Taxes

Obama Plans Refinancing Aid, Loans for Jobless Homeowners, HUD Chief Says, by Holly Rosenkrantz, Bloomberg

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The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program yesterday. “That’s why we are taking additional steps to move forward.”

The administration will begin a Federal Housing Authority refinancing effort to help borrowers who are struggling to pay their mortgages, and will start an emergency homeowners’ loan program for unemployed borrowers so they can stay in their homes, Donovan said.

“We’re going to continue to make sure folks have access to home ownership,” he said.

Sales of U.S. new homes unexpectedly dropped in July to the lowest level on record, signaling that even with cheaper prices and reduced borrowing costs the housing market is retreating. Purchases fell 12 percent from June to an annual pace of 276,000, the weakest since the data began in 1963.

Sales of existing houses plunged by a record 27 percent in July as the effects of a government tax credit waned, showing a lack of jobs threatens to undermine the U.S. economic recovery.

House Sales Plummet

Purchases plummeted to a 3.83 million annual pace, the lowest in a decade of record keeping and worse than the most pessimistic forecast of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed last week. Demand for single-family houses dropped to a 15-year low and the number of homes on the market swelled.

U.S. home prices fell 1.6 percent in the second quarter from a year earlier as record foreclosures added to the inventory of properties for sale. The annual drop followed a 3.2 percent decline in the first quarter, the Federal Housing Finance Agency said last week in a report.

Donovan said on CNN yesterday that it is too soon to say whether the administration’s $8,000 first-time homebuyer credit tax credit, which expired April 30, will be revived.

“All I can tell you is that we are watching very carefully,” Donovan said. “We’re going to be focused like a laser on where the housing market is moving going forward, and we are going to go everywhere we can to make sure this market stabilizes and recovers.”

Reviving the tax credit would “help enormously” in the effort to fight foreclosures and revive the economy, Florida Governor Charlie Crist said on the same CNN program. Florida has the third-highest home foreclosure rate in the country, with one in every 171 housing units receiving a foreclosure filing this year.

To contact the reporter on this story: Holly Rosenkrantz in Washington athrosenkrantz@bloomberg.net.

Multnomahforeclosures.com: Updated Notice of Default Lists

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Multnomahforeclosures.com was updated today (August 24th, 2010) with the largest list of Notice Defaults to date. With Notice of Default records dating back over 2 years. Multnomahforeclosures.com documents the fall of the great real estate bust of the 21st centry. The lists are of the raw data taken from county records.

It is not a bad idea for investors and people that are seeking a home of their own to keep an eye on the Notice of Default lists. Many of the homes listed are on the market or will be.

All listings are in PDF and Excel Spread Sheet format.

Multnomah County Foreclosures

http://multnomahforeclosures.com

Demystifying Income Documentation, By Jason Hillard, Fireside Lending Group

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Having discussed the importance of the home loan pre-interview, I would like to dedicate a little time to income documentation. There is a lot of confusion about this subject, and thanks to an atrociously lazy mainstream media, and some irresponsible “new media”, disagreements on the issue are still coming up in day to day business operations.

This is a list of the items your mortgage professional NEEDS from you, REGARDLESS of what type of home loan you want or what type of borrower you are.

–most recent 30 days of paystubs
–most recent statement for any depository account, ALL PAGES
–most recent statement for any other liquid assets or retirement plan
–most recent 2 years federal tax returns with ALL PAGES/SCHEDULES
–any divorce/alimony/child support documentation
–any bankruptcy discharge documentation from the last 10 years

The reality is that most loans now are what is referred to as “full doc”, which is to say that you will be subject to a financial rectal exam. There are some stated income programs coming back, but bank on your next home loan funding as a result of a full fledged inquest into your personal finances. We’re talking mortgage court-marshal, so you need to be prepared.

It may sound funny, but you really should frame your thinking around this analogy. Your mortgage professional is really taking up your case, not just packaging a home loan. The underwriter is the judge, jury, and executioner. That is why you need someone who vigorously represents you, like us. (We are not above plugging our outstanding services.)

