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lending: If you want a Headache, read FHA New Letters re Home Loan & Mortgage Approvals at Condo Associations - 11/22/09 05:06 PM
This will make it easy for you to get a headache when reading ...
The Federal Housing Administration issued new letters regarding mortgage approvals for units at condominium associations.
See Letter 2009-46A and Letter 2009-46B, which talk about ~
PreSales of New Homes Owner occupancy ratios Concentration requirements Delinquent HOA dues Transfer of Control to HOAs Attorney certification Reserve Study Owner Invested Units Right of First Refusal Legal Phasing Hazard Insurance Condo conversions Ten year warranty Recertifcation of project approvals Transition Strategy Site Condos False certifications
These are complicated government regs, and I expect will give you a headache while studying it.
The Western … (2 comments)
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lending: Lake Forest, CA ~ Fannie Mae REO Homes Offer Special Financing For Buyers - 04/24/09 01:42 AM
Fannie Mae is smarter now ... offering special financing on its REO BANK OWNED HOMES at Lake Forest, California.
22713 MALAGA WAY 3 - 2 bedroom, 2 bath - $199,900
24255 LARKWOOD LN - 2 bedroom, 1 bath - $312,000
25583 MONT POINTE - 2 bedroom, 2 bath - $213,500
23216 ORANGE AVE - 1 bedroom, 1 bath - $104,000
289 CHAUMONT CIR - 2 bedroom, 2 bath - $245,900
These are bank owned REO homes after foreclosure, which sold for much higher prices between 2004 to 2007.
Look for the Fannie Mae special financing opportunities on its REO homes at HomePath.com.
Fannie Mae guidelines on … (0 comments)
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lending: California Law Prosecutors Have Sent Members of Illegal Mortgage Loan Modification Scams to Prison - 03/10/09 08:20 PM
California Attorney General Brown Sent Perpetrators of Loan Modification Fraud to Prison. (click here for the article)
California Attorney General Jerry Brown announced March 8, 2009, that three individuals pled guilty to loan modification fraud against "desperate California homeowners" and were sentenced to as much as 6 years of prison.
More Good News ~ Mortgage Loan Mod Scammers Will Be Off to Prison (click here to see another article)
"While doing nothing to help and pocketing all the money, these individuals ripped off desperate California homeowners who paid thousands of dollars to stop the foreclosure of their homes," Brown said.
The AG reported that defendants sentenced were part … (2 comments)
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lending: Are FHA Loans Expected To Provide Significant Help For Homebuyers in 2009? - 12/29/08 12:17 PM
Some business folks and real estate professionals believe that FHA loans will be primary and good help for homebuyers during 2009.
But there have been changes, and the new down payment requirement for FHA loans will be 3.5 percent (not 3 percent) as of January 1, 2009.
Prior to January 1, 2009, the borrower needed 3 percent down payment from their own money. A question was what part of that 3 percent went for down payment and what part of thatwent for closing costs. Not all states and localities handled this the same.
As of January 1, 2009, the 3.5 percent FHA loan down payment requirement (from borrower's own money) is to be in every … (5 comments)
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lending: Irvine, California - Market Report - New Mortgage Rate Drops Will Help - 12/13/08 11:33 AM
Mortgage rate drops will indeed help home buyers and owners in the OC, California.
We talk with first time homebuyers and investors and recommend them to mortgage brokers and lenders.
Getting people prequalified to move forward to the end of buying a home and property is part of what we do as Realtor agents.
Folks at Orange County will benefit by part of the proposed plan by the U.S. Treasury Dept. to have Fannie Mae and Freddie Mac purchase mortgage loans with interest rates of 4.5 percent.
This plan has and will encourage homeowners at the OC to apply for refinancing and buyers to apply for and get new loans.
It's wrong … (2 comments)
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lending: Be Careful Using Private Home Loan Modification Consultants - 11/28/08 11:22 AM
Non-profit agencies and banks seem to be overwhelmed by the demand for their home loan modification services these days.
Private consultants are doing business in California ... offering homeowners help getting banks to modify their loans. These consultants charge a price for their services. Some charge as much as $5,000 in advance, and some desperate homeowners, facing crisis, have paid. But what is being accomplished for the money by these consultants?
A California Department of Real Estate spokesman said that this private home loan consulting is a new situation for the real estate industry.
Real estate brokers are required to obtain permission from the DRE to collect … (6 comments)
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lending: BUILD YOUR GOOD CREDIT HISTORY ESPECIALLY DURING CHALLENGING TIMES - 11/24/08 11:52 AM
ALWAYS CHECK YOUR CREDIT HISTORY REPORTS ON A REGULAR BASIS AND KEEP THEM UPDATED.
