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Beyond the Headlines/ West Hills, Ca./ October 2010

By Esperanza Butler® 818 926 5425

Real Estate Agent with KW Keller Williams Realty -Esperanza Butler-DRE 01797405 CalBRE-01797405

October 14, 2010 03:20 PM

Beyond the headlines

Beyond the Headlines/ October 2010

Los Angeles Times

California to join multistate inquiry of foreclosures by banks

In late September and early October several major lending institutions began voluntarily halting foreclosures in select states while they reviewed their foreclosure processes. This action is in response to findings that questioned whether some lenders/servicers were following the correct procedures to foreclose on a property.

KEEP THIS IN MIND

• To date, Bank of America is the only lender that has extended its foreclosure moratorium to California, where the vast majority of foreclosures are conducted without a court order.

• Non-judicial foreclosures in California, however, do have legal requirements that lenders must follow. For example, California law requires that lenders for certain mortgage loans made between Jan. 1, 2003, and Dec. 31, 2007, attempt to make contact with borrowers to discuss options for avoiding foreclosure at least 30 days before filing a notice of default. Lenders also must sign a declaration in the notice of default stating that they tried to contact the borrower, made contact with the borrower, or fall within an exception (such as a bankruptcy filing).

• This halting of foreclosures is a voluntary action taken on the part of these lenders/servicers and has not been mandated by either the states or the federal government. The participating lenders and servicers believe their internal review processes should take anywhere from a few weeks to 30 days to complete.

• It is important to note that Bank of America is temporarily suspending foreclosure sales, but not necessarily halting its actions during other stages of the foreclosure process.

Read the full story:

http://www.latimes.com/business/realestate/la-fi-foreclosure-20101013,0,6850348.story

Oct. 14, 2010

CNN Money

Unemployed? Get a federal loan to pay your mortgage

Unemployed and can't pay your mortgage? You soon can apply for a no-interest government loan for up to $50,000 to pay your mortgage and cover your arrears. The loan, which can offer assistance for up to two years, will be forgiven if the homeowner stays in the house for five years.

Read the full story:

http://money.cnn.com/2010/10/05/news/economy/unemployed_mortgage_help/index.htm

The Wall Street Journal

HUD's Donovan: National foreclosure moratorium risks ‘going too far'

The Obama administration's top housing official on Monday said that a national foreclosure moratorium to correct flawed legal filings risked exacerbating the mortgage crisis.

Read the full story:

http://blogs.wsj.com/developments/2010/10/12/huds-donovan-national-foreclosure-moratorium-risks-going-too-far/

San Francisco Chronicle

Banks seize 288,000 homes in Q3, but challenges await

Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006. But many of the foreclosures may be challenged in court later because of allegations that banks evicted people without reading the documents.

Read the full story:

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/10/13/financial/f210144D21.DTL

Los Angeles Times

Fannie-Freddie add-on fees put damper on refis

With mortgage rates at unprecedented lows, why are more people not taking advantage of them to refinance or buy houses?

Read the full story:

http://www.latimes.com/business/realestate/la-fi-harney-20101010,0,5817827.story

San Francisco Chronicle

Mortgage rates hit decades-low of 4.19 percent Rates on 30-year mortgages fell this week to 4.19 percent, the lowest level in decades. They were pushed down by lower Treasury bond yields.

Read the full story:

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/10/14/financial/f071201D81.DTL&tsp=1

What you should know about the market

• As the warm summer days begin to turn into cool fall and winter nights, many homeowners will find their electricity bills have increased as they try to keep their homes warm. To help lower the cost of heating a home this winter, homeowners can weatherstrip their homes. According to the U.S. Dept. of Energy, there are many kinds of weatherstripping products on the market. Since each product is designed to work in a different area of the home, homeowners should read product packaging carefully to determine if it is best suited for windows or doors, as well as indoor or outdoor use.

• Another tip for "winterizing" a home is to get a furnace or heating system inspection, which most professionals recommend homeowners do at least once a year. An inspection of the working parts can ensure that the house has heat when needed and can prevent costly repairs in the future.

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