Greetings fellow Rainers!!! 

I'm just taking a break from my rather hectic day.  For kicks, I thought it would be fun to start some sort of chain type thread just to see how long we could keep it going before we ran out of things to add.  So my topic of choice is REO TERMINOLOGY. 

Why?  Maybe because in my neck of the woods it's all you hear about.

It's kind of corny I know, but with so many experts in the field I thought we could have fun, challenge ourselves, learn from one another or perhaps stump a few.

I'll go first -- REO (Real Estate Owned) - Property which is in the possession of a lender as a result of foreclosure or forfeiture.

I know, I know...I took the easiest one.  What else did you expect me to do???  Just kidding.  Anyway...chime away.  Anyone have some good ones to stump the rest of us???

Greetings fellow Rainers!!! 

I'm just taking a break from my rather hectic day.  For kicks, I thought it would be fun to start some sort of chain type thread just to see how long we could keep it going before we ran out of things to add.  So my topic of choice is REO TERMINOLOGY. 

Why?  Maybe because in my neck of the woods it's all you hear about.

It's kind of corny I know, but with so many experts in the field I thought we could have fun, challenge ourselves, learn from one another or perhaps stump a few.

I'll go first -- REO (Real Estate Owned) - Property which is in the possession of a lender as a result of foreclosure or forfeiture.

I know, I know...I took the easiest one.  What else did you expect me to do???  Just kidding.  Anyway...chime away.  Anyone have some good ones to stump the rest of us???

The Urban Living Tour stands out as a one of a kind exploration into not only the architectural properties and dwellings of an urban community, but the lifestyle of individuals who inhabit these spaces. Join us for a comprehensive view of modern urban living.

The spectrum of spaces and individuals range from an internationally known sculptor (creator of the cast-acrylic transparent bathysphere) who renovated a cereal grain warehouse ñ transforming it into his work/live compound; to the lovingly restored Victorian home of Lillian Love, leader of the preservation movement in Oakland. From the Historic Central Station (the end of the Trans Continental Railroad line), to a live/work hair salon, and a loft penthouse with a pool.

The Urban Living Tour is a self guided tour. After checking in at registration you will receive a map that will direct you to the locations on the tour and near by cafes along the route for refreshments. A wristband will identify you as a tour participant and you will be provided with an information sheet giving you a short synopsis of the each property. You may visit the over one dozen locations at your leisure and in any order. Once you arrive at a tour location there will be staff members on site to guide you, and answer any question. Those of you who wish to participate in the raffle can get their maps punched at each location. 

Below is a sampling of the numerous properties you will see on the Urban Living Tour. Come
ENJOY, EXPLORE and CONTRIBUTE!

MARK YOUR CALENDARS! There will be GREAT Informational Handouts at this meeting!

UPDATES:  There will also be a "Panel of Speakers" to include a Certified HUD Counselor and representatives from banking institutions as well as a testimonial from a current homeowner who has been able to successfully receive a modified loan to meet her current income on her adjustable mortgage loan - please come hear her story!  Be sure to SPREAD THE WORD!  Have your questions and issues ready!

Mark your calendars for the "Tru Grand Opening Spa party". Taking place on Sat-10/6 from 11 am to 7 pm. Located at 604 12th Street in Sacramento (at F Street). Get acquainted with Sacramento's distinctive, up and coming, multi-cultural, unisex salon and spa offering exceptional service in the areas of skin, hair, and body care in an urban chic environment.

It has come to my attention that homeowners in default on their mortgage(s) are being solicited by individuals/investors to sign their property over to them via a Warranty Deed, Quit Claim Deed or All Inclusive Trust Deed.  Please be aware BEFORE you sign anything that:

1. Signing a Deed (Warrany, Quit Claim, All-Inclusive...any deed for that matter) does NOT relieve you of your mortgage debt or stop the foreclosure.
2. It DOES release your ownership...Since you no longer own the property you will not have the right to sell your property.
3. If you sign a Deed, your Lender(s) will no longer work with you to alleviate this debt via a "Short Sale" or make any payment arrangements with you.  You will not be entitled to any equity you might have in the property.
4. Don't go unrepresented.  I am not saying that all investors or people approaching you regarding your home or bad or dishonest.  I am saying that there are several legal and tax consequences when transferring real property (real estate).  You need to have a Team of Real Estate Professionals working for YOUR best interests!

**If you are declaring bankruptcy, there is a big difference between bankruptcy and foreclosure -- PLEASE call me to find out ALL of your options!!!

Tracy Nicole - 916.730.8671

BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES
FHA to implement new "FHASecure" refinancing product

WASHINGTON - President George W. Bush today announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing.

In addition, FHA will implement risk-based premiums that match the borrower's credit profile with the insurance premium they pay-i.e., riskier borrowers pay more. This common-sense, risk-based pricing structure will begin on January 1, 2008.

"Many hard-working American families who were able to make their mortgage payments under the initial teaser terms of the exotic loan are now struggling to make ends meet because their rates have doubled or tripled," said HUD Secretary Alphonso Jackson. "FHASecure will bring stability to the housing market and give eligible families who were in good financial standing before their loans reset a chance to keep their homes."

The combination of FHASecure and risk-based premium pricing will permit FHA to return to the role it was originally designed to play, bringing stability to the real estate market by helping break today's cycle of foreclosures and price depreciation and creating much needed liquidity in the now-constricted mortgage market.

