Chula Vista Real Estate: How Do I Get A Loan Mod On An FHA Loan? - 03/29/11 12:41 PM
Eastlake CA – The Stop Foreclosure recently received a question from Grant. Here was his question. "I have an FHA loan and want to get a loan modification. My bank is playing hardball and won't modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?" Grant. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer. I don't know the specific rules for FHA Loan Modifications. But, I do know how to find them. Here is what … (0 comments)

How will a Chula Vista Short Sale or loan modification affect my credit score? - 03/28/11 12:24 PM
Eastlake CA – How do foreclosures, loan modifications or short sales affect a credit score? Your credit score will be affected by late mortgage payments and a short sale. However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast – it all depends upon what the score was before the foreclosure, … (1 comments)

The pathetic Mellow-Roos fee - 03/26/11 01:15 PM
What is a Mello-Roos fee?
A Mello-Roos fee is a separate charge on a property tax bill in addition to the 1% property tax rate allowed by Proposition 13.  The funds are used exclusively to pay for public facilities such as police and fire departments, schools, parks, roads and libraries, etc.
 How are Mello-Roos assessment fees established?
Mello-Roos fees are normally established at the request of a major developer to finance the necessary public facilities to serve the new development.  The public agency issues tax-exempt bonds to pay for these public facilities over a number of years.  Commercial and industrial property … (2 comments)

Tax Refund Withholdings and Offsets - 03/26/11 01:09 PM
One of the scariest things is getting the attention of the IRS. If you owe money because of certain delinquent debts, the IRS or the Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, can offset or reduce your federal tax refund or withhold the entire amount to satisfy the debt.
Here are seven important facts the IRS wants you to know about tax refund offsets:
If you owe federal or state income taxes your refund will be offset to pay those taxes. If you had other debt such as child support or student loan debt that was … (0 comments)

How will a Chula Vista Short Sale or loan modification affect my credit score? - 03/26/11 01:02 PM
Eastlake CA – How do foreclosures, loan modifications or short sales affect a credit score? Your credit score will be affected by late mortgage payments and a short sale. However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast – it all depends upon what the score was before the foreclosure, … (0 comments)

This week's news - 03/24/11 09:10 PM
This Week in the news; We all know that existing and new home sales are the important factors, it is highly unlikely they will show any change in the trend of weak sales that has been the situation for two years.
Japan's problems with their nuclear reactors remain but the latest reports imply some progress on a couple of reactors while a another reactor is weakening. In Libya the UN forces clobbered Libyan positions with heavy use of missiles but Qaddafi remains defiant. Treasuries and mortgage rates are likely to stay within a tight range as long as there is no change in the … (0 comments)

More economic news - 03/24/11 09:05 PM
A slowdown in housing construction permits as paired with a decrease in starts on housing construction made headlines last week. Building permits for housing issued last month dropped under  8.2 percent and starts on private housing dropped a devastating 22.5 percent, according to the latest construction data released.  Permits for private housing on the other side dipped to a rate of 517,000 in February, compared to January's revised rate of 563,000. Permits for single-family homes dipped to a rate of 382,000, which was 9.3 percent below January's figure of 421,000.  Construction starts on housing were 479,000 in February, a substantial decline from January's revised estimate … (0 comments)

Forecast for this week - 03/24/11 09:01 PM
Continuing developments in world events are sure to impact the markets this week, but there are some important US economic reports to look for, too, including:
Monday's Existing Home Sales Report and Wednesday's New Home Sales Report for February - will they show improvement in the housing market? We'll get a read on the economic recovery with the Durable Goods Report on Thursday, which gives us an update on consumer and business buying behavior on big-ticket items that are designed to last for an extended period of time (i.e. televisions, appliances, vehicles, etc). It's an interesting report, as people tend to … (1 comments)

Last week in the news - 03/24/11 08:59 PM
"This is a small world..." This was especiallyclear last week, with both the news in Japan and the Middle East impacting our markets. Here's what happened, and what the impact was on home loan rates.
The first thing to understand is the concept of "safe haven trading." At times of global unrest and uncertainty, like with last week's nuclear crisis in Japan and the ongoing fighting in Libya, Traders will park their money in "safe" investments like our Bonds. And since Bonds such as Mortgage Backed Securities (MBS) are tied to home loan rates, when Bond pricing improves, our home loan rates … (0 comments)

