Further explanation of the first time home buyer credit extension
The extended tax credit provisions are as follows:
• First-time homebuyers will continue at the $8,000 tax credit.
• Tax credit for “move up” purchasers will be up to a $6,500 credit.o Must have used previous home as a principal residence for 5 consecutive years of the previous 8.
• Income limits increased and are the same for first-time and “move up” purchasers: $125,000 for single filers/$225,000 for joint filers.
• Limitation on eligible home prices has been increased to $800,000.
• Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010.
• Anti-fraud measures have been added.
Detailed information on the extended tax credit can be found on the National Association of Realtors website at: http://www.realtor.org/ including frequently asked questions, features and important deadlines.
Monday, November 9, 2009
Thursday, October 22, 2009
REO - Bankowned properties for sale
Look at this weblink and get an idea how to buy a REO (bankowned property):
http://www.youtube.com/watch?v=SM7oWKgCVo4
Marianne
http://www.youtube.com/watch?v=SM7oWKgCVo4
Marianne
Saturday, October 10, 2009
ONLY 3 weeks left......
Only Three Weeks Left…
Your purchase must close by the end of November to qualify for the credit.
You should be under contract and in escrow by October 31 to close by the end of November.
A Historic Time to Buy
Young people just starting to invest and buying their first homes are potentially the winners in this recession.First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®
"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future.
"A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent."We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."Source: The Associated Press, Chip Cutter (10/05/2009)
Buyers Rush to Beat Tax Credit Deadline Real estate professionals report that first-time home buyers are flooding the sale market, pressed to finalize a deal before the federal government's $8,000 tax credit offer expires on Nov. 30.
Because mortgage approvals, residential inspections, and other steps in the buying process typically take about two months, buyers hoping to take advantage of the incentive will need to have a contract by the end of September. The new flurry of activity now as house-hunters try to meet the deadline is triggering bidding wars and energizing the property market, which historically is slow at the end of summer. As a result, more homes are getting their full asking price.
Your purchase must close by the end of November to qualify for the credit.
You should be under contract and in escrow by October 31 to close by the end of November.
A Historic Time to Buy
Young people just starting to invest and buying their first homes are potentially the winners in this recession.First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®
"This is a historic time," says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. "It's a great opportunity to make some great gains in the future.
"A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent."We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."Source: The Associated Press, Chip Cutter (10/05/2009)
Buyers Rush to Beat Tax Credit Deadline Real estate professionals report that first-time home buyers are flooding the sale market, pressed to finalize a deal before the federal government's $8,000 tax credit offer expires on Nov. 30.
Because mortgage approvals, residential inspections, and other steps in the buying process typically take about two months, buyers hoping to take advantage of the incentive will need to have a contract by the end of September. The new flurry of activity now as house-hunters try to meet the deadline is triggering bidding wars and energizing the property market, which historically is slow at the end of summer. As a result, more homes are getting their full asking price.
Tuesday, August 4, 2009
FREE BANKRUPTCY CLINIC
The FREE Bankruptcy Clinic is held 9 am-noon and 1-4pm Mondays and Thursdays at US Bankruptcy Court, 21041 Burbank Blvd., Woodland Hills. For more information, call 800-433-6251, ext. 138
M
M
Monday, June 29, 2009
Market condition right now.
As you might have noticed or maybe not, it is NOT a buyer’s market anymore, at least for properties below $400,000. I will say it is more or less the contrary. Inventory is extremely low and there are multiple offers on nearly all listings. Even short sales are getting offers the first day they are on the market, and those short sales can take a lot of time to get and it is still not sure that the banks will accept your offer.
There are a lot of buyers out there, mostly investors and first home time buyers. Investors come with cash offers and they are difficult to fight against, especially with first home time buyers with a FHA loan. Investors will go after the REOs, as they are easy for them to get. They will get an answer within a few days.
You can buy a property with a FHA loan with as little as 3-1/2 pct. down but it is a weak loan compared with cash buyers or buyers with a conventional loan with 20% down. And there will be a limit how much a buyer with a FHA loan can offer on a property. The appraisal has to come in or the loan will never been given (this is why some properties come back on the market).
A seller will always prefer to have buyers with a big downpayment as the deal might be easier to get through (easier to get the loan) The inventory consists of mostly short sales, which are in my opinion about 85%. The rest are REOs (bank owned properties) and a few normal sales. This is at least for properties under $400000.
Buyers can give offers on many short sales at the same time as it will take a long time to get an answer of whether or not their offer has been accepted. This will give them a better chance to purchase a property but at the same time it will give a wrong picture of the inventory.
Therefore, it is okay to give back up offers as you will not know if the "winning offer" will get the house in the end. The person with the winning offer may have decided not to wait for an answer and therefore purchased another house long before their offer was eventually accepted.
There are a lot of buyers out there, mostly investors and first home time buyers. Investors come with cash offers and they are difficult to fight against, especially with first home time buyers with a FHA loan. Investors will go after the REOs, as they are easy for them to get. They will get an answer within a few days.
You can buy a property with a FHA loan with as little as 3-1/2 pct. down but it is a weak loan compared with cash buyers or buyers with a conventional loan with 20% down. And there will be a limit how much a buyer with a FHA loan can offer on a property. The appraisal has to come in or the loan will never been given (this is why some properties come back on the market).
A seller will always prefer to have buyers with a big downpayment as the deal might be easier to get through (easier to get the loan) The inventory consists of mostly short sales, which are in my opinion about 85%. The rest are REOs (bank owned properties) and a few normal sales. This is at least for properties under $400000.
Buyers can give offers on many short sales at the same time as it will take a long time to get an answer of whether or not their offer has been accepted. This will give them a better chance to purchase a property but at the same time it will give a wrong picture of the inventory.
Therefore, it is okay to give back up offers as you will not know if the "winning offer" will get the house in the end. The person with the winning offer may have decided not to wait for an answer and therefore purchased another house long before their offer was eventually accepted.
