Magnolia Park Partnership is pleased to present Holiday in the Park, a district-wide open house party that meanders from store-to-store and covers 16-blocks on Magnolia Boulevard between Buena Vista and Pass Avenue and on Hollywood Way between Chandler and Clark in Burbank . It's a seasonal celebration that includes more than 100 shops and restaurants, attracts thousands of revelers and happens Friday, November 20 from 5:30 P.M. to 9:30 P.M. Holiday in the Park is free and open to the public.
Now in its 20th year, this neighborhood classic is a feast for the senses with scores of in-store events, free gifts, tantalizing treats and street caroling on every block. Attendees are invited to wander from store-to-store, or they can participate in the treasure hunt that is detailed in the special Holiday in the Park Passport and map. Featuring nearly 50 enticing events happening at Magnolia Park businesses, all that the participant needs to do is to get stamped at 15 locations in order to be eligible for grand prizes. Passports are available at any Magnolia Park merchant, or can be downloaded at www.magnoliaparkburbank.org
In addition to the store-to-store entertainment, there will be six Fun Zones along Magnolia Boulevard including:
A Main Stage with free community performances all evening at Lima Street
Story Telling Corner with readings by professional storytellers courtesy of Burbank Public Library at Niagara Street
Free Photos with Santa at Fairview Street
Community Fun with Fire and Police Department vehicles and more at Avon Street
Holiday Food & Fun with cookie decorating courtesy of Porto 's Bakery and other activities at Cordova Street
A Kidszone where kids can learn circus treats, see stilt walkers and interact with holiday characters at Screenland Drive .
During the evening, everyone is invited to listen to live music, watch ice sculptors at work, experience roving entertainment, sample refreshments and ride the free London open-top double-decker buses that connect all of the activities.
Holiday in the Park is presented by the Magnolia Park Partnership, a not-for-profit organization dedicated to improving the Magnolia Park District. Magnolia Park includes an established residential community of 3,000 homes and hundreds of neighborhood businesses on Magnolia Boulevard between Buena Vista and the city limit, and Hollywood Way between Clark and Chandler . Other activities produced by the partnership include Be-Boppin' in the Park in August, and the Magical Magnolia Bicycle Tour in May.
For further information on Holiday in the Park, please call 818.238.5180 or visit www.magnoliaparkburbank.org
My clients are successful, busy people requiring maximum value and efficiency when buying, selling or short selling. Let me earn your trust and respect while navigating the Burbank CA & San Fernando Valley & Palmdale real estate market. My business is based on competent, excellent service. My guarantees to my clients & prospective clients. I GUARANTEE you a fast response by phone or email when you use one of my website to search for homes. I ANSWER every email and return phone calls personally and ASAP. I will call YOU to see how I can further help YOU. If you leave me your phone number. Expect more!
Homes For Sale: Regular Sale, Short Sale, Probate Sales, Bank Owned, Fixer Uppers Duplex & 2-4 Units For Sale - Residential Income Properties Condos & Townhouses For Sale New Construction Homes & Condos Pool Homes Ranch Homes, Horse Properties in San Fernando Valley & Antelope Valley Land For Sale Buy a House With Good Feng Shui
Let's talk about the Feng Shui Tips for the month of November - I dedicated this month to Feng Shui Tips for Career. These tips show you simple methods of strengthening your Career luck and ridding away negative and stale Qi at the same time. And, not only do career professionals benefit from these tips, homemakers can also stand to gain by Feng Shui-ing their work rooms with these Tips. You can find below Feng Shui symbols and Feng Shui activators at any ChinaTown area. ChinaTown Los Angeles CA is located on Brodway going North after Cesar Chavez Blvd
With the economic outlook looking a little better now that we are onwards to the end of the Earth Ox year 2009, it's a great idea to safeguard one's Career Luck for better times ahead by utilizing these easy-to-implement Feng Shui tips, too.
Let's begin.
Wall behind desk Always have a wall behind your back. Try to avoid a desk with windows behind you. This ensures that you are 'supported' in all your career endeavors.
A crystal on your desk for good Qi Place a crystal item on your table to activate positive Qi (pronounced ‘chee', meaning energy) as well as disperse negative ones. Remember that multi-faceted crystals are the best for this purpose.
