RED ALERT: Mortgage Tax & HERO/PACE Program Updates

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Here are some of the latest updates regarding various programs, straight from Paul Herrera, the Inland Valley Association of Realtors Legislative Chair.  More informations can be found atWEREP.org.  The following info was from a session on 10/23/2015.

 PACE/ HERO Program

This program is creating havoc on transactions across the country.  IVAR and several other boards have been collaborating together to find guidelines that will help consumers and transferability to new owners and or in the process of refinances. 

There are requests for CFPB to regulate PACE/ HERO programs.

Currently, not much has changed in current procedures, however, they must change. 

Per Paul, there have been great improvements in the response time, and abilities to amend the program. It is our hope that FHA & FAHA have stronger guidelines to make sure this program is not abused.

More sub-ordinations are being issued than before, but it is still case by case. 

Paul has requested if you are having issues, please be sure to reach out to him and he will do everything in his power to help!

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