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california: Homeowners Delinquent on their Mortgage Payments - 07/14/08 10:19 PM
Due to my extensive lending background, I have received numerous phone calls from homeowners who are delinquent on their mortgage payments asking for advice.  As a result of these calls I have learned the unfortunate truth that many homeowners wait too long to determine their options, the end result being a short-sale or foreclosure.
The first thing you should review is the underlying cause of the delinquent payments.  If it is due to a temporary change in circumstances, you should contact you mortgage lender and ask for a Forbearance Plan.  Forbearance is when the lender agrees to temporarily reduce or suspend … (5 comments)

california: FREE Water Conservation devices from Contra Costra Water District - 06/27/08 03:45 PM
Water Conservation Tips:
· Now is a good time to add 2”-3” of mulch to shrub and flower beds.  Mulch not only reduces weeds but also reduces water evaporation by up to 70%.
 · Sweep your driveway clean versus hosing it down with water.
 · Wash only full loads of laundry.
 · Install low-flow shower and faucet heads (available for FREE—see below).
 · Change habits.  Turn off the tap while brushing your teeth and shaving.
 · Check your toilet and sinks for leaks.  Leaks could waste thousands of gallons of water per month.
 · Don’t use your toilet as a wastebasket.  You could be wasting 7 gallons of … (0 comments)

california: Mortgage Debt Relief Act of 2007 – Who does it help? - 01/22/08 06:36 PM
The Mortgage Debt Relief Act of 2007 will save some homeowners facing short-sales or foreclosures from paying federal taxes on the forgiven debt.   There are very specific requirements:
The mortgage is for the homeowners principal residence.  The relief does not apply to any debt forgiveness for any vacation or investment home.
Forgiveness is only for the "acquisition indebtedness" of the principal residence.  Acquisition Indebtedness is defined as "the debt used to acquire, construct or rehabilitate the home". 
No relief is available for cash-out mortgages whether the cash-out takes the form of a refinanced first mortgage, a second mortgage, a home equity line of credit … (2 comments)

california: Buy Now or Wait? - 12/28/07 01:01 PM
The question on every prospective buyer's mind is, "Should I buy now or wait?"
There are five variables that must be considered to accurately answer this question:
- Specific market area- Intended length of ownership- Interest rates- Mortgage qualifying guidelines- Availability of Seller Credits toward the buyer's financing costs
Specific market area:While it is true that the average home value has dropped nationally, there are markets where home prices continue to appreciate.  Real estate is extremely market specific with price stability affected by multiple factors such as location, access to public transportation (gas prices have made commuting an expensive option), distance to amenities, … (13 comments)

california: Staging....for Curb Appeal - 09/24/07 05:24 PM
Am I the only one who recognizes that yards rarely match homes?  This may be fine as a home owner, but as a home seller this creates a negative first impression in a buyer's mind.
I must confess that I have been the biggest offender of the "Yard Doesn't Match The Home" group.  It was a long standing joke in my family that my house was the Plant Cemetary - in other words, plants went to my house to die - so I have complete empathy for others lacking a green thumb, talent or time to devote to their yards.  In fact, when I sold my previous two homes I didn't care that my … (5 comments)

california: Concord, California First Time Home Buyer Program - 09/24/07 04:09 PM
The city of Concord, California in Contra Costa County offers up to $25,000 to first time home buyers as a 0% interest, 45 year loan with no repayment until tce home is sold or at the end of 45 years.  The dollar amount of the loan is determined by the annual household income of the first time buyers. 
If the annual household income is at or below 100% of the Median Income for the area, the first time home buyer can received 20% of the sales price up to $25,000.
100% of Median Income by Household Size is:
1 = $58,7002 = $67,0003 = $74,5004 = $83,8005 = … (1 comments)