Miscellaneous Category
Attempt Loan Modification before a Short Sale
October 26th, 2009
By Bob Sparks
Before rushing into any short sale we encourage those having trouble making their mortgage payment to consider attempting to negotiate a loan modification with their current lender. It’s possible that an agreement can be reached thats a win-win for all concerned. If you are in this situation please take the time to educate yourself on the options [...]
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New Credit Score Threshold-620
October 23rd, 2009
By Brad Garbutt
Fannie Mae is once again setting the ground rules for mortgages they will purchase from lenders and starting in a few weeks, borrowers better have a credit score at or above 620. This will apply to conventional loans as well as FHA and VA loans insured by the government. Additionally, if you want the best [...]
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Short Sales: A neccesary evil, sellers guide to success.
October 23rd, 2009
By Bob Sparks
Whether you call it a pre-foreclosure sale or a short sale it’s pretty hard for sellers to get excited about the prospect of walking away from their investment with no equity and damaged credit. While it may be a hard pill to swallow it is still often the best option to start the recovery process.
If [...]
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On Banks, Floods, and Foreclosures
October 21st, 2009
According to an article in the LA Times, that flood of foreclosures throughout California, as prophesied by so many, may not happen. Not if the banks continue to move away from the ’shoot first, ask questions later’ system of foreclosing. According to Times writer Peter Hong, “statewide, the number of homes taken back by lenders dropped sharply in the three months ended Sept. 30, falling 37% over the same period a year earlier, when foreclosures were at an all-time high.
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Upfront Loan Mod Fees Banned
October 14th, 2009
By Brad Garbutt
Governor Schwarzenegger signed SB 94 into law a couple days ago which, among other things, prohibits anyone from taking an advance fee for promised loan modification services. Prior to this bill’s enactment, attorneys and some real estate agents could charge borrowers an upfront fee typically ranging from several hundred dollars to several thousand dollars for promised loan [...]
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Life Equals Risk
October 12th, 2009
By Ross Domke
We are a team of successful, professional, and knowledgeable real estate agents….
We finish strong for each client.
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Life Equals Risk
October 12th, 2009
By Ross Domke
We are a team of successful, professional, and knowledgeable real estate agents….
We finish strong for each client.
Leave a Comment »
Short Sellers Dealt A Blow
October 9th, 2009
By Brad Garbutt
Senate Bill 306 will not require lenders to review or respond to short sale requests from sellers and their agents. This bill was allegedly mischaracterized by practitioners as much needed legislation requiring a 21-day turnaround for short sales approvals. This bill actually requires lenders to respond within 21 days with a payoff demand when requested.
What [...]
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