How To Preserve Your Credit During A Chula Vista Short Sale - 03/24/11 08:50 PM
Eastlake CA – If the right decision for you and your family is to sell the house as a short sale, then the sale will have an immediate effect on your credit score. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. You might feel like it’s just overwhelming and demoralizing to see your credit score take any more hits! But, here’s the silver lining: according to most experts, 78% of Americans have ERRORS on their credit score. Why is that a silver lining? If you have negative errors on your report that get fixed, … (0 comments)

Chula Vista Short Sales: Why Do Some People Worship Perfect Credit? - 03/23/11 01:04 PM
Eastlake CA – It always amazes me how some people will do anything to have perfect credit. They would rather go hungry than risk harming their prefect credit rating. A good example is a guy I will call Seth. Seth has perfect credit. He has worked to keep perfect credit for the last 12 years. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Seth has a several credit cards with high balances. He ran the balances up when the economy was strong. Today, he can barely afford to make the minimum monthly payments. However, … (0 comments)

Should I Continue Paying My Credit Cards During A Chula Vista Short Sale? - 03/22/11 12:20 PM
Eastlake CA – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question. "I am selling my house as a short sale. I am behind on the mortgage payments. Do you think I should still pay my credit cards?" Paul. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is our answer. I all depends on what is important to you. Can you afford your mortgage payment if you stopped paying the credit cards? If the answer is yes and you don't want to move, then I would recommend that … (1 comments)

Chula Vista Short Sales: Why Lenders Back Off When Threatened With Bankruptcy - 03/21/11 01:53 PM
Eastlake CA – Bankruptcy is one of the scariest words a lender can hear. A bankruptcy filing can stall their ability to foreclose by 6 months, and sometimes as long as a year. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they can’t go after you for any upside down debt. The only thing a lender gets in a Chapter 7 Bankruptcy is any collateral they have on a loan. So they can … (0 comments)

This Week - 03/19/11 12:46 PM
This week the bond and equity markets face the problems coming out of Japan and the FOMC meeting on Tuesday. The economic data, while always important, is a little less so now while investors try and handicap the economic importance of the impact of Japan's earthquakes. Two reports on inflation with PPI and CPI due out on Wednesday and Thursday, inflation continues to get attention although there isn't any now, nor any on the horizon----tilting at windmills. Weekly claims are expected to be lower on Thursday and the Philadelphia Fed index of business strength on Thursday are the two keys for … (0 comments)

Six Facts about Choosing the Standard or Itemized Deductions - 03/19/11 12:43 PM
When filing your federal income tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. The IRS has put together the following six facts to help you choose the method that gives you the lowest tax.
Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions can reduce your taxes. If the total amount spent on those categories is more than your standard deduction, you can usually benefit by itemizing.
1.Standard … (2 comments)

Did you Take an Early Distribution from Your Retirement Plan? - 03/19/11 12:41 PM
Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund.  Here are ten facts about early distributions.
Payments you receive from your Individual Retirement Arrangement before you reach age 59 ½ are generally considered early or premature distributions. Early distributions are usually subject to an additional 10 percent tax. Early distributions must also be reported to the IRS. Distributions you rollover to another IRA or qualified retirement plan are not subject to … (1 comments)

How To Get Your Loan Mod Approved When Negotiating With A Local, Chula Vista Lender - 03/19/11 12:39 PM
Eastlake CA – In my opinion, loan mods are very tough to negotiate with large lenders like Bank of America, Wells Fargo, JP Morgan Chase, or SunTrust. The reason is because you are treated like a number. In addition, in most cases the lender doesn’t own your loan. Someone else does. So when they negotiate with you, it is simply to go thru the motions. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. No, common sense does not apply in these situations! The good news is that common sense does apply when you are … (0 comments)

Market Recap - 03/18/11 04:21 PM
 
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Eastlake Short Sales: Even The Rich Are Being Foreclosed - 03/18/11 04:18 PM
Eastlake CA – This is good news or bad news, depending on how you look at it. Here is the good news. If you are a little guy having financial problems, then you are not alone. Even Billionaires are being foreclosed on. One billionaire real estate developer in Florida had several projects foreclosed on. Another very well known real estate developer is having to re-negotiate mortgages on his investment properties. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Even a woman who was married to a man who was the richest man in the … (0 comments)

Chula Vista Short Sales: Four Specific Examples of Big Bank Negligence - 03/16/11 06:28 PM
Eastlake CA – Here are four specific examples of big bank’s negligence causing a loan owner to lose money. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Example #1: Not giving buyers an answer on a short sale within one week. Home buyers don’t like to wait 3-6 months for an answer on a short sale. This fact causes many buyers to shy away from short sales, thereby causing short sales to sell for less. Lenders should help the loan owners recoup as much money as possible from short sales. To do this, they … (0 comments)

