Welcome! Here You Can Find Great Information on Northridge, Chatsworth, Calabasas, Woodland Hills, West Hills, Tarzana, Encino, Sherman Oaks and Studio City, California Real Estate 

Avoid Foreclosures - painful and stressful process for you and your family
According to Fannie Mae guidless, you can get a new mortgage loan only after 2 years after Shortsale vs Foreclosure after 7 years
Minimize damage to your credit score. Get back on your feet faster
No taxes are owed on the forgiven debt
Avoid eviction from your home
You pay no commission for the sale of your property
I am a certified Short Sale Specialist Negotiator. Successfully negotiated and closed over 50 Short Sale transactions. Call me for your free and confidential consultation and to determine if you qualify for a Short Sale.
 

REAL ESTATE UPDATE REGARDING Homebuyer Tax Credit 

Governor expected to sign state home buyer tax credit bill 

The California legislature on Monday passed AB 183, providing $200 million for home buyer tax credits. The Governor is expected to sign the bill into law this week. C.A.R. supported this important legislation since its inception. Part of a package of four bills passed at the request of the Governor, AB 183 is designed to help stimulate the economy and create jobs. It allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.  

The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.  

This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). 

IMPORTANT INFORMATION FOR HOMEOWNERS:  

Home Affordable Foreclosure Alternatives Program (HAFA)
In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it sooner, if they meet certain requirement--and sunsets on December 31, 2012. 

Home Affordable Foreclosures Alternatives Program: Overview 

HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP (including HAFA) is available at: www.makinghomeaffordable.com/contact_servicer.html. 

Forms and Guidelines 

The HAFA Program is complex and includes many guidelines and forms designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. Original guidelines were released in September 2009, but some portions (Exhibits A and B) were revised in March 2010. For an overview of the guidelines, see: 

Current HAFA forms, guidelines, and FAQs-- included in Supplemental Directive 09-09--as of March 12, 2010: 

•• Introduction of HAFA—Short Sale and Deed-in-Lieu of Foreclosure
Issued: November 30, 2009, Exhibits A and B, revised 3/12/2010, see below for current form 

•• Exhibit A, Revised : Short Sale Agreement (Supplemental Directive 09-09)
•• Exhibit B, Revised: Alternative Request for Approval of Short Sale (Supplemental Directive 09-09)
•• Frequently Asked Questions (PDF: 155K)
HAFA Provisions 

•• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
•• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
•• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
•• Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
•• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
•• Uses standard processes, documents, and timeframes/deadlines.
•• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).
•• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation. 

If you're considering purchasing a home or refinancing, this is an ideal time. Call or email me today to discuss your specific situation and how you can benefit from today's market. 

I specialize in Short Sales negotiations and sales.  

Contact me with confidence! I guarantee your privacy will be respected. And I offer the services on this site for free and without obligation. Why? I want to be YOUR real estate agent. As your trusted, professional real estate partner, I will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. 

- Diana Rozenfeld