Temecula, Murrieta, French Valley, Winchester Real Estate

According to the most recent Servicer Performance Report, there has been a dramatic increase in the number of loans modified under the Home Affordable Loan Modification Program or (HAMP). The HAMP program is part of the Making Home Affordable Program launched by the Obama Administration in February 2009.

So how are the banks doing? What level of participation are different banks demonstrating?

Let's take a look.

First an overview of the entire program. Here are some interesting statistics:

• The number of permanent loan modifications is up by 45% since last month
• More than 170,000 permanent modifications have been done (guaranteed lower payments for 5 years).
• 91,800 additional modifications have been approved and are pending borrower's approval/acceptance
• Over 1,300,000 borrowers have received Trial Modification Offers
• Median Savings for borrowers that received a  permanent loan modification = $518/month
• Making Home Affordable has a goal of offering 3-4 million homeowners loan modifications by Dec. 2012.
• 1,300,000 offers to date

Of the permanent modifications that have been done so far:

• 100% had an interest rate reduction
• 40.8% had the term extended
• 27.8% had some sort of principal forbearance

The Hardship reasons for permanent modification were:

• 57.4% Loss of income
• 10.8% Excessive Obligations
• 2.7% Illness

So how do individual banks compare?

One of the biggest questions homeowners have is "What are my chances of getting a loan modification with ------ Bank?". Here's how the different banks compare.

It's pretty clear that while GMAC is not the biggest servicer, they are doing more loan modifications per loan they service than any other bank. It's also pretty clear that while Wachovia has become a Listing Agent's favorite bank to work with on a Short Sale (see my post on that topic here - Wachovia / Wells Fargo reaching out to Temecula Homeowners), they are far more interested in doing Short Sales (and foreclosures) than HAMP loan modifications.

Here are the total numbers by servicer.

Here is a look at the types of Investors behind the loans that have been modified.

And one last chart to show the MSAs with the highest HAMP activity.

The numbers show that my area of Riverside/San Bernardino/Ontario is 5th in the nation with regard to HAMP activity.

If you want to see the entire report you can access it from my site at http://aimreg.com/-hamp.asp on the left sidebar. As of this post, the Feb 2010 report is the most recent.

-Temecula CA Real Estate

First time home buyers of Murrieta Real Estate will be happy to learn of a new tax credit they may be able to claim in conjunction with the purchase of their new home.

If buyer's were shopping last year they may remember that there was a California tax credit in 2009 as well. One of the major differences between this new program and the one from 2009 is that this program is for the purchase of ANY home and is NOT LIMITED to the purchase of new construction. Even though it was limited to new construction, the program in 2009 was so successful that they ran out of funds 8 months before the program was scheduled to end.

AB 183 (signed by Governor Schwarzenegger last week) allocates $200,000,000 to be split equally between buyers of existing homes and buyers of new or previously unoccupied homes.

This program applies to purchases between May 1, 2010 and July 31, 2011 (but you must be on contract by no later than December 31, 2010 to qualify).

The new First Time Home Buyer California Tax Credit will allow eligible buyers to claim either 5% of the home's purchase price or $10,000 (whichever is less). The tax credit can be taken in 3 equal installments taken over 3 consecutive years and requires that the purchaser live in the home as their principal residence for 2 years. If the 2 year occupancy requirement is not met, any credit taken would have to be repaid to the state.

*** Other Restrictions apply ***

Please contact your Temecula Realtors®(serving all of the Temecula Valley) for more information.

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The Federal Home Buyer Tax Credit program is set to expire April 30, 2010. (As long as a binding contract is in place, the closing can take place on or before June 30, 2010 and still qualify.)

-Murrieta Real Estate Pros

Alternative Purchase Options

Do you want to purchase Murrieta Real Estate?

Have you been turned down for a Home Loan?

Was it for one of the following reasons?:

• Low Fico
• Debt to income ratio too high
• Not enough money for big down payment and closing costs
• Investor with TOO MANY LOANS (Many may have heard of the rescission last year by Fannie and Freddie of the "no more than 4 loans" rule. The number went up to 10. But, trying to find a lender that will approve you with more than 4, is a completely different story. AND WHAT IF YOU WANT MORE THAN 10??
• Recent Bankruptcy - yesterday?
• Recent Divorce - in the middle of a divorce?
• In the middle of a lawsuit

By teaming up with the right Murrieta Realtor (who MUST be a Deal Engineer) you might still be able to purchase at today's prices and enjoy some of the following benefits:

• Quick transaction - Quick occupancy
• APPRECIATION
• No waiting on the Banks for a DENIAL of your loan application and no hassle of trying to get your earnest money deposit back after paying for a home inspection and appraisal up front.
• No limit to the number of properties you can purchase (if you have the means, we'll help you buy 100!)
• Buy 1 day out of Bankruptcy
• Buy in the middle of a lawsuit
• Proven techniques used by Donald Trump, Louis Brown, James Smith, Ron LeGrand, Bruce Norris and thousands of other Real Estate buyers & sellers - but so mainstream that the California Association of Realtors® has all the contracts and disclosures pre-printed, vetted by their legal departments and ready for the right Deal Engineer to put to them to use for YOU!

 To find out more about your options, contact Aim Real Estate Group for a free consultation. Straight answers - no obligations.

See the Alternative Purchase Options page at AimREG.com

- Temecula area Homes for Sale