HUD's 90-Day Flipping Rule Waiver

HUD’S 90-DAY FLIPPING RULE WAIVER

Effective with purchase contracts accepted by all parties signed and dated on or after February 1, 2010. This waiver will be effective for one year, unless otherwise extended or withdrawn. Please note: due to investor requirements, the requirements for the waiver may change.
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD has announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.
The policy change will permit buyers to us FHA-insured financing to purchase HUD owned properties, bank-owned properties, or properties resold through private sales.
To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those property sales meeting the following criteria:

1. All transactions must be arm-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

2. In cases in which the sales prices of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.

3. The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for mortgage purchase.

Specific conditions to other details of this new temporary policy are in the text of the waiver available on HUD’s website at: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

If you have any questions, please feel free to contact either me at any of the telephone numbers below.

Kim Duclos

Coldwell Banker Wardley

http://www.callkim.net/

(888) 949-2890

(702) 521-3939

HUD TAKES ACTION

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

I was speaking with Brian Hahn of Castle & Cooke Mortgage LLC and he shared an article from HUD, one that may be of interest to you. As you know our markets across the country are flooded with bank owned homes or REO's as they are called in the industry. Las Vegas is one of the areas that has been hit the hardest, so a program like this will be of assistance in getting the foreclosed homes into new owners hands. Please review article below by Mr. Wooley date January 15, 2010.

WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.
"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization."
With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner.

To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Kim Duclos CRS ABR GRI

Coldwell Banker Wardley

Call me: (888) 949-2890 (702) 521-3939

Another Cash for Clunkers Bail Out? What is your take?

I could hardly believe I was reading this article ( I am including with this post), but yes it is true, another Cash for Clunkers may be coming to a neighborhood near you. I thought that everyone was up in arms over the high cost of the last two C4C give-away, so what is your take and did you take advantage of the first two C4C programs? How did it work out for you? Let me know I am curious as to what people who took advantage of the program have to say.

What about additional funds for homeowners and restructuring of variable loans? I think our housing market needs more attention than our auto dealerships.

Now on with the article by C. Shunk.


Jan 15th 2010 at 8:04AM
Cash-for-Clunkers was among the more watched auto-related story lines of 2009. With the industry hurting, the government provided cash vouchers of between $3,500 and $4,500 to anyone who turned in a vehicle that was eight (or more) years-old and with between two and 10 miles-per-gallon worse fuel economy numbers than the new car or truck with which it was replaced. The program went from fledgling idea to a done deal in a matter of a few months, showing that the U.S. government is capable of move quickly when it really wants to, albeit with the help of a big fat $3 billion check.The feat was reportedly so impressive to Department of Transportation Ray LaHood that he openly wondered whether the program should
be reincarnated for 2010. Motor Trend reports that LaHood told reporters at the Detroit Auto Show that Clunkers was "the most wildly successful program ever, selling 800,000 cars in less than 30 days." It sounds like LaHood was really impressed with how C4C panned out, but will the program and its multi-billion dollar price tag resurface in 2010? LaHood says the DOT won't be begging for any spending money, and he insists that any decisions will need to be made by Congress in the year ahead.Motor Trend says that despite LaHood's hands-off approach to Clunkers, there are persistent rumors that C4C could resurface in the second quarter of 2010 with perhaps less bountiful tax incentives and a less exorbitant price tag. We have no idea if C4C has any chance of making a cameo in 2010, though we're thinking that the consistent uptick in sales after Clunkers expired shows that the industry is beginning to improve without additional government intervention. Why spend money propping up an industry that seems to be doing a swell job of helping itself?


Please call me about the $8000,00 (up to) tax credit for homebuyer's and the $6500.00 tax credit (up to) for the move up credit. Perhaps you can take advantage of a tax credit for a home as an alternative.

Kim Duclos

(888) 949-2890

kim.duclos@coldwellbanker.com

SAVE MONEY in 2010

I am always looking for articles about saving money, and I came across an article by Eric Tyson that talks about doing a few things differently in 2010, I hope you find these helpful.

