Loan modification redefaults growing

troubled homeowner's foreclosure notice

Loan modifications for troubled borrowers under the Home Affordable Modification program have come under criticism from the inspector general for the Troubled Asset Relief Program. "Already, 398,222 homeowners have not been able to keep up with their mortgage payments even though payments were lowered by HAMP," the report states. "Overall 29 percent of homeowners in HAMP have already fallen out of the program. However, the bulk of homeowners in HAMP who started participating in the program in … [Read more...]

Finding help with HAFA short sales

HAFA short sale program logo

HAFA is an improved short sale program that has standardized and streamlined the process, offering new incentives for servicers, protecting homeowners from deficiency claims, and providing $3,000 in relocation assistance. The program has been extended updated many times and is currently available through Dec. 31. HAFA short sales in California are streamlined for success; you just have to be with the right team for success. If you or your loved one is facing a financial crisis over your … [Read more...]

Solutions to tax forgiveness on short sales

short sale sign: forgiveness tax relief

Los Angeles property owners facing foreclosure are concerned about tax forgiveness on short sales. Homeowners who are concerned about their future do all they can avoid foreclosure. Fortunately for some, California has special provisions for those facing foreclosure. In preparing for a short sale, the sellers often ask: Are there exemptions from the taxation of cancellation of debt income? According to the California Association of Realtors, there are four circumstances under which the … [Read more...]

Loan modification: A bad report card

Loan modification logo feds

HAMP, the government-sponsored entity put in place to help troubled borrowers, is not doing its job for homeowners facing foreclosure. The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has issued a report sharply criticizing mortgage servicers for failing to keep up with the volume of applications for mortgage modifications through the Home Affordable Modification Program (HAMP) -- as well as the Treasury Department for failing to do a better job of … [Read more...]

Beverly Hills: Going first class

beverly hills home and garden - prime real estate

Beverly Hills Flats, 90210, is one of the most exclusive coveted neighborhoods on the Westside. Fredrick Law Olmstead creator of New York's Central Park and founder of modern landscape architecture, designed the street scapes of curvy wide tree-lined avenues. This neighborhood was designed to allow the buyers to build custom homes on the land they purchased. Canon and Beverly were the first streets to be developed, with some homes dating back to as early as 1910. There are 1,712 lots at an … [Read more...]