So I am now going to explain the thinking behind each of these items, from an underwriter’s perspective. You know you are a good person who will pay back what is owed, and so do we. Let’s delve into the mind of the cagey underwriter though, and see where it leads.

30 days of paystubs
This is pretty simple, obviously. But it does go a little beyond “does this person have a job that pays legal tender?”

What the elusive underwriter is searching for is your year-to-date (YTD) numbers. Does this person work an average of 40 hours? Is there overtime pay that is consistent? What about commisions and bonuses? And is this borrower’s income consistent with the tax returns provided?

Now, some check stub formats provide a lot of information, and others leave something to be desired. However, it is estimated that 30 days worth of paystubs will provide an accurate representation of monthly income calculated on a yearly basis. “In plain english”, you say? Your YTD pay divided by the number of months so far this year minus one month equals your monthly income.

Most Recent Depository Statements
This is usually your most recent bank statement, for all accounts you have. This helps to verify liquid assets. It is very important when running your situation through the automated underwriting software to have this information accurate. This verifies the number of months of cash reserves you have and/or whether you actually have your down-payment available.

Why do we emphasize ALL PAGES? We know…your balance is on the first page. However, when an underwriter sees “page 1 of 7″ on your bank statement, they immediately want to know, and quite honestly NEED to know what the other 6 pages say. Are there car loans, lines of credit, etc. that aren’t shown on the 1st page? The underwriter needs to assume the worst at all times in order to protect their mortgage company from exposure to loan buybacks.

Other Asset & Retirement Statements
More “liquifiable” assets. Stocks, bonds, 401ks, IRAs, etc. What resources do you have that you can sell to make your payments in the event that your income disappears? That’s why we need proof of these items. Important note: for most loan programs, the value of 401ks and IRAs will be decreased by 3o per cent. The reason for this is that if you lose your job, and have to dip into these funds to make your payments, there will be about 30% in penalties and taxes you will have to pay for early withdrawal.

Last Two Years Federal Tax Returns (All Pages)
These aren’t always needed. However, we always ask for them. More and more, the automated underwriting systems are requiring them. And even if the underwriter doesn’t need them, it’s a good idea to show them to your mortgage professional. Why? Because, you will be signing a disclosure (4506T) stating that the lender has the right to request transcripts of your last 2 federal tax returns. This right will be exercised. Having a competent mortgage professional look over them upfront assures a smaller chance of “issues” coming up later. You may have what are called “2106” expenses, which reduce your income in the eyes of the underwriter. If you are riding the fence with your debt-to-income ratio, this can implode your home loan.

As for the self-employed, we will always need 2 years of federal tax returns. There’s no way around it right now.

Divorce Decrees & Child Support
Divorce is a nasty thing, and it can rear its ugly head AGAIN the next time you apply for a mortgage. Is there an alimony agreement? Alimony reduces your income. How long will it continue? Is there child support involved? Again, how long will you be obligated to pay it? Is either amount scheduled to increase? The bank has to look at the big picture when it comes to your overall liabilities, and these can play a huge role in determining your debt-to-income ratio.

Bankruptcy
Chapter 7 or Chapter 13? When was it discharged? What was included? What was excluded? The details and date of your bankruptcy discharge is a crucial piece of information. The lender must document what liabilities remain, which are cleared, and that the requisite amount of time, as prescribed by the mortgage product you are applying for, has transpired since the discharge.

Other Circumstances
You may have a pension that you are looking forward to in the future. Unfortunately, it doesn’t have any cash value now, so it cannot be considered as an asset right now. And you’re not receiving any income from it right now, so it doesn’t offset your debt-to-income ratio.

Maybe you just started your own business last year, and things are going great. Unfortunately, current underwriting guidelines do not allow us to consider self-employed income unless you have been in business for two years, as evidenced by 2 years of federal tax returns.

There are all kinds of unique situations, and we are always happy to help you determine where you stand.

Please understand that in order to truly apply for a home loan, you need to have these items prepared. We don’t ask for them just to make your life miserable. Your mortgage professional is your advocate, not your enemy. You have to present them with ALL of the information so that they can properly represent you in front of the judge. I mean underwriter.