FHA has recently experienced a substantial increase in the number of conventional borrowers refinancing into FHA products. With FHASecure, it can help even more. The number of these refinancing transactions has tripled since the start of 2006. FHA's transactions are projected to surpass 100,000 loans by the end of the fiscal year. To date, these figures do not include refinances for delinquent borrowers.

The FHASecure initiative will operate under the same safe guidelines as the FHA's existing mortgage insurance program without affecting FHA's financial health. Eligible homeowners will be required to meet strict underwriting guidelines and pay a mortgage insurance premium, which offsets the risk to FHA's insurance fund at no cost to the taxpayer.

The risk-based insurance premium structure will further expand FHA's reach to additional underserved borrowers, particularly minorities and first-time homebuyers who have been disproportionately lured into exotic mortgages, and enhance the FHA's overall risk management. The move to risk-based premiums ensures that FHA remains on solid financial footing as a self-financed agency for the long-term.

FHASecure, like all FHA products, will be underwritten to ensure the borrowers have the ability to repay the loan, will require escrow for taxes and insurance, and will continue to offer unprecedented foreclosure prevention assistance. The FHA has never permitted and will not include pre-payment penalties or teaser rates that are common in exotic mortgages and have caused much of the current market troubles.

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
2. Interest rates must have or will reset between June 2005 and December 2009;
3. Three percent cash or equity in the home;
4. A sustained history of employment; and
5. Sufficient income to make the mortgage payment.

"FHASecure is designed for families who are good borrowers but were steered into high-cost loans with teaser rates," said Assistant Secretary for Housing-FHA Commissioner Brian Montgomery. "These homeowners, many of whom are minorities, need a safe, affordable mortgage product that will help build wealth. All FHA borrowers pay mortgage insurance premiums to offset claims to the FHA insurance fund and ultimately prevent risk to the taxpayer."

FHASecure will also bring much-needed liquidity to the mortgage market. FHA anticipates more lenders will offer FHA-insured loans, pool them, and securitize them with the Government National Mortgage Association (Ginnie Mae), which has the full faith and credit of the U.S. government. This guarantee makes Ginnie Mae's mortgage-backed securities the safest on the market and helps to channel greater capital into the housing market, benefiting U.S. homeowners.

Since its inception in 1934, FHA has helped almost 35 million people become homeowners, making it the largest insurer of mortgages in the world. The 109th Congress introduced the Expanding American Homeownership Act in June 2006 which would enable FHA to be a safe option for more underserved low- and moderate-income and minority families so they can achieve the American Dream of homeownership. Today, President Bush also urged Congress to quickly pass the Administration's FHA modernization proposal to help more families in need.

If you are a current Elk Grove resident you have no doubt noticed the immense amount of activity taking place in the Southeast quadrant of Elk Grove Boulevard and Bruceville Road. 

If you are not a current resident or perhaps are thinking of becoming one, bookmark this blog so that you may be kept abreast of the EXCITING growth that is taking place in our city!

Madeira, is Elk Grove's first AND one of Sacramento County's largest Master Planned Communities.  The first phase of this 1,900-acre project, (now in full swing of the improvement process), will feature 11 distinct neighborhoods on an expansive, beautifully landscaped 750 acres. It will represent approximately 2,800 residential units.  Each of Madeira's neighborhoods will have its own architectural style, all based on neotraditional looks that have defined America's most desirable places to live for decades.

Madeira (formerly known as Laguna Ridge during its planning process), features the following homebuilders:  Del Webb (a division of Pulte Homes), Reynen & Bardis Communities, Cambridge Homes, Centex Homes, Corinthian Homes, Meritage Homes, MBK Homes, Morrison Homes, Syncon Homes, Tim Lewis Communities and Treasure Homes (more to follow).

A new 76-acre middle and high school complex (Consumnes Oaks HS/MS) will be the first public amenity in the community and is planned to be built concurrently with this first phase of homes. The school is planned to open for the 2007 - 2008 school year and will have a target enrollment of 2,200 9th- through 12th-graders and 1,200 middle school children (7th and 8th grade).

Other amenities planned for Madeira include 234 acres of parkland, a 150-foot-wide "grand parkway" that winds through the community and connects neighborhoods, shops, offices, parks and schools via a bike/walk trail system.  One 20 acre neighborhood park will also be built in this first phase of development.

Shoppers will rejoice in a high-end Lifestyle Center, (along the lines of San Jose's Santana Row), planned to anchor the community along Elk Grove Boulevard.  This pedestrian-friendly amenity will connect to a 20-acre Civic Center that will be the heart of the community. 

Madeira has been recognized by the Sacramento Area Council of Governments as a good example of a well-planned community utilizing smart growth principles. Almost every aspect of the Madeira project has been under a microscope for the past few years. From garage door placement to infrastructure, members of the Elk Grove Planning Commission and the Elk Grove City Council have heard their share of Madeira project components.
Specifically, it contains features that define a well-balanced community: housing availability, public safety posts, schools, economic development and abundant parkland along with public and recreational venues. The Elk Grove City Council worked with the land owners to ensure the necessary community infrastructure is in place in a timely manner; namely roads, water treatment facilities and sewer and drainage systems.  The City Council and landowners are taking these measures to provide a smooth transition from construction to occupancy.  The build out of Madeira is expected to take approximately five years.