On Saturday, March 20, 2010 from 10am to 4pm, the Arizona State Escrow Association in conjunction with the Better Business Bureau, Arizona Department of Financial Institutions and the Arizona Mortgage Lenders’ Association will host the Homeowners’ Survival Event at the Steele Indian School Park / Memorial Hall at 300 East Indian School Road, Phoenix, AZ 85012. Attendance at this community assistance event is FREE. Throughout the day there will be mini sessions on adjustable rate loans, foreclosure/homeowner eviction, short sales, scams, tax implications and second mortgages/credit impact. Attendees who would like to meet with a counselor from Take Charge America are encouraged to bring copies of their current loan documents, e.g., Note, Truth-in-Lending Statement, etc. For more information click here

The Real Estate Settlement Procedures Act, also know as RESPA is a consumer statute that was first passed in 1974.  The main objective was to help consumers become better shoppers for closing services.  Also it was passed to remove or eliminate kickbacks and referral fees that were often passed onto the consumer on their settlement statements.

RESPA requires certain disclosures be made to the borrowers.  Over the years the Department of Housing and Urban Development (HUD) has issued regulations and policy statements to provide RESPA guidance to the real estate industry and consumers.

A new rule issued in November of 2008 by HUD was to “To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs.”

As of January 1, 2010 the new rule mandates the use of a new Good Faith Estimate (GFE) and HUD-1.

To learn more about the new GFE and HUD-1 changes, be sure to watch the video.

Common RESPA Questions:

Is a GFE a loan commitment? The Good Faith Estimate (GFE) is an estimate of the total charges associated with obtaining a loan. Showing both charges of regardless of who is paying for the charges.  Lenders are bound to the charges quoted on the GFE for 1o days, unless a valid changed circurmstances arises.

Can a Loan Originator collect upfront fees? An applicant must receive his or her initial disclosures before upfront fees are collected.  The only exception is for a credit report fee which can be collected at the time of the application.

Does RESPA Reform apply to all loan types? No. It applies to all open-end and closed-end loans but does not apply to home equity lines of credit.

More Frequent Questions and Answers

RESPA General Rule Booklet

I’ve had many calls as of late from prospective sellers/clients and friends wanting more information on what are their options when they are struggling and only weeks away from losing their home!

I have received several calls from frustrated homeowners that are either embarrassed or overwhelmed, angry or all of the above and it appears these emotions have one side effect on them, frozen-itis. Can you blame them?

I know the feeling all too well when things get lean and financially tight I want to crawl under a rug and forget the world is revolving. We all do!

Don’t Give Up, There are Options!

There are options for every situation, depending on where you are at with your finances, hardships and lean days!

Don’t give up hope, find the strength to reach out to either some organization or professional, attorney or someone that can guide you in the right direction. The one thing that will hurt or hinder your situation is to hide under a rock as if nothing is wrong. I know this is saying a lot but somehow, someway you have to find the strength! I know this doesn’t sound like the best advice and even might contradict your current feelings but reaching out to others you just might find that they understand!

Sometimes Patience Is A Virtue!

I’ve had clients call me with total frustrations with wanting to give up and not deal with loan modifications and throw their hands up in the air and want to walk away, I say, “hang in there.” Just this past month a little gal with her first time home purchase (she bought high two years ago) and was struggling with her mortgage payment rising to an all time high and she was overwhelmed. She had had enough. She kept petitioning to her bank and supplying all that they demanded and it just seemed they weren’t listening and she came to me to list her home and hang in the towel.

The day I was going to list her property, the bank that had previously turned her down had agreed to modifiy her loan, her payments almost dropped in half!! I’m so happy for her and appreciate her patience’s! I know it wasn’t easy for her, but I know there is a brightness around her now! There is HOPE!

Beware of the Bad Ones!

For those of you that are seeking alternatives, please keep in mind there is good and bad in everything! There are foreclosure scammers that want to take advantage of you and hurt you while you are vulnerable and down. Be sure to check all the credentials of any entity that approaches you to help you in her dire situation.

