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Kris And Kim Darney's Blog

By Kris And Kim Darney | Agent in Upland, CA
  • HAMP Help for Unemployed Homeowners

    Posted Under: Foreclosure in Los Angeles  |  July 17, 2010 10:03 PM  |  572 views  |  No comments

                                                

    In order to apply for this program, your servicer must be a participant in the government’s Home Affordable Modification Program (HAMP). You can check the HAMP website to find out if your servicer is a participant. If your servicer is on the list, then you can phone, e-mail or write your servicer. Even before contacting your servicer you may want to seek help from a HUD Foreclosure Avoidance Counselor, who can help you through the process.

    Successful applicants will be eligible for at least three months of mortgage payment forbearance and that could be extended by your servicer. Extensions are considered on a case-by-case basis. As a participant in the program, your monthly payment must be reduced to no more than 31 percent of your gross monthly household income.

    If you get a new job during the forbearance period, you must notify your servicer immediately. If you don’t get a job, your lender will review your case for a possible extension. About 30 days before the end of your forbearance period, you will receive a package to request a HAMP modification. Once you get a job, you will be eligible to apply for a HAMP modification.

    If your servicer determines that you are not eligible for HAUP, he then will consider whether you are eligible for another modification program. If you don’t meet eligibility for any of the modification programs, you may be referred to the Home Affordable Foreclosure Alternatives Program (HAFA).

  • Going Gaga for Los Angeles…Lady Gaga Rents Bel Air Casa for $25K/Month

    Posted Under: Celebrity Homes in Los Angeles  |  July 17, 2010 10:00 PM  |  1,048 views  |  No comments

    Glam rock star/provocateur Lady Gaga is presently on tour, but when she comes in for a landing in LA, Gaga heads to a leased home in the Bel Air area, according to Realestalker, where she pays $25,000 a month in rent.

    Yup — Lady Gaga rents, just like lots of other celebrities who lease homes for the sake of flexibility and ability to change locations easily. The owner of Lady Gaga’s rental is Canadian real estate developer Lorne Leibel. According to Zillow’s price history chart, Leibel purchased the property in 2004 for $3,150,031 and listed it for sale in May of 2009 for $4,750,000. The listing was removed this past May.

    The 6,000-sq ft home sits on an acre of land at the end of a cul-de-sac in Bel Air (Lady Gaga? In a cul-de-sac?) and it is walled and gated, naturally. The pièce de résistance is an inground pool that is actually suspended above the ground (on pillars) next to a spacious deck with views of LA and the ocean.

    While we are not sure whether the furnishings are Gaga’s or not (probably not), there is clearly an affection for Marilyn Monroe as witnessed by several rooms with posters of the late star.

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  • Understanding HAFA

    Posted Under: Home Selling in Los Angeles  |  July 17, 2010 1:37 PM  |  201 views  |  No comments

    Home Affordable Foreclosure Alternative

    HAFA

    HAFA (Home Affordable Foreclosure Alternative) was established (April 5, 2010) to assist America’s Homeowners through these troubled times of decreasing home values and finding a “graceful exit” from a bad financial situation.

    The HAFA program allows you to sell your primary residence if you are “upside down” or in a “negative equity” position.

    What Does HAFA cost me?

    What does it do for me?

    • The HAFA program:
      • Allows you to sell your primary residence if you have no equity.
      • Allows you to sell without any penalty or commitments to repay your mortgage company the difference or “Non-Recourse“.
      • Pays you…the seller…up to $3,000.00 for moving expenses or “Cash For Keys”.
      • Pays off your 2nd liens or 3rd liens without any “Re-course” or promise to repay.

    How do I apply?

    • You must use a Licensed Real Estate Agent from your state to initiate the HAFA process
    • The process may require the following:
      • Financial Worksheet
      • Bank Statements
      • Most Recent Pay stubs or Unemployment Documentation
      • Hardship Letter of Explanation
        • Loss of employment.
        • Relocation of employment (100 miles from primary residence).
        • Death.
        • Divorce.
        • Most life altering circumstances that result in a loss or reduction of income.
    • 2 years Federal Tax Returns or Explanation

    How Long does it take?

    • The application process takes up to 10 days from the time all your Short Sale documents are submitted.
    • Once a HAFA approval is received, the sale will take  from 30 to 60 days to close, much ike a standard sale.