If you have any questions about income documentation or mortgages in general, please feel free to shoot us an email! Jason Hillard, Fireside Lending Group jasonh@firesidelendinggroup.com

Important New Regulations Affecting Closing Dates!

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From the Desk of Phil Querin, Partner, Davis Wright Tremaine, LLC, PMAR/OREF Legal Counsel

Although the initial annual percentage rate (APR) on a residential loan is disclosed in the Good Faith Estimate early in the purchase transaction, it can change before closing. Under the new rules enacted in the Truth in Lending Act, effective on July 30, 2009 (last Thursday), if the actual (i.e. the final) APR varies from that initially disclosed on the Good Faith Estimate by at least .125%, then there is a mandatory additional three (3) business day waiting period before the transaction can close. So if the final APR isn’t disclosed until late in the transaction, it could potentially force the three (3) business day period to extend beyond the closing date set forth in the Sale Agreement.

As you know, the Oregon Real Estate Forms (OREF) closing date is written in stone – there are no automatic extensions – so if it appears that the APR could be held up or there is any indication that the APR will change at closing, brokers would be well-advised to get seller and buyer to agree in advance to a written extension as a contingency if the final APR causes the three (3) business day period to extend beyond the scheduled closing date. OREF will be meeting shortly to consider some additional language for the new sale agreement form, although it won’t actually get printed and distributed until early next year. In the meantime, I have recommended to my clients that they may wish to consider adding an addendum to their sale agreements with language such as the following: ” In the event that Buyer’s final Annual Percentage Rate (“APR”) differs from the APR initially disclosed to the Buyer in the Good Faith Estimate by .125% or more, the Closing Deadline defined in the Real Estate Sale Agreement shall automatically be extended for three (3) additional business days in accordance with Regulation Z of the Truth in Lending Act ,as amended on July 30, 2008.”

This, of course, is subject to the review of the companies’ principal broker and legal counsel.

Multnomahforeclosures.com Updated with New Notice of Default Listings

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The new update of the Multnomah Foreclosures web site (http://multnomahforeclosures.com/) includes NOD listings dating back to February of 2008. This data was added because we had it and there has been a lot of interest in this data by the visitors of the site.

Multnomah Foreclosures
http://multnomahforeclosures.com/

Multnomah Foreclosures Web Site Updated

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The new update of the Multnomah Foreclosures web site (http://multnomahforeclosures.com/) includes NOD listings dating back to February of 2008. This data was added because we had it and there has been a lot of interest in this data by the visitors of the site.

Multnomah Foreclosures
http://multnomahforeclosures.com/

Five Ways to Avoid Mortgage Foreclosure, Tips from Expertforeclosurehelper.com

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If you fail to make your mortgage payments on time or if you default on your payments, you are in danger of foreclosure. This happens more and more frequently in today’s economic climate. But it is possible to avoid mortgage foreclosure if you know what to do.

Here are a few of the options that are available to you. These are only going to be open to you if you can get the cooperation of your lender.

– See if your lender would be willing to re-arrange your payments based on your current financial situation. This may be referred to as a special forbearance and you may qualify for it if your financial situation has changed. To qualify for this you will probably have to provide information to your mortgage holder to prove that you will be able to meet the payments of the new plan.

– Another option may be a modification of your actual mortgage. This would involve refinancing the amount owed and/or extending the term of the mortgage. The goal is to reduce monthly mortgage payments so they are more affordable for you.

– You may qualify for an interest free loan from HUD to bring your mortgage up to date if you meet certain conditions. This is referred to as a partial claim and your lender can help you with the application process and explain the conditions of this type of loan. You can also contact your local HUD office for more details.

– Another way to avoid mortgage foreclosure is to consider a pre foreclosure sale. The purpose is to sell your home and clear up your debts to avoid foreclosure and damage to your credit. If you know that you will be unable to make mortgage payments even if they are lowered, this may be something to consider. You will have to see if your lender will agree to give you some extra time to sell before foreclosing.

– A final option which should be considered only as a last resort is a deed-in-lieu of foreclosure. In this case you are basically turning your house over to your mortgage institution instead of paying off the mortgage.