There are attorneys and professionals that are legit and will be able to provide any kind of proof if they are not scammers. Ask around, ask your friends, neighbors if they know of someone that they have worked with. You might find this alarming but I would bet at least every third house in your neighborhood is experiencing the same thing you are.

NID-Housing Counseling Agency

Here is a great article that a local lender, Ted Canto, a Senior Loan Officer with Academy Mortgage shared a great tip for those seeking some kind of help, best of all it’s FREE.

There is a HUD Sponsored “Not for Profit” Agency that dedicates their time and efforts to assisting homeowners on their loan modification for “FREE”.

Who, what, where and how?

NID-Housing Counseling Agency (NID-HCA), program is designed to offer the myriad of housing related issues to our clients, nationwide. The function of the agency is to provide housing related counseling to all persons/entities with housing needs, FREE OF CHARGE. The agency is staffed by a network of fully training counselors/real estate professionals with extensive multi-choice knowledge of the real estate industry, in general and within their areas, specifically. The agency also has an extensive referral system for all of your real estate related needs.

They offer counseling to consumers, as well as non-profits, public agencies and faith-based organizations in each of the following areas:

• Default/Foreclosure (loss mitigation)
• Delinquency/Default Counseling
• Predatory Lending Counseling

Be sure to read the entire article by Ted and get the information on how to contact the NID-Housing Counseling Agency and learn more about the program, this might be the right option for you.

Shamrock Estates in Gilbert, Arizona is located on the corner of Chandler Heights Rd and Higley Rd in south Gilbert. Shamrock Estates community began development and home construction in 2006 by Taylor Woodrow and Element Homes.

Homes in Shamrock Estates range from 1200 square foot ranch style homes , to multi-level homes with the largest home almost 5,000 square feet of luxury living space. Convenient small shopping centers and restaurants are within a few miles of the Shamrock Estates community. Close access to the Loop 202 freeway, shopping and entertainment can be found within a few miles north to Gilbert’s newest mall, San Tan Village Mall.

2730 E Flower Court, Gilbert, AZ 85298 (MLS # 4324774)

**WOW** Stunningly beautiful! Popular TW floorplan includes huge loft AND bonus/media room for lots of entertaining! Awesome kitchen with granite and 42in cabinets, custom plantation shutters thru/out entire home! 20 in neutral tile*Fabulous diving pool/bbq/firepit in b/yard! Call agent for complete list of upgrades! Clean and pride of ownership throughout! Drapes in F/R do not convey. ** Investors special- Seller would like to lease back ** call Listing agent for details No pets no smoking IMMACULATE!!! Short Sale Lender Approval Required.

Property Type(s): Single Family - Detached, Residential

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with HomeSmart

(view all details for MLS # 4324774)

Papago Parkway is located along the Scottsdale Road corridor south of McDowell.  It is the sister community to New Papago Parkway.  Papago Parkway Homes started being built in the late 1950’s and average around 1,500 square feet.  This community has over 1,000 homes making it one of south Scottsdale’s largest communities.

7513 E Fillmore Street, Scottsdale, AZ 85257 (MLS # 4313665)

IN THE HEART OF SCOTTSDALE AND NEW ON THE MARKET. THIS HOUSE HAS BEEN BRAND NEW REMODELED INSIDE AND OUT,,,ALL HARDWOOD AND TILED FLOORS,FRESHLY PAINTED NEUTRAL COLORED WALLS,,THE KITCHEN HAS A BRAND NEW CABINETS AND GRANITE COUNTERTOPS, WITH ALL THE APPLIANCES,,,BOTH BATHROOMS HAVE GRANITE COUNTERTOPS,WITH VERY NICE DESIGNED WALLS,SEE THROUGH SLIDING SHOWER DOORS,,,THE BACK YARD IS FAIRLY LARGE WITH BEAUTIFUL LANDSCAPING, MOST OF IT IS COVERED WITH TILES AND DESERT STONES,,,BRAND NEW BLOCK-FENCING AROUND THE WHOLE BACKYARD WITH A DOOR TO THE ALLEY.

