The Queen Of HUD

Short Sale Inspection Period

Evette Cecena, the Queen of HUD — Sun, 28 Nov 2010 06:48:13 +0000

When working with an agent on a short sale be aware of when the inspection period begins. It has been a debate amongst real estate professionals that could cause problems for you. Generally, an inspection period begins when the seller and buyer sign off on a purchase contract. The AAR short sale addendum states that [...]

How to buy Government Foreclosures

Evette Cecena, the Queen of HUD — Sat, 27 Nov 2010 11:15:03 +0000

Anyone can by government foreclosures in Arizona (otherwise known as HUD homes). What are HUD homes? The U.S. Department of Housing and Urban Development (HUD), becomes the property owner of 1 to 4 unit residential property with FHA-insured mortgages to recover losses on foreclosure claims. When a home with an FHA loan (meaning the loan was [...]

Home Buyer Incentives

Evette Cecena, the Queen of HUD — Tue, 02 Nov 2010 08:24:22 +0000

If you haven’t heard, Fannie Mae is currently offering seller assistance incentives. The incentive is expanded to real estate agents as well. Qualified homebuyers who will be owner-occupants can receive up to 3.5 percent of the final sales price toward closing cost assistance, including a home warranty, if desired and available. In addition, selling agents [...]

Is Your Home Inspector Licensed?

Evette Cecena, the Queen of HUD — Thu, 21 Oct 2010 23:10:32 +0000

I’ve been so busy that I have neglected my beloved blog lately. Well I’ve updated it for everyone and I hope you like the new look and easy to follow navigation. One thing I want to share with everyone today is the value of a home inspection by a licensed home inspector. I recently learned [...]

Does My Lender Have to Modify My Loan?

Evette Cecena, the Queen of HUD — Mon, 13 Sep 2010 04:49:46 +0000

If you are one of the thousands of Americans trying to avoid foreclosure you may find this piece worth reading. It’s not easy to avoid foreclosure, but it can be done. You own your home until the trustee sale and can try for a loan modification or short sale until then. Lenders are not obligated [...]

What Effect Will SB1070 Have on the Housing Market?

Evette Cecena, the Queen of HUD — Tue, 07 Sep 2010 17:32:56 +0000

Yes, I know, I know… talking politics is not the in thing, but oh well. Regardless, his has to do with Arizona real estate, so if you don’t agree then feel free to comment. Be tactful, of course. Real estate in Arizona is indirectly affected by legislation. New legislation has the power to turn the [...]

Does Arizona Anti-Deficiency Statute Help Investors Too?

Evette Cecena, the Queen of HUD — Fri, 13 Aug 2010 21:51:33 +0000

Arizona real estate investors often wonder if they are protected by Arizona’s anti-deficiency statutes. On the other hand, Arizona homeowners, wonder why investors are protected. Although we often think of real estate investors as rich guys, that buy up a bunch of homes and rent them out or flip them, this is not usually the [...]

Is Deed-In-Lieu of Foreclosure as Bad as a Foreclosure?

Evette Cecena, the Queen of HUD — Sat, 24 Jul 2010 06:55:39 +0000

DEED-IN-LIEU One question that I am often asked: Is Deed in Lieu as bad as foreclosure? First, allow me to explain what a deed-in-lieu of foreclosure is. What is deed-in-lieu? The Borrower transfers ownership VOLUNTARILY to the Lender to satisfy a loan that is in default. It is a common misconception that DIL is just [...]

Change in Arizona Trustee Sale Law You Need to Know

Evette Cecena, the Queen of HUD — Sun, 18 Jul 2010 22:57:08 +0000

The new Arizona Foreclosure law, House Bill 2626, applies to lenders using the trustee sale to recover the house given as collateral for the loan. The law takes effect on July 30, 2010. Lenders holding first lien deeds of trust recorded from January 1, 2003 to December 31, 2008 will be required to attempt to contact borrowers [...]

Not so fast renters, You have rights too

Evette Cecena, the Queen of HUD — Sat, 17 Jul 2010 04:48:21 +0000

I often get calls from renters who say they need to find a place immediately due to a trustee sale notice being placed on the door of the home they have been renting. Fact is that tenants rights have come a long way in Arizona and you are now protected from such things. Bona Fide Tenancies Survive Foreclosure For At [...]