Transition Assistance Program (T.A.P)

At the Fresno sales meeting this morning we shared with everyone a California cash for keys type program that came out this year to help homeowners with their relocation expenses when they go through a Short Sale or a deed-in-lieu of foreclosure. It is the Transition Assistance Program (T.A.P) which is one of several Keep Your Home Californiafederally funded programs intended to provide eligible homeowners with transition assistance when they can't afford to stay in their homes. The details are attached but basically here is what they say:

1. Up to $5,000 per household in household assistance (cash for keys).
2. This is a first come-first serve program and will continue up to three years or until funding is fully reserved--the reserve is $32,300,000 for this federally-funded program (thank you taxpayers).
3. Homeowners will be required to occupy and maintain the property until the home is sold or returned to the lender as negotiated--it is only for owner-occupied properties.
4. Homeowner must complete and sign a Hardship Affidavit/3rd Party Authorization documenting the reason for the hardship.
5. Mortgage loan is delinquent or at risk of imminent default--loans in foreclosure are eligible.
6. Homeowners who own other real property are not eligible　 (they may be concerned about strategic defaults.).
7. Homeowner must qualify as a low-to-moderate income household which they define as 120% or less of the　H.C.D. (Housing and Community Development) Area Median Income for a family of four in the county where the homeowner resides (go to www.hcd.ca.gov/hpd/hrc/rep/state/incNote.html) . They apparently have not yet published the 2011 stats but what shows as the Area Median Income in 2010 for Fresno County and Merced counties for a family of four is $56,300 and $59,500 for Stanislaus County. So 120% of $56,300 is $67,560 which would be the maximum household income for Fresno and Merced counties.
8. The money doesn't go directly to the homeowners but rather　it is　sent to the loan servicer subject to the servicer approval of the short sale or deed-in-lieu.
9. To start the process, Homeowners simply need to go to their website of www.keepyourhomecalifornia.com/qualify.aspx and answer six questions (see attached print out page of those questions). Someone will analyze their answers and will then be directed to "Next Steps" for the Keep Your Home California program or to other options for additional help.

Hope that we will be able to help some of our Short Sale sellers to make the transition to their next household with these available funds for qualifying households.
Patrick

CA Income Limits for 2010 

T.A.P. Transition Assistance Program 

2011 National Top Broker Report

Here it is!

The 2011 National Top Broker Report is out and congratulations!!!  Out of nearly 300,000 real estate brokerages in America, London Properties ranks 82^nd (based on number of transactions sold)!  This is a real testament to your hard work and all the wonderful things we are doing to serve our clientele. 

Great Job – and remember to use this report.  It can be a great listing tool and that last thing that separates you from your competition.  By the way, our closest competitor in the Central Valley was outside the top 100 by nearly 20 positions! 

Take a bow, you did great!  Let’s go get ‘em again!

Cheers

Click Here For: 2011 Top Broker Report