With the arrival of the New Year, are you thinking about buying your first home? Sending your last kid off to college? Or obsessing over your own personal mountain of debt, even more worrisome in this uncertain economy? It may feel like “Resolution Impossible,” but if you follow Eric Tyson’s advice, you’ll remember ‘10 as the year you finally took control of your financial future.

“While the situation is improving, Americans carry too much consumer debt,” says Tyson, author of Personal Finance for Dummies, 6th Edition.. “If you have credit card debt or auto loans, take some solace in the fact that you’re far from alone and that many others have overcome these hurdles. Consumer debt is not okay, particularly in a slow economy such as this one. It can damage your personal relationships and mental well-being, not to mention the stability of your financial future.”

Here are a few tips from Tyson that will help you improve your financial health in 2010:

Partake in a little self-reflection. A misaligned mindset toward spending and shopping—compulsive or otherwise—can severely affect your financial and personal well-being. If you think you might have a problem with shopping or spending, there are several questions you should ask yourself:
-Do I feel guilty about shopping?

-Is my shopping causing financial trouble?

-Is my shopping, spending, and accumulated debt leading to feelings of helplessness, anger, confusion, fear, or depression?

Make a plan and stick to it. The reason so many New Year’s resolutions fail is that we simply state the thing we want to improve and then never create a plan for helping us get from point A to point B.

Most people don’t like to plan unless we’re talking about something fun, like a vacation. But actually, planning for your financial future is a little like planning a vacation. You’re organizing your money and time so that you get to do all the great things you want when you get there. Look at it that way, and you might actually enjoy the process.

Get rid of your four-wheeled debt. Too many people define necessities by what those around them have. A brand new car is not a necessity, although some people try to make it one by saying, “I need a way to get to work.” Guess what? There are plenty of far less expensive used cars out there that will also make it to your office. If you take out an auto loan to buy a car that you really can’t afford and you take a similar approach with other consumer items you don’t truly need, you’re going to have great difficulty saving money and accomplishing your goals. Moreover, you’ll probably feel stressed all the time—which is a poor trade-off for the (short-lived) “new car smell.”

Start making your purchases based on need, not emotion. It can be easy to give in to all of those advertisements telling us how much we “need” that new car, expensive gym membership, or trendy outfit. Marketers play on insecurities, fears, and guilt and suggest that you can feel better about yourself by buying their products. You won’t be able to overcome spending and consumer debt until you recognize these pressures and how they corrupt your buying decisions.
Research before you enter the store.

Prior to going shopping for necessities that aren’t everyday purchases—say, a new refrigerator—do some research first. Your research will help you identify brands, models, and so on that are good values. You don’t want to make an expensive mistake.
Watch your food budget. Dine out less and keep stock of the groceries you already have. Learn to cook if you don’t know how. Try to keep a healthy inventory of groceries at home. This will minimize trips to the store and the need to impulsively dine out because your cupboard is bare. Try to do most of your shopping through discount warehouse-type stores, which offer low prices for buying in bulk, or grocery stores that offer bulk purchases. Saving on the amount you spend on food will help you put more money toward paying off your debt and eventually setting money aside for investments.

Become more energy efficient. Check out opportunities to make your home more energy efficient. Adding insulation and weather-stripping, installing water-saving devices, and reducing use of electrical appliances can pay for themselves in short order. Many utility companies will even do a free energy review or audit of your home and suggest money-saving ideas.

Watch what you are paying for insurance. Many people overspend on insurance by carrying coverage that’s unnecessary or that covers small potential losses. Coverage of small losses, such as $100 or $200, is not useful for most people since such a loss wouldn’t be a financial catastrophe.

“It won’t be easy getting out of debt, and it’s certainly not something you will be able to achieve overnight,” says Tyson. “Like losing weight, it’s something that takes constant dedication but has a great payoff in the end.