Monday, May 25, 2009
What is FORECLOSURE?
I will try to explain what a short sale/auction/REO is.
A foreclosure case contains of 3 steps: Pre-foreclosure - auction - sale of property after auction by the one who now owes the property (this will mostly if not always be the bank who has the loan in the property)
The pre-foreclosure step takes minimum 4 months from the moment the homeowner (who has not paid his mortgage, taxes or HOA for several months) receives a letter telling him that his house is in foreclosure.
The homeowner can decide to try to sell the house or he can just do nothing and the bank will take over the house.
If the homeowner tries to sell the house it will mostly in this time be a Short Sale meaning that the homeowner owes more than he can get for the house. Then he will ask the bank to cover for the difference and that is what takes time. The bank will examine everything (why the homeowner cannot pay, maybe a loan modification can be necessary, maybe the bank can come up with another solution to help etc.)
A homeowner can also be forced to sell of other reasons, for example divorce or relocation. The sale can still be a short sale as the homeowner might owe more than he can sell for.
A short sale can be more or less complicated. If there are more loans/leans in the house it is more complicated as all the involved parties have to agree to the short sale.
To start a short sale, a listing agent has to have an offer on the property or the bank will not receive any papers. Therefore you will see low prices on short sale as the listing agent has to have an offer on the house. Then the listing agent can start sending in all the many, many papers from the seller and the buyer (The seller has to give several years of tax papers, bank statements and paychecks together with an explanation. The buyer has just to give the offer, approved letter from bank and deposit check).
As the bank has a lot of short sales to go through it can take forever to get an answer. (many months). Buyers will of that reason often give offers on many properties in hope to get one of them.
Auction is the real foreclosure. Investors or buyers could buy here but the start bid will normally be the amount the bank has in the house and nowadays it will be a high amount. The bank (lender) will take the property back.
REO means Real Estate Owned property means the bank owned property. The bank that has got the house back at the auction will now take action to sell the house. The bank will sell the house as-is and they will not take responsibility for anything in the house and not do repairs (though they sometimes paint the house inside and put new carpet in). They put a low sales price and are inspecting many offers. The sales price will normally be higher of that reason. The buyers will get a fast answer.
A foreclosure case contains of 3 steps: Pre-foreclosure - auction - sale of property after auction by the one who now owes the property (this will mostly if not always be the bank who has the loan in the property)
The pre-foreclosure step takes minimum 4 months from the moment the homeowner (who has not paid his mortgage, taxes or HOA for several months) receives a letter telling him that his house is in foreclosure.
The homeowner can decide to try to sell the house or he can just do nothing and the bank will take over the house.
If the homeowner tries to sell the house it will mostly in this time be a Short Sale meaning that the homeowner owes more than he can get for the house. Then he will ask the bank to cover for the difference and that is what takes time. The bank will examine everything (why the homeowner cannot pay, maybe a loan modification can be necessary, maybe the bank can come up with another solution to help etc.)
A homeowner can also be forced to sell of other reasons, for example divorce or relocation. The sale can still be a short sale as the homeowner might owe more than he can sell for.
A short sale can be more or less complicated. If there are more loans/leans in the house it is more complicated as all the involved parties have to agree to the short sale.
To start a short sale, a listing agent has to have an offer on the property or the bank will not receive any papers. Therefore you will see low prices on short sale as the listing agent has to have an offer on the house. Then the listing agent can start sending in all the many, many papers from the seller and the buyer (The seller has to give several years of tax papers, bank statements and paychecks together with an explanation. The buyer has just to give the offer, approved letter from bank and deposit check).
As the bank has a lot of short sales to go through it can take forever to get an answer. (many months). Buyers will of that reason often give offers on many properties in hope to get one of them.
Auction is the real foreclosure. Investors or buyers could buy here but the start bid will normally be the amount the bank has in the house and nowadays it will be a high amount. The bank (lender) will take the property back.
REO means Real Estate Owned property means the bank owned property. The bank that has got the house back at the auction will now take action to sell the house. The bank will sell the house as-is and they will not take responsibility for anything in the house and not do repairs (though they sometimes paint the house inside and put new carpet in). They put a low sales price and are inspecting many offers. The sales price will normally be higher of that reason. The buyers will get a fast answer.
Saturday, May 2, 2009
Tips to negotiate your way to a Mortgage Loan Modification
Here are a few tips to keep in mind when seeking a mortgage loan modification:
1. Don’t fall for any mortgage modification scams (such as advanced fee scams).
2. To learn how to best make your case for a loan modification, contact one of the HUD Approved Foreclosure Avoidance Counselors in your area. They can also inform you about any federal, state or local programs that may assist you.
3. Get an accurate picture of your finances. Your best chance at getting a modification is to demonstrate the ability to repay and a thorough understanding of the costs and income you face going forward.
4. If the problem making payments is short-term, ask your lender about forbearance or postponement of payments for a limited period. Be prepared to demonstrate when you’ll be able to start making payments again.
5. If the problem is long term, and what you need is modification, be prepared to make an offer and demonstrate how you could repay the modified loan. Be sure your lender is up to speed on incentive programs that may be available to help.
6. When negotiating a modification, make sure to understand how it will deal with any fees or penalties that may have accrued. Know what fees are in play and whether the modification will eliminate, reduce or tack them on for repayment.
7. If the lender won’t modify and foreclosure looms, consider asking the creditor to “produce the note,” (particularly when a creditor other than the original lender seeks foreclosure). It’s a stalling tactic, but can sometimes encourage creditors to negotiate.
For more information, visit www.findlaw.com [2].
1. Don’t fall for any mortgage modification scams (such as advanced fee scams).
2. To learn how to best make your case for a loan modification, contact one of the HUD Approved Foreclosure Avoidance Counselors in your area. They can also inform you about any federal, state or local programs that may assist you.
