Jeffrey Tung's Real Estate Blog » assistance http://jefftung.net Realty World - Success Plans, Inc. Serving you since 1986 Mon, 30 Apr 2012 22:27:48 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Fair Practices? http://jefftung.net/2011/12/28/fair-practices/ http://jefftung.net/2011/12/28/fair-practices/#comments Wed, 28 Dec 2011 20:24:36 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=592 Here we are again.  It seems like every governmental agency has it’s favorites.  Remember the huge governmental bail outs, well here’s another example of government unfairness.  RESPA  seems to also have favorites too.  Is this really going to help consumers?

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/12/28/fair-practices/feed/ 0 REO inventory All-Time High http://jefftung.net/2011/05/05/reo-inventory-all-time-high/ http://jefftung.net/2011/05/05/reo-inventory-all-time-high/#comments Thu, 05 May 2011 23:52:38 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=502 Bank owned inventory nationally grew to a record high of 2.2 million in March and foreclosures starts increased by 33% month over month.  This may sound bad but foreclosure sales have increased and delinquencies are down by 11% which is the lowest since 2008. 

Pending sales have increased which is a good sign that the demand is strong and the inventory will decrease hopefully faster then any increase.  The U.S. is expected to add  at least 750,000 new households in 2011 which is a healthy demand.  A lot of these new homeowners are a result of lower home prices that are cheaper to buy then to rent, low interest rates, and more confidence in the recovery of the economy. 

“The good news is that recent home buyers are staying well within budget, leading to exceptionally low loan default rates among home buyers over the past two years,” Yun added.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/05/05/reo-inventory-all-time-high/feed/ 0 Fannie offers to pay closing cost http://jefftung.net/2011/04/17/fannie-offers-to-pay-closing-cost/ http://jefftung.net/2011/04/17/fannie-offers-to-pay-closing-cost/#comments Mon, 18 Apr 2011 00:03:08 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=493 If you plan to purchase a home in the near future, you might want to speed up the process in order to have 3.5% of your closing cost paid by Fannie Mae.   That’s right, Fannie Mae is trying to decrease their inventory of REOs.  If you close on a HomePath property by June 30, 2011, you’ll be able to save 3.5% of the purchase price in closing cost.   So act now!!!! 

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/04/17/fannie-offers-to-pay-closing-cost/feed/ 0 Keep Your Home California http://jefftung.net/2011/04/10/keep-your-home-california/ http://jefftung.net/2011/04/10/keep-your-home-california/#comments Sun, 10 Apr 2011 20:23:13 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=490 The California Housing Finance Agency (CalHFA) is administering $2 billion in federal funds for borrowers who are at risk of losing their homes.  Borrowers who took out loans after January 1, 2009 are eligible for 4 different programs as long as the property is a primary resident, meet income requirements, and face a documented financial hardship.      

The four programs are the following:

  • The Unemployment Mortgage Assistance Program (UMA) which will help homeowners with their mortgage payments.  
  • The Mortgage Reinstatement Assistance Program (MRAP) which provides funds for  homeowners who have fallen behind in their payments
  • The Transition Assistance Program which provides relocation assistance
  • The Principal Reduction Program (PRP) which provides funds to reduce the outstanding principal balance.

GMAC, Guild Mortgage, CalHFA, and California Dept. of Veterans Affairs are the organization that offers all 4 programs.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/04/10/keep-your-home-california/feed/ 0 Tax benefits for homeowners http://jefftung.net/2011/03/18/tax-benefits-for-homeowners/ http://jefftung.net/2011/03/18/tax-benefits-for-homeowners/#comments Sat, 19 Mar 2011 02:31:33 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=463 Home prices declined 3.8% in February compared to last year, however they are up 4.2% from two years ago.  Could this be a sign of our recovery or maybe the double dip is about to happen?   It’s hard to say but it is a great time to purchase a property.  Interest rates are still at all time lows, prices have gone down, there are a lot of properties to choose from, and you still  have some  tax benefits.  When you’re ready, there are a lot of things to consider. 