Natural Amethyst Rock - 12.5cm x 11.5cm x 4.5cm
Clear Quartz Crystal Point Enhancer
The Crystal Enhancer Diamond - Lilac
Utilize the Wealth locations In the office always place the fax machine, telephone, and computers in the wealth area and future wealth area for more Businesses. Good locations for this purpose this year is the Center of your office or the Southeast.
An aquarium in the office is also a quick and effective Feng Shui practice in activating Qi for the most conducive work. Place your aquarium in either two Wealth corners for a optimum money opportunities.
Arrange your table and chair Your desk, chair and cubicle arrangement should be in a neat, uncluttered position so that Qi is able to flow smoothly. Don't let your desk or chair slide into an odd angles and become protruding anomalies! These might lead to 'poison arrows' going towards your direction, or others'.
Dragons for Fame Luck This quick Feng Shui cure is a great help for those who wish to rise up the corporate ladder. On the right hand side of your desk, place a dragon item facing your window. This symbolizes the dragon 'chasing' his pearl; in this case the pearl is represented by your window. Be sure to use imposing, tastefully conspicuous dragons for this purpose.
Crystal Dragon on Wooden Platform
Supreme Imperial Dragon (Small)
Hand-Painted Colorful Dragon
Get rid of clutter Clutter is not conducive to a smooth flow of qi in your office. Most Chinese offices have long discarded the practice of 'paper trays' on their desks for this purpose! Try to instill a strict sense of order and tidiness into your office. Keep things at their proper places as much as you can within a workday.
Money frogs The chan chu, or Money Frog, is a great item to use in order to attract wealth and material prosperity to the office. This is a venerable item firmly believed by many to be able to assist in generating a larger income. Simply place your froggy friend near the entrance of your main office door. Make sure the item is nosed towards your office. Remember to leave the coin sticking out of the adorable critter's mouth.
Bronze Wealth Frog
Rosewood Wealth Frog with Emperor Coin
All-Season Wealth Frog with 6 Emperor
Room with two doors - not good If you have your own room in the office, try to avoid those that have two exits or entrances. This is not auspicious because it and symbolizes the Qi entering in one door and leaving in the other.
Chinese coins to activate Wealth Luck Tying some Chinese coins to your books and folders or simply using them as bookmarks in reference books, ledgers and such is very auspicious and helps you gain wealth luck. Chinese coins tied with red ribbon are your best choice, since the Yang color 'activates' the properties of these noble coins!
My clients are successful, busy people requiring maximum value and efficiency when buying, selling or short selling. Let me earn your trust and respect while navigating the Burbank CA & San Fernando Valley & Palmdale real estate market. My business is based on competent, excellent service. My guarantees to my clients & prospective clients. I GUARANTEE you a fast reponse by phone or email when you use one of my website to search for homes. I ANSWER every email and return phone calls personally and asap. I will call YOU to see how I can further help YOU. If you leave me your phone number. Expect more!
Homes For Sale: Regular Sale, Short Sale, Probate Sales, Bank Owned, Fixer Uppers Duplex & 2-4 Units For Sale - Residential Income Properties Condos & Townhouses For Sale New Construction Homes & Condos Pool Homes Ranch Homes, Horse Properties in San Fernando Valley & Antelope Valley Land For Sale Buy a House With Good Feng Shui
Lupe Soto, Bilingual Realtor SAN FERNANDO VALLEY SERVING AREAS: Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills.
Los Angeles City Areas: Hancock Park, City of Los Angeles, Downtown Los Angeles, Eagle Rock, Ecko Park, Hollywood, Korea Town, JeffersonPark, Griffith Park, Montecito Heights, El Sereno, Boyle Heights, Atwater Village
Antelope Valley: Anaverde, Rancho Vista, Palmdale West, Palmdale East, Lancaster West, Lancaster East, Littlerock, Lake Los Angeles
Escrow is a process that evolved to ensure protection for all parties to a real estate transaction. A "neutral third party" or "stakeholder" was nominated to hold the funds until the purchaser received appropriate assurance that the property had been transferred. An escrow may also be created for other purchases, although it is most commonly used during the transfer of real estate. Today the escrow is overseen by an escrow officer employed by an independent escrow company or title company. All parties are protected because the escrow holder will retain funds and document until all of the instructions are fulled.
