Wednesday, March 12, 2014
Tuesday, March 11, 2014
Why a home doesn't sell?
RE/MAX METRO R.E SERVICES EASTVALE HOMES BEST CHOICE
8605 Kendra Lane Eastvale
6698 Heathgrove Dr.Eastvale
14495 Viva Dr.Eastvale
For more listings in Eastvale visit our web site by clicking here
,
Eastvale Changes
Eastvale City Curfew
I can accept the fact that kids belong in school
How about people that walks around the neighborhood looking for the opportunity to break-in and robe your home
We have to be on guard to protect our neighborhood and our family
I move to Eastvale eight years ago and I don't feel safe as in the first two years
I've gone true the home market collapse and saw the effects around the city
One could not avoid seeing the city shopping areas empty and the Eastvale theater on a Friday night or weekend with empty parking lots
Now is a different view, however I’ve seen many families gone and new ones come in
I see the city taken by investors and rental properties increase, property values gone up and that in term will bring an increase of properties for sale adding new homeowners to our city that steel looking for stable neighborhoods.
I steel love my city, full of life and vibrant.
I just hope that the new families moving in bring to the city unwavering proud homeowners that will love the city as I have love it for eight years
Thursday, March 7, 2013
Tuesday, January 15, 2013
Positive Thinking
Listening to a conversation about the power of positivism.
Positive thinking and negative thinking are just one hair apart, is the event around our life that demonstrates our positive or negative thinking. Results are a powerful demonstration of our spoken words. Positivism is not reflected just in our work, business or financial success but also in the way we live our life and the life of those around us, our immediate family, those for whom we are responsible; their failure is also reflected on us. Positive thinking could make you cozy about the reality around you indulging your ego at the expense of others. We place too much importance on things that are not eternal and buy into the sales pitch of positive thinking which will not eternally last. Are we given the same effort to learn about eternal life and the path that will lead us to?…
I struggle with positive thinking as a way of been successful. As a marketing tool those that lecture positive thinking are enriching them salve out of the sweat of those that sick to indulge their ego.
From the moment I am up in the morning I have begun to believe, from the time I give the first step I begun to believe, from the time I was born in earth I took the first breath of life, I became a believer. The truth behind believing is more important than having positive thoughts
Tuesday, May 17, 2011
Friday, January 14, 2011
Monday, December 6, 2010
Friday, March 12, 2010
Wednesday, January 20, 2010
Real Estate Refund
Visit our refund web site for more information or email your questions to homesbyaremail@yahoo.com or by calling 866-466-6650
Monday, January 4, 2010
Wednesday, December 30, 2009
Sunday, December 27, 2009
Montclair Home
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Friday, December 18, 2009
Tuesday, August 18, 2009
Wednesday, July 29, 2009
MODIFICATION, SHORT SALE OR FORECLOSURE
I am pulling my hair over this subject.
What can I recommend to my clients, people that call me or contact me via email in regards to this concerns.
I must touch my heart and spill out my...... on this.
Let's face it nobody wants to tell their clients what is best, if their interest on a Loan Modification is the one reason home owner care the most.
They don't like to hear FORECLOSURE, SHORT SALE or BK as and option.
Banks are not correcting the problem by lowering the loan amount. they are only buying time for what it is foreseeable.
Home owner will not remain on a Modification program when they see their home value creeping down.
Who will, I won't, would you?
Let's face it. Why would I continue to make payments on a property that has lost almost half of it's value.
How about this... Your neighborhood is not what it was before. All neighborhoods?..
No, I am not picking on all neighborhoods, but in many cases the area will not be what it used to be.
We all find a shell in our life, and that shell has a big crack (Property value).
Do wherever is best for you, but a loan modification may not be the best. It may be for now , but how about later?
Oscar Matamoros/Marketing
_
What can I recommend to my clients, people that call me or contact me via email in regards to this concerns.
I must touch my heart and spill out my...... on this.
Let's face it nobody wants to tell their clients what is best, if their interest on a Loan Modification is the one reason home owner care the most.
They don't like to hear FORECLOSURE, SHORT SALE or BK as and option.
Banks are not correcting the problem by lowering the loan amount. they are only buying time for what it is foreseeable.
Home owner will not remain on a Modification program when they see their home value creeping down.
Who will, I won't, would you?
Let's face it. Why would I continue to make payments on a property that has lost almost half of it's value.
