Fannie Mae estimates that 10,000 people will be allowed to stay in there homes while Freddie Mac says about 6,000 homeowners will benefit. The new streamlined program on FHA loans will help borrowers who have missed three payments on their homes. The program is aimed at allowing borrowers obtain more affordable mortgages.

An excerpt from the Freddie Press Release:

“By working closely with FHFA and our servicers, Freddie Mac is on track to help three out of every five troubled borrowers with Freddie Mac-owned loans avoid foreclosure this year,” said Freddie Mac Chief Executive Officer David M. Moffett. “Today’s announcement builds on this momentum and provides a new measure of certainty to many of these families during the holidays.”

It is a temporary suspension on foreclosures to allow the 27th loan servicer part of Hope Now implement the new streamlined modification program.

The Only Constant in Life is Change. Right?

I am now proud and sad to announce that I have joined Keller Williams Premier Realty in Apple Valley and am no longer with Coldwell Banker Burnet. Although I am thankful for everything that Coldwell Banker Burnet I am excited for the new experience.

Keller Williams Premier offers extraordinary resources for both buyers and sellers in this challenging market.

So come by and check out the new location

They have some pretty cool stuff going on over there, with data, check it out here. See how Apple Valley stacks up to the rest of the Twin Cities real estate market.

An article confirmed by sources on Thisweek Live had stated that the builder indeed had closed it’s doors.

It is unclear as of this point what will happen to the homes that are currently under construction or yet to be completed.

Wensmann Homes based out of Eagan has been building homes for 40 years.

Some areas have higher loan limits based on median home prices and might vary based on loan limits in 2008.

Just because you are bored and want to find out what ALL counties in the US are at

Citigroup joins JP Morgan Chase and Bank of America to step up to plate. Depending on where the borrower is in the foreclosure process.

Most moratorium periods will last 90 days, the only catch is… You have to contact the lender and be in good standing! Statistics have show that actually less than 50% that face foreclosure actually contact the lender for workouts. The first step when facing foreclosure is contact the lender and nobody is doing it.  They just let it go without talking to anybody.

I have laid out some numbers for loan modifiers here for some help

The federal government has been slow to act with all the so-called bailout monies and how to apply portions of it mortgage modifications.

Yes, Foreclosures are now available

The biggest update is the ability to search for foreclosures in Minnesota, this that is all that anybody wants to buy these days. It has always been hard to identify properties that are in foreclosure, distressed or bank owned homes (kinda like a shot in the dark), but now since they are so ‘mainstream’ they are easier to find. Also available will be the opportunity to search form homes in Minnesota that are in default, short sale or pre-foreclosure.

Plenty of other features

The home search should always be easy and fast, giving you what you want. Here are some of the latest features:

• Search for FSBO (For Sale By Owner) homes and Zillow homes that are listed that are ‘Make Me Move‘ homes
• If you choose to save your searches, you can make notes about properties that you like
• Wondering what homes are falling in price, search for homes with a percentage price drop over a period of days
• Search for homes in a specific school district only
• RSS Feeds available for city/community/tract
• and as always, the fastest search around with no load time

So there you go, knock yourself out and let me know what you think in the comments below!

The highlights of the program are simple.  Home values must be between $100,000 to $150,000.  Buyers must be in a credit repair program to reduce debt and improve credit. Monthly payments are equal to 6.5% of a conventional mortgage. The interest rate is 3% on an approved contract for deed up to 24 months. A 2% cash reserve is created for approved fixes on a rehabilitated house.

The program is said to risk mortgagors to financial risk.

What do I need to qualify

First things first is you need to plan to purchase a home in Minneapolis. You cannot qualify for a conventional mortgage and you must make a combined household income of more than $36,000 a year. Also proof of a credit enhancement program will also be needed to help minimize debt and improve credit scores.

Household income must be less than

• 1 person $43,050
• 2 person $49,200
• 3 person $55,350
• 4 person $61,500
• 5 person $66,400
• 6 person $71,350
• 7 person $76,250
• 8 person $81,200

Where to Apply

You will need to fill out an application at Urban Homeworks

1. 30 Gideons Point Road , Tonka Bay, MN 55331List Price $3,590,000 Sold Price $3,500,000
2. 4017 N Shore Drive , Orono, MN 55364 List Price $3,595,000 Sold Price $2,825,000
3. 3300 Graham Hill Road , Orono, MN 55356 List Price $2,795,000 Sold Price $2,750,000
4. 4508 Wooddale Avenue , Edina, MN 55424 List Price $2,650,000 Sold Price $2,250,000
5. 4850 Lake Harriet Parkway W , Minneapolis, MN 55410 List Price $2,495,000 Sold Price $2,200,000
6. 265 W Point Road , Tonka Bay, MN 55331 List Price $2,590,000 Sold Price $2,000,000
7. 21075 Radisson Road , Excelsior, MN 55331 List Price $2,000,000 Sold Price $1,882,500
8. 4870 Lake Harriet Parkway W , Minneapolis, MN 55410 List Price $1,999,000 Sold Price $1,800,000
9. 8964 English Turn , Eden Prairie, MN 55347 List Price $1,960,000 Sold Price $1,800,000
10. 5241 Halifax Avenue S , Edina, MN 55424 List Price $1,745,000 Sold Price $1,710,000
    

Most short sales are not successful these days and if you are going to do one, make sure it is done right. The best thing to do is make sure there is a pre-negotiated price that the lender will accept before the property is listed.

If a short sale is going to be successful, certain elements need to come into play

• A hardship occurs and the homeowner has no way of being able to keep the property
• The obvious one is that the property is worth less than what is owed on the mortgage
• The lender then needs to contacted and be willing to do a short sale
• All materials (hardship package) are presented to lender to justify short sale
• Property is listed with real estate broker/agent and marketed
• Offer is made on a property and accepted by seller. Then approved by lender with a short sale package

No Proceeds

Because the house was a short sale, no proceeds will be given to the home seller. Make sure to check with necessary people for legal or tax implications.