Based non ABC News, Senate leaders announced an agreement Wednesday on legislation to ease the slumping housing market and help millions of families threatened by foreclosure.

Here is the highlight of the proposed legislation plan by congress to help housing market:
1. $4 billion in grants to local governments to buy and refurbish foreclosed homes;
2. New authority for states to issue bonds to be used to refinance subprime mortgages;
3. A $7,000 tax credit for people buying new homes or properties in foreclosure.
4. A broader rewrite of the FHA that reduces down payments on FHA-insured loans and raises the dollar limit on mortgages that FHA can insure. Read more

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Foreclosure avalanche triggered by subprime mortgages started in 2007 will peak in 2008, based on the data from Credit Suisse via the IMF. Following chart from Credit Suisse via the IMF shows the heavy subprime resets in 2008. Number of home foreclosures will be down in 2009. However, the worst is still not over yet. Starting from 2010, home foreclosures due to the reset problems with Alt-A and Option Adjustable Rate Mortgage (ARM) loans will show up if there is nothing to be done.

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News Release from Fannie Mae. On Feb 27, 2008, Fannie Mae (FNM/NYSE) announced  that, as part of its HomeStayTM initiative to support its mortgage servicers as they provide at-risk borrowers with refinancing and loan workout assistance, it is offering a new option — HomeSaver AdvanceTM. 

HomeSaver Advance is designed to help qualified borrowers bring delinquent mortgages current and keep their homes. With HomeSaver Advance, servicers can now offer an unsecured, personal loan that will enable a qualified borrower to cure the payment default on a mortgage loan that Fannie Mae owns or has securitized, with fewer up-front costs and generally in less time.

"HomeSaver Advance will help Fannie Mae streamline its loss mitigation efforts and offer loan servicers a new way to cope with a delinquent loan," said Mike Quinn, Fannie Mae Senior Vice President for Single-Family Credit Risk Management. "Our research shows that most borrowers become delinquent because of a temporary life event or hardship. This loan can offer these borrowers another alternative, and help prevent a temporary setback from becoming a foreclosure."

HomeSaver Advance will provide Fannie Mae with an enhanced ability to manage credit risk and conserve capital during the housing downturn. Fannie Mae anticipates that HomeSaver Advance will reduce the number of delinquent mortgage loans it purchases from its mortgage-backed securities trusts and the fair value losses it would record in connection with those purchases. Read more

Fannie Mae Fannie Mae HomeSaver Advance Fannie Mae HomeSaver Advance Stop Foreclosure HomeSaver Advance stop foreclosure

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Download Free Example of Exclusive Seller Listing Agreement, click HERE.

Download Exclusive Seller Listing Agreement, click HERE.

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Exclusive Seller Listing Agreement Exclusive Seller Listing Agreement download listing agreement

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What is the income tax consequence for the borrower from a short sale or deed in lieu? This is a question frequently asked by borrowers facing foreclosure. Income tax may be imposed for a cancellation of a debt (“COD”) before Bush signed Foreclosure Tax Relief Bill into law.

Dec 20, 2007, President Bush signed Foreclosure Tax Relief Bill into law. The bill provides tax relief for homeowners facing foreclosure or bankruptcy. The bill eliminates federal taxes due from homeowners who have had mortgage debt forgiven as part of a foreclosure or the renegotiation of a loan. Before this law becomes effective, such debt forgiveness had been treated as taxable income. If your home is a primary residence, you will be covered by this law now. Read more

deed in lieu tax foreclosure tax foreclosure tax consequence income tax short sale tax tax consequence foreclosure

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Have you ever seen homes for sale at such price? How do they look like? Following is a list of the world’s most expensive homes for sale.

