Celhomes.com - Real Estate Professionals

If you’re facing the prospect of foreclosure it can be overwhelming, but less so if you know your other options. Homeowners with distressed loans often ignore their alternatives to foreclosure until it’s too late. Don’t make that mistake. Consider your other options right away. The more time you have before you lose your home through foreclosure. Checkout our Alternatives to Foreclosure down load. We are always ready with a no obligation consultation.
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SB 1178 (Corbett) Anti-Deficiency Protections - Anti-Deficiency rules protect a borrower from personal liability on a purchase money mortgage which goes into default and eventually Judicial foreclosure. Due in part to declining interest rates, many purchase money mortgages have been refinanced and have lost their characterization as "purchase money". Homeowners were not informed by the lender that when they refinanced they lost their legal protections and may be personally liable for the difference between the value of the foreclosed property and the amount of the loan. C.A.R. sponsored SB 1178 attempted to extend borrowers’ anti-deficiency protections to refinanced purchase money mortgages. This bill originally would have extended borrowers’ anti-deficiency protections to cover the refinance of purchase money mortgages that included cash out used to substantially improve the property, but was amended to apply only to the refinance of purchase money mortgage with no cash out. The lending industry was strongly opposed. Status: Vetoed by the Governor on September 30, 2010

Fannie Mae recently launched WaysHome, a free, interactive multi-media tool designed to educate homeowners about their options to avoid foreclosure, empower them to make informed decisions, and motivate them to take action and seek help in 2011. As part of Fannie Mae’s “Know Your Options” initiative to help struggling homeowners, the WaysHome video uses innovative technology to allow homeowners to put themselves in real-life situations, make informed choices, and immediately see the outcomes of those actions. WaysHome is available at www.KnowYourOptions.com.