Whenever you lose focus or feel like giving in, think about the wonderful benefits of financial well-being. Once you’re out of debt, the money you are able to invest will mushroom into substantial savings that will allow you to get more for your money,” concludes Tyson.

Call me for all of your real estate questions - (888) 949-2890

(702) 521-3939

Kim Duclos

Coldwell Banker Wardley

NEW YEARS IN THE BEGINNING

Since I have been covering some of our holidays, I thought I would look up New Years and see what I could find. I found an excellent article on line by: Jerry Wilson Copyright © 1997-2009

Enjoy!

ANCIENT NEW YEARS

The celebration of the new year is the oldest of all holidays . It was first observed in ancient Babylon about 4000 years ago. In the years around 2000 BC, the Babylonian New Year began with the first New Moon (actually the first visible cresent) after the Vernal Equinox
(first day of spring).

The beginning of spring is a logical time to start a new year. After all, it is the season of rebirth, of planting new crops, and of blossoming. January 1, on the other hand, has no astronomical nor agricultural significance. It is purely arbitrary.

The Babylonian new year celebration lasted for eleven days. Each day had its own particular mode of celebration, but it is safe to say that modern New Year's Eve festivities pale in comparison. The Romans continued to observe the new year in late March, but their calendar was continually tampered with by various emperors so that the calendar soon became out of synchronization with the sun. In order to set the calendar right, the Roman senate, in 153 BC, declared January 1 to be the beginning of the new year. But tampering continued until Julius Caesar, in 46 BC, established what has come to be known as the Julian Calendar. It again established January 1 as the new year. But in order to synchronize the calendar with the sun, Caesar had to let the previous year drag on for 445 days.

THE CHURCH'S VIEW OF NEW YEAR CELEBRATIONS

Although in the first centuries AD the Romans continued celebrating the new year, the early Catholic Church condemned the festivities as paganism. But as Christianity became more widespread, the early church began having its own religious observances concurrently with many of the pagan celebrations, and New Year's Day was no different. New Years is still observed as the Feast of Christ's Circumcision by some denominations.
During the Middle Ages, the Church remained opposed to celebrating New Years. January 1 has been celebrated as a holiday by Western nations for only about the past 400 years.

NEW YEAR TRADITIONS

Other traditions of the season include the making of New Year's resolutions. That tradition also dates back to the early Babylonians. Popular modern resolutions might include the promise to lose weight or quit smoking. The early Babylonian's most popular resolution was to return borrowed farm equipment.
The Tournament of Roses Parade dates back to 1886. In that year, members of the Valley Hunt Club decorated their carriages with flowers. It celebrated the ripening of the orange crop in California. Although the Rose Bowl football game was first played as a part of the Tournament of Roses in 1902, it was replaced by Roman chariot races the following year. In 1916, the football game returned as the sports centerpiece of the festival.

The tradition of using a baby to signify the new year was begun in Greece around 600 BC. It was their tradition at that time to celebrate their god of wine, Dionysus, by parading a baby in a basket, representing the annual rebirth of that god as the spirit of fertility. Early Egyptians also used a baby as a symbol of rebirth.

Although the early Christians denounced the practice as pagan, the popularity of the baby as a symbol of rebirth forced the Church to reevaluate its position. The Church finally allowed its members to celebrate the new year with a baby, which was to symbolize the birth of the baby Jesus. The use of an image of a baby with a New Years banner as a symbolic representation of the new year was brought to early America by the Germans. They had used the effigy since the fourteenth century.

