Did you know the City of Oroville currently offers a program to assist senior and disabled homeowners who don’t have financial resources to complete minor and emergency property repairs?
This is really great for those that just that really need that repair but have been putting it off due to financial reasons!
Basic Eligibility Requirements
- Applicant must own and occupy their home or mobile home
- Applicant must be a senior citizen, 65+ years of age or physically disabled
- Applicant must live within the Oroville City limits
Eligible Repair
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The program was designed to help senior and disabled persons obtain assistance with small but important health and safety repairs. Eligible repairs include, but are not limited to such jobs as:
- Plumbing: Leaking, broken, non-operating sinks, toilets, faucets, garbage disposals and water heaters.
- Small Electrical Hazards: Lights, outlets, and switches.
- Weatherization: Weather stripping, caulking around doors and windows.
- Maintenance Repairs: Evaporative coolers, furnaces, roofing, gutters, steps, railings and hazardous trees.
- Correcting Trip Hazards.
- Installation of Grab bars
- Smoke Detector Repair or Replacement.
- Health and Safety Hazards.
If you are in need of a program like this contact the City of Oroville
Congratulati
ons if you have purchased your first home!
While many buyers are still on the fence, there are many that took advantage of the low prices, interest rates and got a bonus of a tax credit. Through the home buying process one of the biggest fears I see is “what if I lose my job, and cant make my payment?” Well with all of the foreclosures,short sales and negative media, no wonder these buyers are a little nervous. Well, there is a program to help buyers feel a little more confident.
The California Association of Realtors has put together the Housing Affordability Fund. This FREE program was designed to help a first time home buyer in the event they become unemployed after the purchase of their home. Here is how it works:
Through the program, first-time home buyers who lose their jobs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer can also participate in this program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss.
Who qualifies for this program?
First-time home buyer – someone who hasn’t owned property in the last three years (includes co-buyer) Open and close “escrow” between 4/2/2009 and 12/31/2010 (purchase offer cannot be dated before April 2, 2009
Purchase a principal residence in California
Buyer must be represented by a California REALTOR® (“referrals” do not qualify);
Be a W-2 employee (i.e. not self-employed) but can not be a sole proprietor, partner or controlling stockholder in the business in which you are employed, or a dependent of a sole proprietor, partner or a controlling stockholder in the business in which you are employed.
How do home buyers apply?
Home buyers must apply through a California REALTOR®. The REALTOR® will submit the completed application to CARHAF on the home buyer’s behalf.
Recently I went to the Realty World NCA event where I was introduced to the team at Realty World Financial Services, Inc. I learned of some great programs they have to help homeowners in financial distress.
It is important to remember that we want to do everything we can to help homeowners KEEP their homes. Many homeowners are fighting like crazy to stay in their home and barley making it. Homeowners that are current on their payment but in trouble may find this a perfect solution. With all the different talk of scams and failure to find anyone to do a loan modification, I was pleased to hear that they actually were helping homeowners.
Their goal is to educate you on all aspects of the Short-Payoff-Refinance and Modification so that you are 100% aware of exactly how to obtain the approval that you deserve.
Unlike a Loan Modification, where you are modifying your existing mortgage to more favorable terms, due to some form of ‘hardship’, the Short-Payoff-Refinance is qualifying for a new FHA 30yr Fixed Loan or “New Money” as they say in the mortgage business, and paying off your existing lender for 90 to 97% of ‘Fair Market Value’ of the home.
With a Short-Pay, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor but more importantly the lender. This negotiation is all done through communication with a bank’s internal department’s. Once the Discounted Payoff Demand has been obtained by the current note holder, the refinance is completed and the proceeds of the refinance to the original lender is in full satisfaction of the 90 to 97% agreed upon debt. In such instances, the lender would have the right to approve or disapprove of a proposed loan balance. These circumstances are usually related to the current real estate market and the borrowers’ financial situation. .
They are also very well equipped to perform Loan Modifications by using a streamlined approach using HTI (Home to Income) and NPV (Net Present Value) tools to assist borrowers.
If you are a struggling homeowner, please contact me at mail@ChristiNelson.com so that I can put you in contact with a loan officer.
A short sale is a sale of real estate in which the proceeds from the sale are less than balance owed on a loan secured by the property sold.
In a short sale, the bank or mortgage lender agrees to reduce a loan balance due to an economic or financial hardship on the part of the borrower/mortgagor.
A short sale typically is done to prevent a home foreclosure. Often a bank will allow a short sale if they believe that it will result in a smaller 
financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. For the home owner, one advantage includes avoidance of a foreclosure on their credit history. A short sale is typically faster and less expensive than a foreclosure for the banks.
This negotiation is all done through communication with a bank’s loss mitigation department, and usually your real estate professional. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
In short, a short sale is nothing more than negotiating with the bank a payoff for less than what they are owed.