CHULA VISTA FORECLOSURE ACTIVITY SLOWS ACROSS THE BOARD - 03/16/11 12:21 PM
Foreclosure activity slowed significantly across the board in February with filings down in Arizona, California, Nevada, Oregon and Washington. Foreclosure sales saw a similar deep dip throughout our coverage area, a dramatic about face from the surge in sales seen in January. Despite the drop in foreclosure sales back to the bank, Bank Owned Inventories were mostly flat, suggesting that fewer REOs were resold during the month.
Key month over month trends for February include:
 
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What The Big Banks Don’t Want You To Know About Chula Vista Short Sales - 03/15/11 12:07 PM
Eastlake CA – Here is a shocking fact that most of the American Public doesn’t know. Most mortgages are not owned by banks. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
In addition, most of the huge losses on bad mortgages was not lost by the banks themselves. Instead, the biggest loser was Uncle Sam, thru the takeover of Fannie Mae and Freddie Mac. Most mortgages are sold after they are made.
We estimate that around 75-80% of all mortgages were sold before the housing crisis.
This means that the large lenders didn’t take … (0 comments)

Chula Vista Short Sales: Another Example Of Lenders Attempting To Abuse Their Power - 03/14/11 10:17 PM
Eastlake CA – The Stop Foreclosure Institute recently received a question from Durry. Here was Durry’s Question. "We have American Home Mortgage Servicing, a loan processor for a Mortgage held by Deutche Bank, adding a 1% “processing fee” that ONLY the buyer can pay at closing. This was never revealed until we received the short sale approval letter. The buyer is upset.” Durry. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer to Durry’s Question. Yes, the buyer is upset. Buyers think they are in control in today's market. They can't … (1 comments)

Last week in review - 03/11/11 07:54 PM
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In the News - 03/11/11 07:52 PM
Last week's financial headlines started off with improvements in personal income for January, which increased $133.2 billion, or 1 percent, according to the Bureau of Economic Analysis.  January's income statistics also showed that disposable personal income (DPI) increased $78.3 billion, or 0.7 percent, and personal consumption expenditures (PCE) increased $23.7 billion, or 0.2 percent.  The bureau reported that January's change in DPI was affected by two large special factors:
Reduced employee contributions for government social insurance, which reflected provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This boosted personal income in January by reducing the … (1 comments)

This Week - 03/11/11 07:50 PM
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Ten Facts for Mortgage Debt Forgiveness - 03/11/11 07:48 PM
If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.
Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return. You may exclude debt reduced through mortgage restructuring, … (0 comments)

Chula Vista Short Sales: How One Agent Overcame The Odds - 03/11/11 03:13 PM
Eastlake CA – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. This isn’t true. Here is how one agent beat the odds and succeeded with a short sale. A member of the Stop Foreclosure Institute told me about a short sale he recently worked on. Here is the story from the member. “I had a short sale with a large national lender. The loan was owned by Fannie Mae, not the … (0 comments)

Chula Vista Short Sales: A Little Known Fact About Short Sale Negotiators - 03/10/11 12:43 PM
Eastlake CA – A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
You see, we've spent the last few years figuring out all the guidelines for short sales.
If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different. In this case, the loan being shorted was an FHA loan. Here's what happened.
FHA puts out a letter called … (0 comments)

Chula Vista Short Sales: Lenders Loses 50k Turning Down Short Sale - 03/09/11 02:09 PM
This bank's stockholders are probably unhappy after losing $50,000 over incompetence. Eastlake CA – I have a good story today about another bank losing their shirt because their short sale process is so tough to work with. The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch! Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the story from a Stop Foreclosure Institute Member. "We met some buyers at an open house. They told us they … (1 comments)

Why Eastlake Short Sales Sell For A Higher Price Than A Eastlake Foreclosure - 03/09/11 01:52 PM
Eastlake CA – People often wonder why their lender will release their debt in a short sale. Most lenders don't like to release the debt. But, they agree to do it because they know that policy nets them more money.
They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon.
Let's go thru a few examples. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. [caption id="attachment_1560" align="alignright" width="300" caption="Most Short Sales Are Well Kept Up And Attractive To Buyers."] [/caption] See the … (0 comments)

Eastlake, Rancho del Rey, Otay Ranch and Rolling Hills Short Sales: This Short Sale Negotiator Isn't Doing His Job - 03/07/11 08:09 PM