Property Type(s): Single Family - Detached, Residential

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with HomeSmart

(view all details for MLS # 4313665)

Rancho Bella Vista located in Queen Creek (also know as San Tan Valley) offers homeowners a view of the San Tan, Goldmine and Superstition Mountains.  Local parks, golf courses and other local amenities plus low-cost housing make this the perfect place to make home. San Tan Valley (formerly known as Queen Creek, AZ)  offers a desert landscape back drop that will provide serenity and take your breath away with amazing Arizona sunrises and sunsets.  As a rapidly-growing suburb of the Phoenix metro area, conveniently located 55 minutes from Phoenix Sky Harbor Airport and 30 minutes from Gateway Airport in Mesa, AZ.  Whether  buying a real estate in Queen Creek or San Tan Valley to reside in all year round, investment property or vacation home, there is plenty to do in San Tan Valley and  Queen Creek,  Arizona all throughout the year.

30555 N Gunderson Drive, San Tan Valley, AZ 85143 (MLS # 4318648)

**** Owner occupied Financed buyers are eligible for 3.5% of purchase price towards closing costs and/or select Whirlpool appliances. contact listing agent for details! **** property must close by 5/1/2010. This is a Fannie Mae HomePath property. Purchase this property for as little as 3% down! This property is approved for HomePath Mortgage and HomePath renovation Mortgage financing . Please contact listing agent for more information. See documents tab for flyer. Huge Home on View lot!! 4 big bedrooms and oversized loft. 2 sided staircase makes a nice formal entry.First floor has Living room, Family room and Den. Second level has loft and all bedrooms. Lots of living area!

Property Type(s): Single Family - Detached, Residential

Price History

Schools

Additional Details

Features

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with HomeSmart

(view all details for MLS # 4318648)

Springfield Lakes at Solera is a gated Adult Community in Chandler, Arizona.  A Del Webb community built by Pulte Homes completed in approximately 2005.  The Gated Community of Springfield Lakes at Solera consists of 1150 homes ranging from 1100 – 2400 square foot.  Overlooking the San Tan Mountains and the Lone Tree Golf Course and Golf Club in Chandler, Arizona.

These beautiful homes start at 1100sf to 2400 sf.  The build-out was completed in 2005. Homeowners in this Active Adult community provides fun for everyone such as swimming pools, tennis courts, Bocce Ball, shuffle board, horseshoes, exercise room, arts & crafts, computer center, card room, billiard room and ballroom for a variety of interests for anyone!

3140 E County Down Drive, Chandler, AZ 85249 (MLS # 4312289)

Exclusive Solera community! Perfect for age 55 + adults looking for an active lifestyle in a gated, Golf community. Must see the recreation pavilion complete with a fitness facility, tennis courts, resort style swimming pool, banquet facilities and much more. HOA fee includes cable and gatehouse personal! One step inside this model sharp home and you'll appreciate the many upgrades. 42''Cabinets w/ slide out shelves @ base. Corian countertops, custom paint & window treatments, neutral 18'' ceramic tile floors on the diagonal and upgraded carpet in mint condition. Built-in ent. wall w/ custom lighting, flagstone patio with entertainment area, built-in BBQ, rock water feature and stunning green belt view. Energy efficient, dual pane Low E windows. 4' ext.garage w/ epoxy. 2 x 6 construction

Property Type(s): Single Family - Detached, Residential

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with HomeSmart

(view all details for MLS # 4312289)

Oasis at Anozira community is located at the northeast corner of Elliot Road & McClintock (one mile from Loop 101) in Tempe, Arizona.  Oasis at Anozira boasts a 6.5 acre catch and release lake with sidewalks, parks and mature landscaping for anyone’s enjoyment.  Oasis at Anozira home builders included Blandford Homes, Fulton Homes and Hancock Communities.  Oasis at Anozira homes ranged from 1600 – 2400 square foot, with 387 lots total with a community spanning over 170 acres.

1974 E Todd Drive, Tempe, AZ 85283 (MLS # 4324506)

4 bedroom 2.75 bath home! Great Community. Formal living room and dining room. Family room with fireplace off the large kitchen. Spa and BBQ out back!

Property Type(s): Single Family - Detached, Residential

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with RE/MAX Integrity REALTORS

(view all details for MLS # 4324506)