An escrow is created when money and/or documents are deposited with the escrow officer. The escrow Officer's authority is strictly governed by written instructions, mutually agreed upon by the parties involved. The instructioins direct the escrow holder to perform duties necessary to complete the transaction.
A few of the tasks which may be required are:
Receive and deposit earnest money
Order information for payoff of existing liens
Calculate and/or prorate taxes, liens, interest, rents and insurance policies
Make arrangements for title insurance protectioin for the buyer and lender
Prepare and/or receive documents relating to the escrow
Request and receive documents relating to the escrow
Request and receive funidng from new lender when conditions have been satisfied
Arrange for recordiing of the conveyance documents and any other legal instrucments required totransfer title to the property prusuant to the terms of the purchase agreement
Close the escrow and disburse funds as agreed upon in the instructions
Prepare a closing statement for the parties showing disposition of funds
Definition of "Escrow" from Black's Law Dictionary: A writing, deed, money, stock or other property delivered by the grantor, promissor or obligor into the hands of a third person, to be held by the latter until the happening of a contingency or performan of a conditioin, and then by him delivered to the grantee, promissee or obligee. A system of document transfer iin which a deed, bond or funds is delivered to a third person to hold unitil all conditions ina contract are fulfilled.
Fun Fact: Escrow practices evolved from English common law. The word "escrow" is actually dereived from the Middle English (12th to 15th century) word for "scroll", on which all of the escrow instructions and lists of properties were recorded.
My clients are successful, busy people requiring maximum value and efficiency when buying, selling or short selling. Let me earn your trust and respect while navigating the Burbank CA & San Fernando Valley & Palmdale real estate market. My business is based on competent, excellent service. My guarantees to my clients & prospective clients. I GUARANTEE you a fast reponse by phone or email when you use one of my website to search for homes. I ANSWER every email and return phone calls personally and asap. I will call YOU to see how I can further help YOU. If you leave me your phone number. Expect more!
Homes For Sale: Regular Sale, Short Sale, Probate Sales, Bank Owned, Fixer Uppers Duplex & 2-4 Units For Sale - Residential Income Properties Condos & Townhouses For Sale New Construction Homes & Condos Pool Homes Ranch Homes, Horse Properties in San Fernando Valley & Antelope Valley Land For Sale Buy a House With Good Feng Shui
SERVING AREAS: San Fernando Valley Areas: Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills
Los Angeles City Areas: Hancock Park, City of Los Angeles, Downtown Los Angeles, Eagle Rock, Ecko Park, Hollywood, Korea Town, JeffersonPark, Griffith Park, Montecito Heights, El Sereno, Boyle Heights, Atwater Village
Antelope Valley: Anaverde, Rancho Vista, Palmdale West, Palmdale East, Lancaster West, Lancaster East, Littlerock, Lake Los Angeles
Call Lupe Soto, Realtor to list and sell your home or condo in Burbank Real Estate , CA, San Fernando Valley Real Estate , Palmdale, Rancho Vista, Anaverde & Greater Antelope Valley Real Estate
I guarantee YOU a quick response by email when you use one of my websites to search for homes I guarantee to answer every email, personally and asap I will call YOU to see how I can further help YOU. If you leave me your phone number I will not distribute your email address to others unless you request this What I WILL DO is respond to your emails quickly, answering your questions and offering information
Beautiful Burbank Neighborhoods, Lupe Soto, Burbank Realtor & nearby areas of SFV
OUR SERVICE IS AT NO COST TO BUYERS, learn more......
Did you know that....... Buyer's agent compensation is paid by the Seller or REO Seller NOT THE BUYER. We provide full service to our clients at NO COST TO BUYERS. As a professional, the way I conduct business with Buyers is to have a written contract with my clients where I have a mutual agreement that if I work successfully I get compensated by the Seller.
Here are the benefits of Buyer's representation with Lupe Soto?
The Buyer's Agent and the Buyer establish a very specific relationship, called: loyalty, obedience, disclosure, confidentialityin dealings with the Buyer! In addition, I adhere to the Code of Ethics and Standards of the Practice of the National Association of Realtors.
