Great news for borrowers with foreclosure or short sales
THIS article is from bankrate.com. As I have been hoping with predicting is that lenders will continuously change guidelines to help homeowners that went thru the recent mortgage crisis due…
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The two main ingredients of our housing recovery is still missing
THE News again is very confusing, one day you will hear market condition is getting better, the next time you tune into your news you will hear that all of…
Mortgage guidelines set to be easier, foreclosed clients might be able to buy sooner than expected
THE new rules to streamline the mortgage application process might come into effect after this summer. By the end of August, regulators will release a “softer” version of rules overseeing…
2013: The final year of the short sale
LENDERS as I thought are more aggressively helping homeowners modify their mortgages. I have seen more loan balance forbearance lately. Another term for that is a loan modification with a…
How not to overpay for a property because of the shortage of homes for sale
FOR the past year or so there has been real signs of the inventory of houses for sale to be really low, in fact all time lows. Usually an average…
How to prepare for a home loan and what you should know prior to applying
GETTING a home mortgage now is a challenge; the gray area qualifying method of lenders and broker back in the mid 2000s’ to help qualify homebuyers has diminished. Therefore the…
Short sale legal and tax implications
THE good news is that tax relief has been enacted for homeowners doing Short Sales. The Federal Mortgage Debt Relief Act of 2007 HR 3648 and Federal Bailout Legislation HR1424…
Keeping your upside down property to survive?
I AM tossed between my usual practical beliefs and a survival situation that is very common with retired homeowners. A lot of homeowners rent out rooms to make their mortgage…
Warning about short sales
STILL dealing with the burden of owning a house that is underwater at this stage of the late stage mortgage meltdown we had has got to be much more frustrating…
Will rising mortgage rates affect the momentum of the real estate market?
I AM concerned about the fast rising mortgage rates that seems to be headed only one direction which is higher but I see the other side of this rate hike,…
Cancellation of debt due to foreclosure
A CONCERN that is growing rapidly is the cancellation of mortgage foreclosures. Although these are leading causes, they are not the only ones; cancellation of debts could be from consumer…
Recent loan modification success story
RESEARCHING blog site like loansafe.org, I have come across a few loan mod success that might excite you with their stories. I thought I might share it with you: “First…
How do you negotiate to discount your second mortgages?
MANY homeowners with first or purchase mortgages also add on second mortgages such as home equity loans. Unfortunately, job loss and tough economic times can cause homeowners to become delinquent…
How higher interest rates will affect your home buying power
FANNIE Mae and Freddie Mac are the leading indicator and director of mortgage interest rates. You and I are at their mercy to keep rates low in order for more…
When mortgage rates are these low, take advantage
YOU can’t hear enough about the fact that mortgage rates are at record lows! Its absolutely true, I have been in the mortgage and RE business for over 25 years…
NEW HARP refi for owner- occupied or rental property that is upside down
“Homes that are under water have only a few option to refinance their mortgages, the HARP programs is probably your best bet but it’s not for everyone and there are…
At 60, do I still want to own a house?
CALLER: Hi Ken, I have been following your columns for many years and they are very informative and delightful. I am turning 60 and want to buy a home again….
Dream homes maybe more of an illusion
HOUSES may not be homes, but homes could certainly be houses people live in. What happened in this previous housing crisis taught us an important lesson. Economic and demographic changes…
Looking back: The unfolding of the real estate crisis
I HAVE recently been following this website called, SellYourHome.com it has a lot of interesting topics about the real estate industry including a certain topics about homeowners in need of…
Should you still do a short sale when home prices might be going up?
THAT is an excellent question, ever since the mortgage meltdown occurred and I started getting calls from distressed homeowners. I have always insisted for homeowners to see beyond 2-3 years…
Would this be the last year to short sale your house?
I BELIEVE that 2013 is going to be the “year of the short sale.” And THAT is a good thing! As I have always mentioned in the past, lenders will…
New loan modification program coming in July 2013
DUE to obvious delays and failed attempted to help struggling homeowners, the two leading agencies Fannie Mae and Freddie Mac who owns or guarantee more than half of all US…
Foreclosure numbers down drastically due to higher home prices
IF YOU are looking for bargains on foreclosed houses, you are not alone and are probably having a harder time finding them. When the housing market crashed in 2007, a…
Is your Short Sale agent doing a good job for you?
SHORT selling your home is such an important and stressful step in your life and it’s the springboard into your future so you wont have anymore sleepless nights. It is…
How much are the banks penalized for failing to help homeowners stay in their homes?
THERE has been a lot of fines and penalties that the banks have assessed from all these claims of foreclosure abuses, including bungled loan modifications and wrongful evictions of borrowers…
Short sale lenders paying off your liens and giving cash back as much as $5,000 or more
WHAT I will discuss on the second portion of this article will be about HAFA (Home Affordable Foreclosure Alternative) which will typically offer a qualified seller $ 3,000 at closing…
Changes in loan modification programs for 2013
Homeowners Bill of Rights IN JULY, California enacted the major pieces of legislation, which were introduced by Attorney General Kamala Harris. These provision, which will take effect January 1, 2013,…
How long will it take for my property value to come back up?
What are my options? AS I have mentioned on my previous columns before that if you are in a position where your property value is much lower than your current…
Can you buy a home after bankruptcy, short sale or foreclosure?
THERE’S no question the economy has not been kind for many California families who bought and borrowed more than they can chew in the mid 2000s’. Bad things happen to…
Do-it-yourself credit fix
LIKE most people, you’ve probably had your fair share of financial indiscretions: a few pricey shoes, a car bigger than what you really need, a few frivolous pieces of furniture,…