Check with the major reporting agencies, Experian, Equifax and TransUnion. You are entitled by law to a free credit report from these agencies on an annual basis. Request your report and review it for accuracy of your payment and history.
Lenders will take your credit bureau history reports into account when assessing ongoing creditworthiness.
The major credit reporting agencies Equifax, Experian and TransUnion, created AnnualCreditReport.com, a site that allows consumers to request, view and print credit reports. This site also simplifies complicated financial terms and mathematical equations.
UNDERSTAND YOUR CREDIT REPORT AND SCORE.
A credit report, or credit file … (3 comments)
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lending: HOPE FOR HOMEOWNERS within the U.S. FORECLOSURE PREVENTION ACT OF 2008 - 07/31/08 01:37 PM
People ask whether there is HOPE for them from possible home foreclosure in the new law signed by President Bush on July 30, 2008 (U.S. Housing & Foreclosure Prevention Act of 2008).Everyone should be careful about this and get the advice from qualified Realtors and mortgage professionals.We set forth below a copy of the actual text of this part of the legislation.
Posted by Harrison K. Long, Explore Properties Group, July 31, 2008Source: Government Bill Tracking
________________________________U.S. Housing and Foreclosure Prevention Act of 2008 H.R. 3221TITLE IV--HOPE FOR HOMEOWNERSSEC. 1401. HOPE for Homeowners Act of 2008SEC. 1402. ESTABLISHMENT OF … (7 comments)
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lending: It's Good For Real Estate that FHA Suspended its 90-day Rule Against Flipping - 06/19/08 10:03 AM
Foreclosed and abandoned homes harm neighborhoods and delay a community's recovery.WE'RE LOOKING FOR SOMETHING GOOD TO HAPPEN IN REAL ESTATE.
In order to help facilities sale of bank-owned properties, the Federal Housing Administration (FHA) has temporarily suspended its 90-day rule against flipping of properties. Under that anti-flipping rule, the FHA does not insure a mortgage loan if the sales contract is executed within 90 days of the seller's acquisition of the property. Effective June 9, 2008, the anti-flipping rule has been waived for one year for properties acquired by lenders, their subsidiaries, and their outside vendors.
The FHA still requires homes … (1 comments)
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lending: How To Manage Your HELOC Loan With Rising Rates? - 05/22/08 12:58 AM
Most HELOC loans (home equity line of credit) are indexed to the bank prime loan rate. When the prime rate changes, the rate on your HELOC will change also.When prime increases 100 basis points (one full percent) the home equity line of credit borrower pays more in interest costs.If you make monthly payments according to a fixed schedule, the rise in rates also means less of each payment goes towards reducing principal. So it will take longer to pay off the loan balance. How to manage your HELOC loan?One possibility is 0% Balance Transfer Offers. If you have good credit and … (1 comments)
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lending: Banks & Lenders Are Taking Less Than What's Owed At Trustee Sales After Foreclosure - 05/14/08 08:23 PM
It's interesting that in Orange County, California, during April, 2008, buyers took foreclosure homes off the bank and lender hands at trustee sales for 21.5% less than the amount owed. One year ago during April, 2007, the banks and lenders weren't so interested in discounting at trustee sales. Perhaps the banks are getting smart.It was reported that 84 percent of properties sold at the OC, California, at trustee's sales during April, 2008, were offered at a discount.Posted by Harrison K. Long, Explore Properties Group, May 14, 2008Source: Orange County Register, May 14, 2008
Labels: foreclosures, Home Ownership Economics, lenders, Lending
… (0 comments)
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lending: What To Do If You Are Upside Down and Unable to Make Payment on Notes Secured by First and Second Deeds of Trust on Your Home - 05/08/08 01:04 AM
You might owe more on your notes secured by a first deed of trust and on the note secured by the second on your home.
What do you do?
Here in California we have the ONE ACTION RULE, the law preventing lenders from both foreclosing and suing you on the note. If the lender chooses the non-judicial foreclosure process, he is then prevented from suing you on the note itself. However, if the lender fails or declines to foreclose on the note, he retains the right to file and prosecute a civil lawsuit and get monetary judgment against you.
This could happen to you. It is more common these … (1 comments)
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lending: Is A Home Buyer Equity Sharing Arrangement a Good Thing in This Market? -- Part One - 05/03/08 04:02 PM
A man contacted us a week ago about his predicament. He and his wife had entered into an EQUITY SHARING AGREEMENT with a mortgage broker during 2006 to buy a home in South OC, California. This family made payments to the mortgage company as rent on the agreement. The mortgage company in turn made some payments to the lender on the note. The mortgage company went out of business six months ago and is not now making payments. This family could be facing foreclosure and evication? Was this EQUITY SHARING ARRANGEMENT a good thing?