Eastlake CA – Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase. The seller had me put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.”
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The short sale negotiator at the … (0 comments)

This Week - 03/07/11 12:51 PM
Not much in the way of key economic releases this week. Monday Feb consumer confidence and on Friday Feb retail sales are about all there is except for the weekly jobless claims. The week has Treasury selling $66B of note and bonds beginning on Tuesday through Thursday. The interest markets are no longer tied to safety moves form issues developing in the Mideast or Libya, crude oil is going to continue to increase but unlikely will have the impact on US rate markets has it had over the previous three weeks. The Feb employment rate port last Friday added increased belief … (0 comments)

Economic roundup - 03/04/11 07:55 PM
January's real estate performance dominated last week's financial headlines, but was a mixed bag overall, with new home sales flagging while existing home sales showed solid gains. Sales of existing homes saw their third monthly increase, jumping to a seasonally adjusted annual rate of 5.36 million units for the month, according to last week's report from the National Association of REALTORS® (NAR).  This marked a 2.7 percent gain over December's downwardly revised 5.22 million-unit pace, and a 5.3 percent gain over January 2010's 5.09 million level. This was the first time in seven months that sales activity was higher than a … (2 comments)

This Week - 03/04/11 07:53 PM
This Week; oil markets will continue to drive interest rates and the US equity markets. Crude is being driven as you know by civil tensions in an increasing number of countries in the Mideast and in N Africa. While there hasn't been much new out of the region for the past few days, the fears continue that oil production and distribution will continue. If there is and doubt that oil supplies and oil demand are at critical melting points the recent spike in oil should alleviate and questions.
This week the economic calendar has a lot to think about. The US … (0 comments)

Reality over perception - 03/04/11 07:49 PM
It's easy to lose focus on what is really occurring. A lot of nonsensical speculating and erroneous punditry muddies the waters; therefore, it's worthwhile to step back to perceive the forest through the trees.
For example, many commentators repeat the notion that housing prices have to reach 2006 levels before the economy will recover. Sure, we would all like to see home prices hold steady and at least appreciate with the rate of inflation. However, we need to remember that the housing market five years ago was an anomaly. Today's prices are tough for sellers who bought during the market peak, … (1 comments)

Market Recap - 03/04/11 07:48 PM
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This Week - 03/04/11 07:44 PM
This Week; all markets closed on Monday for President's Day. The week has two housing reports, existing and new home sales, Jan durable goods orders and the weekly jobless claims as the main data points. Treasury will auction $99B of notes; Tuesday $35B of 2 yrs, Wednesday $35B of 5 yrs and Thursday $29B of yr notes totaling $99B the same as the past four months. The economy based on recent data continues to improve, all but employment and housing. Inflation concerns are slowly mounting as global inflation ticks higher. No inflation in the US so far but investors in long … (0 comments)

Eastlake, Otay, Rolling Hills Short Sales: How to strong arm your lender on a short sale - 03/04/11 01:00 PM
Eastlake CA – Here is a technique you can use to “strong arm” you’re your lender on your short sale.
The number one reason people short sale is to salvage their credit. After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.
How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet? Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Later on the property … (0 comments)

Eastlake, Otay, Rolling Hills, Rancho del Rey Short Sales: Why it is cheaper to short sell and rent versus staying - 03/03/11 06:06 PM

Eastlake CA – Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification.
 They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around … (0 comments)

Eastlake Short Sales: The Homeownership Rate continues to drop - 03/02/11 02:26 PM

Eastlake CA – Barron’s Magazine recently had an article titled "Renter Nation." In it, they detailed the various factors at work that will reduce the homeownership rate in America.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
 The homeownership rate has already dropped from 69.2% to 66.9% today. Here is one of the factors Barron’s said would cause the homeownership rate to drop. Experts project that the average American Household will become younger over the next decade. Younger households are more likely to rent versus purchase a home. However, the article missed another … (1 comments)

Chula Vista Short Sales: What is a HUD-1 and why does it matter on a short sale? - 03/01/11 01:26 PM

Eastlake CA – Here is something that drives inexperienced short sale agents crazy. It is a HUD-1, also called a HUD. HUD is the Federal Agency, the Department of Housing & Urban Development, also called HUD. A HUD-1 is a document regulated by HUD. It is the financial accounting for a real estate sale. Here is why it is important to a short sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Before a short sale lender will accept a short sale, they want to know what they will net from the sale. … (0 comments)

 
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