3. Get an accurate picture of your finances. Your best chance at getting a modification is to demonstrate the ability to repay and a thorough understanding of the costs and income you face going forward.
4. If the problem making payments is short-term, ask your lender about forbearance or postponement of payments for a limited period. Be prepared to demonstrate when you’ll be able to start making payments again.
5. If the problem is long term, and what you need is modification, be prepared to make an offer and demonstrate how you could repay the modified loan. Be sure your lender is up to speed on incentive programs that may be available to help.
6. When negotiating a modification, make sure to understand how it will deal with any fees or penalties that may have accrued. Know what fees are in play and whether the modification will eliminate, reduce or tack them on for repayment.
7. If the lender won’t modify and foreclosure looms, consider asking the creditor to “produce the note,” (particularly when a creditor other than the original lender seeks foreclosure). It’s a stalling tactic, but can sometimes encourage creditors to negotiate.
For more information, visit www.findlaw.com [2].
Friday, April 24, 2009
Funny sticker!
I saw this text on a sticker:
Heaven is Where:
The Police are British,
The Chefs are Italian,
The Mechanics are German,
The Lovers are French
and It's all organized by the Swiss.
Hell is Where:
The Police are German,
The Chefs are British,
The Mechanics are French,
The Lovers are Swiss
and It's all organized by the Italians
Heaven is Where:
The Police are British,
The Chefs are Italian,
The Mechanics are German,
The Lovers are French
and It's all organized by the Swiss.
Hell is Where:
The Police are German,
The Chefs are British,
The Mechanics are French,
The Lovers are Swiss
and It's all organized by the Italians
Thursday, April 23, 2009
GREEN TIPS
Green Tip of the Week: More drought tipsCalifornians may face water rationing this summer. In response, the California Landscape Contractors Association has provided tips for use by homeowners and businesses.
Do not use high nitrogen fertilizers during a drought. They encourage growth but the plants will need more water.
Heavily mulch all flower and soil beds. Mulch helps keep water in the soil.
Do not use rocks/gravel because they add heat to the soil and moisture evaporates faster.
Mow grass higher to promote deeper root growth and hold more moisture.
Aerate the lawn and fill the holes with compost so the water can infiltrate deeper.
Do not use high nitrogen fertilizers during a drought. They encourage growth but the plants will need more water.
Heavily mulch all flower and soil beds. Mulch helps keep water in the soil.
Do not use rocks/gravel because they add heat to the soil and moisture evaporates faster.
Mow grass higher to promote deeper root growth and hold more moisture.
Aerate the lawn and fill the holes with compost so the water can infiltrate deeper.
Real Estate FACTS as per April 22, 2009
Calif. median home price - February 09: $247,590(Source: C.A.R.)
Calif. highest median home price by C.A.R. region February 09: Santa Barbara So. Coast $715,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region February 09: High Desert $121,970(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Fourth Quarter 08: 59 percent (Source: C.A.R.)
Mortgage rates - week ending 4/16/09 30-yr. fixed: 4.82% Fees/points: 0.6% 15-yr. fixed: 4.48% Fees/points: 0.6% 1-yr. adjustable: 4.91% Fees/points: 0.7% (Source: Freddie Mac)
Calif. highest median home price by C.A.R. region February 09: Santa Barbara So. Coast $715,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region February 09: High Desert $121,970(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Fourth Quarter 08: 59 percent (Source: C.A.R.)
Mortgage rates - week ending 4/16/09 30-yr. fixed: 4.82% Fees/points: 0.6% 15-yr. fixed: 4.48% Fees/points: 0.6% 1-yr. adjustable: 4.91% Fees/points: 0.7% (Source: Freddie Mac)
Friday, April 3, 2009
Santa Clarita crime drops to 4-year low
Serious offenses fall 14%, but robbery, assault on the rise.
Crime in Santa Clarita Valley hit a four-year low in 2008, according to statistics released by Santa Clarita Valley sheriff's station.
Crime in the city of Santa Clarita and the unincorporated area patrolled by the Santa Clarita Valley sheriff's station decreased by nearly 14 percent, officials said.
The majority of serious crimes - including homicides, forcible rapes and burglaries - were down overall compared with 2007, but there were some increases in robbery and aggravated assault.
Capt. Anthony La Berge of the Santa Clarita Valley sheriff's station says: "We continue to keep our community a safe place to live, work and play. We continue to drive home that message - Not in Santa Clarita - to those who might commit crime here."
La Berge credits the decrease to several factors including targeted gang enforcement and increased communications with residents through e-mail, the stations's Web site, the media, homeowners associations and Neighborhood Watch groups. Plus, deputies continued their intervention work with at-risk youths.
But La Berge admits that the hard work isn't over. "Now the biggest challenge we have is dealing with a troubled ecenomy, troubled housing and job markets that can heighten both domestic and bysiness tensions," he said.
Jerry.Berrios, Daily News.
Crime in Santa Clarita Valley hit a four-year low in 2008, according to statistics released by Santa Clarita Valley sheriff's station.
Crime in the city of Santa Clarita and the unincorporated area patrolled by the Santa Clarita Valley sheriff's station decreased by nearly 14 percent, officials said.
The majority of serious crimes - including homicides, forcible rapes and burglaries - were down overall compared with 2007, but there were some increases in robbery and aggravated assault.
Capt. Anthony La Berge of the Santa Clarita Valley sheriff's station says: "We continue to keep our community a safe place to live, work and play. We continue to drive home that message - Not in Santa Clarita - to those who might commit crime here."
La Berge credits the decrease to several factors including targeted gang enforcement and increased communications with residents through e-mail, the stations's Web site, the media, homeowners associations and Neighborhood Watch groups. Plus, deputies continued their intervention work with at-risk youths.
