As Reported by the National Association of Realtors:
"On December 28, 2010, the Treasury Department released an update to the Home Affordable Foreclosure Alternatives Program (HAFA). The changes will increase the number of eligible borrowers who may participate in the program and should expedite approvals:
(1) A borrower's reason for relocation no longer needs to be connected to employment nor be of a certain distance from the property. Borrowers may have moved up to 12 months before certain dates in the HAFA process but may not have purchased another home.
(2) Servicers are not required to determine if the borrower's total monthly mortgage payment exceeds 31% of gross income. Borrowers will still be required to show a hardship.
(3) Servicers are now required to communicate approval, disapproval, or a counter offer no later than 30 calendar days after receiving an (i) executed sales contract, (ii) Alternative Request for Approval of Short Sale, and (iii) a signed Hardship Affidavit.
(4) If an unsolicited borrower requests HAFA, the servicer has 30 calendar days to determine the borrower's eligibility and, if eligible, send the borrower the Short Sale Agreement.
(5) HAFA will no longer impose a 6% cap on payments to each subordinate mortgage/lien holder. The $6,000 aggregate limit is still in effect."
To see complete information about the HAFA Program, see the HAFA Policy Update and the HAFA webpage.
A blog about real estate news and information in the Northern Virginia area
Wednesday, January 19, 2011
Private Transfer Fees Affect Home Pricing and Marketability
In some states, developers are adding their own private transfer fees to the homes they sell. Outlawed in several states, private transfer fees can influence home pricing and marketability. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
Tuesday, January 4, 2011
AVOID ROUTE 50/FAIRFAX PARKWAY INTERCHANGE WEEKEND OF JAN. 8-9
From the VA Dept of Transportation:
AVOID ROUTE 50/FAIRFAX PARKWAY INTERCHANGE WEEKEND OF JAN. 8-9
Plan now to use alternate routes to avoid delays
Plan now to use alternate routes to avoid delays
FAIRFAX – The Virginia Department of Transportation is urging motorists to avoid the Route 50 and Fairfax County Parkway (Route 7100) interchange area on Saturday and Sunday, Jan. 8-9, as lane closures for construction-related pile driving will cause major delays. The lanes closures are in effect from 11 p.m. Friday night until 11 p.m. Sunday night.
Weather permitting, the following lane and ramp closures are planned:
On westbound Route 50, three lanes will narrow to one lane from West Ox Road to just west of the parkway. Lanes will shift to the right through the work zone under the Fairfax County Parkway bridge.
On eastbound Route 50, three lanes will narrow to two lanes and traffic will shift to the right approximately 300 feet prior to the Fairfax County Parkway. All three lanes will be open east of the bridge.
Two ramps will be closed: Northbound Parkway to westbound Route 50 and southbound Parkway to eastbound Route 50. Traffic headed north on the Parkway will turn left on Rugby Road to Route 50. Traffic headed south on the Parkway will be detoured left on Fair Lakes Parkway, and left on West Ox Road to Route 50.
On the Fairfax County Parkway over Route 50, one of two lanes in each direction will be closed.
Avoid eastbound Route 50:Shoppers heading to Fair Oaks Mall should use I-66 rather than Route 50 and Stringfellow Road rather than the Fairfax County Parkway.
Take Route 50 East to Route 28 South to I-66 East or to Route 29 North.
Take Route 50 East, turn right on Stringfellow Road, left on Route 29 North.
Avoid westbound Route 50:Leaving Fair Oaks Mall, take Fair Lakes Parkway, turn right on Stringfellow Road, left on Route 50
From I-66, continue west past Route 50 and exit at Route 28 North
Coming from the City of Fairfax, use Route 29 as an alternate route.
The lane closures are part of the Fairfax County Parkway and Fair Lakes Interchange construction project which began in late October. VDOT’s contractor will be driving piles to add a pier to widen the Parkway bridge to three lanes over Route 50. The actual pile driving will be done between 7 a.m. and 9 p.m. both days.
VDOT typically allows its contractors to close lanes only at night or on weekdays between rush hours. However, this work requires at least 10 hours of uninterrupted construction which would not be possible on a weekday without affecting rush hour traffic. The work cannot be done at night because Fairfax County’s noise ordinance prohibits pile driving at night. VDOT postponed the work until after the Christmas holidays to minimize impacts to shoppers.
Fairfax County police will be staged in the work zones for safety and traffic management.
More information on the construction project is available here. Motorists can sign up for traffic alerts at http://www.511virginia.org/.
Weather permitting, the following lane and ramp closures are planned:
On westbound Route 50, three lanes will narrow to one lane from West Ox Road to just west of the parkway. Lanes will shift to the right through the work zone under the Fairfax County Parkway bridge.
On eastbound Route 50, three lanes will narrow to two lanes and traffic will shift to the right approximately 300 feet prior to the Fairfax County Parkway. All three lanes will be open east of the bridge.
Two ramps will be closed: Northbound Parkway to westbound Route 50 and southbound Parkway to eastbound Route 50. Traffic headed north on the Parkway will turn left on Rugby Road to Route 50. Traffic headed south on the Parkway will be detoured left on Fair Lakes Parkway, and left on West Ox Road to Route 50.