FOR LUCK IN THE NEW YEAR

Traditionally, it was thought that one could affect the luck they would have throughout the coming year by what they did or ate on the first day of the year. For that reason, it has become common for folks to celebrate the first few minutes of a brand new year in the company of family and friends. Parties often last into the middle of the night after the ringing in of a new year. It was once believed that the first visitor on New Year's Day would bring either good luck or bad luck the rest of the year. It was particularly lucky if that visitor happened to be a tall dark-haired man.
Traditional New Year foods are also thought to bring luck. Many cultures believe that anything in the shape of a ring is good luck, because it symbolizes "coming full circle," completing a year's cycle. For that reason, the Dutch believe that eating donuts on New Year's Day will bring good fortune.
Many parts of the U.S. celebrate the new year by consuming black-eyed peas. These legumes are typically accompanied by either hog jowls or ham. Black-eyed peas and other legumes have been considered good luck in many cultures. The hog, and thus its meat, is considered lucky because it symbolizes prosperity. Cabbage is another "good luck" vegetable that is consumed on New Year's Day by many. Cabbage leaves are also considered a sign of prosperity, being representative of paper currency. In some regions, rice is a lucky food that is eaten on New Year's Day.

AULD LANG SYNE

The song, "Auld Lang Syne," playing in the background, is sung at the stroke of midnight in almost every English-speaking country in the world to bring in the new year. At least partially written by Robert Burns in the 1700's, it was first published in 1796 after Burns' death. Early variations of the song were sung prior to 1700 and inspired Burns to produce the modern rendition. An old Scottish tune, "Auld Lang Syne" literally means "old long ago," or simply, "the good old days." The lyrics can be found here.

FOR SALE-3332 Kenbrook Ave - Las Vegas, NV 89121

Welcome Home - Nearly 3000 s.f. of Living Space for $149,900!

Enjoy 3 bedrooms, 3 baths with 2 car garage.

Downstairs Master Bedroom a PLUS!

All appliances included, home warranty too.

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by the banking systems, just an old fashioned buyer, seller transaction.

Great community with pool, spa, clubhouse, RV Boat parking area, tennis courts, children play/park area, it's gated and much more.

Great Buy, call today and see today!

Kim Duclos

http://www.callkim.net/

(702) 521-3939

(888) 949-2890

Hanukkah,

I found the history of Hanukkah on-line and wanted to share. There is a link at the bottom of the post for a short video - I enjoy learning new things about people and our world; I hope you do too.

Hanukkah is celebrated for eight days and nights, starting on the 25th of Kislev on the Hebrew calendar (which is November-December on the Gregorian calendar).

In Hebrew, the word "Hanukkah" means "dedication."

The holiday commemorates the rededication of the holy Temple in Jerusalem after the Jews' 165 B.C.E. victory over the Hellenist Syrians. Antiochus, the Greek King of Syria, outlawed Jewish rituals and ordered the Jews to worship Greek gods.

In 168 B.C.E. the Jews' holy Temple was seized and dedicated to the worship of Zeus.
Some Jews were afraid of the Greek soldiers and obeyed them, but most were angry and decided to fight back.

The fighting began in Modiin, a village not far from Jerusalem. A Greek officer and soldiers assembled the villagers, asking them to bow to an idol and eat the flesh of a pig, activities forbidden to Jews. The officer asked Mattathias, a Jewish High Priest, to take part in the ceremony. He refused, and another villager stepped forward and offered to do it instead. Mattathias became outraged, took out his sword and killed the man, then killed the officer. His five sons and the other villagers then attacked and killed the soldiers. Mattathias' family went into hiding in the nearby mountains, where many other Jews who wanted to fight the Greeks joined them. They attacked the Greek soldiers whenever possible.

Judah Maccabee and his soldiers went to the holy Temple, and were saddened that many things were missing or broken, including the golden menorah. They cleaned and repaired the Temple, and when they were finished, they decided to have a big dedication ceremony. For the celebration, the Maccabees wanted to light the menorah. They looked everywhere for oil, and found a small flask that contained only enough oil to light the menorah for one day.

Miraculously, the oil lasted for eight days. This gave them enough time to obtain new oil to keep the menorah lit.

Today Jews celebrate Hanukkah for eight days by lighting candles in a menorah every night, thus commemorating the eight-day miracle.

http://www.history.com/content/hanukkah/watch-video

Kim Duclos

Coldwell Banker Wardley

(888) 949-2890

www.CallKim.net