The foreclosure wave is here — look beneath the headlines
- Notice-of-Trustee Sales are up 100% from Feb to May and subsequent foreclosures are up 75% from March to May.
- CA foreclosure activity outpaces total house sales by 100% – infinite supply
In early April I was digging around my default and foreclosure database reviewing servicer and originator specific foreclosure numbers and noticed that a couple of the nation’s leading servicers were acting funny. At that point, most servicers had been ratcheting up Notice-of-Defaults for three months while scaling back sharply on filing new Notice-of-Trustee Sales. Subsequent foreclosures had been bouncing off of year and a half lows since October. Based upon the evidence from the two previously mentioned large-bank servicers, I then made the call about a wave of foreclosures about to hit.
The wave is here even though it did not show up in the aggregate numbers released by RealtyTrac yesterday morning. In their report, CA aggregate foreclosure activity was reported down 4.46%. That is not accurate.
To read the complete article
If you or someone you know is facing foreclosure contact your bank, or your realtor to get help in finding out your options.
Categories: Real Estate Market Updates
Tagged: foreclosures
Make no mistake, there’s a lot involved in getting a mortgage loan. There are four main steps involved in getting a loan.
Step one: determine how much you can borrow:
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators online. Based on standard lender guidelines, you’ll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan:
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. The lender then runs a credit report to get your credit score. This will get you a Pre-Qualification Letter to be used by your real estate agent to make the best offer on the home you choose, and the seller knows you’re pre-qualified. It gives you buying clout! And while you’re picking out the home that’s right for you, we’re busy finding the loan that’s right for you.
Step three: apply:
Once you’ve made an offer and it’s been accepted, it’s time to complete the loan application.
Step four: your loan is funded:
Your real estate agent and the seller’s will work together to designate an escrow/title company to handle the funding of your loan once it’s approved. The lender will coordinate with the escrow company to make sure all the papers needed are in order, and you’ll sign everything at the escrow/title company’s office.
Contact Linda Murphy, Sr Loan Consultant, RPM Mortgage, (831) 466-2453
Categories: Mortgage Information and Rates
Tagged: escrow, lenders, preapproval
Here are a few tips:
- Fill out the applications in full, don’t skip things this raises red flags.
- Make sure your income, residency, and references are factual and accurate.
- Your income needs to be 3 times the rent.
- Pay your bills on time so you will have a good credit score. 650 or above. Anything in the 500’s will usually be turned down.
- Don’t use a free credit reports.
- Be accurate about your prior rental history. Get references or letters of recommendation. Make sure you provide contact information from any prior landlord. Great tenants get rave reviews.
- Provide the landlord with as much information as you can regarding why are you moving, how many will be occupying the residence, do you have good credit, what is your income, etc.
- Make sure you appear to be responsible by paying attention to how you are dressed, what your car looks, etc.
- Sweat the small stuff, this could make the difference.
Contact Kathleen Richards, Portola Property Management, (831) 475-1355
Categories: Property Management
Tagged: landlords, rentals, tenants
Recent headlines may be causing confusion about the new California Foreclosure Prevention Act as a “90-day moratorium” and not telling the complete story.
In truth, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan modification programs.
Under pre-existing law that went into effect in February, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extended that time frame by another 90 days but may just be delaying the inevitable.
Read the complete story in the Mercury News
Categories: Real Estate Market Updates
Tagged: foreclosure, housing market, loan modification, residential
So many confusing decisions when personalizing your new home. We can also help by billing your updated finishes to escrow, free color consultations, Hunter Douglas Blinds, Shades and Shutters.
Hunter Douglas has a Summer Rebate Sale going now until August. Allergies, no problem. We can help with finding products that will help.
Contact Deborah Cypert today at 831-476-8780 or visit interiorvision.biz
Categories: Household Improvements
Tagged: blinds, color consultations, shades
