Facing the possibility of foreclosure, California homeowners may be hit with more than just losing their homes. Due to a loophole in state law, they also can be sued by their lender. To prevent this, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is sponsoring Senate Bill 1178 by State Sen. Ellen Corbett (D-San Leandro), which will extend anti-deficiency protection for consumers who have refinanced their original mortgage loans and now are facing foreclosure. KEEP THIS IN MIND • Currently, if a homeowner defaults on a mortgage used … (0 comments)
financial: Market Price versus Appriasal Price!!!
- 04/01/10 09:58 AM
Lenders are afraid of prices going lower, so they want to make sure that there is enough equity in a property to ride though future rough spots, hence why appraisals are coming in low. This can make for problems with a transaction in this market. Even when buyers are willing to purchase and sellers are willing to sell at a higher price, they have to aware that the appraisal may come in low, even though the house may be worth more. The bank is trying to protect their investment for the unforeseen future, not just for today. The seller will have to … (3 comments)
financial: Pay Off the Mortgage if You Can? YES! YES!
- 03/08/10 04:07 AM
This was part of report in Realtor Magazine Paying down the mortgage can be a great investment, often providing a better return than a savings account. I have been telling people that for years! You have a loan that you are paying 5% or 6% on and you have money in the bank earning less than 2%, surprise! you are losing money! I know I am on the wrong side of this argument but I was in the position once were I could pay cash for a new house and it has been the best thing I ever did. My payment would … (2 comments)
financial: HSBC Thank You! Fast Approval of a Short Sale!
- 02/04/10 10:32 AM
I want to say thank you to HSBO for a fast approval. You hear so many bad remarks about the banks but they have been great. I sent in an offer with the packet for a short sale on a Sunday afternoon, got a call Monday night 7:45 and had the BPO done Wednesday morning. The next Monday, they called to tell me the file had gone to approval department and I would know in 2 weeks. I called the the Friday before they said to and they had it done. A total of 3 weeks and we are good to go. Here is some other … (6 comments)
financial: FHA Relaxes the 90 Day Rule for Reselling!
- 01/17/10 07:02 AM
I am for it! I know it has a requirement that the resale can only be 20% above the cost and that there are other limits that the seller has to adhere to. I have had first time buyers trying to buy a property last year, only to be turned away because it hadn't been held for the 90 days. They never got to purchase a house because the prices are now up higher than they can afford for a single family house. Last year the only ones at the bottom of the market that they could afford were the ones … (4 comments)
financial: Financial Plans for 2010!! Get Out of Debt!
- 12/28/09 03:05 AM
This year let's start off with a financial plan to change what has been wrong with our spending habits. Examine your goals for 2010. How you spend your money is a decision that you make. Most people have no idea where their money goes. I suggest that you keep track of every penny you spend for at least 2 or 3 months. I know it is a big commitment to make but it will pay off. Once you become aware of where your money is going, you can then get control of it and you will see where you can save. … (7 comments)
financial: Anyone Have Info About MAP (Mortgage Assistance Program) for Buyer?
- 10/19/09 09:27 AM
I have a client trying to buy a house using the program MAP, (Mortgage Assistance Program). It offers up-to $40,000 towards downpayment and closing costs but you have to buy in the towns and cities that they say. This is the problem for my buyers, not because they don't like the city but in South Orange County where they want to live, it only gives us 3 cities and some unincorperated area. Of the 3 cities only 1 will have housing low enough for them to qualify for. There are cities that would be better, in that they have lower priced housing but … (0 comments)
financial: 50% That Got Mortgage Help are Behind One Year Later?
- 10/01/09 11:42 AM
Reading an article in the Orange County Register, I was surprised by the report. It states that the borrowers that got help have fallen behind in payments 1 year later. total of 50% of the homeowners with loans modified in the first half of last year had missed at least two payments a year later reported by Office of the Comptrooler of the Currency and the Office of Thrift Supervision. O.K. that looks real bad! The homeowners didn't really get any help! The group they are talking about either had their mortgages lef the same or increased. They didn't get any … (4 comments)
financial: NEED a Jumbo loan! Help! Anyone Know Where I Can Go?
- 05/20/09 08:53 AM
This is a question. I have a client looking for a JUMBO loan, that only wants to put 15% down. Does anyone know of a bank doing them? I'd appreciate any contact that would lead to a sale going though. I depend on this place to search because I rely on our networking to get the job done. If none of you can come up with the answer than there isn't one. So HELP! By helping me maybe others will be helped too. We never know where this will take us. … (0 comments)
This is an email notice I got from Equator Program. I hope it helps you to understand how they handle "counter offers".
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