Even though you will lose your home this may be a better option than losing it to foreclosure. That’s because your chances of obtaining another mortgage loan at some point in the future are better than if your home is lost due to foreclosure.

These are the main alternatives that you have as you try to avoid mortgage foreclosure. Be sure to contact your lender at the first sign of financial difficulty so they can help you find the option that will be best for you.

Learn about 6 practical steps you can take to avoid foreclosure.

If it’s too late for that, find out how to stop a foreclosure by going to getforeclosurefacts.com

Expert Foreclosure Helper
expertforeclosurehelper.com

Market Update: $1,000,000 Houses in Portland, Betty Jung, All About Portland Blog

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The other day in a post, I said the low end and the extreme high ends homes are selling. This Million $ market segment is doing better overall than some of the other price ranges have been doing in Portland’s metro areas. Although total market time for areas such as Lake Oswego (268 days), West Portland (169 days), and Tigard (180 days) are high, this $1,000,000 price range has had shorter market times per RMLS™. These stats do not include condominium, attached or townhouses, they only include single-family residential properties.

Below are the stats from RMLS™ at the Million $ price point and higher in areas 147 Lake Oswego (zip codes 97034, 97035), 148 SW Portland, and 151 Tigard (zip codes 97223, and 97224):

MILLION DOLLAR HOUSES 147-Lake Oswego
148-SW Portland
151-Tigard
2008-2009 Y.T.D.

# Houses for Sale 131 98 7
# Houses Pending 5 2 0
# Houses Sold 47 57 2
High List Price $19,500,000 $4,988,850 $3,999,000
Low List Price $1,049,950 $1,080,000 $1,200,000
Average List Price $1,956,593 $1,783,814 $2,423,800
$ Sq. Ft. List Price $418 $331
Average Sq. Ft. Listed 4679 5383 4751
High Sold Price $3,150,000 $4,300,000 $3,749,000
Low Sold Price $1,030,000 $1,000,000 $1,200,000
Average Sold Price $1,496,919 $1,447,144 $2,474,500
$ Sq. Ft. Sold Price $337 $280 $454
Average Sq Ft. Sold 4646 5319 4951
Average Days On The Market 85 122 121
% Of Sold to Original List Price 89.93% 77.86% 88.9%
2007-2008 Y.T.D.

# Houses Sold 118 122 1
High Sold Price $5,250,000 $4,000,000 $1,100,000
Low Sold Price $1,000,000 $1,010,000 N/A
Average Sold Price $1,467,497 $1,441,579 N/A
$ Sq. Ft. Sold Price $332 $296 $394
Average Sq Ft. Sold 4426 4866 2792
Average Days On The Market 110 85 11
% Of Sold to Original List Price 91.52% 91.92% 79.14%
Source: RMLS™

Use of this article, photos and images without permission is a violation of federal copyright laws. (Copyright applies fully and automatically to any work — a photograph, a song, a web page, an article, pretty much any form of expression — the moment it is created. This means that if you want to copy and re-use a creative work in another format, that you find online, you have to ask the author’s permission to re-use their information.)

(For more national and local real estate information, go to my website at http://www.bettyjung.com)

Rate Environment, by Michael Dolan, Broker Pro Mortgage

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Mortgage interest rates continue an upward creep. You may be one of 100,000s who got interested in a mortgage loan when the best rate hit 4.5% briefly in mid January. Rates fluctuated for a while before moving up slowly but steadily for the past month. They still remain low compared to last year.

The President’s Tuesday night speech failed to help with rates as they moved up again Wednesday. Over the past month, we have had many speeches, laws, policies and plans that could have pushed rates lower. However, rates never really dropped except for a brief window on 15-yr mortgages.

It’s true that anything can happen in this volatile financial situation. But based on the financial structure in front of us today, I do not see how rates will reverse their trend.

If you planned to re-finance only because we were at historic lows, your window has closed. You might as well wait.

If you had other reasons to re-finance, you can still get a very good rate. It’s probably a good idea to act soon. Many homeowners have moved off the sideline over the past week as they see what is happening. You may want to revise your desired rate target.