But La Berge admits that the hard work isn't over. "Now the biggest challenge we have is dealing with a troubled ecenomy, troubled housing and job markets that can heighten both domestic and bysiness tensions," he said.
Jerry.Berrios, Daily News.
Thursday, April 2, 2009
Mortgage Protection Program
C.A.R. launches mortgage protection plan for first-time home buyers
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), for first-time home buyers.Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.
M
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today launched the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), for first-time home buyers.Through the Housing Affordability Fund Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million toward its Mortgage Protection Program, and estimates that as many as 3,000 families will benefit from the program this year.
M
Thursday, March 19, 2009
Information for consumers about loan modification
This website http://www.makinghomeaffordable.gov is great to get information about loan modification and to see if it can help you.
m
m
Monday, March 16, 2009
PROPERTY TAX ADJUSTMENT SERVICES - WARNING
WARNING
Property Tax Adjustment Services's letter has just been sent out again. I have just received one in the mail and it looks so official and it tells you that you can save a lot of money in taxes. Just send them a certain amount, now it was $219.00 but if I paid fast, it would just be $189.00 and then they will try to have your taxes reduced.
But why pay this money? You can easily do it free of charge. Just go to the County Assessor's website or call their office. Then they will tell you what to do.
You will need some comps. to show what your house is worth. I will find them for you of no cost. Just tell me.
The letter will have no address or phono no. Just a PO Box. That should tell you something.
m
Property Tax Adjustment Services's letter has just been sent out again. I have just received one in the mail and it looks so official and it tells you that you can save a lot of money in taxes. Just send them a certain amount, now it was $219.00 but if I paid fast, it would just be $189.00 and then they will try to have your taxes reduced.
But why pay this money? You can easily do it free of charge. Just go to the County Assessor's website or call their office. Then they will tell you what to do.
You will need some comps. to show what your house is worth. I will find them for you of no cost. Just tell me.
The letter will have no address or phono no. Just a PO Box. That should tell you something.
m
Vasquez Rocks
Need a good, beautiful and eventful family event, then take a trip to VASQUEZ ROCKS? Here are many trails where you and your family can explore the nature. Free entrance.
Vasquez Rocks Natural Area Park is located in Agua Dulce and is one of the most interesting geologic landscapes in Southern California.
The Tataviam Indians lived here and they were present in the area when the Spanish arrived.
Many well-known TV shows have been filmed here including, Star Trek, Roswell, 24, CSI and Fear Factor and hundreds of TV commercials. Recent films include The Flintstones, Planet of the Apes and Holes.
m
Vasquez Rocks Natural Area Park is located in Agua Dulce and is one of the most interesting geologic landscapes in Southern California.
The Tataviam Indians lived here and they were present in the area when the Spanish arrived.
Many well-known TV shows have been filmed here including, Star Trek, Roswell, 24, CSI and Fear Factor and hundreds of TV commercials. Recent films include The Flintstones, Planet of the Apes and Holes.
m
Website to find out of good schools
Hi,
If you want to know what schools are classified as really good, you should check this website out:
www.greatschools.com
m
If you want to know what schools are classified as really good, you should check this website out:
www.greatschools.com
m
Thursday, March 5, 2009
OBAMA's housing plan aims to help 9 million
Program will bypass those with loans severely "underwater".
The Obama administration's housing plan is intended to help 9 mil. struggling homeowners avoid foreclosure, but it leaves out tens of thousands of borrowers in the most battered housing markets who won't qualify because their homes have lost too much value.
The program is limited to borrowers who owe up to 5 percent more than their home's current value.
The program has two parts: one to work with lenders to modify the loan terms for up to 4 million homeowners, the second to refinance up to 5 million homeowners into more affordable fixed-rate loans.
For the modification program, which runs through 2012, borrowers who are eligible will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify. In the affidavit, applicants will have to cite the reasons behind their financial woes, such as job loss or a drop in income. The government will then take steps to verify the information.
Borrowers are only allowed to have their loans modified once, and the program applies for loans made on Jan. 1, 2009 or earlier.
Mortgages for single-family properties that are worth more than $729,750 are excluded.
Lenders could reduce a borrower's interest rate to as low as 2 percent for five years. Rates would then rise to about 5 percent until the mortgage is repaid.
(Daily News, Mar. 5., 2009)
The Obama administration's housing plan is intended to help 9 mil. struggling homeowners avoid foreclosure, but it leaves out tens of thousands of borrowers in the most battered housing markets who won't qualify because their homes have lost too much value.
The program is limited to borrowers who owe up to 5 percent more than their home's current value.
The program has two parts: one to work with lenders to modify the loan terms for up to 4 million homeowners, the second to refinance up to 5 million homeowners into more affordable fixed-rate loans.
For the modification program, which runs through 2012, borrowers who are eligible will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify. In the affidavit, applicants will have to cite the reasons behind their financial woes, such as job loss or a drop in income. The government will then take steps to verify the information.
Borrowers are only allowed to have their loans modified once, and the program applies for loans made on Jan. 1, 2009 or earlier.
Mortgages for single-family properties that are worth more than $729,750 are excluded.
Lenders could reduce a borrower's interest rate to as low as 2 percent for five years. Rates would then rise to about 5 percent until the mortgage is repaid.
(Daily News, Mar. 5., 2009)
Sunday, March 1, 2009
Volunteers as guides at the Bluff Fort Visitors are wanted!
I found this add in my Danish/American newspaper BIEN. Maybe it is something for you. I would love to do it if I did not have to work.
Wanted: Enthusiastic couples or singles who desire a life-changing opportunity to share the true life experiences of the dedicated pioneers who founded BLUFF IN SOUTHEASTERN UTAH. Spend two weeks to six months volunteering as guides at the Bluff Fort Visitors Center.
Show the site to tourists from around the world. Tell the stories of teamwork, sacrifice, coooperation and faith which allowed these stout hearted people to "accomplish the see-mingly impossible".
