National Assoc of Realtors
The latest Foreclosure Auction Properties and the latest Foreclosure Auction Results are available right now! Counties serviced are Clackamas, Marion, Multnomah, Washington and Yamhill.
Click here for this weeks Auction List
Click here for last weeks Auction Results
Those interested in building wealth through real estate and specifically for this article through the REHAB & RESELL (formally Flip) will be excited to grab the deals lucrative to their business. If your not ready to take advantage of these deals then perhaps you could pass them on to your investor friends looking for their next investment. As a Certified Investor Agent Specialist I proactively search for investments in real estate. If you would like to get on the weekly list of properties matching your investment goals than let me get you on that priority list and get you first crack at them.
Below is a condensed look at whats in the list for this week. Contact me and I’ll send over all the pertinent details.
Many more available! To get the details please fill out the request below and I’ll send them right over!
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James White, Principal Broker | Liberty first Realty, LLC | 503-278-5334 | Equal Housing Opportunity
Brought to you by: James White | Liberty first Realty, LLC | 503-278-5334 |
Just updated the Foreclosure Auction page of my site. Or if you invest in Bank Owned Properties you can access that information as well. Now you can get plugged in to the latest investment opportunities. Don’t miss out on a great property plug in and get the information you need!
Get immediate access to the new and FREE ”On Demand” training webinar Avoiding Foreclosure. The webinar will cover topics to help you obtain a workout of your loan and avoid foreclosure. Topics such as Loan Modification, Deed-in-lieu, Short Sale along with credit and tax information is included in the webinar. As an added bonus. There are two free additional nuggets to assist you. ! A loan to value tool and recorded foreclosure information on your home. Please pass this on to anyone you know in danger of losing their home to foreclosure. This webinar is free, but only for a limited time.
Brought to you by James White | Liberty First Realty, LLC | 503-278-5334
HAMP, HAFA in Danger! The House just voted to put an end to HAMP and HAFA. I just wrote to our Senator Ron Wyden and Senator Jeff Merkley urging them to vote for Oregon Families in danger of losing their home to foreclosure and squash this bill. Will you join me and write your Senator? Get the full bill here.
Brought to you by James White | Liberty First Realty, LLC | 503-278-5334
This would be a big blow to homeowners looking to resolve their mortgage delinquency and foreclosure problems. Is it broken? Yes, but only because the mortgage servicers, investors and mortgage insurance companies don’t allow the program to work. Further, under HAMP is the HAFA program that helps homeowners that are unable to qualify for a modification by Selling Short known as a “Short Sale“. This program
1. Allows the homeowner to stay in the home while it is being sold
2. Provides the homeowner with $3,000 to help them move
3. Expedites the process by providing a net sales price the lender is willing to accept
4. Requires an answer to any offers received within 10 days.
5. Most important, KEEPS ANOTHER FORECLOSURE FROM HAPPENING!
The lenders simply need to do more to insure the program works, and the government should take an active role in punishing those that do not adhere to the timelines and terms of the HAMP and HAFA programs.
Courtesy of Inman News
4 bills targeting foreclosure programs could see House vote
February 28, 2011
The House Financial Services Committee will vote this week on four related bills that would terminate the Home Affordable Modification Program and three other government programs aimed at preventing foreclosures or mitigating their impacts.
Committee Chairman Rep. Spencer Bachus, R-Ala., has characterized the targeted programs — which also include the FHA short refinance program for underwater homeowners and the Department of Housing and Urban Development’s Neighborhood Stabilization Program — as “failed and ineffective.”
A subcommittee hearing on the bills is scheduled for Wednesday, followed by a markup session and vote by the full committee on Thursday.
The four bills to be considered are The HAMP Termination Act, The FHA Refinance Program Termination Act, The NSP Termination Act and The Emergency Mortgage Relief Program Termination Act.
Republicans hold the majority of seats on the committee and the House itself, but if approved by the House the four bills would face tougher going in the Senate and be subject to a presidential veto.