How about this... Your neighborhood is not what it was before. All neighborhoods?..
No, I am not picking on all neighborhoods, but in many cases the area will not be what it used to be.
We all find a shell in our life, and that shell has a big crack (Property value).
Do wherever is best for you, but a loan modification may not be the best. It may be for now , but how about later?
Oscar Matamoros/Marketing
_
Monday, December 8, 2008
Loan Modification
Must home owners know's that there is help available from their lenders, and programs that will help them stay on their home, what they don’t know is that the firs line of defense by the lenders is to get the home owner true their "Collection Department" here you will be ask question and or try to squeeze money from you before they offer you any consolation. You will be ask for your financials and the reason of your delinquency, you also be ask to write a Hardship letter and provide your last w2 form, probably your last year taxes, proof of income.
After all this documents are provided to them, they will probably offer you a reinstatement of your loan, prepayment plan, forbearance, modification or refinance and all these if you qualify. Must home owner get them self in a situation in which accept the program offer by the collection department. Doing this by your self as suggested by the banks, is putting your self in harms way. We all know that the bank is not out to provide you with the help needed but to help them self, so what make you believe that they will offer you the best modification available to you. I am not suggesting that you should pay an expert to this for you, but to think before you act. If you make the decision to call your self to negotiate a modification; I will strongly suggest getting sufficient information prior to embark in this difficult decision.
There are groups that belong to the "HOPE NOW" alliance find them to obtain more inforamtion. I will sugets to call us at 888-250-4230 or call 714-699-4695
RE/MAX Metro Realty is approve to offer Modification Services by the DRE (Department of Real Estate)
Lupe Medina
RE/MAX Metro
225 N State College Blvd
Anaheim, CA. 92806
After all this documents are provided to them, they will probably offer you a reinstatement of your loan, prepayment plan, forbearance, modification or refinance and all these if you qualify. Must home owner get them self in a situation in which accept the program offer by the collection department. Doing this by your self as suggested by the banks, is putting your self in harms way. We all know that the bank is not out to provide you with the help needed but to help them self, so what make you believe that they will offer you the best modification available to you. I am not suggesting that you should pay an expert to this for you, but to think before you act. If you make the decision to call your self to negotiate a modification; I will strongly suggest getting sufficient information prior to embark in this difficult decision.
There are groups that belong to the "HOPE NOW" alliance find them to obtain more inforamtion. I will sugets to call us at 888-250-4230 or call 714-699-4695
RE/MAX Metro Realty is approve to offer Modification Services by the DRE (Department of Real Estate)
Lupe Medina
RE/MAX Metro
225 N State College Blvd
Anaheim, CA. 92806
Saturday, October 11, 2008
The Truth
The Truth versus the Republicans on the Regulation of Subprime Mortgages and Fannie Mae and Freddie Mac
The Homeownership & Equity Protection Act
•
In 1994 the Democratic Congress passed the Home Ownership & Equity Protection Act (HOEPA).
•
That law included a host of consumer protections for high-cost mortgages and specifically required that the Federal Reserve issue rules to stop abusive lending practices.
•
During the 12 years of Republican control – which included the subprime housing bubble at the heart of our current economic crisis – no regulation was ever enacted under that authority.
•
Former Fed Chairman Greenspan was asked numerous times to issue rules (including internally by Former Governor Ed Gramlich) but refused on ideological grounds.
•
Republican ideologues have long thwarted mortgage and consumer protection.
•
Only after the Democrats took control of the Congress and initiated specific legislative reforms (H.R. 3915) did Federal Reserve Chairman Ben Bernanke finally issue regulations under the very authority they have had since 1994.
Reform of Fannie Mae & Freddie Mac
•
After 12 years of Republican control, the Republicans failed to enact meaningful reform of Fannie Mae and Freddie Mac.
•
In 2005, when former Financial Services Chairman Mike Oxley pushed for responsible reform he was opposed by Republican ideologues.
•
As noted in a recent article interviewing Oxley, he stated “All the handwringing and bedwetting is going on without remembering how the House stepped up on this…What did we get from the White House? We got a one-finger salute.” Further Oxley notes: “We missed a golden opportunity that would have avoided a lot of the problems we’re facing now, if we hadn’t had such a firm ideological position at the White House and the Treasury and the Fed.”
•
As soon as the Democrats took over the House, we passed comprehensive GSE reform by a bipartisan vote of 313 to 104 in May 2007.
