HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS / FHA WAIVES 90 DAY FLIP RULE
January 16, 2010 6:41 PM MST
FHA WAIVES 90 DAY FLIP RULE
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties
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.
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner.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 (HEW J Bradley Mortgage Capital LLC) for purchase program.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website at:
Alliance Financial Resources (AFR) Receives 2009 Best of Business Award
We are very pleased to announce that AFR was given the 2009 “Best of Business” award. The “Best of Business” award is given out by the Small Business Commerce Association (SBCA).
Please read the full press release below:
SAN FRANSICO, November 7, 2009, Alliance Financial Resources LLC has been selected for the 2009 Best of Business Award in the Financial consultant category by the Small Business Commerce Association (SBCA)
The Small Business Commerce Association (SBCA) is pleased to announce that Alliance Financial Resources LLC has been selected for the 2009 Best of Business Award in the Financial consultant category.
The SBCA 2009 Award Program recognizes the top 5% of small businesses throughout the country. Using consumer feedback, the SBCA identifies companies that we believe have demonstrated what makes small businesses a vital part of the American economy. The selection committee chooses the award winners from nominees based off information taken from monthly surveys administered by the SBCA, a review of consumer rankings, and other consumer reports. Award winners are a valuable asset to their community and exemplify what makes small businesses great.
About Small Business Commerce Association (SBCA)
Small Business Commerce Association (SBCA) is a San Francisco based organization. The SBCA is a private sector entity that aims to provide tactical guidance with many day to day issues that small business owners face. In addition to our main goal of providing a central repository of small business operational advice; we use consumer feedback to identify companies that exemplify what makes small business a vital part of the American economy.
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Mtg Loan
Rate
APR
30-yr Fixed
3.87%
4%
15-yr Fixed
3.14%
3.31%
1-yr Adj
2.76%
3.42%
* national averages
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"KLCSLOANTEAM and Korene Clopine-Seaman are a mortgage team that invests itself with their client's and referral partners business. They are just not providing mortgage information, education and services, they have built relationships in our business and invested in providing services that helps us deliver our core mission to provide the services that meets our client's needs in line with our company culture and values"
W. J. Bradley Mortgage Capital LLC. is a direct mortgage lender with lending authorization for Conventional, HUD, FHA, VA, USDA, and Jumbo real estate loans lending with offices in various locations focusing on providing to the people in the communities we serve throughout the United States mostly in the Southwest. We are available to help borrowers achieve the dream of home ownership and assist them as they take advantage of today’s real estate investment opportunities and mortgage rates.
The KLCSLoanTeam and the support staff are highly trained in all of the various loan products currently available. We are well prepared to answer any questions you may have about buying a home or to assist you with analyzing your current home loan. Simply put, we are here to help you make informed right-fit mortgage decisions.
The customer experience is our number one priority. Communication is a very important part of our business model and our unique loan process, and our investment in technology reflects just that. We have mastered the ability to effectively communicate with all parties involved on each and every transaction keeping everyone up-to-date from the first phone call through funding. Our goal is to use all of our resources to make your transaction as smooth and efficient as possible.
With the experience, resources and exceptional service standards, you will see why we deliver…simply better home loans as we are working to serve our customers, clients, and referral partners. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states.
W J Bradley Mortgage Capital LLC NMLS# 3233 9237 East Via De Ventura, Suite 100 Scottsdale, AZ 85258 Direct Office Phone:(623) 340-0934 Fax: (623) 218-1807 AZ License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; FHA Approved
*Korene L. Clopine-Seaman is working with and as the Team Manager of KLCSLoanTeam. She is licensed to originate mortgages in Arizona and California: AZ LO-0916745 CA: DOC-218520