    How will my credit be impacted?

    • Your credit may report “Satisfied for less than agreed” ,  ”Paid less than agreed”, “Settled”, etc…
    • Your credit score is very subjective and based on your specific debt to income ratio.
      • Most credit scores are impacted between 50 and 100 points.
      • Late Mortgage Payments or Default in payments may have a greater impact.

    What if I owe back property taxes?

    • In most cases, your mortgage company will pay your late or defaulted property taxes.

    Will HAFA pay IRS or State tax liens?

    • No, however, the IRS and most states, upon notification and submission of a few documents will allow the property to be sold as long as their is no “gain” to  the seller or what is known as a Short Sale.
    • Some considerations not covered by HAFA
      • Investor owned, 2nd or vacation homes, vacant land
      • Strategic Short Sale
        • Where you simply want to sell the property to get out from underneath the debt.
    • Freddie Mac or Fannie Mae backed loans
      • These two government backed entities will have a program that mirrors HAFA but as of this date, the program has not been rolled out by either entity.

    Learn more about the HAFA program from this video:


  • Innovation...Steve Jobs...Being successful In A Tough Economy!

    Posted Under: Foreclosure in Los Angeles  |  July 17, 2010 1:35 PM  |  200 views  |  No comments

    I’m sure Kris and I are not the only two people that often wonder what causes some people to do so well and continually prosper in this tough economy. We’re both huge fans of Steve Jobs...talk about inspiration!  Watch the video attached to this post, it’s so inspirational that I watch it anytime i'm in doubt of what i'm doing in my career.

    We’re always looking for things that inspire and motivate us, even when were doing things like today…an overhaul of our office.  It’s much needed every couple of months as this is where we spend a good majority of our time. Things get cluttered, I don’t realize how “cluttered” until I look around and can’t see most of my desk! Totally grossed out with the dust that had gathered around the unmoved objects that should have been tossed out before even being placed in our office!

    Kris and I have many similarities…but one major difference.  I toss out everything; Kris likes to hold on to stuff.  I do have to admit, I’ve tossed out a few things that I wish I would have held on.  For me it’s the unidentifiable stuff that looks useless, then one day I need a connecter for my computer and Kris reminds me we have several…Oops…HAD several.

    While we were cleaning, moving things around and getting rid of the “stuff” we realized that we had discovered an entirely new way to set up our office…A much more effective way to work.

    So what does that have to do with Steve Jobs you ask?  How can the new i-phone…i-pad be in such high demand in what seems an endless recession.

    It’s INNOVATION…It is the innovators who not only survive but thrive, it is the innovators who will lead us out of the recession.

    Those who fail to innovate will, unfortunately, fall behind.

    Innovation is not a special talent possessed only by a gifted few, nor is it exclusive of hard work.

    In fact, innovation and hard work go hand in hand.  Like cleaning our office, if we would not have put in the effort of all the hard work to get it cleaned up and organized we would never have realized that we could work more efficiently with the changes we made.

    I would challenge everyone to become innovative, realize that innovation will emerge when you move…move things around, move forward...move...MOVE.



  • Do banks hold on to foreclosure inventory…Shadow Inventory…?

    Posted Under: Foreclosure in Los Angeles  |  July 17, 2010 12:18 PM  |  212 views  |  No comments

    Of course they do, but in Los Angeles at least, they’re getting a big incentive to dump it fast. L.A. last week passed a new city ordinance that fines banks, servicers, whoever owns the foreclosed property, up to $100,000 for letting the property fall into disrepair. We’ve heard and seen plenty of stories about run-down, stripped homes littering the landscape, with their overgrown lawns and broken front fences standing as glaring examples of what is not recovering in the housing market.

    Let’s face it, banks don’t want to be homeowners, and they certainly don’t want to shell out even more of their dwindling cash on lawn services and handymen. Whatever incentives there are out there to turn these properties over to homeowners who can actually afford them are certainly welcome.

    The trouble is that there appears to be a dangerous disconnect in the housing market right now: Housing starts are at an all-time low and yet the home vacancy rate is rising. The only way that can happen is if the number of households is shrinking more than we know. Add bank repossessed homes to that mix, and I’m guessing home prices will dip more than some are expecting.

 
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