•
Democrats sought to include this legislation in the economic stimulus package last year, but the Bush Administration balked. After overcoming Republican filibusters in the Senate, the Democrats enacted comprehensive reform which included every power the Administration asked for in July 2008.
•
Democrats also included additional authority for the new regulator to limit or cancel compensation and severance packages for senior executives. Though the
administration did not ask for this enhancement, the new regulator has just used this authority.
From The House Committe On Financial Services.
http://www.homesbyarea.com
Help us keep this blog and our website http://www.homesbyarea.com up and running. Here you will find free information and free listings, plus you can request free Real Estate reports. We appreciate your support.
The Homeownership & Equity Protection Act
•
In 1994 the Democratic Congress passed the Home Ownership & Equity Protection Act (HOEPA).
•
That law included a host of consumer protections for high-cost mortgages and specifically required that the Federal Reserve issue rules to stop abusive lending practices.
•
During the 12 years of Republican control – which included the subprime housing bubble at the heart of our current economic crisis – no regulation was ever enacted under that authority.
•
Former Fed Chairman Greenspan was asked numerous times to issue rules (including internally by Former Governor Ed Gramlich) but refused on ideological grounds.
•
Republican ideologues have long thwarted mortgage and consumer protection.
•
Only after the Democrats took control of the Congress and initiated specific legislative reforms (H.R. 3915) did Federal Reserve Chairman Ben Bernanke finally issue regulations under the very authority they have had since 1994.
Reform of Fannie Mae & Freddie Mac
•
After 12 years of Republican control, the Republicans failed to enact meaningful reform of Fannie Mae and Freddie Mac.
•
In 2005, when former Financial Services Chairman Mike Oxley pushed for responsible reform he was opposed by Republican ideologues.
•
As noted in a recent article interviewing Oxley, he stated “All the handwringing and bedwetting is going on without remembering how the House stepped up on this…What did we get from the White House? We got a one-finger salute.” Further Oxley notes: “We missed a golden opportunity that would have avoided a lot of the problems we’re facing now, if we hadn’t had such a firm ideological position at the White House and the Treasury and the Fed.”
•
As soon as the Democrats took over the House, we passed comprehensive GSE reform by a bipartisan vote of 313 to 104 in May 2007.
•
Democrats sought to include this legislation in the economic stimulus package last year, but the Bush Administration balked. After overcoming Republican filibusters in the Senate, the Democrats enacted comprehensive reform which included every power the Administration asked for in July 2008.
•
Democrats also included additional authority for the new regulator to limit or cancel compensation and severance packages for senior executives. Though the
administration did not ask for this enhancement, the new regulator has just used this authority.
From The House Committe On Financial Services.
http://www.homesbyarea.com
Help us keep this blog and our website http://www.homesbyarea.com up and running. Here you will find free information and free listings, plus you can request free Real Estate reports. We appreciate your support.
Friday, October 10, 2008
Putting Your Home on the Loan Line is a Risky Business
Are you in need of cash?
Do you want to consolidate your debts?
Are you receiving home equity loan or refinancing offers that seem too good to be true?
Does your home need repairs that contractors tell you can be easily financed?
If you are a homeowner who needs money to pay bills or for home repairs, you may think a home equity loan is the answer. But not all loans and lenders are the same--you should shop around. The cost of doing business with high-cost lenders can be excessive and, sometimes, downright abusive. For example, certain lenders--often called "predatory lenders"--target homeowners who have low incomes or credit problems or who are elderly by deceiving them about loan terms or giving them loans they cannot afford to repay.
Borrowing from an unscrupulous lender, especially one who offers you a high-cost loan using your home as security, is risky business. You could lose your home and your money. Before you sign on the line,
Think about your options
Do your homework
Think twice before you sign
Know that you have rights under the law
--------------------------------------------------------------------------------
Think about Your Options
If you’re having money problems, consider these options before you put your home on the loan line.
Talk with your creditors or with representatives of non-profit or other reputable credit or budget counseling organizations to work out a plan that reduces your bill payments to a more manageable level.
Contact your local social service agency, community or religious groups, and local or state housing agencies. They may have programs that help consumers, including the elderly and those with disabilities, with energy bills, home repairs, or other emergency needs.
