|
| |
foreclosures: Happy Thanksgiving May be Happier for Stressed California Homeowners - 11/21/07 02:38 PM
As if on cue for Thanksgiving, the Sacramento Bee today announced that governor Arnold Schwarzenegger had obtained agreement from four lenders to freeze rates on California subprime loans that are about to reset. Hey, one more reason to celebrate!
The initial list of lenders include Countrywide, GMAC, Litton, and HomeEq—hopefully more will follow their lead—and the agreement applies to borrowers who a) have not yet defaulted on their payments, b) live in the home, and c) can prove that they will be unable to make their new payments. Rates could be frozen for 5 years or more, depending on the borrower’s situation.
(read the rest)
… (1 comments)
|
foreclosures: NovaStar Financial Gets ProActive–Helps its Borrowers Find Jobs and Avoid Foreclosure - 01/22/07 09:45 AM
Nice to see a lender take such pro-active measures to help borrowers avoid going into default. I’ve been waiting to see how various lenders would respond to this market. You would to call this the most enlightened response yet. From the Sacramento Bee this morning:
Lender counsels those in trouble NovaStar Financial helps its borrowers find jobs, avoid mortgage foreclosure. By Mark Davis - McClatchy Newspapers Last Updated 7:01 am PST Monday, January 22, 2007
The payoff comes when customers find work and keep their homes. Bissett said she got a lot of thanks-filled e-mails this Christmas.
When customers accept … (0 comments)
|
foreclosures: Short Sales vs. Foreclosures: Your Credit Will Suck Either Way - 12/24/06 10:44 AM
I get a lot of calls these days from real estate agents wondering what effect a short sale or deed in lieu of foreclosure (DLF from here forward) will have on borrowers’ credit. That is a really important and interesting question, since the last real estate downturn preceded the widespread use of Fico scores and automated underwriting (AU) systems.
Everyone now seems aware that debt cancellation creates taxable income. In a short sale, the amount of the lender’s loss is reported to the borrower as income, creating an income tax liability for the borrower. If the borrower is insolvent at the time, … (6 comments)
|
|
|
|
|
|
Marc Brinitzer
Sacramento,
CA
More about me…
Big Valley Mortgage
Office Phone: (916) 791-3760 x 340
Cell Phone: (916) 761-3760
Email Me
 Links
Archives
|
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2012 ActiveRain Corp. All Rights Reserved
;)
;)