Senate Clears Homebuyer Tax Credit Extension; May Pass as Early as This Week

Time to get ready to buy your new home and take advantage of this tax credit! My credit client’s the Sanchez we got their credit scores to over 700! Now they  are ready to buy a house!

If you like to find out more about this tax credit fill out the contact form above!

Your friend,
Carlos Samaniego

Posted By susanne On November 4, 2009 @ 5:36 pm In Home Buying 101, Homeowner’s Toolkit, Real Estate, Today’s Marketplace, Today’s Top Story, Today’s Top Story – Consumer | Comments Disabled

senate_1105 [1]RISMEDIA, November 5, 2009—After two weeks of delay, the Senate cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.

The homebuyer tax credit, due to expire at the end of November Continue reading “Senate Clears Homebuyer Tax Credit Extension; May Pass as Early as This Week”

Paranormal Activity Was Crazy!

Last night, I was Grandma, house visiting, she asked if, Liz and I wanted to go out for little bit. So we decided at last minute to go see, Paranormal Activity!

We heard all the crazy news, about how scary this movie was!

Well, the first hour was pretty boring, and was getting even little “Blair Witch” sick! You know the shaky camera syndrome!

But the last half hour was worth the price of admission!

It’s worth seeing with a group of people though!

Check out the trailer!

Filing Bankruptcy Get’s Harder November 1, 2009

So its been a hell of year, maybe lost your job or your spouse lost their job. Unemploment is barely enough to pay for groceries, and of course credit card companies have cut their credit lines.
So you gotten behind on your credit cards, behind on your mortgage, maybe even lost your home to foreclosure.

And you been considering foreclosure! Well, the new income limits go into effect November 1 and it could make bankruptcy alot harder for many people.  Gerri Detweiler – Personal finance author and Credit Advisor for Credit.com, just wrote this great article that explains what has happened.

If you are considering bankruptcy or would like a personal recomendation in California, Wisconsin, Colorado or Illinois.  Contact our offices (909)742-9699 leave me a message or email me.

Your friend
Carlos Samaniego

 

Lower Incomes Make It Harder For Some to Wipe Out Debts Starting Nov. 1

If you’ve been considering bankruptcy, you may need to talk with a bankruptcy attorney now. In an ironic twist, the nation’s economic woes will make it harder for debtors in some (not all) states to wipe out debts in bankruptcy come November 1, 2009. Here’s why:

Bankruptcy law was reformed in 2005, largely as the result of an industry-led effort to make it harder for people to eliminate unsecured debt by filing what’s sometimes referred to as a “straight” Chapter 7 bankruptcy case. The purported goal was to make it harder for people to “abuse” the bankruptcy system and force them into a Chapter 13 repayment plan where they would have to pay back at least some of their debts. 

The “means test” was the method devised to achieve this goal. It is a complicated formula that starts with the state median income for families of a similar size. Unfortunately, because so many people are out of work or earning less, state median incomes have dropped in many places. That means more people may be subjected to the means test. And depending on the results of that calculation, they may find themselves forced into Chapter 13, or just out of luck.

The new income figures go into effect November 1, 2009. If you are curious what’s happened in your state, you can look at the before and after figures.

Warning! Do NOT look at these charts and try to determine for yourself whether you can or cannot file Chapter 7. You need a bankruptcy attorney for that. Some consumers have successfully filed Chapter 7 with incomes that are double the state median figure.

What I DO want you to do is get the help you need. If you’ve been hanging on and avoiding this difficult discussion, talk with an attorney before your problems get worse. The consultation is free and confidential, and the attorney can help you figure out what your options are – whether you decide to file or not.

Gerri Detweiler – Personal finance author and Credit Advisor for Credit.com

Credit Score: Forclosure or Short Sale?

During my last Credit Workshop, I was asked what is better for you a short sale or Forclosure. Well they are both bad, and whether you have a short sale or foreclosure, contrary to popoluar opinion you can get a FHA loan approval 36 months after short sale as been completed or forclosure has been settle.

With Short sales you know that the minute the deed has been transfered out of your name. With foreclosure that can be a little tricky. Because once you lost your home in foreclosure, it can take months, and sometimes years, if property is not sold right away. It’s 36 months after foreclosure has been settled.

Well, the other day, one of my personal mentors and coachs, John Ulzehimer, one of the developers of the FICO scoring model wrote this brief article about the effect of forclosure and short sales on your FICO scores!

“How will your FICO score consider a foreclosure?

There’s no denying that foreclosures are considered a very negative  event by your FICO score. With that said, it’s a common misconception that a foreclosure will make it impossible to rebuild your credit. In fact, if you keep all of your other credit obligations in good
standing, there’s a good chance that your FICO score could begin to rebound in just 2 years. Try to pay your auto loans, credit cards and any other credit obligations on time to limit the effect of this foreclosure.
Are other options better for my credit standing? Recently, several alternatives to foreclosure have become popular –  some of these include “short sales” and “deeds-in-lieu of foreclosure”. These may be viable options for you, and you should definitely do research to determine if these options make sense for your situation. However, as far as your FICO score in concerned, there is no difference between foreclosures and short sales or deeds-in-lieu of foreclosures. Each of these actions is considered an account that was “not paid as agreed”, and will have the same impact to your FICO score. I’ve got your back!!!  And remember, I helped build the darn thing!!!” – John Ulzehimer

Hope that helps you,

Carlos Samaniego
(909)512-6418

Loan Modification Companies Do Not Work

I have been getting once call after another, “Carlos, I need to get a loan modification, should I use company X? How about a Forensic Audit?”

I was seeing loan modifications work on a about 12-18 months ago, however, it is more a rarity, now days! Instead it seems like everyone is doing loan modifications for the consumer, but very few are getting done!

If you cannot, afford your monthly mortgage or know you will not be able to afford it soon here is the Step-by-Step action I would take if it was my mom!

1. CALL YOUR LENDER and let them know what is going on, believe it or not they will help if they can!

2. Once you call your lender then step 2, sit down with your family and have a heart-to-heart conversation, can we really afford this house? Is this the house we plan on living in for long term(do you need to upgrade, downsize, bad neighborhood). I know this is difficult conversation,  but you must have it. I had same conversation with my family.

3. If you want to keep your property, call your local HUD counselor 1-800-995-HOPE, they will help you do loan modification for free, if you qualify for loan modifications. Visit the http://www.makinghomeaffordable.com

4. If you are behind on your mortgage complete above steps as well, also contact your family attorney that specializes in real estate. You need to understand a foreclosure is basically a lawsuit against you, you will be getting mountain full of legal documents from your lender, title company, foreclosure trustee, you want an expert to help you with this paperwork.  If you do not have family attorney, or funds to hire law firm, consider getting a PrePaidLegal Membership for as little as $26 a month you can start speaking to a real estate attorney who will help you understand everything that is going on and look over your documentation. Best of all he is not trying to earn $1000’s of dollars from you….

To get a PrePaid Legal membership go to Click her PrePaidLegal Membership or Call Liz she can explain (909)510-6410

5. If you feel you cannot stay in your home, or do not want to stay in your home, hire a Professional Real Estate Agent that specializes in Short Selling or Foreclosures, trust me you do not want the wrong one, Call me (909)742-9699 or email me for my personal recommendation.

I hope this helps you,

Carlos Samaniego