If you are planning to buy, rates remain attractive – better than at any time in 2008.

Michael Dolan

BrokerPro Commercial and Residential Financing

1001 SW 5th Ave #1100

Portland OR 97204
503-220-2705
Mobile: 503-287-4876
Fax: 503-961-9937
http://www.brokerpromortgage.com
Start Informed – Finish Faster

MACPLAN – Foreclosure Crisis Analysis, By Dave McDonald

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There are several updates and issues to bring to your attention. As things transpire I may not have time to e-mail pertinent updates to you so I have set up a blog at macplan.blogspot.com where you can go for the information. I will try to e-mail you when there is a new update on the blog. Here is what is happening now and what I am working on:

1) Late last week the largest mortgage insurance company, The PMI Group, instituted a policy that they would no longer insure mortgages that were originated by brokers. By implementing this policy the Mortgage Insurance companies will speed up the consolidation and nationalization of the banks, hasten the downfall of most if not all non-bank lenders that utilize brokers as their main source of business, and force the small mortgage broker to consolidate under a larger bank environment. This policy will also put most appraisers out of business.
The public, once again, is getting the shaft. By not allowing brokers to originate loans with less than 20% down on a purchase or less than 20% equity in the property for a refinance borrowers will have to go to the few remaining banks the exist who will be able to charge what the want because they won’t have competition from the brokers. A client that is over 80% Loan –To- Value that goes to a broker will be limited to an FHA product….which is insured by the government ad has not one but 2 types of mortgage insurance which in many cases makes it more expensive for the borrower than it would under a conventional loans with mortgage insurance. Again, customers wanting high LTV loans will need to go to banks, put up with higher rates, longer lines and bad service.
Yesterday I spoke to the upper management at the PMI Group to get their side of the story as to why they are implementing this policy. They told me, unlike published reports, that it was not due to quality of the loan originations submitted by brokers. Their take was that they do not have the capital necessary to reserve for future losses. They say that their low stock prices make it harder to attract new capital. They say that this a strictly a company survival mode tactic to make sure they don’t take on any more risk until the delinquency issues on the current loans in the market place have run their course. They say if they were able to raise more capital then the policy could change back.
I made clear to them what the ramifications of their policy implementation will do to the average borrower. I made clear that it will cause a domino effect with closing of the remaining non-bank lenders, brokers, appraisers and everybody else in the industry leading to a lot more unemployment while giving borrowers less loan options and higher rates.
The bottom line, there are ways to fight this which I will go into later.

2) Obama’s Foreclosure Rescue Plan – I am currently reviewing this. It seems like a lot of the same old stuff and need a lot of questions to be answered:
a) How are they going to implement the refinancing through FNMA and Freddie Mac for upside down borrowers? Where does mortgage insurance come in….are they going to do it without mortgage insurance. If mortgage insurance is required then San Diego is screwed again…because all mortgage insurance companies have designated us as a Declining Market. How is FNMA and Freddie going to get around that. Also, I understand that they will only allow up to 105% LTV….how is that going to help people that are upside down by 20-50%?
B) The incentives given to servicers…are they going to be enough. The modification plan is still voluntary for the servicers.
C) Throwing $400 billion more into FNMA and Freddie Mac to continue to buy mortgage backed securities that nobody else is buying and nobody can put a value on…is the govt over paying….and what are they paying for those securities. It is almost as if the government thinks that the securitization crisis has been solved. The buying up of the securities may have the effect of temporarily lowering rates but will those rates still be offset by the price and cost adjustments currently being added on by FNMA and Freddie.
And when will the money that is printed to fund the buying of the securities get circulated….the printing of the money will no doubt cause inflation which will increase rates significantly.
D) Currently in this plan there is absolutely no relief for people that have Jumbo Loan for more than the GSE Loan limit of $546250. Are we just going to let that deck of cards fall. One Jumbo default equals 3 or 4 condos…nobody has the guts to take this problem on.
E) There is still no relief for people that own rentals. The Popular thing to say is that we don’t want to bailout speculators an investors. But what about they guy who has owned a rental for 20 years and did some refinancing to better his cash flow…but now his value is down, his payment is up, and it doesn’t cash-flow. He is not a speculator. He is one guy that owns a property that is rented out. He did not buy it recently and try to flip it. Most likely, he isn’t rich either. People like that need relief, as much as it is politically incorrect to say such things.