If you desire, there are also opportunities to garden, quilt, make rugs, and assist with construction projects.
The Visitors Center will be open from March 1st to October 31st.
The need for volunteers is greatest during this time. Do you have two weeks, a month or several months you could serve and enjoy the solitude, serenity and beauty of Bluff, Utah? If so, please contact LaRue Barton at 1-435-672-9967 or e-mail: larueb@frontiernet.net to descuss schedules and possible housing accommodations.
Explore the Web-site: www.hirf.org for photos of completed cabins and other improvements at the Fort site.
Wanted: Enthusiastic couples or singles who desire a life-changing opportunity to share the true life experiences of the dedicated pioneers who founded BLUFF IN SOUTHEASTERN UTAH. Spend two weeks to six months volunteering as guides at the Bluff Fort Visitors Center.
Show the site to tourists from around the world. Tell the stories of teamwork, sacrifice, coooperation and faith which allowed these stout hearted people to "accomplish the see-mingly impossible".
If you desire, there are also opportunities to garden, quilt, make rugs, and assist with construction projects.
The Visitors Center will be open from March 1st to October 31st.
The need for volunteers is greatest during this time. Do you have two weeks, a month or several months you could serve and enjoy the solitude, serenity and beauty of Bluff, Utah? If so, please contact LaRue Barton at 1-435-672-9967 or e-mail: larueb@frontiernet.net to descuss schedules and possible housing accommodations.
Explore the Web-site: www.hirf.org for photos of completed cabins and other improvements at the Fort site.
Thursday, February 19, 2009
Most families can now afford house
Most families can now afford house
59% can now afford to buy an entry-level home according to CAR report compared with just 33% a year earlier. The median price fell 40% from $411,170 in the 4th quarter of 2007 to $248,030 in the comparable period last year.
The minimum household income needed for an entry-level home was $48,900 based on an adjustable rate mortage of 6.02% and a 10% down payment. The median income for California households in the 4th quarter was $59,160. The monthly payment, including taxes and insurance, was $1,630.
Regarding the High Desert region, which includes the Antelope Valley, was the most affordable area in the state. 76% can afford a house. The entry-level price was $125,080; the qualifying income, $24,600 and the monthly payment, $820.
According to CAR's vice president Leslie Appleton-Young it is the best news because it means the markets are working and the first-time buyers and investors are responding".
Although lower home prices mean more options for home buyers, it is important that home buyers still meet the minimum qualifications to qualify for a mortgage loan. Qualifications may include a FICO score of 720 or higher, and a 20% down payment.
Gregory Wilcox, Daily News 02/19/09
59% can now afford to buy an entry-level home according to CAR report compared with just 33% a year earlier. The median price fell 40% from $411,170 in the 4th quarter of 2007 to $248,030 in the comparable period last year.
The minimum household income needed for an entry-level home was $48,900 based on an adjustable rate mortage of 6.02% and a 10% down payment. The median income for California households in the 4th quarter was $59,160. The monthly payment, including taxes and insurance, was $1,630.
Regarding the High Desert region, which includes the Antelope Valley, was the most affordable area in the state. 76% can afford a house. The entry-level price was $125,080; the qualifying income, $24,600 and the monthly payment, $820.
According to CAR's vice president Leslie Appleton-Young it is the best news because it means the markets are working and the first-time buyers and investors are responding".
Although lower home prices mean more options for home buyers, it is important that home buyers still meet the minimum qualifications to qualify for a mortgage loan. Qualifications may include a FICO score of 720 or higher, and a 20% down payment.
Gregory Wilcox, Daily News 02/19/09
Lenders declare foreclosure halt
Lenders declare foreclosure halt
Fannie Mae, Freddie Mac, JPMorgan Chase & Co., Morgan Stanley, and Bank of America Corp. announced they are halting foreclosures through March 6, while President Obama works out the details of his housing plan. Citigroup said it will halt foreclosures until the administration has completed the details of the program or March 12, whichever is earlier.
The banks are suspending foreclosures on owner-occupied homes; Fannie Mae is suspending foreclosure sales and evictions for occupied properties; and Freddie Mac is suspending foreclosure sales and evictions on properties with up to four units.
Alan Zibel, The Associated Press, Feb. 13, 2009
Fannie Mae, Freddie Mac, JPMorgan Chase & Co., Morgan Stanley, and Bank of America Corp. announced they are halting foreclosures through March 6, while President Obama works out the details of his housing plan. Citigroup said it will halt foreclosures until the administration has completed the details of the program or March 12, whichever is earlier.
The banks are suspending foreclosures on owner-occupied homes; Fannie Mae is suspending foreclosure sales and evictions for occupied properties; and Freddie Mac is suspending foreclosure sales and evictions on properties with up to four units.
Alan Zibel, The Associated Press, Feb. 13, 2009
New FEES for Home Buyers
Home Buyers to be dinged with new fees
Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.
Under the new guidelines, applicants will be charged more for down payments of less than 30%. Home buyers with FICO scores between 700 and 720 will pay an extra three-quarters of a point. Applicants who purchase a condominium and do not have a 25% down payment also will pay a three-quarter point add-on penalty, regardless of their FICO score, for purchasing a condominium instead of a single family home.
The two Government Sponsored Enterprises (GSEs) said the additional fees are to counter higher risks and losses associated with certain loan products, buyer equity stakes, and credit scores. Kenneth Harney. February 15, 2009
Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.
Under the new guidelines, applicants will be charged more for down payments of less than 30%. Home buyers with FICO scores between 700 and 720 will pay an extra three-quarters of a point. Applicants who purchase a condominium and do not have a 25% down payment also will pay a three-quarter point add-on penalty, regardless of their FICO score, for purchasing a condominium instead of a single family home.