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/03/18/tax-benefits-for-homeowners/feed/ 0 HUD’s One Stop Website for Economic & Housing Data http://jefftung.net/2010/12/06/huds-one-stop-website-for-economic-housing-data/ http://jefftung.net/2010/12/06/huds-one-stop-website-for-economic-housing-data/#comments Tue, 07 Dec 2010 00:28:36 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=359 HUD has created a website for the public to be able to research a wide variety of economic and housing market data at the regional, state, metropolitan area and county levels.  This information is being provided by the Census Bureau, Labor Dept., state and local government, housing industry sources, as well as HUD’s own economist.  You’ll be able to look at “Market at a glance” reports, Regional Housing Market profiles, regional Narratives, and a Comprehensive housing market analysis.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2010/12/06/huds-one-stop-website-for-economic-housing-data/feed/ 0 Improve your credit scores http://jefftung.net/2010/10/11/improve-your-credit-scores/ http://jefftung.net/2010/10/11/improve-your-credit-scores/#comments Mon, 11 Oct 2010 20:56:03 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=311 Thinking of taking the pludge and make one of the biggest purchase in your life?  Unless you have lots of cash, you’re probably going to finance the purchase.  A big part of procuring a loan at the lowest interest rate posible is to have a good credit score.  There are some things that you can do to improve your scores.

1/3 of americans can not qualify for a mortgage because of their credit scores.

Related articles by Zemanta
Enhanced by Zemanta
]]> http://jefftung.net/2010/10/11/improve-your-credit-scores/feed/ 1 HR 5028, homeowners remain as renters http://jefftung.net/2010/09/24/hr-5028-homeowners-remain-as-renters/ http://jefftung.net/2010/09/24/hr-5028-homeowners-remain-as-renters/#comments Fri, 24 Sep 2010 22:19:59 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=303 Where do you go after your home is foreclosed upon by the bank?  Your credit is a mess and you may not make as much money as before, so where do you go?   

The Center for Economic and Policy Research has a report, “The Gains from Right to Rent in 2010″, and has suggested to allow homeowners the right to rent their home, after foreclosure.  By doing so, it may address the nation’s foreclosure problem. 

HR 5028, under Right  to Rent legislation, would allow the foreclosed homeowner to stay in the home as a renter for a substantial period of time.  This would help the homeowners from being homeless and it will help the communities that are experiencing high numbers of foreclosures.

Related articles by Zemanta
Enhanced by Zemanta
]]> http://jefftung.net/2010/09/24/hr-5028-homeowners-remain-as-renters/feed/ 0 HAFA program http://jefftung.net/2010/09/16/hafa-program/ http://jefftung.net/2010/09/16/hafa-program/#comments Fri, 17 Sep 2010 00:31:00 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=293 Have you had an experience working with a short sale?  If you did, you’ll agree that there is no guarantee that the home will be sold to you, no matter how long it takes to get an approval and how frustrating it is to not know if you are going to be able to buy the home.  Well, the HAFA program is designed to help with the frustrations homeowners, sellers, buyers, and agents experience when going through the short sale process.  This program should help speed up the process and help people but there is no guarantee.  Only time will tell.

Related articles by Zemanta
Enhanced by Zemanta
]]> http://jefftung.net/2010/09/16/hafa-program/feed/ 0 10 tips for your home remodel project http://jefftung.net/2010/09/03/10-tips-for-your-home-remodel-project/ http://jefftung.net/2010/09/03/10-tips-for-your-home-remodel-project/#comments Fri, 03 Sep 2010 23:56:08 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=286 Are you thinking about updating or remodeling your home?  Well, it can be an overwhelming task especially when you’re thinking about doing it your self.  When the job becomes a major project, then you may want to hire a contractor to help you with your project.  Like every industry, there are good ones and bad.  You need to know what to ask when you interview them for the job; things like asking for referrals, or copy of their insurance coverage, or even if they clean up after themselves when they are done for the day.  Here are 10 tips to refer to when you are planning to make changes to your home. 

Related articles by Zemanta
Enhanced by Zemanta
]]> http://jefftung.net/2010/09/03/10-tips-for-your-home-remodel-project/feed/ 0