murrieta: 2014 Year Of The RE Plateau
- 03/24/14 08:33 AM
Don't you love all the catchy taglines for the RE Market shifts? What do they mean? Like for example Real Estate Bubble? The RE market was really good (untrue this was a falsely driven by predatory and subprime lending, we all know that) but not for all, some really believe to this day their house is still worth what it was at the peak in 2007. In the equine industry it's known as being "Barn Blind" or because I own it, it has magic value above and beyond anyone else and no flaws! Well last year from January to August 2013 we had what I call the once … (0 comments)
murrieta: Short Sales Wells Fargo Second Lien Holder Requirements
- 08/12/10 05:58 AM
The first lien holder ia approved but the second is Wells Fargo and the first will give $3000 to the second but wait that won't work! Wells Fargo wants 10% on the owed second! Yes it is true, sometimes they will accept a promisory note from the seller, but if the seller truely has a hardship that can be impossible. So then it is up to the buyer well, that usually won't fly either. Just a heads up for buyer agents and Short Sales. … (0 comments)
murrieta: Short Sale Approved With Chase & Made the FTHB Tax Credit Deadline!!!!
- 05/18/10 04:07 AM
I just received word my Short Sale in Moreno Valley was approved and I would be receiving written approval in 2-3 days. I submitted on March 22, 2010 and our closing date is June 25, 2010. The pressure was on the buyers being able to get in the time line for the First Time Home Buyers Tax Credit. This was very important to the buyers and I would have to say the banks are streamlining the process to accept Short Sales and move on a big change of attitude from two years ago! Heck even 6 months ago! I am the … (0 comments)
murrieta: No More State Tax Calif Short Sales
- 04/18/10 03:31 AM
NO MORE STATE TAX ON FORGIVEN DEBT Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to … (1 comments)
murrieta: FHA Buyer No Longer Limited By The 90 Day Antiflip Rule Yeahhh!!
- 01/21/10 02:47 AM
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERSMeasure to help bring stability to home values and accelerate sale of vacant properties WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing … (0 comments)
murrieta: The Shadow Inventory Tsunami Cometh! Buyers Prepare!
- 12/31/09 04:00 AM
"A report conducted by First American CoreLogic found there was a 1.7-million-unit pending supply of residential housing inventory, an increase from 1.1 million a year earlier." Is this more than we thought? When will they release know inventory? No one knows for sure. My guess would be it will trickle out slowly in order to only meet the current demand and keep prices stable.The flood the market lesson has been learned and should not be repeated. My guess is the low in the market here was reached last Dec-March 2009 and has slowly started to level off and even climb … (0 comments)
murrieta: My Daughter
- 12/01/09 01:17 PM
A daughter growing up with horses-My daughter turned sixteen years old today; which is a milestone for most people. Besides looking at baby photos and childhood trinkets with her, I took time to reflect on the young woman my daughter had become and the choices she would face in the future.As I looked at her I could see the athlete she was, and determined woman she would soon be. I started thinking about some the girls we knew in our town who were already pregnant, pierced in several places, hair every color under the sun, drop outs, drug addicts and on … (4 comments)
murrieta: Short Sale California Style
- 12/01/09 12:36 PM
What Your Lender and Mortgage Broker Didn’t Tell You: California Code of Civil Procedure § 580b protects a California homeowner from a deficiency judgment when the homeowner’s purchase-money lender forecloses upon the home after default. In other words, if the price the lender realized at the foreclosure sale is less than the outstanding amount of the debt, the homeowner will not be liable for the deficiency. Section 580b was enacted to discourage the purchase money lenders from over-valuing real property by requiring a lender to look solely to the collateral’s value for recovery in the event of foreclosure, and to … (0 comments)
I started this “SHORT SALE” in November of 2008. The seller had started BK after trying to get a Loan Modification. It took me two months and countless phone calls and Fax’s to get it out of B of A, BK department
The first offer was submitted January 4, 2009. After 4 months phone calls 2-3 times a week (April 10, 200) a phase 1 negotiator was assigned by that time the first buyer was long gone. Enter offer number 2 after the same routine phase 1 came back in June, the bank countered 40K higher than … (1 comments)
1. Decide what area you want to start your home search. 2. Know what your price range is. 3. Rule of Thumb: You can afford housing costing up to 2.5 to 3 times your annual income. SAVE up for a down payment. You need 3.5-5% for FHA and 10% down for conventional, and 20% down avoids extra costs of PMI. And closing costs. 4. Search the internet Realtor.com, Zillow, Redfin.com are very popular. 5. Go to Open Houses you get a peek and this can be a great opportunity to interview agents you may want to work with, … (0 comments)
Don't you love all the catchy taglines for the RE Market shifts? What do they mean? Like for example Real Estate Bubble? The RE market was really good (untrue this was a falsely driven by predatory and subprime lending, we all know that) but not for all, some really believe to this day their house is still worth what it was at the peak in 2007. In the equine industry it's known as being "Barn Blind" or because I own it, it has magic value above and beyond anyone else and no flaws!
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