I will protect the Buyers best interest in all matters of the Real Estate purchase as required by law.
I will counsel the Buyer regarding his/her financial qualifications and assist the Buyer in finding and working with mortgage lenders.
I will discuss and develop a property profile for the purpose of property searches. A list of parameters and criteria will be established and will be closely adhered to - only adjusted with the Buyers permission.
I will search for properties (based on the property profile) in the Multiple Listing Service MLS, properties for sale by owners, and new build homes.
I will prepare a comparable market analysis, to determine the property's fair market value . This information will help establish a negotiation strategy for the Purchase Offer.
I will explain and prepare all documentation related to the Real Estate Purchase.
I will advise the Buyer to seek legal counsel where appropriate.
I will counsel the Buyer regarding contractual time requirements and constraints throughout the Real Estate transaction.
I will counsel the Buyer regarding all facets of the home inspection process, and strongly encourage the Buyer to be present at these inspections.
I will communicate often with the Title Company and Mortgage Company, and keep the Buyer informed as the process develops.
I will review the HUD Settlement Statement with the Buyer at or before the Close of Escrow COE.
I will assist the Buyer and the Title Company as needed at closing.
I will make every effort be available (10am-6pm) by email and phone. If you have questions and I don't have the answers right away. I will research to find one!
If you are a Buyer and are looking at homes for sale BANK OWNED, AUCTION HOMES FOR SALE, PROBATE HOMES FOR SALE, SHORT SALE HOMES FOR SALE, INCOME PROPERTY FOR SALE, NEW CONSTRUCTION HOMES & CONDOS FOR SALE, LAND FOR SALE, LEASES WITH OPTION TO PURCAHSE in Burbank, San Fernando Valley, Los Angeles County. I hope you will consider interviewing me as your Professional Buyer's Agent. Contact me today, and we'll get the ball rolling!
Buyers: Ready to start your dream home search? Click Here to CONTACT LUPE TODAY You will benefit by selecting my services* and I can guide you on finding the perfect home in Burbank, San Fernando Valley or Antelope Valley to suit your life style and needs. 818-968-3718.
* * * * * * * *
EN ESPANOL: Atencion Compradores: Estan listos para empezar la busqueda de la casa de sus suenos? Llameme HOY! Ud se beneficiara enormemente al seleccionar mis servicios(*) Lo guiare en el proceso de encontrar la casa perfecta para su familia en Burbank, San Fernando Valley & El Valle Del Antelope: Palmdale, Lancaster, Littlerock, Lake Los Angeles.
Lupe, Su Agente de Confianza. 818-968-3718, visite my pagina en el internet
SERVING AREAS: Burbank, Glendale & San Fernando Valley:
Arleta, Burbank, Canoga Park, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills. Also, Los Feliz, Atwater, Echo Park, Eagle Rock, Highland Park, Hollywood, West Hollywood, Hollywood Hills, Silverlake, Glassel Park and nearby areas of Los Angeles City in Los Angeles County including
Antelope Valley:
Palmdale East, Palmdale West, Anaverde Area, Rancho Vista, Lancaster East, Lancaster West, Quartz Hills, Pearblossom, Littlerock, Lake Los Angeles.
According to news reports this morning, Senate negotiators reached a tentative deal on extending and slightly expanding the $8,000 first-time home buyer tax credit.
Here's the tax credit new deal Senate negotiators apparently reached:
The current $8,000 first time home buyer tax credit would be extended for contracts that are finalized by April 30, 2010 and close by June 30, 2010. This is supposed to help Realtors and mortgage lenders get through the supposed "slow" Winter selling season. In reality, while traffic is down, the housing sales numbers in the winter aren't all that different from summer and fall. But by allowing the tax credit to continue until June 30, you're also allowing those who buy next Spring to take advantage of the tax credit - and we'll have to read the fine print to know what the Senators mean by the "finalizing" date. learn more.
A new $6,500 tax credit will be available to some existing homeowners who lived in a home for a "consecutive" 5 years out of the past 8 years. This part of the tax credit seems to be designed to help out those who have had to move out of their long-time primary residence to take a job elsewhere and rented out the property because they couldn't sell it.