Contact a local housing counseling agency to discuss your needs. Call the U.S. Department of Housing and Urban Development toll-free at 800-569-4287 or visit www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm to find a center near you.
Talk with someone other than the lender or broker offering the loan who is knowledgeable and you trust before making any decisions. Remember, if you decide to get a home equity loan and can’t make the payments, the lender could foreclose and you would lose your home.
If you decide a loan is right for you, talk with several lenders, including at least one bank, savings and loan, or credit union in your community. Their loans may cost less than loans from finance companies. And don’t assume that if you’re on a fixed income or have credit problems, you won’t qualify for a loan from a bank, savings and loan, or credit union--they may have the loan you want!
--------------------------------------------------------------------------------
Do Your Homework
Contact several lenders--and be very careful about dealing with a lender who just appears at your door, calls you, or sends you mail. Ask friends and family for recommendations of lenders. Talk with banks, savings and loans, credit unions, and other lenders. If you choose to use a mortgage broker, remember they arrange loans but most do not lend directly. Compare their offers with those of other direct lenders.
Be wary of home repair contractors that offer to arrange financing. You should still talk with other lenders to make sure you get the best deal. You may want to have the loan proceeds sent directly to you, not the contractor.
Comparison shop. Comparing loan plans can help you get a better deal. Whether you begin your shopping by reading ads in your local newspapers, searching on the Internet, or looking in the phone book, ask lenders to explain the best loan plans they have for you. Beware of loan terms and conditions that may mean higher costs for you. Get answers to these questions and use the worksheet to compare loan plans:
Interest Rate and Payments
What are the monthly payments? Ask yourself if you can afford them.
What is the annual percentage rate (APR) on the loan? The APR is the cost of credit, expressed as a yearly rate. You can use the APR to compare one loan with another.
Will the interest rate change during the life of the loan? If so, when, how often, and by how much?
Term of Loan
How many years will you have to repay the loan?
Is this a loan or a line of credit? A loan is for a fixed amount of money for a specific period of time; a line of credit is an amount of money you can draw as you need it.
Is there a balloon payment--a large single payment at the end of the loan term after a series of low monthly payments? When the balloon payment is due, you must pay the entire amount.
Points and Fees
What will you have to pay in points and fees? One point equals 1 percent of the loan amount (1 point on a $10,000 loan is $100). Generally, the higher the points, the lower the interest rate. If points and fees are more than 5 percent of the loan amount, ask why. Traditional financial institutions normally charge between 1 and 3 percent of the loan amount in points and fees.
Are any of the application fees refundable if you don’t get the loan?
How and how much will the the lender or broker be paid? Lenders and brokers may charge points or fees that you must pay at closing or add on to the cost of your loan, or both.
Penalties
What is the penalty for late or missed payments?
What is the penalty if you pay off or refinance the loan early (that is, is there a pre-payment penalty)?
Credit Insurance
Does the loan package include optional credit insurance, such as credit life, disability, or unemployment insurance? Depending on the type of policy, credit insurance can cover some or all of your payments if you can't make them. Understand that you don’t have to buy optional credit insurance--that’s why it’s called “optional.” Don’t buy insurance you don’t need.
Credit insurance may be a bad deal for you, especially if the premiums are collected up-front at the closing and financed as part of the loan. If you want optional credit insurance, ask if you can pay for it on a monthly basis after the loan is approved and closed. With monthly insurance premiums, you don't pay interest and you can decide to cancel if the premiums are too high or if you believe you no longer want the insurance.
After you have answers to these questions, start negotiating with more than one lender. Don’t be afraid to make lenders and brokers compete for your business by letting them know you are shopping for the best deal. Ask each lender to lower the points, fees, or interest rate. And ask each to meet--or beat--the terms of the other lenders.
Once You’ve Selected a Lender, Get the Following
A “Good Faith Estimate” of all loan charges. The estimate must be sent within 3 days of applying.
Blank copies of the forms you’ll sign at closing, when the loan is final. Study them. If you don’t understand something, ask for an explanation.
Advance copies of the forms you’ll sign at closing with the terms filled in. A week or two before closing, contact the lender to find out if there have been any changes in the Good Faith Estimate. By law, you can inspect the final settlement statement (also called the HUD-1 or HUD-1A form) one day prior to closing. Study these forms. Write down any questions you want to ask.
