Short Sale Market Advice & Support

AZCentral.com Help Get the Word Out

In today's AZ Central.com Sunday edition I was quoted about helping Arizona distressed homeowners "dodge the prospect" of losing their Phoenix homes to foreclosure. I'm glad we're getting the word out - since there is so much misinformation about Arizona short sales and foreclosures.

As President Obama says, it will get worse before it gets better, and the statistics of foreclosures in North Phoenix are staggering. The article did misquote me, though and I need to set the record straight.I cannot refinance loans. I'm a Scottsdale real estate broker not a lender. Only lenders do this and people in danger of losing their homes are typically not good candidates for re-financing. Phoenix Loan Modification or Loan Mediation are viable options and I do encourage home owners to investigate this option. If you can afford the services of a loan modification company I can recommend two very ethical companies. There are some bad companies out there making a lot of false promises and preying on Phoenix homeowners. Please don't be one of them.

Obama Plan to Help out Arizona Homeowners

With President Obama just releasing the Homeowner Affordability and Stability Plan, there will be relief for the millions of homeowners at risk of losing their homes.

Here in Arizona approximately 150,000 homes are in foreclosure or facing foreclosure. With cities around the country looking at fallen home prices by 26% , home prices in Phoenix have fallen 43%. We desperately need to stop the bleeding and the presidents news comes as a welcome relief for Arizona  homeowners.

Under the provisions of the plan, homeowners (not investors) who have Fanny Mae or Freddie Mac mortgages, homeowners will be allowed to refinance their homes into 30 year fix conforming even if the home is under water (you owe more than what the home is worth). However, even with the provisions of the government’s plan, there are still many families and investors who simply cannot afford their homes due to job loss, illness, divorce, or simply not being able to rent out their investments to cover their mortgage. Many responsbile Arizona home owners think foreclosure is the only answer, but this is simply not true – there are other, better options. With the launch of our new website for Arizona homeowners facing foreclosure, a short sale is a viable alternative to foreclosure

A BIG INCENTIVE TO BUY HOMES NOW IN PHOENIX AND SCOTTSDALE

After two weeks of delay, the Senate cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.

The homebuyer tax credit, due to expire at the end of November would be extended through April 30 of next year. First-time buyers who are in the process of making a purchase would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. With so many of my first time buyers purchasing short sale homes in Phoenix and Scottsdale (and the banks dragging thier feet)  this will come as a welcome relief!

For the first time, the legislation that was recently cleared makes move-up buyers as well as first-time buyers eligible for a credit. The $8,000 maximum first-timer credit will continue and will now be available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years. With the Phoenix home prices still below value, this incentive will surely spur more buyers to pluck the good deals still out there!

For homebuyers across the country, the expanded tax credit would allow more people to qualify for the credit. While two-thirds of American families own their own home, and most earn less than the income limits that have been established within the extension, more buyers may be eligible. Move-up buyers don’t have to sell their current home to qualify for the new credit, but the money cannot be used to buy a vacation get-away in such sought after homes in Scottsdale and luxury homes Paradise Valley.