The two Government Sponsored Enterprises (GSEs) said the additional fees are to counter higher risks and losses associated with certain loan products, buyer equity stakes, and credit scores. Kenneth Harney. February 15, 2009
Monday, February 16, 2009
Film TRANSSIBERIAN
Another good film is: Transsiberian. A mystery film there is taken place on the train from Beijing to Moscow. I have always wanted to take that train but now I have a feeling how it looks like and that is enough.
m
m
Friday, February 13, 2009
Film "LAKEVIEW TERRACE'
I have just seen "Lakeview Terrace" and I can recommend you to see it. Very good film.
Funny is, that it seems to take place in SANTA CLARITA while the fire was on the top in 2007. They even mention Santa Clarita. I cannot recognize the house or street, maybe you can?
Let me hear what you think about the film.
Marianne
Funny is, that it seems to take place in SANTA CLARITA while the fire was on the top in 2007. They even mention Santa Clarita. I cannot recognize the house or street, maybe you can?
Let me hear what you think about the film.
Marianne
How Long does a Loan Modification Take?
How Long Does a Loan Modification Take?
By Ralph R. Roberts
RISMEDIA, February 13, 2009-Understandably, homeowners who apply for a loan modification tend to get a little antsy and perhaps even annoyed when they apply for a loan modification and then fail to hear anything for several weeks, especially if they continue to receive late payment notices and nasty phone calls from collection agencies.
Many homeowners wonder, “How long will it be before I hear anything?” and “What should I do while I’m waiting.” This article should help answer those very pressing questions.
How long will it take?
The loan modification process typically takes 30 to 90 days, depending mostly on your lender and your ability to efficiently work through the process with your attorney or other loan modification representative.
Note: The loan modification timeline is not set in stone. The more complex your situation or the greater the degree of concessions needed from the investor, the longer the process takes. Borrowers with a lot of collateral issues can see their loans take longer than what has become the typical 30- to 90-day timeframe.
A professional can often reduce the amount of time required by processing your paperwork efficiently, presenting your application exactly the way the lender wants it, and knowing from past experience what the lender is able and typically willing to agree to. Although each borrower’s situation is unique, knowing the measures the lender is willing to take for similarly situated borrowers can be a real time saver.
Whether you are dealing directly with your lender or through a loan modification specialist, ask several questions up front:
How long is the process likely to take? Find out the best- and worst-case scenarios and then count out the days and mark them on your calendar.
When can I expect to hear something about my case? Mark this date on your calendar.
If I don’t hear anything by the specified date, whom should I contact? Get the person’s name, employee identification number (if available), phone number, and any extension you need to dial to reach the person directly.
What should I do while I’m waiting?
Playing the waiting game can be agonizing, particularly when you have no idea of whether your application will be accepted or rejected or what the lender will offer in terms of a workout. It feels like your future hangs in the balance, and you remain in the dark. Knowing the standard timeline for processing a loan modification can certainly help relieve some anxiety. In addition, you can continue to make progress on your own by doing the following:
If you hired a loan modification specialist to represent you, do not speak with your lender or lender’s representative. Refer all matters to the professional who is representing you. Anything you say to the lender could confuse things or compromise your representative’s ability to negotiate the best deal on your behalf.
Log all phone calls and correspondence between you and your lender or representative. Write down the number you called, the person you talked with, what the person said, and what you said - not word for word, just jot down the key points.
Keep track of important dates. If you do not hear something back on the date promised, call the next day to find out what’s going on. Lenders almost never call you back with updates. If you hired a third party representative, they will (or should) keep you posted, but the lender simply doesn’t have the time to make follow up phone calls. If you’re dealing with your lender directly, you’ll have to be the one making the calls. Mark your calendar and schedule periodic update phone calls. Consistent follow up is paramount to a successful modification.
Explore other options. If the lender denies your request for a loan modification or presents an offer that you cannot accept, you will need a plan B (and maybe a plan C and a plan D). In addition, other options may be better for you than a loan modification. Consult a real estate agent about listing your home for sale. Talk to a mortgage broker or loan officer about refinancing. Speak with a bankruptcy attorney to find out whether filing bankruptcy would be a better choice.
Don’t be surprised if you continue to receive delinquency notices or late payment phone calls. Lenders rarely put a stop on the foreclosure process until a workout solution is fully in place. You should ask your lender if your attempts to negotiate a solution will stop or at least postpone other collection actions. If they do not, you should find out what that means for you. If the lender is able to foreclose in 30 days and a workout takes 60 days, there’s a slight timeline problem. Push to have all default and foreclosure actions put on hold while your workout attempts are underway.
When your fate is in someone else’s hands, 30 to 90 days can seem like an eternity. By doing your part to keep the process on track, remain informed, and explore other options, you not only improve your chances of achieving a positive outcome, but you can also reduce the stress that commonly accompanies the waiting process.
By Ralph R. Roberts
RISMEDIA, February 13, 2009-Understandably, homeowners who apply for a loan modification tend to get a little antsy and perhaps even annoyed when they apply for a loan modification and then fail to hear anything for several weeks, especially if they continue to receive late payment notices and nasty phone calls from collection agencies.
Many homeowners wonder, “How long will it be before I hear anything?” and “What should I do while I’m waiting.” This article should help answer those very pressing questions.
How long will it take?
The loan modification process typically takes 30 to 90 days, depending mostly on your lender and your ability to efficiently work through the process with your attorney or other loan modification representative.
Note: The loan modification timeline is not set in stone. The more complex your situation or the greater the degree of concessions needed from the investor, the longer the process takes. Borrowers with a lot of collateral issues can see their loans take longer than what has become the typical 30- to 90-day timeframe.
A professional can often reduce the amount of time required by processing your paperwork efficiently, presenting your application exactly the way the lender wants it, and knowing from past experience what the lender is able and typically willing to agree to. Although each borrower’s situation is unique, knowing the measures the lender is willing to take for similarly situated borrowers can be a real time saver.