3) The effect of the Stimulus Plan on mortgages – I am still digesting the 1100 or so pages. However, we do know that the loan limit for San Diego will go back up to $697,500. Once again, the key for this is how the loan limit is implemented and we are getting conflicting messages from the bond traders and the GSE’s. We do no that now there will a $8000 tax credit that does not need to be paid back for homebuyers that buy by the end of November. We do know that 2 Billion Dollars is going to be spent on local foreclosure prevention methods

4) The Mortgage Crisis is an Urgent event that could eventually and pretty quickly cost Americans our Sovereignty. The fact that very little is being done correctly to break up the bank oligarchy, correct our financial problems, and produce solutions that will stabilize our economy is absurd.

THE MACPLAN – An Action Plan For the Financial Crisis

1) Currently, I am assembling plans and ideas from many various sourcesfrom bond traders to securitizers to asset managers to Realtors to come up with an overall, well thought out comprehensive mortgage crisis and foreclosure prevention plan. Most plans are there come from one view or the other….they are not comprehensive and don’t attack all areas. If you have any ideas please e-mail them to me. Once these ideas are collected, I will setup meetings where everybody can show up, voice their opinions, and add ideas to for speak against the plan. Unlike Congress, you will have ample time to read the initial plan before you go to the meeting.
DEADLINE TO SUBMIT IDEAS AND PLANS: Sunday February 22nd
SELF IMPOSED DEADLINE FOR PUBLISHING INITIAL PLAN: March 1st
1st MEETING :tentatively March 1st at a place TBD

2) The final plan will be put together based on the response of the meetings

3) Once this plan is completed, then we will get it to our elected officials via e-mail, fax and regular. We will also post not only on my blog but several others.

4) We will start not only an online petition but a handwritten petition to implement this that will be delivered to our officials

5) SAN DIEGO ECONOMIC AND MORTGAGE REVOLT DAY – APRIL 1st

This is where all of the mortgage and real estate professionals, our families, and our customers take to the streets to promote the plan that we come up with….yes picket the banks, picket intersections, rally at the park, etc.

We will need a committee to put this on and I will be looking from leaders and non-leaders in all parts of the county to step up.

Be looking for the MACPLAN to take form….we will eventually change the name but it’s good for now.

Dave McDonalds Blog
http://www.macplan.blogspot.com/

‘Liar Loans’ Earn Their Nickname, Michael Corkery, Wall Street Journal

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The failure of Hope for Homeowners to prevent foreclosures is sparking a blame game in Washington. The Department of Housing and Urban Development, which runs the voluntary program, says Congress made it too restrictive and expensive for homeowners.

Congressional leaders say the program’s failure — only 357 people have signed up since Oct. 1 — shows that lenders aren’t willing to modify loans voluntarily and they need to be forced to do so.

But HUD officials say other problems are hampering the program’s success. In order to refinance through Hope for Homeowners, applicants must certify they did not supply false or misleading information on a previous loan application. The HUD program also requires homeowners to supply two years of financial records.

HUD officials believe that people who used “stated income” mortgages which required no documentation of income, are having a hard time qualifying for Hope for Homeowners because of incorrect information on their previous loans. It might not all be the borrowers fault. In many cases, mortgage brokers and lenders fudged loan applications.

Either way, it appears that stated income mortgages, which are known as “liar loans,” are earning their nickname.

Here’s a list of the government sponsored and voluntary lender foreclosure prevention programs and how they are faring so far.

http://blogs.wsj.com/developments/2009/01/02/liar-loans-earn-their-nickname/

Tax Benefits of Homeownership

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The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

Assume:

 

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______

$12,577 = Total deduction

 

 

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

 

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

If you are looking to buy a home in the US Virgin Islands, be sure to contact the team at Sea Glass Properties to help you through every step of the way.  www.seaglassproperties.com, or jennie@seaglassproperties.com.