Help for Underwater Homeowners in Arizona. New HARP / Making Home Affordable Rules

by Jay Thompson on October 25, 2011 4 Comments

HARP / Making Home Affordable program - new guidelines / eligibility rules

HARP - the Home Affordable Refinance Program - is undergoing some much needed revisions to its eligibility criteria. Previously the program allowed some homeowners to refinance their existing mortgages up to 125% of the home's value. For example, let's say you owe $200,000 on your mortgage. Due to the dramatic drop in home values across the Valley (generally), your home is now worth $140,000 … [Read more...]

Underwater on your mortgage in Phoenix? You need legal advice, not Realtor advice.

by Jay Thompson on August 4, 2011 12 Comments

Owe more on your Phoenix home that it is worth? Welcome to the Underwater Club. It’s not a pleasant club to belong to, despite its massive size. If you bought a home, or refinanced an existing home, anytime circa 2005 and beyond you are quite likely a member of the Underwater Club. And you’ve got to be wondering what your options are. Foreclosure, short sale, loan modification, trustee sale, … [Read more...]

Be Careful Out There! Scams and Fraud in the Real Estate World

by Jay Thompson on March 13, 2011 28 Comments

It’s a sad fact of human nature that when people are facing tough times, there are those out there that will try to take advantage of them. Given the general sordid state of the real estate market in Phoenix, combined with a less-than-stellar economy, the pickings are ripe for the scammers and others who attempt to take advantage of people. Late last week, two separate stories were … [Read more...]

Obama’s Mortgage Relief Plan: Details are out on the “Making Home Affordable” program

by Jay Thompson on March 4, 2009

The US Treasury today released details on the “Making Home Affordable” program announced by President Obama here in Phoenix on Feb 18. Dubbed the “Mortgage Rescue”, “Homeowner Affordability and Stability Plan", “Homeowner Bailout” and various other names in the press, the official program name is now the “Making Home Affordable” (MHA)program. Details are … [Read more...]