Phoenix Arizona Investment Property

In the latest plan from the Obama Presidential administration to assist defaulting homeowners, the focus has moved from keeping homeowners in their homes to moving them on their way out of their homes through a Short Sale.

The latest program will allow property owners to sell for less than they owe and will give them a little cash to speed them on their way. Certainly a change from many of the recent proposals and programs the government has initiated to deal with our Foreclosure crisis.

The plan aims to address the concern that millions of foreclosures could delay or even reverse the economy's tentative recovery.

This new plan will go into effect on April 5, 2010 and could encourage hundreds of thousands of delinquent borrowers and Phoenix homeowners who have not been assisted through loan modification programs to sell their houses through a short sale. RealVision group negotiates on our Short Sale homeowners behalf to where the lender will agee to a settlement of full release of all claims, liabilities and obligations and that the debtor will not be responsible for paying any deficiency related to the Phoenix Short Sale loan.

Under this new program, there would be up to three payouts aimed at bringing together the first mortgage holders, second mortgage holders and the borrower in order to streamline the short sale process.

First, the first mortgage loan servicer will get $1,000 to agree to the short sale. Then another $1,000 can go to the second mortgage holder, if there is one on the home. And finally, the government would also give $1,500 in relocation assistance to the Phoenix homeowners themselves as a boost to move along.

On the bank servicer's side of the equation, the new process is supposed to be a way to promote short sales on Phoenix homes that may eventually go to foreclosure anyway and the servicer would receive more proceeds this way.

On the borrowers' side of the equation, there is the likelihood of suffering less damage to credit ratings. In addition, they will get the lender's assurance that they will not later be sued for an unpaid mortgage balance.

And finally for the phoenix real estate market, the plan is supposed to equal fewer empty foreclosed houses waiting to be sold by banks. In short, Phoenix Investment Property buyers, the good deals are becoming scarce, call today for inventory of new Arizona Investment Homes.

In addition, under the new program, a lender will use real estate agents to determine the value of a home and thus the minimum to accept. If an offer comes in that is equal to or higher than this amount, then under the plan, the lender would in theory have to take the offer.

Of course, when a homeowner has a second or even third mortgage this can complicate the short sale scenario a bit more as well and perhaps not make it quite as easy as that. In addition, lenders will also still want homeowners to prove financial hardship as a reason to short sale their home.

How quickly this new program is implemented and how effective it will be is still yet to be determined. However, as new information becomes available Phoenix Investment Property advisors will provide updates and information accordingly. If you are interested in a Short sale of your Phoenix Home, please contact today 602-762-3636.

Attention Phoenix home buyers and Investors:

New results conclude that Arizona may perhaps be on the verge of a real estate recovery. According the new numbers from RealtyTrac, Arizona Foreclosures have dropped a couple notches on the ranking scale. Arizona has been #2 in foreclosure rate in the nation, but now the new numbers show that Arizona Foreclosure rate has dropped bringing the state to #4 in foreclosure rate for the nation. The state incurred a 10 percent July to August decrease in foreclosure activity with only 1 of 150 Arizona homes in a distressed state.

The leader board is as follows: Nevada topped the charts with 1 of every 62 homes impacted by foreclosure proceedings, Florida came in a close second and of course our neighboring state of California is a close third in home foreclosure rate.

Foreclosure rates for the nation have dropped 1% since last month, but is up 10% from this time last year. Approximatly 1 in every 357 US homes has filed for foreclosure in August. This includes default notices, scheduled home auctions and bank repos.

Although the foreclosure rate in Phoenix has dropped, we are still seeing lots of inventory to Arizona MLS. Phoenix investors can still get a great positive cash-flow producing investment property, Phoenix homebuyers can still benefit from incentives such as the $8000 first time homebuyer tax credit in Phoenix. Contact Real Vision group or register for our Greater Phoenix Bank Owned Homes hot list to stay in tune with todays hot investment opportunities.

Urgent News Release! Please see below: this lender has been a long time FHA and VA loans wholesale lender and FHA lender on manufacturer homes. If you have a loan pending on a contract - especially with a broker - check on your buyers financing today. This lender was the sponsor lender for many brokers on FHA & VA in the Phoenix Arizona and credit lines for some a few lenders.

Ocala, Florida – Taylor, Bean & Whitaker Mortgage Corp. (“TBW”) received notification on August 4, 2009 from the U.S Department of Housing and Urban Development, Freddie Mac and Ginnie Mae (the “Agencies”) that it was being terminated and/or suspended as an approved seller and/or servicer for each of those respective federal agencies. TBW has unsuccessfully sought to have the termination/suspension decisions of each of those agencies reversed. As a result of these actions, TBW must cease all origination operations effective immediately. Regrettably, TBW will not be able to close or fund any mortgage loans currently pending in its pipeline. TBW is cooperating with each of the Agencies with respect to its servicing operations and expects to continue to service mortgage loans as it restructures its business in the wake of these events. We understand that this could have a significant impact on our valued employees, customers and counterparties, and are very disappointed that a less drastic option is unavailable. For those in need of assistance with current Taylor, Bean and Whitaker pending mortgages, please contact Real Vision Group.

HUD has now finalized a plan to allow home buyers to use the $8,000 tax credit for first time homebuyers, at the closing of their hombank owned and foreclosure homes in Phoenixe purchase.

This new plan will allow Arizona home buyers who qualify for the current first time home buyer tax credit to utilize these funds at closing, as opposed to waiting for the refund. Previously buyers had to close on their home and then file an amendment to their 2008 taxes or wait to file their 2009 taxes next year, to take advantage of the credit.

However there is a small catch that is included in this new final plan: $8,000 first time homebuyer credit can be used for closing costs or down payments, but can not be used for the 3.5% minimum down payment currently required on all FHA loans.

What that means is that this new plan will do nothing to help those buyers who lack the 3.5% down payment required for the purchase of a new home, using FHA financing. Instead, this plan will be aimed at allowing buyers to borrow the tax credit, at closing, for additional down payment above and beyond 3.5%.

Closing cost assistance to the buyer from the seller has been a popular way to write contracts in Greater Phoenix. With the condition of some of these bank owned and foreclosure homes in Phoenix, buyers can now use the $8,000 credit for closing costs and leave some cash in their pockets to conduct some cosmetic but necessary repairs.
Borrowers can still receive the required 3.5% down payment in the form of a gift from family members, as has always been the case with FHA financing.

In addition, this new initiative to receive the tax credit at closing will be more of a short term bridge loan for the borrowers to receive the $8,000 tax credit, as a silent second mortgage from an FHA mortgagee lender or a government agency and then having the funds repaid when the actual tax credit from the government is processed.

This new plan will certainly provide an incentive for some borrowers who are already looking to purchase a home, but will it create an initiative or opportunity for more buyers to purchase? We will have to wait and see. To view inventory please follow: Phoenix investment property.