The income limits will be raised, so both tax credits will be available to those individuals earning up to $125,000, or up to $225,000 for married couples. The current tax credit limits first-time borrowers to an income of $75,000 for individuals and $150,000 for married couples, and phases out above those levels.
by Ilyce Glink, CBSMoneyWatch.com 10/29/09
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It's Lupe Soto
Burbank Realtor (HABLO ESPANOL), Short Sale Realtor & Real Estate Negotiator
Lupe Soto, Burbank Realtor, Short Sale Specialist serving Burbank, CA, San Fernando Valley, Palmdale & Greater Antelope Valley, Los Angeles County in Southern California. Call for faster service (818)968-3718 or email Lupe@HomesWithLupe.com
The Southern California median price remains at 2002 levels
and is 46% below its peak level of $505,000 set in 2007.
Southern California's housing market took another small step toward recovery in September as the median sales price for homes in some areas rose above last year's levels -- the first such increases since the market crashed.
The median price paid for all homes in six Southland counties in September -- $275,000 -- was unchanged from August and 11% below the same month last year, according to San Diego-based MDA DataQuick.
But in Orange County, the median price rose modestly to $429,000 from $425,000 in the same month last year -- the first year-over-year gain since 2007, DataQuick said. If condominium sales are excluded, last month's median home sales prices in San Diego and Ventura counties also beat their September 2008 levels.
Christopher Thornberg, a Los Angeles economist who was an early predictor of the housing bubble, said several factors converged last month to give home sales a boost.
"Tax breaks, low interest rates and pent-up demand added up to create a surge in sales that's surely gone some way in stabilizing prices," he said.
But Thornberg cautioned that prices could fall again.
"The question continues to be, 'How is this going to stand up when the next wave of foreclosures hits the market?' " he said.
Even if the housing market takes another hit in the coming months, the bulk of the market correction is past, Thornberg said.
"If prices do fall again, it'll be another 10% to 15% max," he said.
The Southern California median price remains at 2002 levels, even without considering inflation, and is 46% below its peak level of $505,000 set in 2007. The median is the point at which half the homes sold for more and half for less.
Those relatively low prices and an $8,000 federal home-buyer tax credit set to expire at the end of November pushed the number of homes sold in September up by 5% over the same month last year and 0.2% above August.
Home sales in the last year picked up first in the lowest-priced inland areas, where a massive number of foreclosures pulled prices down. Last month's sales, with rising median prices in some areas, show that the mix of homes sold is normalizing.
Sales of homes priced at or above $500,000 constituted 21% of the total, up from 13% in January, DataQuick said.
Previously foreclosed homes are accounting for a smaller share of sales. In September, 40% of homes sold had been foreclosed within the last 12 months, down from a high of 57% in February.
Various studies show that the number of Southern Californians who are substantially behind on their mortgage payments is growing, suggesting more foreclosures are on the way.
But foreclosures in the region have been declining as banks backed off from repossessing homes either voluntarily or to comply with state or federal foreclosure freezes.
Statewide data released Tuesday by ForeclosureRadar, an online seller of default data, show bank repossessions in September were down 42% from the same month a year earlier. The slowing of bank repossessions has cut the supply of homes for sale in the upper-middle range of the market.
That has frustrated many buyers like Daisy Lee, who recently had an offer accepted on a Monterey Park house -- after losing to other bidders six previous times. Lee and her husband tried for a year to purchase houses priced from about $500,000 to $700,000 in various San Gabriel Valley cities.
"There's a lot of competition in the areas we've been looking," said Lee, an accountant. Lee said she and her husband offered slightly above the list price to get the house they hope to move into, with an offer of about $600,000.
"We were desperate. I didn't know how much longer we wanted to wait," she said.
Their frustration aside, buyers like Lee are raising the median by purchasing higher-priced homes.
"I think prices are fundamentally at a bottom," said Richard Green, director of USC's Lusk Center for Real Estate.
"There could be some weakness in the next year that brings things back down a little bit," he said, adding, "I wouldn't be jumping for joy yet, but these numbers are not bad."
Boy, now this is an area where a crystal ball could make a guy a fortune. Not having access to a dependable, accurate crystal ball, one needs to rely on the advice and experience of their Realtor. When buying, if possible, you should use the service of an expert negotiator to determine the best strategy before making an offer.
