Real Estate News

 November 10, 2011

Mortgage aid open to more Calif. borrowers
The state-run program, “Keep Your Home California,” which helps homeowners struggling to pay their mortgages now has broader eligibility guidelines. Borrowers who did “cash-out” refinances and own multiple properties now are eligible for the program, according to California Housnig Finance Agency officials.

Making sense of the story
 To date, Keep Your Home California has helped approximately 8,000 low- and moderate-income households that are behind on loan payments or close to default.
 There are four parts to the program: Mortgage help for the unemployed, mortgage aid for homeowners with documented financial hardship, relocation help for those in the midst
of a short sale or deed-in-lieu of foreclosure, and reduction of principal.
 Homeowners who completed “cash-out” mortgage refinancing now are allowed to take part in the four programs outlined above, and borrowers who own more than one property also can apply for the program. Previously, these two groups of borrowers were excluded from participation.
 Mortgage aid to unemployed borrowers also has been extended to nine months, instead of six. Such homeowners can receive up to $3,000 a month. To qualify, borrowers must be receiving unemployment benefits.
 Additionally, the program has reinstated up to $20,000 in past-due mortgage payments instead of the previous $15,000 cap.
 To review qualification guidelines, visit www.KeepYourHomeCalifornia.org or www.ConservaTuCasaCalifornia.org.
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SmartMoney
Investors, be wary of these real-estate deals
Section 1031 real-estate exchanges are back – and that means investors need to be cautious.
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http://on.car.org/sdqBPC

The New York Times
Triggers of lender scrutiny
In recent years, lenders have stepped up fraud-prevention investigations and checks on mortgage applications. For borrowers, this may mean facing questions on actions like accepting cash gifts from relatives for the down payment or signing up for new credit cards during the application process.
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http://on.car.org/vzhv33

San Francisco Chronicle
Late mortgage payments up in 3Q, first rise in years
The rate that mortgage holders were late with their payments by 60 days or more rose in the June-to-September period for the first time since the last three months of 2009, according to TransUnion.
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http://on.car.org/swaCsw

The Mercury News
Picking the right mortgage option
Consumers currently home shopping or planning to refinance, need to decide on a specific mortgage program and do research to decide which will be the best fit for their situation.
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http://on.car.org/sRK94X

SmartMoney
Home appraisals are derailing home sales
REALTORS® and housing experts say new appraisal requirements and a difficult housing market are disrupting home sales.
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http://on.car.org/rHT132

The Los Angeles Times
More problems found with home buyer tax credit
An audit shows the IRS has been sending notices to taxpayers that either inform them they owe no repayments on their credits when they actually do, or demand repayments from recipients who legally owe nothing.
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http://on.car.org/uTXnV9

Orange County Register
Where are the priciest homes in California?
Realtor.com’s monthly housing report — based on information posted on brokers listing services — found the priciest big housing markets in California in September.
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http://on.car.org/rstbSo

Inman News
Real estate prices continue slide in September
CoreLogic's price index fell 4.1 percent year over year and dropped 1.1 percent on a month-to-month basis in September.
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http://on.car.org/tUizK0