Tuesday, September 29, 2009

Loan Modification Attorney Under Investigation


LOAN MODIFICATION ATTORNEYS UNDER INVESTIGATION
The State Bar of California has recently launched numerous investigations against attorneys for misconduct related to loan modifications. In a rare move, the State Bar has released the names of 16 attorneys under investigation, by opting to waive investigation confidentiality in favor of public protection. These attorneys have allegedly taken fees for promised services, but failed to perform those services or even communicate with their clients who face the possible loss of their homes. Their non-attorney staff may also be under investigation for unlawfully practicing law.
Not all attorneys engaged in loan modifications are unscrupulous. However, this announcement from the State Bar serves as a good reminder for REALTORS® and their clients to be careful when dealing with attorneys and others for loan modifications. Scam artists may intentionally associate or affiliate themselves with attorneys in an attempt to lend credence to their fraudulent schemes. The list of attorneys currently under investigation is available at http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395.

Thursday, September 24, 2009

Short Sales Spread Across Real Estate Market



To read the full story, please click here:
http://www.latimes.com/classified/realestate/news/la-fi-lew20-2009sep20,0,1828223.story
Chicago Tribune
Short sales spread across real estate market, leaving frustration in their wake
As more homeowners find themselves underwater -- owing more on their mortgage than their home is currently worth -- and unable to make the monthly mortgage payments, many are turning to short sales,which allow a homeowner to sell their home for less than owed on the mortgage. Short sales can be a win win situation for all parties, because they enable home buyers to purchase properties in desirable neighborhoods and at favorable prices.
KEEP THIS IN MIND
• Theoretically, short sales should be a win-win for the bank and the homeowner. Although the bank does not receive the full amount owed on the mortgage, it also does not incur the costs of foreclosure and/or eviction, if necessary. Many homeowners also prefer short sales because it is less damaging to their credit scores than a foreclosure. However, many real estate experts say that the majority of banks are reluctant to approve short sales, and often let properties go into
foreclosure, even when there are reasonable offers on the property. In addition to considering the price, most lenders also take into consideration whether the homeowner can demonstrate financialhardship. If the homeowner is capable of making payments, many lenders will try to work out a loan modification, rather than a short sale.
• Unlike foreclosed properties, which may be run-down and vacant for many months, short-sell properties are likely to be better maintained, as most owners may still live in the home.
• Short sales often are more time intensive than traditional transactions and often require additional paperwork. Due to the large number of offers on short sales, many take as long as a few months to receive approval. If information or required forms are missing or incomplete, the bank may set the offer aside, which could delay the process and cause the property to go into foreclosure. To expedite the process, sellers should work closely with their REALTOR® to provide all of the necessary paperwork.
• Working with a REALTOR® who has experience with short sales can help both sellers and home buyers during the transaction. A seasoned REALTOR® will be able to serve as the mediator between the seller and the lender, and lead to a successful transaction.
• It is important to remember that in a short sale, although the seller may be anxious about selling the property and willing to accept any offer, it is ultimately up to the lender to determine if, and at what price, the property can be sold. Home buyers should work closely with their REALTOR® to submit realistic offers.

To read the full story, please click here:
http://www.chicagotribune.com/classified/realestate/chi-sun-short-sales-0920sep20,0,5529436.story

In Other News…
San Francisco Chronicle
U.S. home prices rise 0.3 percent in July
U.S. home prices rose slightly in July from a month earlier, according to a government index, further
evidence the housing market is stabilizing.
To read the full story, please click here:
www.sfgate.com

Friday, September 18, 2009

Fair Oaks Open House Sunday 2-4 PM!

We just had a price reduction on our beautiful home listed in Fair Oaks. Come take a look this Sunday from 2-4PM! 7758 Juan Way, Fair Oaks.



Your Personal Invite!

Saturday, September 12, 2009

Guess what we did?


Our office has moved locations.
We are now located at:
1913 Capital Avenue, Suite C
Sacramento CA
Come visit our new home!

Friday, September 4, 2009

Home Evaluation Informations send a Request Today!






Sacramento Short Sale Information
. Just click on the link to find out what your home is currently worth. Your free home evaluation.
Angel Lynn

Thursday, September 3, 2009

Mortgage industry calls for big changes at Fannie and Freddie

Trying to get out there first with a proposal for the future of Fannie Mae (FNM) and Freddie Mac (FRE), the Mortgage Bankers Association (MBA) is calling for Fannie and Freddie to be broken up into several smaller privately held companies that issue securities with an explicit government guarantee, not just an implied guarantee, according to a Wall Street Journal report.

The Obama administration has not yet issued its recommendations and they're not expected until next year. The Center for American Progress plans to issue its report on the future of housing finance this fall.

You can be pretty sure there will be a bit of a frenzy over what to do about the housing finance market as the government gets closer to making a decision. In today's marketplace, three key players -- the FHA, Fannie and Freddie -- buy 90 percent of new mortgage loans. The private mortgage marketplace has dried up. The U.S. government has propped up Fannie and Freddie with capital infusions totaling $96 billion plus almost ten times that amount through purchases of debt and mortgage-backed securities by the Treasury and Federal Reserve.

MBA wants to avoid any similar federal bailout in the future. It proposes that the new companies pay fees into a federal insurance fund that would guarantee interest and principal payments to bondholders if companies were unable to make them. This would replace the current system of assumed federal backing. Investors have lost confidence in the assumed federal backing and reduced their holdings of Fannie and Freddie debt.

MBA also wants the new smaller private companies to focus solely on the mission of mortgage creation, but not be allowed to hold large amounts of mortgages and securities, as Fannie and Freddie do now. Instead, the MBA calls for government agencies rather than the new companies to assume the mission of promoting affordable housing that Congress assigned to Fannie and Freddie.

Republicans want to end government conservatorship within 18 months, but Democrats haven't spelled out a time line for this process. They likely won't take a public stance until they get some word from the Obama administration, which won't be until next year.

In a related story, FBR Capital said Freddie and Fannie have no "underlying value" to justify the recent tripling in their share prices this month. Since their big jumps, both dropped by about 50 cents per share from Aug. 28 to the close of market on Sept. 1. On Aug. 28 Fannie closed at $2.04, but dropped to $1.59 at the close on Sept. 1. Freddie was at $2.40 on Aug. 28 and dropped to $1.90 at close on Sept. 1.

Lita Epstein has written more than 25 books, including Trading for Dummies.

Tuesday, September 1, 2009

Short Sale Bank Status


Chase and Wamu are in the process of upgrading their systems. They do not have access to any data until Tuesday. So if you are calling on your files hold off until Tuesday.
Angel