southern oregon: Sorry, Suze, But It Just Isn’t That Simple - 09/24/11 08:46 PM
As a housing counselor here in Southern Oregon working day in and day out with homeowners who have encountered financial difficulties the one common thread I see throughout my day is their stories are complicated!
The homeowners who own property that has been in their families for 100 years – are they going to walk away because when their turn came to take over their family’s American Dream it was at a market peak and they are now sitting at 140% LTV? Or the family who took cash out to build an additional dwelling unit because their brother lost their job … (7 comments)
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southern oregon: Oregon Homeowners Exercise Your Rights Under Senate Bill 628! - 05/20/11 12:48 AM
I have almost 100 active cases in my role as housing counselor for homeowners seeking help with their financial hardship. Many of these cases are for Southern Oregon homeowners wanting to keep their home. Homeowners who have taken the time to investigate the options available to them, and homeowners who need help figuring out what their options are. Many of these homeowners applied for modification of their home loan. When I review the documentation we collect to verify their financial hardship, I see that many of these homeowners appear to be pretty darn good candidates for the mortgage modifications they are … (1 comments)
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southern oregon: "Right of Offset' Strikes Again! - 05/19/11 10:24 AM
In my role as housing counselor, I see people facing financial hardship - LOT's of them right now with the high unemployment rate and foreclosure rate we see here in Southern Oregon. There is a rule out there that I try to make people aware of, especially when their mortgage and checking/savings accounts are with the same banking institution. That rule is the "Right of Offset" which gives the bank the right to "sweep" the balance out of a person's checking/savings account when that person has a delinquent debt with that same institution. I just heard about it happening again recently … (7 comments)
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southern oregon: What if…Homeowners Use Tools Like Oregon House Bill 3706 to Fight Back? - 01/29/11 01:55 PM
Being in the trenches day in and day out, fighting alongside Southern Oregon homeowners who have encountered financial difficulties, every once in a while I have to look up and survey the territory we are battling in. Reach out to the other troops and compare experiences. Strategize and determine where to concentrate efforts next.
There is a tool out there that was made available to Oregon Citizens last year. Oregon HB 3706 is that tool. The gist of the change I have focused on as it relates to default and foreclosure prevention is:
BACKGROUND: The Unlawful Trade Practices Act … (4 comments)
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southern oregon: Where Are Home Prices Going? - 08/22/10 05:15 PM
I believe John Mulkey hit the nails on the head making his points in this article. What we are facing today in our local markets and economies did not happen overnight. Nor will the recovery...
Via John Mulkey, Housing Guru (TheHousingGuru.com):
We’ve all heard the news reports about the potential for a double-dip in housing, and perhaps, the overall economy. Unemployment seems out of control; debt levels are becoming unmanageable; and many are wondering what the future holds for the housing market. Where home prices going and what is the potential for prices to recover to the levels of 2005/2006?
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southern oregon: The Reality of the Hunt - 07/31/10 03:39 PM
We look at this trophy we now have. It wasn’t long ago we were filled with trepidation, determined to make a go of reaching our goal. We spent time preparing, educating ourselves, readying for this new, big adventure. Then the hunt was on. It was a tough hunt, an endless search for just the right prize to bring home. We were so nervous…so determined. Hours and hours we looked for you. Once, we had our prize in our sights only to lose you to fellow hunters, hunters who entered the hunt earlier, who were quicker and more prepared than us. Patience … (0 comments)
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southern oregon: Hidden "Costs" - Refinancing from a 30 Year to a 15 Year Fixed Rate Mortgage - 07/23/10 02:07 AM
Are you thinking about refinancing from your 30 year mortgage in to a 15 year fixed at today's REALLY AMAZINGLY LOW INTEREST RATES? You aren't alone if you are. Most people pick up the phone when they are headed down this path and ask "what's your rate?". In today's world, you very well may find many inexperienced loan officers who will spout off an answer to that question without going in the myriad of other variables that might need to be explored.
What's your rate? Isn't going to cut it! Even adding "how much are the closing costs?" to the equation … (6 comments)
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southern oregon: Have You Been To Pomodori Ristaurante in Medford Oregon? - 07/21/10 01:08 AM
Mamma Mia, what a meal we had tonight at Pomodori Ristaurante in Medford Oregon! If you haven’t been to this wonderfully fresh and invitingly unique Italian restaurant right here in our little corner of the world, you are so missing out.
We started off with the Caesar Salad that has of very generous proportions with a great flavor. From there, we went straight to the Seafood Pomodori for my husband and I ordered the Ratatouille Ravioli from the special menu. The sauces on these two dishes were fresh, flavorful and very unique – a great heat in the Pomodori from … (2 comments)
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southern oregon: Preview Credit BEFORE Starting The Homebuying Process! - 05/27/10 10:34 AM
In the ABC’s of Homebuying class, a HUD approved homebuyer education course taught at our local community college, we instructors press the point that buyers need to be educated and prepared before they buy a home. We go through the basics of what they should expect during the process, make suggestions on the inspections they should anticipate getting under various circumstances, show them how to establish their household budget, and so on.
