification review process. So far under this early initiative, about 5,000 trial modification offers have been mailed, providing a potential total of more than $700 million in forgiven principal. Homeowners are required to make at least three timely payments before the modification can become permanent. The wave of mailings beginning this week will reach a broader base of customers who may be eligible for this principal reduction program. The letters provide each homeowner with a description of the program and an invitation to provide financial information to begin the review process. To be eligible for this program, a homeowner must meet certain criteria, including: Owes more on the mortgage than the property is worth today. Was at least 60 days behind on payments on January 31, 2012. Has a contractual monthly payment for principal, interest, property taxes, hazard insurance and any applicable homeowner association fees totaling more than 25 percent of gross household income. Has a loan that is owned and serviced by Bank of America, or serviced for another investor that has given the bank delegated authority to do such modifications.   Fannie Mae, Freddie Mac and FHA/VA are not participating in the principal reduction program, but other modification programs which may provide comparable reductions in monthly payments are available on those loans. A key goal of mortgage modifications is to provide an affordable monthly payment, based on borrower’s ability to pay. Most modification plans begin with a reduction of the interest rate, then an extension of the number of years to pay off the mortgage, then if necessary, interest-free forbearance of principal to be paid back at the end of the loan. Bank of America has offered principal forgiveness, but in more limited, targeted situations to eligible borrowers with certain types of mortgages. Under the terms of the government settlement, the bank will strive to provide an affordable payment to qualified under-water homeowners by first reducing the principal balance to as low as 100 percent of the current property value, then lowering the interest rate and forbearing additional principal, as necessary, to reach the target payment. The settlement terms require a final calculation to determine that the cost incurred by the mortgage investor to modify the loan does not exceed the expected loss to the investor if it goes to foreclosure instead, commonly known as positive net present value. For further information on the settlement programs, Bank of America Home Loans customers may call 1.877.488.7814. Bank of America Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE:BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. For more Bank of America news, visit the Bank of America newsroom. www.bankofamerica.com SOURCE: Bank of America Reporters May Contact: Dan Frahm, Rick Simon or Jumana Bauwens, Bank of America, 800.796.8448 pressroom@bankofamerica.com “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Bank of America Corporation’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report or Form 10-K for the most recently ended fiscal year.

Bank of America Extends homeowners new Modification to Principal reduction Under Global Servicer Settlement May 2012 is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes

Here is an informational video providing a recap keeping your home and using legal services myth:

Please contact me directly if you have any topics that you would like us to discuss, or if you would like to talk about any business or personal bankruptcy issues. Thanks, Joe Marcarelli

Attorney Joe Marcarelli – Recap: legal foreclsure and bankruptcy basics

If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes.

To find out the value or your home. Click here for a free market evaluation !

If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION for loan modification and or selling .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

___________________________________________________________________________

Keeping your home and using legal services video by a San Diego Attorney is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes

Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable — but it won’t stay this way for much longer.

Stuart Hoffman, chief economist for PNC Financial Services, said he expects home prices to flatten out by the third quarter and start climbing by next year.

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

“This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer,” he said.

Prospective homebuyers who’ve been sitting on the fence shouldn’t worry if they aren’t quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.

County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 540-5811.

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

Buying a Home Won’t Get Much Cheaper! is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau!

If you have equity in your home, we will sell your home and get top dollar in this challenging market with our  Internet Marketing and Sales Program or click Want to know what your home is worth? .

 If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also, go to www.ShortSaleRealtors4U.com

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

Want to know what your home is worth?

More Americans Expressing Confidence in Economy and Home Values is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes

 First month-over-month increase since last summer

-price index maintained by data aggregator CoreLogic showed prices edging up from February to March — the first month-over-month increase since last summer.

The CoreLogic Home Price Index showed home prices, including distressed sales, increasing by 0.6 percent from February to March, and down by the same amount when compared to a year ago.

If distressed sales are excluded, the index showed the third consecutive month-over-month increase in national home prices, and annual gains of 0.9 percent. Distressed sales include short sales and real estate owned (REO) transactions.

“This spring the housing market is responding to an improving balance between real estate supply and demand, which is causing stabilization in house prices,” said Mark Fleming, chief economist for CoreLogic, in a statement. “Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau!

If you have equity in your home, we will sell your home and get top dollar in this challenging market with our  Internet Marketing and Sales Program or click Want to know what your home is worth? .

 If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also, go to www.ShortSaleRealtors4U.com

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

Want to know what your home is worth?

Shrinking inventory boosts home prices is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes

Chances are, you or somebody in your family was severely affected by the downturn in the housing market.  Millions of Americans have been forced into foreclosure, short sale, or bankruptcy.  Millions of other Americans struggle to pay their mortgages at inflated rates and are unable to refinance because their home has lost too much value. 