--------------------------------------------------------------------------------
Think Twice before You Sign
Have a knowledgeable friend, relative, attorney, or housing counselor review the Good Faith Estimate and other loan papers before you sign the loan contract. Be sure the terms are the same ones you agreed to. For example, a lender should not promise one APR and then--without good reason--increase it at closing.
Refer to the list of questions you’ve written down. Ask where these terms are covered in the loan contract. And ask for an explanation of any dollar amount or term you don’t understand. Don’t let anyone rush you into signing the loan contract.
Make sure all promises, oral and otherwise, are put in writing. It’s only what’s in writing that counts.
Get a copy of the documents you signed before you leave the closing.
Don’t Sign on the Dotted Line if the Lender …
Tells you to falsify information on the loan application (for example, suggests that you write down more income than you really have).
Pressures you into applying for a loan for more money than you need, or one that has monthly payments larger than you can afford.
Promises one set of terms but gives you another with no good reason for the change.
Tells you to sign blank forms or forms that aren't completely filled in. If an item is supposed to be blank, draw a line through the space and initial it.
Pressures you to sign today. A good deal today should be available tomorrow.
--------------------------------------------------------------------------------
Know that You Have Rights under the Law
You Have 3 Business Days to Cancel the Loan
If you're using your home as security for a home equity loan (or for a second mortgage loan or a line of credit), federal law gives you 3 business days after signing the loan papers to cancel the deal--for any reason--without penalty. You must cancel in writing. The lender must return any money you have paid to date.
Do You Think You've Made a Mistake?
Has the 3-day period during which you may cancel passed and you're worried that you've gotten in over your head? Do you think your loan fees were too high? Do you believe you were steered into monthly payments you can't afford? Has your lender repeatedly pressured you to refinance? Is your loan covered by insurance you don't need or want?
If you think you've been taken advantage of, state and federal laws may protect you. Also, the following organizations may be able to help:
Your local or state bar association--sometimes listed under "Lawyers Referral Service" in the Yellow Pages of your phone book. The association may be able to refer you to low-cost or no-cost lawyers who can help.
Your local consumer protection agency, state attorney general’s office, or state office on aging, listed in the Blue Pages of your phone book.
Your local fair housing group or affordable housing agency, housing counseling agency, or state housing agency.
You can learn more about credit and home equity loans by visiting the federal government’s web site for consumers, www.consumer.gov (see the Home and Community section). If you don’t have access to the Internet, ask a friend or relative to get the information for you. Or visit your local library or senior center, which may offer you free access to the Internet on their computers.
--------------------------------------------------------------------------------
Do you want to consolidate your debts?
Are you receiving home equity loan or refinancing offers that seem too good to be true?
Does your home need repairs that contractors tell you can be easily financed?
If you are a homeowner who needs money to pay bills or for home repairs, you may think a home equity loan is the answer. But not all loans and lenders are the same--you should shop around. The cost of doing business with high-cost lenders can be excessive and, sometimes, downright abusive. For example, certain lenders--often called "predatory lenders"--target homeowners who have low incomes or credit problems or who are elderly by deceiving them about loan terms or giving them loans they cannot afford to repay.
Borrowing from an unscrupulous lender, especially one who offers you a high-cost loan using your home as security, is risky business. You could lose your home and your money. Before you sign on the line,
Think about your options
Do your homework
Think twice before you sign
Know that you have rights under the law
--------------------------------------------------------------------------------
Think about Your Options
If you’re having money problems, consider these options before you put your home on the loan line.
Talk with your creditors or with representatives of non-profit or other reputable credit or budget counseling organizations to work out a plan that reduces your bill payments to a more manageable level.
Contact your local social service agency, community or religious groups, and local or state housing agencies. They may have programs that help consumers, including the elderly and those with disabilities, with energy bills, home repairs, or other emergency needs.
Contact a local housing counseling agency to discuss your needs. Call the U.S. Department of Housing and Urban Development toll-free at 800-569-4287 or visit www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm to find a center near you.
Talk with someone other than the lender or broker offering the loan who is knowledgeable and you trust before making any decisions. Remember, if you decide to get a home equity loan and can’t make the payments, the lender could foreclose and you would lose your home.
If you decide a loan is right for you, talk with several lenders, including at least one bank, savings and loan, or credit union in your community. Their loans may cost less than loans from finance companies. And don’t assume that if you’re on a fixed income or have credit problems, you won’t qualify for a loan from a bank, savings and loan, or credit union--they may have the loan you want!