One of the things we very strongly emphasize is pulling their credit report to see if there is anything on their credit report they may need to work … (2 comments)
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southern oregon: Have You Heard of Buy Local Buy Rogue? - 05/19/10 12:04 AM
There is a fast growing movement here in the Rogue Valley in beautiful Southern Oregon. Buy Local – Buy Rogue is a non-profit organization that is all about supporting local independent businesses here in the Rogue Valley. I first hear about them when my husband had a meeting with them about becoming a sponsor of this worthy cause. It seems like I just blinked, and all of a sudden, their membership is pushing 200 local Rogue Valley businesses wanting to help get the word out about supporting each other.
This initiative goes … (3 comments)
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southern oregon: FHA vs USDA For Oregon First Time Home Buyers - 04/21/10 11:54 PM
Since the 2010 USDA funding well began to run dry, I'm finding buyers in need of FHA financing as an acceptable home loan alternative, especially first time home buyers who find making a down payment a challenge. So far, the FHA minimum down payment requirement has remained at 3.5%, but the upfront mortgage insurance premiums have increased. Most buyers can still make it work if they've been able to save some money or have a family member, significant other or employer wanting to help them with coming up with their minimum contribution. Although most municipality down payment assistance programs have seen … (2 comments)
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southern oregon: Waiting on Congress to Reallocate Additional Funding for USDA Home Loan Programs - 04/19/10 12:41 AM
I posted this article last summer, and use it frequently when providing home buyers with information on one of the few no down payment programs left. USDA is just about out of money for the USDA Guaranteed Rural Housing loan program for 2010, and our local Oregon office has been hopping with the flood of applications. We all have our fingers crossed Congress will reallocate enough money to make this great tool available again, with enough funding to meet the rapidly increasing demand since conventional financing programs and their more restrictive private mortage insurance criteria don't work for many home buyers. … (5 comments)
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southern oregon: Sunday Calls...Finally Found Someone At Home! - 04/18/10 11:14 PM
I love to check the Osprey nests when we're out on our Southern Oregon water ways, and often catch quite a few at home this time of year. Had I had my camera ready just seconds earlier today, I would have caught an osprey exiting their nest, but alas it was not to be. I did catch this bird, though I have no idea what it is! We'll see if our local Audubon Society can educate me...
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southern oregon: A Rogue Sunday "Drive" - 04/18/10 10:43 PM
It's that time of year again! With 73 degrees today, we officially declared it time for Re-Cooper-a-ting! We went for a Sunday Drive through some of the gorgeous Oregon forests, then continued our "drive" via water way, heading up the Upper Rogue River until we came across white water and turned back.
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southern oregon: Hidden Treasure - 04/18/10 10:38 PM
Heading down that hill to go fishing at the lake, or up river to go for one of our great hikes, I can think of quite a few times this hidden treasure is indeed something I'd be happy to come across, especially when one is out exploring that vast and beautiful Oregon Wilderness...
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southern oregon: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 2 - 04/17/10 11:46 PM
What does a home buyer do who was hoping to take the USDA Guaranteed Rural Housing loan when the USDA funding source dried up temporarily? Well, two of the Southern Oregon first time home buyers I am working with switched from the USDA program to an FHA loan. Thankfully, both were able to arrange for a gift from family members to help meet the current minimum FHA down payment requirement of 3.5%. If all goes well with their inspections, two more Rogue Valley families will be on the road to homeownership – AND have $8,000 to help them right out of … (2 comments)
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southern oregon: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 1 - 04/17/10 11:43 PM
Today, another first time home buyer was taking the steps to prepare to get under contract so they can open escrow on the home they want to purchase before April 30th. Why do you think they want to do make that date? For the $8,000 tax credit! This buyer is diligently moving forward with their purchase, opting to switch gears from the USDA Guaranteed Rural Housing Program originally applied for to the FHA 30 year fixed rate loan instead so that they can make their goal of going under contract by April 30th and closing on their home purchase by June … (6 comments)
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southern oregon: Mortgage Industry vs. Long Term Care Industry - 04/17/10 11:40 PM
A project I work on each year gives me insight in to a section of the healthcare industry, namely long-term care, skilled nursing care and assisted living. I just read a comment along the lines of “one of the healthcare industry’s biggest challenges is delivering quality services while operating in an environment where compensation is reduced while regulations increase”. Boy…doesn’t THAT sound familiar? Welcome to the Mortgage Industry in 2010!
See you at the closing table!
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southern oregon: HUD Certified Housing Counseling Agency Housing Counselors Need Loan Originator Licenses?!?!? - 04/11/10 08:11 PM
A proposal related to the S.A.F.E. Act of 2008 is being reviewed by HUD which may require that Housing Counselors working for HUD certified housing counseling and non-profit agencies may need to obtain loan originator licenses under the National Mortgage Licensing System and Registry. Say what?!?! Some how, I think this was not the original intent of the Act, rather they were trying to stop private loan modification companies and scam artists from targeting homeowners suffering financial hardship and facing foreclosure. But, alas, that is the environment we all have to operate within today. My comments are en route to HUD … (0 comments)
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southern oregon: Pear Blossom Festival Time Means Howard Prairie Lake Is Opening Soon! - 04/11/10 07:58 PM
One of our favorite local getaway spots is Howard Prairie Lake, only 20 minutes outside of Ashland Oregon. Opening day for the resort is April 15th, and we can hardly wait until it warms up a bit more and we can put our boat on the lake for the season. We'll still be up there checking things out again in the meantime, and maybe even the Trout Fishing Season Opener on April 24th.
See you out there!
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