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One in five foreclosures in state belongs to speculators - 08/31/07 04:18 PM
The Mortgage Association today released a report showing that 30% of California Homes in Foreclosures are non-owner occupied homes purchased by "investors." Numbers are even higher in Florida, Nevada and Arizona.
Investors who were gambling on the increasing home values have simply walked away from the loans. This statistic demonstrates the value of President Bush's actions today.
I've read AR comments about "steam coming out of people's ears" upon listening to Bush's speech today. Much of the "relief" that Bush proposed today is geared towards FHA programs. FHA by design must be owner occupied. Therefore, the aid that is given will … (4 comments)
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Using the Media to Build Your Business - 08/31/07 04:04 PM
I saw something interesting today that is worthy of an Active Rain Marketing Post. So often we read the news and decide to walk away from it's negativity. Instead, here's a suggestion to help you get your clients off the fence and into action today.
1. Read the newspapers, several of them, eery day. Your local paper and USA Today.
2. When you see articles on the housing market, good or bad, cut them out, copy them and send to your data based with a note. The note that you write would comment on an action that the client should take … (7 comments)
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1-888-995-HOPE - Must Have Resource for your Clients - 08/29/07 04:37 PM
Last week I posted a blog that listed a number of resources for consumers who are facing the possibility of foreclosure. I updated that list this morning with a new resource and have decided to give this loss mitigation resource it's very own post. This resource is a 24/7 toll free phone number where homeowners can get the direction and advise that they need to effectively move forward!
Keep this number on hand to give to clients who are facing the difficult decision to short sell or let their house go into foreclosure. It's called Homeowner's Hope and is funded through a … (6 comments)
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Loss Mitigation Resources - Help Your Clients Save their Home - 08/24/07 10:58 AM
The other Day on the news there was 30 second sound byte on a non-profit organization called The California Reinvestment Coalition. This is a non-profit advocate for homeowners whose position on the current mortgage crisis is - The lenders created this mess, they need to find solutions to help consumers out of the mess. I checked out the website this morning and found some interesting homeowner links that could be useful to all of us at some point:
California Reinvestment Coalition This is an organization designed to help consumers fight back against predatory lending. Excellent resources and industry reading available here.
HUD Approved … (13 comments)
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FHA Mortgage - Questions and Answers for Redding Area Homebuyers - 08/23/07 04:11 PM
If you are considering a home purchase or are thinking about re-financing your home, consider an FHA mortgage. FHA loans let you buy or refinance your home using government backed funds. The down-payment requirements are low and in many cases allow home-buyers to get into a home for no money down.
What is an FHA Mortgage?
FHA mortgages are also know as government mortgages because they are backed by the Federal Housing Administration and are therefore insured by the government.
What if I Have Bad Credit?
You do not need good credit to get a FHA loan. At the same time your credit has … (0 comments)
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Facing Foreclosure? - Call Me - Redding, Shasta, Anderson, Chico - 08/22/07 06:02 PM
Are you a homeowner who is fearful that your house will go into foreclosure.
Are you behind on your payments? Is your Adjustable Rate Mortgage getting ready to adjust and you're worried about the new payment.
As a Mortgage Broker I may be able to help you find a solution to your individual problem. I've been in your shoes and I understand the emotional and financial impact that you are going through.
When you contact me here's what we'll do:
1. We'll talk for a few minutes about your individual situation. I'll spend some time learning about you and your goals, … (0 comments)
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What are the FICO Score Requirements of FHA Loans - 08/21/07 10:50 PM
FHA loans are being touted as the new sub-prime. I've spent the evening reviewing guidelines for FHA loans and cannot find minimum FICO score requirements. It could be that it's the end of a long day....but what makes FHA so credit friendly?
VA has a minimum credit score of 600.
What are the minimum scores for FHA?
There are a lot of people jumping on this FHA band wagon and it's definitely more complicated than people want to believe. Appreciate the input.
… (36 comments)
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Quote of the Day - " I do smell Federal Bailout...." - 08/21/07 09:01 PM
I've noticed that it's been very quiet on the rain over the last several days. I've been extremely busy with purchase loans and people calling me with those hard to get products. It's been interesting. Found this great quote and article on MSN which ended with the following quote...I just had to share it. It speaks volumes for what is coming down the road.
"I do smell a federal bailout," said said Michael Darda, chief economist at MKM Partners. "We have a Democratically controlled Congress and a Republican president with a disastrous international situation and a plummeting approval rating. So this … (0 comments)
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When does Opportunity Knock? - 08/15/07 01:00 PM
"What is opportunity, and when does it knock? It never knocks. You can wait a whole lifetime, listening, hoping, and you will hear no knocking. None at all. You are opportunity, and you must knock on the door leading to your destiny. You prepare yourself to recognize opportunity, to pursue and seize opportunity as you develop the strength of your personality, and build a self-image with which you are able to live -- with your self-respect alive and growing." ~ Maxwell Maltz
This quote showed up in my inbox this morning and I found it extremely relavant to the mortgage and real … (23 comments)
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Is This Real? I'm having a hard time digesting this? - 08/13/07 12:42 PM
I got one of those crazy e-mails this morning that I normally ignore. You know one of those that tells you to contact your congressman and write letters. For whatever reason, (probably because I know the person that sent it) I read it and clicked on the link.
Is this real? If it is it's really scarey and could have a severe impact on our civil rights down the road. Maybe not ours, but our childrens. I actually read the whitehouse press release and if you get through the legalese I'm reading that it apply to anyone who even chooses to "protest" … (2 comments)
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A Call For Government Intervention in the Mortgage Market!!! - 08/09/07 02:26 PM
I posted this comment, well really it's a novel, on Bruce Borchart's blog this morning and decided that it's worthy to stand alone. I believe that governmental intervention is needed in the sub-prime debacle. Why?
The pendulum has swung too far to the right in terms of corporate profit at all costs. While I believe in the free market, I also believe that government has a responsibility to protect it's citizens. In my lifetime, I have seen the greed from the S&L Crisis, the collapse of dot.com and now the sub-prime collapse. In all three instances the "free market" erred on the side of greed and fraud … (10 comments)
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Are We Heading into a Perfect Storm? The S&L Crisis vs Today! - 08/06/07 03:39 PM
We've been having an excellent discussion over on Janet Guilbualt's blog regarding the chain reaction currently taking place in the mortgage market. If you haven't been following it - it's worth reading. This discussion prompted me to clear the cobwebs from my mind and revisit what happened in the 1980's that precipitated the recession of 1990 and 1991. Many in the building industry refer to the situation of the late 80's into the early 1990's as "The Perfect Storm":
What Was the S&L Crisis: The S&L Crisis was caused by the deregulation of Savings and Loans in the early 1980's. Historically S&L's … (2 comments)
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Kate Bourland Onlilne Marketing Mobile Marketing
Kate Bourland
Redding,
CA
More about me…
Marketing with Kate
Address: 1095 Hilltop Drive, 104, Redding, CA, 96002
Office Phone: (530) 638-3328
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This Blog is my voice on the political, financial and social implications of debt. My goal is to encourage my readers to think outside their own personal reality and to challenge the social and political truths we have been taught about money, finance and our "free market" economy.
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