Many factors come into play in the initial offer. Some say always offer 5%-10% less. Unfortunately, this route could end you up in second place on that competitively priced "perfect" home for your needs. And, second place is no fun.
Things to consider are:
How long has the property been on the market?
If a new listing, how competitively priced is the property? I've had situations where the home was so well priced, multiple offers are received within days. In this situation, offering a few hundred dollars over list made the difference in owning versus second place. In other situations, it's obvious the property is $20,000 overpriced and a lower offer can be justified and submitted with documentation to back the offer up.
Review recent sales in the immediate neighborhood less than 1 miles from the subject property.
If the property is a fixer upper, it is recommended to do a home inspection before making an offer. Bank owned sellers or REO Real Estate Owned properties will not re-negotiate after home inspection.
Current market conditions can play a big factor. A Realtor active in the local market knows what's going on in the market and can advise you accordingly.
The best advice I would give in what to offer the Seller is "get good advice and listen to it!" Too low of an initial offer could insult the Seller. Too high, and you may be leaving money on the table. This is when you could benefit from the experience of a Realtor with good negotiation skills.
Please contact Lupe Soto, Real Estate Negotiator and Short Sale Specialist if you are thinking of buying, selling or short selling in Burbank, San Fernando Valley, all nearby cities in Los Angeles County including Palmdale, Lancaster in the Greater Antelope Valley.
Lupe Soto, Bilingual Realtor serving: Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills.
Los Angeles areas: Hancock Park, City of Los Angeles, Downtown Los Angeles, Eagle Rock, Ecko Park, Hollywood, Korea Town, JeffersonPark, Griffith Park, Montecito Heights, El Sereno, Boyle Heights, Atwater Village
Antelope Valley: Anaverde, Rancho Vista, Palmdale West, Palmdale East, Lancaster West, Lancaster East, Littlerock, Lake Los Angeles
Sales of existing homes will rise 11 percent in 2010, and sales of new homes will climb 21 percent over this year, Mortgage Bankers Association Chief Economist Jay Brinkmann predicted in a speech Tuesday at the organization's annual meeting.
"We still see a concentration in the lower end of the market," Brinkmann said. "The entry level homes are in demand."
Brinkmann also predicted further declines in existing home prices, with the median falling to $164,200 in the first quarter of 2010.
David Stevens, commissioner of the Federal Housing Administration, concurred, adding that mortgage rates will rise to 5.6 percent by the end of 2010, though not enough of an increase to discourage a 12 percent increase in mortgage applications next year.
Bank of America could collect about $6 billion if it meets the deadline set by the federal government to help struggling borrowers for the Making Home Affordable program.
But the Treasury Department released a report last week that showed that only 11 percent, about 95,000, of Bank of America's delinquent borrowers who are potentially eligible for the program have been given a loan modification. That puts Bank of America at the bottom of the list of major banks involved in the program.
"We're sure working hard," said Ken Scheller, senior vice president for home retention at Bank of America, when asked about his company's low success rate. "We don't want to be down there."
There appear to be multiple problems, not the least of which is that many of the employees handling the modifications are completely new to the business. Angry investors complicate the issue, with 15 percent of them demanding that the bank get their approval for every single case.
Lupe Soto is a Short Sale Realtor & pre-foreclosure specialist. Call Lupe Soto, Realtor to list and sell your home or condo in Burbank, San Fernando Valley, Palmdale & Greater Antelope Valley in Los Angeles County
Lupe Soto, Bilingual Realtor, Short Sale Realtor serving: Arleta, Burbank, Canoga Park, Calabasas, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lake View Terrace, Mission Hills, North Hollywood, North Hills, Northridge, Panorama City, Pacoima, Porter Ranch, San Fernando, Reseda, Sherman Oaks, Studio City, Sylmar, Sun Valley, Sunland, Shadow Hills, Toluca Lake, Topanga Canyon, Tujunga, Valley Village, Valley Glen, Van Nuys, Universal City, West Hills, Winnetka, Woodland Hills.
Antelope Valley: Anaverde, Rancho Vista, Palmdale West, Palmdale East, Lancaster West, Lancaster East, Littlerock, Lake Los Angeles
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.
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