Altough the HAMP program has been criticized on many fronts, the Obama administration and other defenders of the program say borrowers in HAMP loan mods have been less prone to redefault than those who received loan modifications outside of the program. HAMP bought time for many borrowers who didn’t end up qualifying for permanent modifications, the program’s defenders say.
The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has questioned whether HAMP will ever meet its original goal of helping 3 million to 4 million homeowners, and reports by the Congressional Oversight Panel for the Troubled Asset Relief Program and the U.S. Government Accountability Office have also been critical.
In an October report, SIGTARP dismissed the Treasury Department’s claim that borrowers granted temporary loan modifications received a “significant benefit” whether they qualified for a permanent loan mod or not as either “hopelessly out of touch with the real harm that has been inflicted on many families, or a cynical attempt to define failure as success.”
Republicans are also targeting a program launched Sept. 7 by the Federal Housing Administration that allows underwater homeowners who are current on a non-FHA loan to refinance into an FHA-backed loan when their lender agrees to write off at least 10 percent of their principal.
The so-called “short refinance” program has also gotten off to a slow start, in part because of eligibility requirements. Only 35 applications had been submitted as of Dec. 13, Bachus said in the press release.
Borrowers must meet FHA’s income, appraisal and debt-to-income standards, and the maximum loan-to-value ratio is 97.75 percent. But the combined loan-to-value ratio can be up to 115 percent, allowing for subordination of second loans or new subordination of some of the unpaid first loan, FHA Commissioner David Stevens said in a letter defending the program in December.
Also targeted for termination is the Neighborhood Stabilization Program, which provides funding for state and local government agencies to acquire, redevelop or demolish foreclosed properties.
Congress appropriated $7 billion for the program, which HUD has estimated will be used to buy about 100,000 properties.
Critics of the program say it doesn’t help at-risk homeowners facing foreclosure and may create incentives for banks to foreclose on troubled borrowers, according to Bachus.
The NSP Termination Act would end the program and rescind the unobligated portion of a $1 billion third round of funding, authorized in July with passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
HUD announced in September that it would allocate at least $5 million to every state in the third round of funding, with larger amounts earmarked for:
A fourth bill under consideration by the House Financial Services Committee would terminate HUD’s Emergency Homeowners’ Loan Program (EHLP).
The Dodd-Frank bill provided $1 billion in funding for the program, to provide bridge loans of up to $50,000 to help eligible borrowers pay their mortgage insurance, taxes and hazard insurance for up to 24 months.
The program is aimed at assisting borrowers in 32 states not receiving aid under the Treasury Department’s “Hardest Hit” program.
“These loans will serve to increase the amount of the borrower’s indebtedness, so a borrower who is unable to pay back either the original amount of principal or the additional loans made under the program will be worse off in the long run,” Bachus’ office said.
House of Bull
Amid all the speculation over what Buffett might buy, it’s notable where Buffett has been putting Berkshire’s money lately: U.S. Housing.
“A housing recovery will probably begin within a year or so. In any event, it is certain occur at some point,” Buffett writes.
Putting Berkshire’s money where his mouth is, the “Oracle of Omaha” detailed the firm’s housing-related expenses, featuring:
“Buffett doesn’t spend money unless he thinks he’s going to make money,” says Matthews, suggesting the housing bullishness is “interesting because that didn’t happen last year [and] didn’t happen the year before that.”
By Robert Freedman, Senior Editor, REALTOR® Magazine
The Obama administration puts the emphasis on privatization with a federal backstop as it outlines alternatives for replacing Fannie Mae and Freddie Mac. NAR wants to be sure affordable 30-year, fixed-rate and other safe mortgages remain available. It also expresses concern over a part of the report that could lead to increased fees above what would be affordable for middle-class households.
The Obama administration in its long awaited report to Congress on replacing Fannie Mae and Freddie Mac says it wants to strike a balance between a fully privatized conventional mortgage finance system and a fully nationalized system, and in that spirit outlined three alternative approaches to what should come after the two secondary mortgage market companies go away.