Last month a program was rolled out that changes everything.  The revamped Home Affordable Refinance Program (HARP 2.0) is designed to help borrowers who owe significantly more on their home than what it’s currently worth.  The program allows for unlimited loan-to-value and has no minimum credit score requirements.  To qualify, borrowers must have either a Freddie Mac or Fannie Mae backed mortgage.  I have included additional information on the attached document.  If you are one of many who were caught in this situation, I would be happy to help you.  If not, please pass this along to somebody who may need it    

 What is the Home Affordable Refinance Program (HARP)?

Announced in March 2009, HARP is a federal government program designed to help 5 million underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment. However, as of Aug. 31, only 894,000 borrowers have refinanced through HARP. On Oct. 24, 2011, President Obama announced an overhaul to the HARP program with the intent of reaching more underwater homeowners. The expanded HARP program (also referred to as HARP 2.0) includes borrowers with a loan-to-value ratio of greater than 125 percent.

Why didn’t the original version of the HARP program work?

The original version of HARP had many roadblocks that made it difficult for homeowners to refinance. For example, the program only assisted those with mortgages with a loan-to-value ratio between 80 percent and 125 percent, but in many hard-hit housing markets across the country, homes have lost more than 50 percent in value making those homeowners ineligible for the program.

How did the HARP program change?

Some of the major changes to the HARP program include:

 Unlimited loan-to-value on fixed rate loans Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent.

 Eliminating appraisals and underwriting Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.

 Modified fees Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.

 All property types – primary residence, 2nd home, investment properties accepted.

 Mortgage Insurance now accepted

 Extended deadline The end date to get a HARP refinance has been extended to Dec. 31, 2013.

 How do I find out who holds my mortgage?

To be eligible for the HARP program, your mortgage must be held by either Fannie Mae or Freddie Mac.

To “look up” your mortgage, check Fannie Mae. If you can’t find your mortgage there, check Freddie Mac.

If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes.

To find out the value or your home. Click here for a free market evaluation !

If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION for loan modification and or selling .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

What is the Home Affordable Refinance Program (HARP) new changes for 2012? is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes

HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low 3% down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed. A good deal for San Diego Home buyers.

Benefits to You, the Borrower

• Updated Sneak Preview (Pocket Listings) before they go on the Multible Listing System  (MLS)
• Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
• Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
• No lender-requested appraisal.
• No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
• Expanded seller contributions for closing costs allowed.
• Available for primary residences, second homes and investment properties.
• Many condo project requirements are waived; ask your lender for details

HomePath properties offer buyers a wide selection of options, including single-family homes, condominiums, and town houses. HomePath properties may also be eligible for HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down. Click here to find out additional information or to get your loan started using (Homepath approved lender) to finance your next purchase.

See properties below! Call 619 540-5811 today for more information or Click Pro-Search HomePath & Reo Properties!

HomePath 3% Down payment on Fannie Mae Owned homes & updated Sneak Preview is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes

Analysts at Barclays Capital conclude that the housing market is no longer a drag on the economy.

Guess whos bullish on housing regarding the economy is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes

Home values nationwide increased 0.5 percent from February to March, according to Zillow’s first quarter Real Estate Market Reports. This marks the largest monthly increase in the Zillow Home Value Index since May 2006, when home values also rose 0.5 percent.

The Index fell 3.1 percent year-over-year to $146,200.

Nineteen of the 30 metro areas covered by the Zillow Home Value Forecast will reach a bottom in 2012, or have already reached a bottom. Several of those are expected to see significant home value increases in the next 12 months, including the Phoenix (6.5 percent), Miami-Ft. Lauderdale (5.6 percent), and Tampa (2.5 percent) metros, according to the forecast.

Twelve of the markets covered by the Zillow Home Value Forecast will experience home value declines in the next 12 months, although some of those are likely to reach a bottom in late 2012. Some metros, however, are anticipated to experience significant home value declines in the next 12 months, including the Atlanta metro, with home values falling 4.1 percent, and the Chicago metro, where values are expected to decline 3.8 percent.

Nationally, the Zillow Home Value Forecast shows that home values will fall 0.4 percent over the next 12 months, with many months showing no change or slight appreciation late this year, suggesting that U.S. home values could reach a bottom in late 2012. 

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau!

If you have equity in your home, we will sell your home and get top dollar in this challenging market with our  Internet Marketing and Sales Program or click Want to know what your home is worth? .

 If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also, go to www.ShortSaleRealtors4U.com

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

Want to know what your home is worth?

Home values post largest monthly gain since 2006 is a post from: San Diego Real Estate-San Diego Homes | Riverside Real Estate-Riverside Homes