Category Archives: Real Estate News
Can the Bank come after me after a Short Sale?
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Courtesy CAR Legal Department:
In a nutshell probably not but please consult your attorney and tax expert to discuss your specific situation;
For a summary of the current facts, click this link: deficiency article
Remember that a Judicial Foreclosure is uncommon in California where most banks use a Non-Judicial Foreclosure or Trustee Sale. However this is the lender’s choice and the borrower has no control over that election.
Call me anytime to discuss
The Truth about the American Real Estate Market!
If you watch the news or read the newspaper, it can be
difficult to keep up with the state of the economy. Over the last century, the
real estate market has had its share of ups and downs, none as dramatic as the
highs and lows experienced during the past decade. However, the pendulum is on
its way back, signaling the recovery of the housing market. Although the
housing slowdown has fostered anxiety among investors and homebuyers alike,
real estate has been, and will continue to be, a good long-term investment.
To help separate fact from fiction, I’m
sending you timely information about the historical trends that have shaped the
real estate market over the last century and offer valuable insight into its
recovery. The first page provides an outline of historical trends in home
values, mortgage rates and home equity over the last century. Page two gives an
overview of homeownership trends and demographics. Feel free to share this
information with your family or friends who are looking to buy a home.
You can see this information by clicking here: IOV
And to see an arguement using basic Supply and Demand economics as to the future shortage of housing, click here:
San Diego is especially succeptible to a shortage due to our geographic limitations and the desireability os So Cal as a destination.
Please call me for more information about the
local real estate market.
Bank Of America Could Reduce your Mortgage Principal!
Courtesy of The UT:
If you’re a cash-strapped homeowner in California with a mortgage serviced by Bank of America, you may have a chance at getting your principal lowered through a state program that helps people stay in their homes.
The California Housing Finance Agency said earlier this week that Bank of America is now part of Keep Your Home California’s principal-reduction program, making it the largest loan servicer involved in lowering loan balances for those with economic hardships.
A servicer is a company homeowners make their mortgage payments to every month. Bank of America serves more than two million home loans in the state, agency officials said.
Other servicers involved are the California Department of Veterans Affairs, the California Housing Finance Agency, Community Trust/Self Help, GMAC, Guild Mortgage Company and Vericrest Financial.
Agency officials hope that list continues to grow.
“We believe principal reduction can be an appropriate tool for helping qualified homeowners obtain an affordable and sustainable modification,” said Claudia Cappio, California Housing Finance Agency’s executive director, in a statement.
Keep Your Home California’s principal-reduction program is one slice of a $2 billion effort to help struggling homeowners avoid foreclosure.
Qualified homeowners could be eligible for up to $50,000 in assistance from the Keep Your Home California program, which requires the mortgage investor to match dollar-for-dollar the amount provided by the program.
For instance, if the program agrees to reduce the principal by $50,000, then the mortgage investor must match that $50,000 reduction, resulting in a total $100,000 reduction.
Bank of America borrowers who don’t qualify for the principal-reduction program will be evaluated by bank representatives to explore other options, including a loan modification.
Keep Your Home California is funded by the U.S. Treasury Department.
If you have questions, call 888.954.KEEP (5337) or visitKeepYourHomeCalifornia.org.
Reach reporter Lily Leung at lily.leung@uniontrib.com or 619-293-1719. Follow her on Twitter @LilyShumLeung and onFacebook.