1. 4 bed 2 bath $81,000,000, HIGHWOOD RD, WEST ORANGE, NJ, 07052

2. 4 beds, 3 baths, 3,414 sqft $78,090,000 3041 ANDANA STREET, CORONA, CA, 92883, USA

3. 29 beds, 11,400 sqft $74,500,000 Moscow, Russia

4. 20,608 sqft $65,000,000 2845 Broadway St. , San Francisco, CA, 94115, USA

5. 9 beds, 11 baths, $65,000,000 382 South Beach Road, Jupiter Island, FL, 33455, USA

6. 3 beds, 4.5 baths $52,500,000 734 CANAAN VALLEY RD, SUCHES, GA, 30572, USA

7. 11 beds, 8 baths, 12,562 sqft $39,500,000 Greenwich, CT, 06830, USA

8. 7 beds, 8 baths $37,900,000 Beachside Ave, Westport, CT, 06880, United States

9. 11 beds, 9 baths $30,000,000 Bridgehampton, NY 11932, USA

10. 10 beds, 5 baths $29,000,000 Town Farm Road, LITCHFIELD, CT, 06759, USA

11. beds, 2 baths, 1,400 sqft West Palm Beach, FL 33403, USA

12. 4 beds, 4.5 baths $27,100,000 Bahamas

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The Bush administration Tuesday announced an expanded plan for lenders to help homeowners by temporarily suspending foreclosures for people facing the imminent loss of a home.The plan, called Project Lifeline, will allow overdue homeowners to suspend foreclosures for 30 days while they try to work out more affordable terms with lenders. Read more

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There are many good videos online giving tips to help you to sell your home fast. Here are some top videos on how to sell your home fast and get top dollars. Following videos giving tips on preparing home for sale, home staging, remodeling, hiring agent, marketing and many more….  

1. How to Stage Your Home 

a. Prepare You Home for Sale: Home Staging

See national television designer Martin Amado stage a home for EWM Realtor  Read more

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Here is a list of most frequently used real estate forms for home sellers. Those forms are the real estate example forms used in the state of Georgia. Because the real estate laws vary from state by state, you should use the real estate forms that are created specifically fitting into the real estate laws in your individual state. Here, I post those real estate forms just for the examples.

If you are selling your home with a real estate agent, your real estate agent will be able to get those forms for you. If you are selling your home for sale by owner, then you can eighter get your forms from a real estate agent friend from your state or buy the forms online. I also list those free example for your here and also the links that you can buy real estate forms online.

Links to download real estate forms (real estate example forms for Georgia):

1. Exclusive Seller Listing Agreement.

2. Non-exclusive Seller Listing Agreement.

3. Purchase and Sale Agreement.

4. Special Stipulations.

5. Counteroffer.

6. Earnest Money Held by Seller.

7. Seller's Property Disclosure Statement.

8. Lease Agreement (Not for lease option)

9. Lease Agreement for Lease Option or Lease Purchase

10. Lease Purchase Agreement

11. Option Agreement

To order real estate forms online, you can click following links.

Real Estate Contract Package for All 50 States

Real Estate Transactions: Statutes, Forms and Problems Supplement

Georgia Real Estate Forms With Updates: Practice

Real Estate Forms Simplified

Real Estate Forms Library: More Than 100 Essential Forms For, buying and selling property, Leasing residential property and managing tenants

California Real Estate Click Forms

Texas Commercial Real Estate Forms

Minnesota Legal Forms: Residential Real Estate 1998, Issue 14 : September 1998

Essential Guide to Real Estate Leases: With Forms

Virginia Forms Volume 3: Criminal Procedure Real Estate Tran

Related links:

Tools for selling home

Free short sale listing services

Flat fee listing services

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For every federally related mortgage transaction, a HUD-1 Form must be filed. The HUD-1 Form lists a complete accounting of the purchase transactions. Below you will find a complete explanation of the HUD-1 Form along with a downloadable version of the form. Click this link to download the HUD 1 Form. 

http://170.97.67.13/offices/adm/hudclips/forms/files/1.pdf 

Calculating the Amount Borrower Needs at Settlement  

The first page of the HUD-1 Settlement Statement summarizes all the costs and adjustments for the borrower and seller. Section J is the summary of the borrower’s transaction and Section K is the summary of the seller’s side of the transaction. You may receive a copy of the seller’s side, but it is not required.

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