In its report, called “Reforming America’s Housing Finance Market” and released this morning, the administration divides the three options into degrees of privatization:
The administration isn’t specific about whether it recommends one of the three approaches or a mix, but the report makes it clear that administration officials are seeking some type of hybrid approach. Full privatization, as outlined in the first option, has the virtue of moving the federal government out of the conventional housing market, but it would likely make it “more difficult for many Americans to afford the traditional pre-payable, 30-year fixed-rate mortgage,” the administration says. That’s a statement that closely parallels what NAR says in its policy position on GSE reform.
The other two options outlined in the plan come with their own risks. The federal emergency option is untested, the administration acknowledges, creating a big unknown about whether the federal facility would be able to scale up in time to avert a crisis, and the catastrophic securities reinsurer of the third option could overly increase the flow of capital to mortgages, diverting it from other productive uses.
Whatever option or variant of the options emerges, NAR’s position is that the continued availability of safe, affordable 30-year and other conventional mortgages is paramount.
The administration can be expected to provide more clarity on its position in the months ahead as Congress ramps up its hearings and the number of reform bills introduced by lawmakers multiply. What’s encouraging about the report, from an NAR perspective, is that it shows an understanding of the reasons the secondary market companies were formed. So it seems likely the administration will seek to retain those benefits (broad access to affordable capital, universally accepted underwriting standards, and so on) in the reforms. Hearings on the future of the GSEs have already begun. A subcommittee of the House Financial Services Committee held its first hearing on reform earlier this week in anticipation of the administration’s report, and more hearings are in the works in both houses of Congress.
Separate from its options for replacing the two government sponsored enterprises, the administration in its report lays out its proposal for near-term steps to shore up the mortgage market and unwind the two companies’ portfolios and gradually phase down their role in the market—with the emphasis on gradual. “These efforts must be undertaken at a deliberate pace, which takes into account the impact that these changes will have on borrowers and the housing market,” the report says. Some of the proposals, which call for raising some fees, raise NAR concerns.
Among its near-term recommendations:
All of these efforts are intended to make it more attractive for private lenders to step in because the competitive advantage of the GSE and FHA would be reduced. The higher GSE guarantee fees and higher FHA insurance premium, as well as the minimum 10-percent down requirement, would make government-backed financing more costly, providing space for private lenders to fill.
From NAR’s perspective, the administration’s effort to open up space for lenders offering non-government-backed products is necessary for a healthy mortgage market, but the use of increased fees must be limited, otherwise they risk harming middle-class households. “Any proposal for increasing fees and borrowing costs beyond actuarially sound levels will only make it harder for working, middle-class individuals to achieve home ownership, and only the wealthy will be able to achieve the American dream,” NAR President Ron Phipps says.
Should middle-income households get squeezed out of the home sale market by higher fees, the impact would be felt by the broader economy. NAR’s economists estimate that for every 1,000 home sales, 500 jobs are created for the country. So, a drop in home sales would mean a drop in new jobs.
The report also recommends changes to shore up and curb future problems with the Federal Home Loan Banks, increasing regulation of mortgage servicers, implementing changes to international banking capital standards under the BASEL III Capital Accords, and improving coordination between FHA, VA, and USDA (maybe even merging their operations).
Whatever the outcome, the process of revamping the mortgage finance system is now underway, although it can be expected to move very slowly, a process that could take a year or even two to fully play out. The next stage begins next week, when the administration releases its budget proposal for fiscal year 2012.
NAR is watching all of the pieces carefully. In testimony before Congress and elsewhere, NAR is challenging lawmakers and policymakers to maintain a federal role in our financing system to ensure the availability of safe and affordable mortgage financing in both good times and bad. That will remain the association’s message as the process unfolds in the year ahead.
Brought to you by | James White | Liberty First realty, LLC | 503-278-5334
The National Association of Realtors has information on the 3.8% tax that everyone is buzzing about. Will the 3.8% tax affect you? Most likely it won’t. Get the facts now and you can plan ahead. Here is a video and you can also download a brochure here.
Brought to you by: James J White | Liberty First Realty, LLC | 503-278-5334 ext 101
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