Whether you are dealing directly with your lender or through a loan modification specialist, ask several questions up front:
How long is the process likely to take? Find out the best- and worst-case scenarios and then count out the days and mark them on your calendar.
When can I expect to hear something about my case? Mark this date on your calendar.
If I don’t hear anything by the specified date, whom should I contact? Get the person’s name, employee identification number (if available), phone number, and any extension you need to dial to reach the person directly.
What should I do while I’m waiting?
Playing the waiting game can be agonizing, particularly when you have no idea of whether your application will be accepted or rejected or what the lender will offer in terms of a workout. It feels like your future hangs in the balance, and you remain in the dark. Knowing the standard timeline for processing a loan modification can certainly help relieve some anxiety. In addition, you can continue to make progress on your own by doing the following:
If you hired a loan modification specialist to represent you, do not speak with your lender or lender’s representative. Refer all matters to the professional who is representing you. Anything you say to the lender could confuse things or compromise your representative’s ability to negotiate the best deal on your behalf.
Log all phone calls and correspondence between you and your lender or representative. Write down the number you called, the person you talked with, what the person said, and what you said - not word for word, just jot down the key points.
Keep track of important dates. If you do not hear something back on the date promised, call the next day to find out what’s going on. Lenders almost never call you back with updates. If you hired a third party representative, they will (or should) keep you posted, but the lender simply doesn’t have the time to make follow up phone calls. If you’re dealing with your lender directly, you’ll have to be the one making the calls. Mark your calendar and schedule periodic update phone calls. Consistent follow up is paramount to a successful modification.
Explore other options. If the lender denies your request for a loan modification or presents an offer that you cannot accept, you will need a plan B (and maybe a plan C and a plan D). In addition, other options may be better for you than a loan modification. Consult a real estate agent about listing your home for sale. Talk to a mortgage broker or loan officer about refinancing. Speak with a bankruptcy attorney to find out whether filing bankruptcy would be a better choice.
Don’t be surprised if you continue to receive delinquency notices or late payment phone calls. Lenders rarely put a stop on the foreclosure process until a workout solution is fully in place. You should ask your lender if your attempts to negotiate a solution will stop or at least postpone other collection actions. If they do not, you should find out what that means for you. If the lender is able to foreclose in 30 days and a workout takes 60 days, there’s a slight timeline problem. Push to have all default and foreclosure actions put on hold while your workout attempts are underway.
When your fate is in someone else’s hands, 30 to 90 days can seem like an eternity. By doing your part to keep the process on track, remain informed, and explore other options, you not only improve your chances of achieving a positive outcome, but you can also reduce the stress that commonly accompanies the waiting process.
Wednesday, February 11, 2009
New Link - Buying Property outside US
Just want to tell that I have put up a new link on my website about Buying Property Outside US. Some parts are still under preparation.
Further on I will build out the link with a lot of good information.
Please check it out.
Marianne
Further on I will build out the link with a lot of good information.
Please check it out.
Marianne
Can we really believe "California Comeback" Report?
There is a lot of BUZZ about the california comeback.
This article from CNBC covers the story:
Can We Really Believe "California Comeback" Report?
Posted By: Diana Olick
A new report scheduled to be released tomorrow from on-line foreclosure sale site, foreclosures.com, claims a “California Comeback” is well under way.
The site claims foreclosures completed in January were down more than 25 percent from December “as government and lender programs combined with low interest rates and low housing prices to slow completed foreclosures.” Foreclosures in California, it says, fell more than 31 percent.
Some of the indicators do show that sales are coming back in some of the hardest hit parts of California, Florida, Nevada and Arizona, as investors start anticipating a bottom. Low prices are also allowing some buyers previously priced out of the market to get in. We all know you can never sell at the peak and you can never buy at the bottom, but the game is to get as close as you can, so that’s a good sign.
But I can’t help but notice that the study leaves out a couple of critical facts, first and foremost that California passed a new law last fall that delays the foreclosure process, not to mention that several banks, lenders, even Fannie and Freddie, instituted temporary foreclosure moratoria in the last few months, that would have stemmed the tide as well. In other words, it ain't over 'til it's over.
Today we’re being told that in addition to the foreclosure relief in the stimulus plan (slowly making its way through Congress) the Treasury will dedicate $50 billion for loan modification and foreclosure prevention. No exact details on that yet, but bottom line, if you don’t fix the foreclosure problem, you don’t save housing, plain and simple. There are simply not enough bottom feeders out there to do it alone.
I am, believe it or not, encouraged to see the sales rising and inventories falling in some of the hard hit areas, but with job losses increasing, I don’t think we’re seeing the end, as some might predict. As former HUD Secretary Steve Preston said on CNBC today, “keeping and creating jobs is as important to foreclosure prevention as anything out there now.” That’s because it’s not all about the mortgage resets anymore, it’s about the loss of income to thousands and thousands of homeowners.
This article from CNBC covers the story:
Can We Really Believe "California Comeback" Report?
Posted By: Diana Olick
A new report scheduled to be released tomorrow from on-line foreclosure sale site, foreclosures.com, claims a “California Comeback” is well under way.
The site claims foreclosures completed in January were down more than 25 percent from December “as government and lender programs combined with low interest rates and low housing prices to slow completed foreclosures.” Foreclosures in California, it says, fell more than 31 percent.
Some of the indicators do show that sales are coming back in some of the hardest hit parts of California, Florida, Nevada and Arizona, as investors start anticipating a bottom. Low prices are also allowing some buyers previously priced out of the market to get in. We all know you can never sell at the peak and you can never buy at the bottom, but the game is to get as close as you can, so that’s a good sign.
But I can’t help but notice that the study leaves out a couple of critical facts, first and foremost that California passed a new law last fall that delays the foreclosure process, not to mention that several banks, lenders, even Fannie and Freddie, instituted temporary foreclosure moratoria in the last few months, that would have stemmed the tide as well. In other words, it ain't over 'til it's over.
