Feds drop Rates .25% - 04/30/08 01:19 PM
This just in.
The Fed's...  aka Ben Bernanke, FOMC, whatever you want to call them, have dropped the Federal Funds Rate and the Discount Rate a 1/4 of a percent.
This in turn has dropped the Prime Rate 1/4 percent.
Remember, this effects the SHORT TERM Interest Rates
LONG TERM Interest Rates rely on what is going on in the Mortgage Backed Securities.
But you already knew that right?

Here's a link to the Press Release:  FOMC Statement
Don't forget you can get all the latest mortgage industry changes HERE
 

… (4 comments)

They STOLE My Profile! - 04/27/08 01:44 AM
I recently updated my AR profile page http://activerain.com/mikemueller 
I spent a long time on it.  I happened to be proud of it so when completed I even asked Brad Andersohn to check it out!
Yesterday, I was bumbling around and saw a back link that didn't make sense.  Some lousy good for nothing A$$wipe copied and pasted complete segments of my profile page and placed them here:  http://adiem1.com
Allen Cole seems to be a hack.  Not a very good hack either.
Hey that sounds familiar...
And then there's the blogging and links...
 
My stuff is Juicier than Allen's 
 
Allen, here's a hint, if you are gonna "Copy, … (88 comments)

Mount Diablo Unified School District Budget Crisis - 04/25/08 09:49 AM
Mount Diablo Unified School District  
If you are a parent you already know they have "issues". 
Mt. Diablo schools admit budget errors Mt. Diablo benefits fall victim to budget If you've been to a board meeting (to voice your opinion) you probably came away disappointed.  So what's a Concerned Parent to do?
If you read the Clayton Pioneer yesterday, the answer was Front Page News!
Catherine Myers, a concerned parent (who also happens to also be a busy Real Estate Agent for Alain Pinel and a Blogger), somehow found the free time to organize an informal meeting.  She managed … (0 comments)

Countrywide Short Sales (updated) - 04/24/08 05:50 PM
Here’s the latest information on what Countrywide will do and what they won’t do.
I reported that there were various rumors going around that involved countrywide and short sale negotiations.
Some of those were true - others were not. ( here and here )
Then again, the rules are changing constantly. CFC has informed it’s Loss Mitigation Department as of late last week via an internal memo (I tried to get a hold of it without success) that they are indeed considering short sale negotiations on most all property.
Here’s what I’ve learned:
1. It depends on the Investor. Is the … (7 comments)

My First Hockey Post of the Season - 04/23/08 10:23 AM
 
Hopefully not my last.
Why the hockey post today?  Just because the San Jose Sharks beat the Calgary Flames in Game 7 and move on towards the greatest trophy in all sports, The Stanley Cup!
That's why.  (That and I have a Hockey Hangover, eh?)

For you non Hockey speaking readers here's what the cup looks like:

A quick Hockey Primer for you:
30 Teams compete during the season to be one of the 16 that enter the playoffs. 8 teams in the East, 8 teams in the West. Teams play the best of 7 in a series.  No … (10 comments)

Conspiracy Theory #17 - 04/17/08 09:19 AM
 
We've all heard of PMI.  It's Mortgage Insurance.  It reduces the risk of loss to the lender in the case of default. 
In the case of default instead of the lender taking the entire loss, the purchased Mortgage Insurance steps in and covers a portion of the loss.
Who pays for the premium on mortgage insurance. 
Normally it's the borrower.
BUT WHAT IF... What if the lender, unbeknownst to anyone, quietly purchased Mortgage Insurance to protect their position, to hedge their bets?
Take the case of a lender who's issuing Home Equity Lines of Credit or Seconds on … (34 comments)

BAAAAAAA! - 04/16/08 09:33 AM
Feel like a Piece of Livestock yet?  
Cattle, Sheep. Goats, go ahead and pick your favorite.  You are a now a piece of livestock in the eyes of Fannie Mae and Freddie Mac.
And you thought you were just another number?
As the pressure mounts for more and more homeowners, it's no surprise that  Foreclosure Rates have risen.
Yesterday, Bloomberg News reported that,
"U.S. foreclosure filings jumped 57 percent and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners gave up their homes to lenders."
From the mouths of Lenders … (5 comments)

The Dreaded 1099-C - 04/14/08 09:00 AM
 
Here's what a blank form looks like.  In a Short Sale or Foreclosure this is what the Lender might chose to file (a foreclosure might send you a 1099-A too). 
Like any other 1099, one copy goes to the taxpayer (you) and another copy goes to the IRS. 

