If Your Home Was Foreclosed in 2009 or 2010 You Can Request a Review

With the millions of foreclosures during the past few years, the robo signing, and the declined Loan Modification applications , now home owners whose primary residence was being foreclosed between January 1, 2009 and December 31, 2010 can request an independent review.

"The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators) have required an Independent Foreclosure Review by an independent consultant to identify eligible customers who may have been financially injured due to errors, misrepresentations, or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy. "


Home owners are eligible  for an Independent Foreclosure Review if  :

• Your mortgage loan was serviced by one of the  participating Mortgage Servicers
•  Foreclosure process was active between January 1 , 2009 and December 31,2010
• The property was your primary residence.

The list of participating servicers includes:



America’s Servicing Co.

Aurora Loan Services
Bank of America

Beneficial

Chase

Citibank
CitiFinancial
CitiMortgage

Countrywide

EMC
EverBank/EverHome Mortgage Company
GMAC Mortgage

HFC
HSBC

IndyMac Mortgage Services

MetLife Bank

National City Mortgage
PNC Mortgage

Sovereign Bank

SunTrust Mortgage

U.S. Bank

Wachovia Mortgage

Washington Mutual (WaMu)

Wells Fargo Bank, N.A.

How to get help ? Get all the details here

If your mortgage loan meets the initial eligibility criteria and you have questions, need a form by mail, or need help completing the form you have received in the mail, call 1-888-952-9105, Monday through Friday, 8 a.m.–10 p.m. ET or Saturday, 8 a.m.–5 p.m. ET.

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Palm Springs Condo Sales Up In Sold Price & Units Sold

This May, we saw another healthy month of increased sales of condos in the Palm Springs area, surpassing single family homes in number of units sold and average sold price, when compared to May 2010.

According to The California Desert Association's May 2011 report based on the Desert Area MLS of all desert cities;

May 2011 266 condos sold at an average selling price of $224,914 . 30% were foreclosures and short sales. That's an increase of 22.6% in sold units, and an increase of 12.4% in average sold price over 2010.

May 2010, 217 condos sold with an average selling price of $200,138. 36% were foreclosures and short sales.

Palm Springs and Palm Desert tied at 86 in the number of condos sold . The average selling price in Palm Desert came at $266,624, a 7.3% increase from May 2010. Palm Springs condos average selling price came at $173,358, 12.3% increase over May 2010.

La Quinta  gained 5.3%, while condos in Indian Wells , Rancho Mirage, Cathedral City and Indio remain in negative territory .

We are defying the national negative trend here in the Coachella Valley thanks to Canadians who are enjoying a healthy Canadian dollar exchange , Investors, and Californians from Los Angeles and Orange County who see the value and future of the Palm Springs area.

For those who are toying with the idea of buying a condo , you can check all the MLS listings of condos available for sale in Palm Springs , in Palm Desert,  and all Desert Cities including foreclosures .

1,329 Canadian Families Bought Palm Springs Real Estate ...

According to the Desert Sun , "A search by the Palm Springs Regional Association of Realtors staff showed 1,329 Canadian buyers and another 98 purchasers from other countries acquired homes or condos over the past year, based on a tally of those who registered international addresses. That figure could be higher because some foreign buyers may not have registered."

Canadians have been and still are buying homes and condos at a fast pace in Palm Springs and all Desert Cities, taking advantage of the strength of the Canadian Dollar trading today at $105.40 US Dollar, and the real estate values in the Palm Springs area.

Canadians are no strangers to the Coachella Valley , it has been the destination of choice for snowbirds from British Colombia , Alberta, Saskatchewan and Eastern Provinces for decades, but this year, younger couples have been actively looking and buying as well. They see a great opportunity and values that will probably not be seen again.

A special Thank you to my Canadian and European Clients for the opportunity to be your chosen real estate agent.

To read the full article... http://goo.gl/siX36

Choose your favorite City to see all the active real estate listings :

Palm Springs MLS , Palm Desert MLS , Indian Wells MLS , Rancho Mirage MLS, Cathedral City MLS , Indio MLS .

Palm Springs and Desert Cities Home Prices Up by almost 27 % ....

According to the California Desert Association of Realtors, Palm Springs area median sold home price for February 2011 was $215,000 up from $185,000 in January 2011 and $156,060 in April 2009, that's almost 27% .

Another interesting statistic is that the Median Sold Price in January 2011 was $185,000 for houses and condos, a very rare occurrence.

From my experience as a real estate agent in the Palm Springs area, I would attribute a good part of the increase in sales and demand to our Canadian neighbors who love the desert , and saw the value in our real estate prices.

The fact that the Canadian Dollar is hovering at par or better with the US Dollar was and still is a major contributor in the decision to buy a vacation home in the Coachella Valley.

I believe that March and April 2011 will produce good numbers too based on my personal experience and lined up appointments.

The easiest way to finding homes in Palm Springs , La Quinta , Palm Desert, and all Desert Cities

Palm Springs: $8000 Tax Credit Still Good till 4/30/11 For Military ...

Did you know that the $8000 Tax Credit is still good for members of the Military & some Federal employees in the intelligence community until April 30, 2011 to have a binding contract, and Closing deadline of June 30, 2011. "It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. "

This is an great opportunity for those who are renting to take a look at buying a home. Home prices are very favorable, coupled with FHA 3% downpayment and incentives , and interest rates at their lowest , lead to a win win situation .

For all the details go to IRS-First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees

Find affordable real estate in Palm Springs , Palm Desert , La Quinta , Indio , Cathedral City.

What You Should Know Before You Opt to Short Sale Your Property

Homeowners in the Palm Springs area who are opting for short sale is on the increase compared to foreclosed properties by about 1.5 to 1, and might not be aware of the different Federal and California programs that are available to help them , especially if they are going through a hardship.

This is a short video from the Making Homes Affordable that the government put out and to my surprise only 57000 people watched it.




Options available to you :

1- Loan Modification at Making Home Affordable , if this will not work for you , there is;

2- The Home Affordable Foreclosure Alternatives HAFA

3- Recently FHA launched a new program SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS .

And in California a new program Keep Your Home will start on November 1, 2010 and has different options.

If you if are in a situation where you have opt for a Short Sale on your property , then make sure you check with your Attorney and your Tax Accountant first , so that you do not get hit down the road with a Deficiency 1099 or Income Tax as a result of the Short Sale.

Always be wary of SCAMS they lurk everywhere and at all levels. Check the Loan Scams Alert to learn how to spot a scam.

To find out what your home is competing with in your city or neighborhood, visit my website where you can compare your home with listings in the Desert MLS .

Google to Fund Low Income Housing in Palm Springs

Google is providing $86 million for Low Income Housing, to fund 480 units in the Midwest & West Coast ,  and some of that is coming to Palm Springs . 

That means construction jobs and a boost to the local economy  and will provide affordable housing for low income home buyers in Palm Springs.

Since most people refer to the Coachella Valley as Palm Springs , we won't know until more details are available, if these units will be within the city limits of Palm Springs, or in other desert cities in the Coachella Valley. 

Any and all real estate developments are welcome in the Palm Springs area as they provide well needed jobs .

The money will be given to low income builders and developers in the form of tax credits , the program will be managed by  U.S. Bancorp Community Development

Corporation . 

For more details  read Francesca Levy's article .

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