On the Fairfax County Parkway over Route 50, one of two lanes in each direction will be closed.
Avoid eastbound Route 50:Shoppers heading to Fair Oaks Mall should use I-66 rather than Route 50 and Stringfellow Road rather than the Fairfax County Parkway.
Take Route 50 East to Route 28 South to I-66 East or to Route 29 North.
Take Route 50 East, turn right on Stringfellow Road, left on Route 29 North.
Avoid westbound Route 50:Leaving Fair Oaks Mall, take Fair Lakes Parkway, turn right on Stringfellow Road, left on Route 50
From I-66, continue west past Route 50 and exit at Route 28 North
Coming from the City of Fairfax, use Route 29 as an alternate route.
The lane closures are part of the Fairfax County Parkway and Fair Lakes Interchange construction project which began in late October. VDOT’s contractor will be driving piles to add a pier to widen the Parkway bridge to three lanes over Route 50. The actual pile driving will be done between 7 a.m. and 9 p.m. both days.
VDOT typically allows its contractors to close lanes only at night or on weekdays between rush hours. However, this work requires at least 10 hours of uninterrupted construction which would not be possible on a weekday without affecting rush hour traffic. The work cannot be done at night because Fairfax County’s noise ordinance prohibits pile driving at night. VDOT postponed the work until after the Christmas holidays to minimize impacts to shoppers.
Fairfax County police will be staged in the work zones for safety and traffic management.
More information on the construction project is available here. Motorists can sign up for traffic alerts at http://www.511virginia.org/.
Thursday, December 30, 2010
Wednesday, December 22, 2010
Mortgage Interest Deduction - is it still Vunerable?
Possibly. Even though the report from the Commission for Deficit Reduction will not go to Congress for an automatic vote, there is the possibility that individual pieces of it -- such as curbing the mortgage interest deduction -- could be included in the proposed budget that will be sent to Congress in January.
Click here to read "Plan to Curb MID Remains in Play" by Robert Freedman, Senior Editor of REALTOR Magazine and to watch short video from REALTORTV.
Click here to read "Commentary: Mortgage Interest and Real Estate Tax Deduction Facts" by Danielle Hale, posted on Realtor.org. This is a sobering look at what impact losing the MID might have on the economy and housing market.
Click here to read "Plan to Curb MID Remains in Play" by Robert Freedman, Senior Editor of REALTOR Magazine and to watch short video from REALTORTV.
Click here to read "Commentary: Mortgage Interest and Real Estate Tax Deduction Facts" by Danielle Hale, posted on Realtor.org. This is a sobering look at what impact losing the MID might have on the economy and housing market.
Thursday, December 16, 2010
Financing in Today's Mortgage Market...
ALL I WANT TO DO IS BUY A HOUSE! - a good article about today's mortgage market.
Years ago, when someone applied for a mortgage they had to have money in the bank and proof of just about everything. Then, somewhere along the way, lenders relaxed their lending requirements, didn't follow up to verify income or debt, and lent money just based on the value of a home. Due to the mortgage meltdown, those days of just filling out an application and expecting to get a mortgage are gone. The reality if you want to by a home? It is a great time... low rates, low prices. But be prepared to be able to show proof of income, show months worth of bank statements, tax returns and other various documents to prove to a lender that you are credit-worthy. Lenders will also want to see money for a downpayment and closing costs readily available.
Years ago, when someone applied for a mortgage they had to have money in the bank and proof of just about everything. Then, somewhere along the way, lenders relaxed their lending requirements, didn't follow up to verify income or debt, and lent money just based on the value of a home. Due to the mortgage meltdown, those days of just filling out an application and expecting to get a mortgage are gone. The reality if you want to by a home? It is a great time... low rates, low prices. But be prepared to be able to show proof of income, show months worth of bank statements, tax returns and other various documents to prove to a lender that you are credit-worthy. Lenders will also want to see money for a downpayment and closing costs readily available.
Tuesday, December 7, 2010
FTC Issues new rule to help protect consumers from loan modification scams
You have probably seen the ads for loan-modification firms that say they can get your loan modified, save you from losing your house, cut your interest rate, get you a short sale, or get your loan reduced. Many of these firms will charge you thousands of dollars and pay up front, and then do very little or nothing to help you. The FTC has issued a new rule called "MARS" (Mortgage Assistance Relief Services Rule) to help protect struggling homeowners -- most significantly, this new rule bans these mortgage-relief type-companies from collecting advance fees. Mortgage relief companies must contact your lender and provide a written offer from the lender that the consumer deems acceptable prior to collecting a fee for this service. These mortgage modification companies also must now let you know that they are not associated with the government and are not allowed to keep clients from communicating with their lender. See the FTC website for more detail and info.
These rules should help, but always beware of any company asking you for a fee in exchange for loan modification or counseling on a mortgage loan. Assistance from a HUD-approved counselor through the Making Home Affordable program is always free. See the Making Home Affordable website for more information.
These rules should help, but always beware of any company asking you for a fee in exchange for loan modification or counseling on a mortgage loan. Assistance from a HUD-approved counselor through the Making Home Affordable program is always free. See the Making Home Affordable website for more information.
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