oregon: When a Neighbor Crosses the Threshold from Bad to Dangerous – Part 1 of 2
- 10/29/10 07:19 AM
The real estate market in Southern Oregon has a high percentage of foreclosure homes working their way through the inventory. One of those bank owned homes sold earlier this year on the street behind ours. We were sad to hear another local contractor had lost their home in this bad economy we are all struggling through. Maybe the new family will come with children that will be friends of ours…we hope for good, compatible neighbors every time one of the surrounding properties changes hands. We all want good neighbors, right?
We used to have a family next door to us, … (6 comments)
oregon: What to Do When Your Bank Stonewalls Your Modification Request | Tips From A Housing Counselor
- 09/29/10 06:35 PM
Applying for a loan modification when your world has been turned upside down and you are facing financial hardship can be difficult and frustration, to say the very least. The recommendations I have for you if you are encountering “we lost your paperwork”, “your request was denied”, “you didn’t respond to our request in time”, etc. is to do the following:
· Request to have your financial hardship package transferred to “the Office of the President” at your servicer (every servicer has a division set up for “special cases”, although the name of the division may vary slightly from … (4 comments)
oregon: Requesting Loan Modification or Forbearance for Financial Hardship | Tips from a Housing Counselor
- 09/24/10 07:14 AM
So, you have lost your job or have seen your income reduced. You’ve taken a look at your budget, and you know that as hard as you have worked to cut “non-essentials” from your expenses, there just isn’t enough money to cover your basic living expenses AND your mortgage. Maybe you have sat down with your local non-profit certified housing counselor and they’ve given you more tips and ideas, but you just aren’t going to be able to make your mortgage payments with the money you have available to you. You REALLY want to keep your home, but just won’t … (7 comments)
oregon: Can You Afford to Keep Your Home? | Tips from a Housing Counselor
- 09/22/10 11:26 AM
Next to the ultimate F word in real estate, Foreclosure, the B word probably sounds almost as bad to many people. The Budget…that first step required in determining what options are available if your find yourself experiencing financial distress. As housing counselors, it is something we focus on in detail to help determine if the goal a homeowner has set may be attainable.
The Budget – it’s really amazing how many homeowners | families don’t have one.
Every lender will require that a financial worksheet – i.e. Household Budget – be turned in so they may see if … (6 comments)
oregon: When Best Laid Plans Go Awry | Tips from a Housing Counselor
- 09/22/10 05:24 AM
For some, the American Dream of Homeownership has gone drastically awry. The days of anticipation of closing on that dream home seem long ago to them. Today, focus may be on getting food on the table and keeping the lights on. Maybe this is because of bad decisions made along the way, but more often it is because of job loss, reduced income, medical bills – situations beyond their control – and/or revolving debt accrued to keep payments up and cover budget gaps.
Along come the Making Home Affordable Programs and Hardest Hit Funds to help struggling homeowners hang on … (3 comments)
oregon: Who Needs To Win The Lottery To Get A Down Payment?
- 07/24/10 12:11 PM
With today’s first time home buyers needing to come up with more cash at closing, you may be thinking the only way you are going to have the American Dream and own your own home is if you win the Lottery. If you are like roughly 50% of the folks in your area making your area median income or less, chances are pretty good you find yourselves living check to check. Putting away thousands of dollars to make a down payment on a home and paying closing costs may seem like a pipe dream to you.
Ain’t gonna happen, huh … (5 comments)
oregon: 15 yr vs 30 yr mortgage
- 07/22/10 06:55 PM
With all the focus on declining equity we are seeing in many housing markets, it brings up the focus on considering a shorter term mortgage than homeowners typically choose. In my 27 years, a LOT of my clients have chosen the 15 year mortgage, often times through refinancing. They may have needed the lower payments in order to be able to afford/qualify for the pricing they were finding in the real estate markets they bought in, so they got in to the home and qualified on a 30 year mortgage, waiting for great interest rate opportunities like we are seeing … (9 comments)
oregon: Have You Been To Pomodori Ristaurante in Medford Oregon?
- 07/20/10 06:08 PM
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)
oregon: Interest Rates: Make Hay While The Sun Shines!
- 07/20/10 05:27 PM
Here is Mike Jones in Tucson highlighting some critical points our interest rate/bond markets are facing. I'm out there making hay right with you, Mike!
Pretty, isn't it? It won't last. The same is true with the extraordinarily low interest rates available right now. They won't last. Don't be a spectator. Jump in and get that low-interest-rate nectar while the getting's good. Real world conditions The US has more than $8 trillion in Treasuries outstanding. That's nearly double the amount just three years ago. China, who holds much of our debt, is experiencing a real … (0 comments)
oregon: Speechless Sunday - A Lovely Bride's Veil
- 06/05/10 05:17 PM
With "the family homestead" not far from here, I have been able to see Yosemite National Park many different times over the years. Seeing the falls with the Spring snow melts was pretty awesome. I just need to cover the Winter season on the next visit and I'll have seen this glorious park at all four seasons.