--------------------------------------------------------------------------------
Do Your Homework
Contact several lenders--and be very careful about dealing with a lender who just appears at your door, calls you, or sends you mail. Ask friends and family for recommendations of lenders. Talk with banks, savings and loans, credit unions, and other lenders. If you choose to use a mortgage broker, remember they arrange loans but most do not lend directly. Compare their offers with those of other direct lenders.
Be wary of home repair contractors that offer to arrange financing. You should still talk with other lenders to make sure you get the best deal. You may want to have the loan proceeds sent directly to you, not the contractor.
Comparison shop. Comparing loan plans can help you get a better deal. Whether you begin your shopping by reading ads in your local newspapers, searching on the Internet, or looking in the phone book, ask lenders to explain the best loan plans they have for you. Beware of loan terms and conditions that may mean higher costs for you. Get answers to these questions and use the worksheet to compare loan plans:
Interest Rate and Payments
What are the monthly payments? Ask yourself if you can afford them.
What is the annual percentage rate (APR) on the loan? The APR is the cost of credit, expressed as a yearly rate. You can use the APR to compare one loan with another.
Will the interest rate change during the life of the loan? If so, when, how often, and by how much?
Term of Loan
How many years will you have to repay the loan?
Is this a loan or a line of credit? A loan is for a fixed amount of money for a specific period of time; a line of credit is an amount of money you can draw as you need it.
Is there a balloon payment--a large single payment at the end of the loan term after a series of low monthly payments? When the balloon payment is due, you must pay the entire amount.
Points and Fees
What will you have to pay in points and fees? One point equals 1 percent of the loan amount (1 point on a $10,000 loan is $100). Generally, the higher the points, the lower the interest rate. If points and fees are more than 5 percent of the loan amount, ask why. Traditional financial institutions normally charge between 1 and 3 percent of the loan amount in points and fees.
Are any of the application fees refundable if you don’t get the loan?
How and how much will the the lender or broker be paid? Lenders and brokers may charge points or fees that you must pay at closing or add on to the cost of your loan, or both.
Penalties
What is the penalty for late or missed payments?
What is the penalty if you pay off or refinance the loan early (that is, is there a pre-payment penalty)?
Credit Insurance
Does the loan package include optional credit insurance, such as credit life, disability, or unemployment insurance? Depending on the type of policy, credit insurance can cover some or all of your payments if you can't make them. Understand that you don’t have to buy optional credit insurance--that’s why it’s called “optional.” Don’t buy insurance you don’t need.
Credit insurance may be a bad deal for you, especially if the premiums are collected up-front at the closing and financed as part of the loan. If you want optional credit insurance, ask if you can pay for it on a monthly basis after the loan is approved and closed. With monthly insurance premiums, you don't pay interest and you can decide to cancel if the premiums are too high or if you believe you no longer want the insurance.
After you have answers to these questions, start negotiating with more than one lender. Don’t be afraid to make lenders and brokers compete for your business by letting them know you are shopping for the best deal. Ask each lender to lower the points, fees, or interest rate. And ask each to meet--or beat--the terms of the other lenders.
Once You’ve Selected a Lender, Get the Following
A “Good Faith Estimate” of all loan charges. The estimate must be sent within 3 days of applying.
Blank copies of the forms you’ll sign at closing, when the loan is final. Study them. If you don’t understand something, ask for an explanation.
Advance copies of the forms you’ll sign at closing with the terms filled in. A week or two before closing, contact the lender to find out if there have been any changes in the Good Faith Estimate. By law, you can inspect the final settlement statement (also called the HUD-1 or HUD-1A form) one day prior to closing. Study these forms. Write down any questions you want to ask.
--------------------------------------------------------------------------------
Think Twice before You Sign
Have a knowledgeable friend, relative, attorney, or housing counselor review the Good Faith Estimate and other loan papers before you sign the loan contract. Be sure the terms are the same ones you agreed to. For example, a lender should not promise one APR and then--without good reason--increase it at closing.
Refer to the list of questions you’ve written down. Ask where these terms are covered in the loan contract. And ask for an explanation of any dollar amount or term you don’t understand. Don’t let anyone rush you into signing the loan contract.
Make sure all promises, oral and otherwise, are put in writing. It’s only what’s in writing that counts.
Get a copy of the documents you signed before you leave the closing.