Today we’re being told that in addition to the foreclosure relief in the stimulus plan (slowly making its way through Congress) the Treasury will dedicate $50 billion for loan modification and foreclosure prevention. No exact details on that yet, but bottom line, if you don’t fix the foreclosure problem, you don’t save housing, plain and simple. There are simply not enough bottom feeders out there to do it alone.
I am, believe it or not, encouraged to see the sales rising and inventories falling in some of the hard hit areas, but with job losses increasing, I don’t think we’re seeing the end, as some might predict. As former HUD Secretary Steve Preston said on CNBC today, “keeping and creating jobs is as important to foreclosure prevention as anything out there now.” That’s because it’s not all about the mortgage resets anymore, it’s about the loss of income to thousands and thousands of homeowners.
Friday, February 6, 2009
LOAN MODIFICATION'S SCAM
It has been brought to my attention that there are some serious loan modification scams going on out there.
You may want to see this CNBC Special video I put on the blog showing
what's going on out there!
http://www.bporeoblog.com/loan-modification-scams/
Take a look so you know what's going on and warn other ones if they want to do a loan modification.
Marianne
You may want to see this CNBC Special video I put on the blog showing
what's going on out there!
http://www.bporeoblog.com/loan-modification-scams/
Take a look so you know what's going on and warn other ones if they want to do a loan modification.
Marianne
Thursday, February 5, 2009
Santa Clarita crime drops to 4-year low!
Good News:
Santa Clarita crime drops to 4-year low
Dailynews Feb. 09
Statistics: Serious offenses fall 14%, but robbery, assault on the rise.
Crime in the Santa Clarita Valley hit a four-year low in 2008, according to statistics released Wednesday by the Santa clarita Valley sheriff's station.
Several factors are the reason to the decrease, including targeted gang enforcement and increased communications with residents through e-mail, the station's Web site, the media, homeowners associations and Neighborhood Watch groups. Plus, deputies continued their intervention work with at-risk youths.
According to La Berge, Santa Clarita Valley sheriff Station, is the biggest challenge now dealing with a troubled economy, troubled housing and job markets that can heighten both domestic and business tensions.
Jerry Berrios, Daily News.
Santa Clarita crime drops to 4-year low
Dailynews Feb. 09
Statistics: Serious offenses fall 14%, but robbery, assault on the rise.
Crime in the Santa Clarita Valley hit a four-year low in 2008, according to statistics released Wednesday by the Santa clarita Valley sheriff's station.
Several factors are the reason to the decrease, including targeted gang enforcement and increased communications with residents through e-mail, the station's Web site, the media, homeowners associations and Neighborhood Watch groups. Plus, deputies continued their intervention work with at-risk youths.
According to La Berge, Santa Clarita Valley sheriff Station, is the biggest challenge now dealing with a troubled economy, troubled housing and job markets that can heighten both domestic and business tensions.
Jerry Berrios, Daily News.
Wednesday, February 4, 2009
Close to the bottom of price reduction?
Are we close to the bottom?
WOOOHOOO Pending Sales Are Up and An Amazing 45% of sales are Shortsales and Bank Owned Property….Watch This Number Go Up Even More This Year…So Getting Into The Short Sale and Bank Owned Market Is A Smart Move On Your Part.
Please look at this link:
http://BpoReoBlog.com/pending-home-sales-up/
So why wait longer? Maybe you should go for that house now?
Marianne
WOOOHOOO Pending Sales Are Up and An Amazing 45% of sales are Shortsales and Bank Owned Property….Watch This Number Go Up Even More This Year…So Getting Into The Short Sale and Bank Owned Market Is A Smart Move On Your Part.
Please look at this link:
http://BpoReoBlog.com/pending-home-sales-up/
So why wait longer? Maybe you should go for that house now?
Marianne
Tuesday, February 3, 2009
GRANTS for First Home Time Buyer
There are 2 grants possibilities for First Home Time Buyers right now:
$4000 First Time Home Ownership Grand from Southland Regional Ass. of REALTORS.
Requirements:
$4000 First Time Home Ownership Grand from Southland Regional Ass. of REALTORS.
Requirements:
- You must be a first time homebuyer
- Your combined family income level must be at $120000 or less per year.
- You must attend the LA Neighborhood Housing Services class (LANHS)
- The home must be located in the SRAR region (San Fernando or Santa Clarita Valley)
- Buyer's REALTOR must be a full SRAR member.
City will aid first-time homebuyers - East Valley: Up to $75000 offered to families - Daily News 2/3/09 - RickOrlov
A new no-interest-loan program designed to boost first-time homeownership has been launched with some help from the city.
The LA City Council has approved a $2 million program to provide financial assistance of up to $75000 per buyer in the redevelopment area covering the East Valley.
The area affected roughly includes Panorama City, Pacioima, Mission Hills, Sun Valley, North Hills, North Hollywood and Sylmar.
Under the program, buyers seeking their first home would have to qualify with a lending institution. The city will provide no-interest loans to help them qualify to purchase either a new home or one in foreclosure.
Loans of up to 45 years will be arranged for those who qualify, to reduce the monthly payments.
Measures have been put inte place to make sure the families will live in the home and not use it for investment purpose.
Marianne Leopold
Monday, February 2, 2009
What is Short Sales?
Please notice that I have put a new link on the website called What is Short Sales?
I try to explain in an easy way what Short Sales, REO and Public Auction is. It might help you better to understand what you hear about daily in the News, Newspaper and in daily talk.
Marianne
2/1/09
I try to explain in an easy way what Short Sales, REO and Public Auction is. It might help you better to understand what you hear about daily in the News, Newspaper and in daily talk.
Marianne
2/1/09
Sunday, February 1, 2009
Subscribe to:
Posts (Atom)