See you out there! … (14 comments)
oregon: Headed to Phoenix AZ| Looking Forward to Exploring This Corner of Our World
- 04/30/10 11:41 AM
One of the many hats I wear is as a housing counselor for a HUD certified housing counseling agency. These days, most of us housing counselors find ourselves focused not only on first time home buyers seeking homebuyer education from a HUD approved non-profit entity, but even more so on existing homeowners seeking assistance with foreclosure intervention. Now that the April 30th $8,000 Tax Credit Deadline is slipping by, I’m switching hats and headed to Phoenix AZ to complete certification training as a Foreclosure Intervention Specialist and get another leg of certification as a Reverse Mortgage Counselor under my belt. At … (3 comments)
oregon: Today’s D-Day| Did You Make The $8,000 Tax Credit Deadline?
- 04/30/10 11:26 AM
Seems to have snuck right up on us, didn’t it? Here it is D-Day – the day first time home buyers wishing to take advantage of the $8,000 first time home buyer tax credit have to have accepted offers communicated to them. At least interest rates are still really good for the buyers who didn’t make the April 30th deadline, and there are some other amazing resources still available such as first time home buyer down payment assistance programs and the Neighborhood Stabilization Program to help them even if they missed the $8,000 tax credit. Well, it isn’t midnight yet…maybe a … (1 comments)
oregon: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 3
- 04/17/10 05:00 PM
Is the game up as far the $8,000 tax credit goes if an eligible first time home buyer isn't under contract on a home by April 30th and escrow closed by June 30th? Not if they are an eligible US servicemember like the many Southern Oregon Guardsmen and active military personnel bravely fighting for us in Iraq and Afganistan and are on active duty at least 90 days between 1/1/2009 - 4/30/2010 (or injured while on active duty). These brave souls will have an extra year to take advantage of the $8,000 first time buyer tax credit if they are eligible. … (6 comments)
oregon: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 1
- 04/17/10 04:43 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)
oregon: End of a Saga - We Sold Our "2nd Home"!
- 04/08/10 03:25 PM
My family and I are big "get out there" kind of people. We work hard, and we've learned how to balance out that hard work with relaxation time. We love to explore our world around us, and have done so many times via RV since our youngest was born. That kid has been with us while we put over 60,000 miles on that RV, plus more on the one we had before this RV. Since moving from Southern California to Southern Oregon, we've done our fair share of exploring our new homeland in the RV, and also by car on day … (12 comments)
oregon: Have You Been To Tin-Tin Buffet in Medford Oregon?
- 01/23/10 02:07 PM
When it comes to eating out with our family, our varied tastes lead us toward different choices in local restaurants. Buffet style dining is not usually my first choice, although I’ve experienced some amazing buffets in my time, like those on cruise ships, one on the American River in Sacramento and another in Granada Hills that had such a wonderful Sunday Brunch in a gorgeous setting, we chose that location for our wedding & reception many moons ago.
Tonight, we went to Tin-Tin Buffet in Medford for the first time. We had heard from family and friends that Tin-Tin Buffet … (0 comments)
oregon: Can I Refinance Even If My Home Value Has Dropped?
- 11/24/09 04:55 AM
Many people hear about the extraordinarily low interest rates available on home loans today. At the same time, they hear about the backlog of bank owned foreclosure homes depressing home values. Not a good combination if you want to refinance your home, but there ARE alternatives available even if you have lost some equity with the decline in home values in your area. Are they available to everyone? Unfortunately, no - but they WILL work for many homeowners looking to refinance to today’s low interest rates.
There are still many homeowners out there who took “interim fixed”, “interest only”, “option … (4 comments)
oregon: Investors, Isn’t It Nice To Have Rental Property With Positive Cash Flows?
- 11/23/09 10:15 AM
Although some homeowners looking to refinance or sell right now may not like what the volume of distress sale property sales are doing to local real estate values, Investors purchasing homes that run a positive cash flow probably aren’t complaining very much. Here in the Rogue Valley, up until this year an investor purchasing income property had to make a pretty hefty down payment to see their home meet most cash flow expectations.
Now, lending guidelines require bigger down payments from an Investor purchasing rental property using investor real estate loans. We’re seeing properties with only 10-20% down payment at … (2 comments)
oregon: Going…Going…Gone? How Long Will These Low Home Loan Interest Rates Hang Around?
- 11/23/09 04:44 AM
This week, I’m locking in interest rates lower than I’ve ever seen before, lower than I’ve even gotten for my own personal home loans on a wholesale basis. I really did not expect to see 15 year conforming fixed rates back at the 4.25% I locked my own interest rate at several years ago. It’s exciting to see the homeowners I’m working with who have enough equity in their homes to be able to refinance out of resetting adjustable rate mortgages to fixed interest rates at the same level those adjustable rate mortgages were at. Most of them were nervous about … (5 comments)
Thanks to Xerox sending out a Thank You card to our soldiers is simple, fast and free. At this time of the year we can take some time out to teach our children about giving thanks and living in gratitude. The best way of course to teach gratitude is by being a good example of being in a thankful state of mind. You can gather your children around your computer right now and go … (0 comments)
Loving the challenge of a career in mortgage|real estate since 1983, keeping up with the progression of changes in this industry keeps one on their toes. What doesn't kill us makes us stronger, right? Here's to a few more decades of strength building!
The real estate market in Southern Oregon has a high percentage of foreclosure homes working their way through the inventory. One of those bank owned homes sold earlier this year on the street behind ours. We were sad to hear another local contractor had lost their home in this bad economy we are all struggling through. Maybe the new family will come with children that will be friends of ours…we hope for good, compatible neighbors every time one of the surrounding properties changes hands. We all want good neighbors, right?
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