Investments in real property can … (12 comments)
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lending: Reinstatement of Your Home Loan or Mortgage After Default? - 05/03/08 01:31 AM
You don't have to be a bum or a deadbeat to get into a foreclosure position with your home loan. It can be as simple as missing some days of work or having a mortgage payment late. You are in over your head with your lender, which is now threatening you with foreclosure. The last thing you need is the stigma of foreclosure and are seeking a way out. If it's possible, the best way to get out of this mess is to come up with cash and go for reinstatement of the loan. This could be difficult. The lender requires you … (1 comments)
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lending: Do Lower FED Rates Signal That Mortgage Rates Will Fall? - 04/28/08 12:44 AM
Do Lower FED Rates Signal That Mortgage Rates Will Fall? That depends.
The 30-year fixed rate mortgage is not tied to short-term treasuries. Fixed mortgage rates are tied to long-term bond yields that move based on anticipation of the economy and inflation. Fixed rates usually come down when there is outlook for slow economic growth. Long term mortgages are securitized and sold on the global market, and investors now demand a higher risk premium on these mortgages. If you have 7 and 5-1 Adjustable Rate Mortgages (ARMs), there is good news, and it's tied to the treasury index. If the FED cuts … (2 comments)
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lending: At The Center of Our Housing Crisis Is That Many People Have No Equity Or Are Upside Down on Loans - 04/26/08 12:50 PM
At the center of our housing crisis is that many people here in California and the United States have no remaining home equity or that they are upside down on their loans. Too many people purchased homes during the past five years with no or little down payment, based upon no document loans, and with lending practices so relaxed that mortgage agents and brokers participated with at least some knowledge that loans should not be approved and funded. Whose fault is that? Is it possible that mortgage brokers and lenders are at least partly responsible? However, even if it is determined that … (2 comments)
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lending: Is Cancellation of Debt Always Income Taxable? - 04/20/08 12:36 AM
Is Cancellation of Debt Always Income Taxable? What does IRS say? Not always. There are exceptions. Some situations when cancellation of debt income is not taxable involve:A. Bankruptcy: Debts discharged through bankruptcy are not considered taxable income. B. Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets. Insolvency is complex to determine and the assistance of a tax professional is recommended for consideration. C. Certain farm debts: If you incurred the debt … (0 comments)
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lending: Bush Administration & Lending Industry Correctly Oppose Giving Bankruptcy Judges More Power - 04/11/08 12:32 AM
The U.S. Senate passed legislation April 10, 2008, that would provide billions in tax cuts for home builders, banks and other businesses. However, the U.S. House of Representatives is considering other legislation that would provide more help for individuals, but no breaks for businesses. The Senate's bill is compromise that didn't include a provision to allow bankruptcy judges to reduce the principal on in trouble borrowers' mortgages. The Bush administration and the lending industry correctly opposed giving bankruptcy judges power to force "cram downs" of loan principal on lenders. Posted by Harrison K. Long, Explore Group, April 10, 2008
Labels: foreclosures, … (0 comments)
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lending: Proposed Expansion of FHA Loan Guarantee Program Got Help Today - 04/02/08 05:06 PM
It's good that proposed expansion of FHA loan guarantee programs got help when U.S. Senate Republicans agreed to include the idea in a compromise bill. Some Democrats agreed on April 2, 2008, to drop their controversial proposal to allow bankruptcy courts to "cram down" the mortgage debt of troubled borrowers. We could now have congressional debate over the planned FHA expansion. The Bush administration has made FHA loan guarantee programs part of its foreclosure prevention concept. Democrats apparently are dropping their idea about changing of the U.S. bankruptcy code. That idea was bad anyway.Posted by Harrison K. Long, Explore Group, April 2, 2008.
… (0 comments)
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lending: What Homebuyers Should Know About Basics for Mortgage - 03/31/08 10:54 AM
Loan Qualification (or "prequalification") is an opinion that your income, assets and current debts qualify you for a loan of a specified amount. This may come from a lender or Realtor. This opinion usually does not take your credit into account, and no one is committed by it. Preapproval is a conditional commitment by a lender to make a loan prior to the identification of a specific property. On a preapproval, unlike a qualification, the lender verifies the information and checks your credit. A preapproval will stipulate a loan amount or monthly payment, but not the loan type or the price. Approval is a commitment … (0 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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