Know how to handle a Owners' Association Disclosure and Addendum (for 2A-12-T) on a bank owned property? Check out this article from NCAR.
(Updated February 2010)
Foreclosures are still having a substantial impact on the U.S. housing market. However, programs by federal agencies (including the Homebuyer Tax Credit), as well as depressed prices have chipped away at foreclosure inventories. This field guide provides links and tips for those trying to prevent foreclosure as well as information for foreclosure investors. Also included is information on the government's Home Affordable Foreclosure Alternatives (HAFA). (D. Foligno, Project Specialist)
The U.S. government has expanded the Home Affordable Modification Program (HAMP) to include incentives for servicers offering options to eligible homeowners in default wishing to avoid foreclosure. The new program is called Home Affordable Foreclosure Alternatives (HAFA). The HAFA program is set to begin on April 5, 2010 and all HAFA agreements must be finalized and signed by December 31, 2012.
A Much-Needed Road Map, (REALTOR® Magazine Online, Feb. 2010).
NAR HAFA FAQs, (National Association of REALTORS®, Dec. 11, 2009).
Home Affordable Foreclosure Alternatives Program (HAFA), (NATIONAL ASSOCIATION of REALTORS®, Nov. 30, 2009).
HAFA forms and guidelines, (Making Homes Affordable, Nov. 30, 2009).
NAR's summary on the homeowner affordability and stability plan, (NATIONAL ASSOCIATION OF REALTORS®, Government Affairs).
$350K Home Bulldozed to Avoid Foreclosure, (CBS News, Feb. 23, 2010).
Should you ditch your house?, (CBS News, Feb. 16, 2010).
Battling back, builders work fast, cut prices, (Wall Street Journal, Feb. 3, 2010). Q
You lost your house - but you still have to pay, (CNN Money, Feb. 3, 2010).
Modified loans help housing market, (Wall Street Journal, Jan. 20, 2010). Q
1 in 4 mortgages 'underwater', (CNN Money, Nov. 24. 2009).
More than a third of homeowners in foreclosure suffer from major depression, Penn study shows, (University of Pennsylvania School of Medicine, Aug. 18, 2009).
Economy, housing woes slow migration, census shows, (Brookings Institution, Dec. 24, 2008).
Seven ways foreclosures impact communities, (NeighborWorks America, Aug. 2008).
As homeowners’ dreams die, he’s the undertaker, (New York Times, May 6, 2010).
Another foreclosure alternative, (New York Times, Feb. 24, 2010).
Debt-relief plan offered to distressed homeowners, (Wall Street Journal, Feb. 11, 2010). Q
Renters ‘Lost in the Shuffle’ in Anti-Foreclosure Efforts, (The Washington Independent, Nov. 20, 2009).
Pre-foreclosure FAQs, (HUD, Mar. 25, 2009).
Loan modification can stop the foreclosure crisis, (Wall Street Journal, Jan. 31, 2009). Q
Guide to avoiding foreclosure, (HUD, Jan. 15, 2009).
Forestalling foreclosure, (Time, Jan. 12, 2009). Q
The case for walking away, (Newsweek, Jan. 12, 2009). Q
12 tips for buying foreclosures at an auction, (MSN.com, Apr. 21, 2010).
To boost sales of foreclosures, FHA suspends anti-flipping rules, (Washington Post, Jan. 30, 2010).
House flipping makes a comeback, (Wall Street Journal, Dec. 8, 2009). Q
7 tips for buying foreclosures, (CNN Money,com, Nov. 19, 2009).
Finding your dream foreclosure, (MarketWatch.com, Sept. 29, 2009).
Condo Association to Buy Foreclosures, (REALTOR® Magazine, Aug. 10, 2009).
Foreclosures gaining buyer interest: inspect before you buy, (Realty Times; May 29, 2009).
9 tips for buying a foreclosure, (This Old House, Feb. 24, 2009).
Short-sale pre-foreclosure investing, (Realty Times, Jan. 22, 2009).
Buying a Fannie Mae home, (HomePath.com).
Freddie Mac "Foreclosure Scam 101" video
Freddie Mac "Foreclosure scams 101" video, (English & Spanish, Dec. 6, 2007).
Foreclosure assistance programs by state, (NATIONAL ASSOCIATION of REALTORS®).
Report to congress on the root causes of the foreclosure crisis, (HUD, Jan. 2010)
Landscapes of Foreclosure: The Foreclosure Crisis in Rural America, (Harvard JCHS, Nov. 2009)
Foreclosure rates by state, (Oct. 15, 2009).
A federal response to the secondary impacts of the foreclosure crisis, (Brookings Institution, Feb. 2009).
Where does your state rank?, (CNN Money, Mar. 5, 2009).
Foreclosure laws & procedures by state, (RealtyTrac.com).
Foreclosure FAQs, (HUD).
Foreclosures.com - Brief summary of foreclosure laws by state
Learn How to Avoid Foreclosure and Keep Your Home - NAR downloadable brochure
Federal Trade Commission - Mortgage payments sending you reeling? Here’s what to do
Renters in foreclosure toolkit, (National Low Income Housing Coalition).
Foreclosure prevention resource center - Home Loan Learning Center
CNN Calculator - Renovation calculator
Internal Revenue Service - IRS seized property auctions
RealtyTrac.com - Fee-based foreclosed property search
The following ebooks and digital audiobooks are available to NAR members:
42 Rules for Saving Your House From Foreclosure (Adobe eReader)
The Everything Guide to Buying Foreclosures (Adobe eReader)
Make money on foreclosures answer book (Adobe eReader)
Short-sale pre-foreclosure investing (Adobe eReader)
Buying Real Estate Foreclosures (Adobe eReader)
Goldmining in Foreclosure Properties (Adobe eReader)
How to Make Money on Foreclosures (Adobe eReader)
Make Money in Short Sale Foreclosures (Adobe eReader)
Quick Cash in Foreclosures (Adobe eReader)
BOOKS, VIDEOS, RESEARCH REPORTS & MORE
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Short-sale pre-foreclosure investing: how to buy "no-equity" properties directly from the bank--at huge discounts, (Chicago, IL: John Wiley & Sons, 2008). HG 4521 B43
Short sales and forclosures: What buyer's representatives need to know, (REBAC Course; 2009).
FIELD GUIDES & MORE
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The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
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In these uncertain times, NAR is here to help you succeed with the Right Tools, Right Now initiative, offering more than 300 educational products, publications, and services free or at cost. For more information, visit www.REALTOR.org/RightTools.