(click to enlarge)
The most important box is
 
Box Number 2:  Amount of Debt Canceled
This is not your loan balance.  It's your loan balance, plus every single little nit picking fee the Lender can tack on.  Add penalty and fees too!  
In a Foreclosure, these fees and … (8 comments)

More proof we're all connected - 04/11/08 09:33 AM
 
I watched the pre-market open and the news of G.E. earnings coming out substantially lower had a very big impact on the market.
And what dragged G.E.'s numbers down you ask?
They cited the "inability to complete asset sales".
What kind of assets were they trying to sell?
Mortgage related of course!  The buyer reportedly could not get financing in place to complete the purchase. 
Sound familiar?
I'm working on finding a 30 yr fixed for an investment property with less than 20% down, stated income, great assets and a high credit score.  Like the buyers of GE's mortgage … (6 comments)

Momma don’t let your Countrywide Houses go vacant - 04/10/08 07:49 AM
This is a follow up to yesterday’s story.
According to my source at Countrywide,
Countrywide is indeed NOT negotiating short sales on Vacant Homes.
She said…
“No Investment Property, No Rentals, No Vacant Homes“
If your short sale was already approved - you may have a case to continue on.
If the homeowners have moved out (it shows better when empty or staged doesn't it?) they may need to move back in just to close the short sale.
Considering the vast amount of homes CFC has on the books, there’s a lot of potential issues coming up.
 
Have you made … (10 comments)

Will Brent Bring Down Zillow Mortgage? - 04/09/08 12:46 PM
I like Zillow Mortgage Marketplace.  I really do.  I can't say I like the Mortgage people who are there right now. 
Look out!
Here Comes a RANT.... Case in Point: 
Here's a wonderful piece of  trash.  This was a quote request where the Walnut Creek homeowner was looking for a real rate quote on a 30 yr. fixed mortgage.
This bucket of loan officer scum (not harsh enough) used the platform to spam this homeowner on his companies biggest profit producing product.   The Home Ownership Accelerator.
or if you like a little outside reading, here's 100,000 pages on the topic
… (27 comments)

Why Not Take Some Time to Feel Good? - 04/07/08 09:10 AM
It's not all Doom and Gloom out there!  
Saturday, I was invited to pop in to an open house being held at Security Pacific in Walnut Creek.
This wasn't in one of their Listings but an Open House of their Office.  It was Client Appreciation Day!
Past Clients, Future Clients, (and even loan guys like me) were invited to come and spend a little time with our favorite Agents.
Sec Pac provided all the goodies too.
Hamburgers, hot dogs, cotton candy, soda and brownies. 
It worked, the people came and the conversation and smiles flowed!
Not to stop there, … (3 comments)

In the News (for a good reason) - 04/04/08 10:05 PM
I was interviewed by the San Jose Mercury News the other day. 
I had a couple of great in depth conversations with Sue McAllister, the real estate reporter for the paper. 
(It was all Mary Pope-Handy's fault!)

You can read the entire article HERE, I cut the portion that directly involved S-R below.
Part of the problem is that lenders are overwhelmed by managing so many short sales nationwide, said Mike Mueller, co-founder of Suburban Renewal, a Concord short-sale negotiator. Another problem is that many agents handling such sales lack experience at it.
"Most don’t know how to put … (4 comments)

Liar Loans? Watch out for Liar Quotes! - 04/03/08 11:43 PM
 
You've heard about Liar Loans.  They've made the headlines in all the mainstream media. 
A Liar Loan is one where either the loan officer, the borrower, or both falsified their income and assets on the application. 
"I flip burgers at McD's  and pull in $10,000 a month"   <= Liar Loan!
Last night at exactly 9:00 PM  Zillow went live on a promising new program.
Zillow Mortgage Marketplace
It's a wonderful idea.  Here's how it works.
You the borrower, fill out a simple form.  You put in the pertinent loan factors that fit you.
That information is then posted … (72 comments)

 
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Mike Mueller

Walnut Creek, CA

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