Don’t Sign on the Dotted Line if the Lender …
Tells you to falsify information on the loan application (for example, suggests that you write down more income than you really have).
Pressures you into applying for a loan for more money than you need, or one that has monthly payments larger than you can afford.
Promises one set of terms but gives you another with no good reason for the change.
Tells you to sign blank forms or forms that aren't completely filled in. If an item is supposed to be blank, draw a line through the space and initial it.
Pressures you to sign today. A good deal today should be available tomorrow.
--------------------------------------------------------------------------------
Know that You Have Rights under the Law
You Have 3 Business Days to Cancel the Loan
If you're using your home as security for a home equity loan (or for a second mortgage loan or a line of credit), federal law gives you 3 business days after signing the loan papers to cancel the deal--for any reason--without penalty. You must cancel in writing. The lender must return any money you have paid to date.
Do You Think You've Made a Mistake?
Has the 3-day period during which you may cancel passed and you're worried that you've gotten in over your head? Do you think your loan fees were too high? Do you believe you were steered into monthly payments you can't afford? Has your lender repeatedly pressured you to refinance? Is your loan covered by insurance you don't need or want?
If you think you've been taken advantage of, state and federal laws may protect you. Also, the following organizations may be able to help:
Your local or state bar association--sometimes listed under "Lawyers Referral Service" in the Yellow Pages of your phone book. The association may be able to refer you to low-cost or no-cost lawyers who can help.
Your local consumer protection agency, state attorney general’s office, or state office on aging, listed in the Blue Pages of your phone book.
Your local fair housing group or affordable housing agency, housing counseling agency, or state housing agency.
You can learn more about credit and home equity loans by visiting the federal government’s web site for consumers, www.consumer.gov (see the Home and Community section). If you don’t have access to the Internet, ask a friend or relative to get the information for you. Or visit your local library or senior center, which may offer you free access to the Internet on their computers.
--------------------------------------------------------------------------------
Sunday, September 28, 2008
SEC. 109. FORECLOSURE MITIGATION EFFORTS.
$700 Billion Draft RESIDENTIAL MORTGAGE LOAN SERVICING
1 SEC. 109. FORECLOSURE MITIGATION EFFORTS.
2 (a) RESIDENTIAL MORTGAGE LOAN SERVICING
3 STANDARDS.—To the extent that the Secretary acquires
4 mortgages, mortgage backed securities, and other assets
5 secured by residential real estate, including multifamily
6 housing, the Secretary shall implement a plan that seeks
7 to maximize assistance for homeowners and use the au8
thority of the Secretary to encourage the servicers of the
9 underlying mortgages, considering net present value to the
10 taxpayer, to take advantage of the HOPE for Home11
owners Program under section 257 of the National Hous12
ing Act or other available programs to minimize fore13
closures. In addition, the Secretary may use loan guaran14
tees and credit enhancements to facilitate loan modifica15
tions to prevent avoidable foreclosures.
16 (b) COORDINATION.—The Secretary shall coordinate
17 with the Corporation, the Board (with respect to any
18 mortgage or mortgage-backed securities or pool of securi19
ties held, owned, or controlled by or on behalf of a Federal
20 reserve bank, as provided in section 110(a)(1)(C)), the
21 Federal Housing Finance Agency, the Secretary of Hous22
ing and Urban Development, and other Federal Govern23
ment entities that hold troubled assets to attempt to iden24
tify opportunities for the acquisition of classes of troubled
25 assets that will improve the ability of the Secretary to im26
prove the loan modification and restructuring process and,
26
O:\AYO\AYO08C04.xml
1 where permissible, to permit bona fide tenants who are
2 current on their rent to remain in their homes under the
3 terms of the lease. In the case of a mortgage on a residen4
tial rental property, the plan required under this section
5 shall include protecting Federal, State, and local rental
6 subsidies and protections, and ensuring any modification
7 takes into account the need for operating funds to main8
tain decent and safe conditions at the property.
9 (c) CONSENT TO REASONABLE LOAN MODIFICATION
10 REQUESTS.—Upon any request arising under existing in11
vestment contracts, the Secretary shall consent, where ap12
propriate, and considering net present value to the tax13
payer, to reasonable requests for loss mitigation measures,
14 including term extensions, rate reductions, principal write
15 downs, increases in the proportion of loans within a trust
16 or other structure allowed to be modified, or removal of
17 other limitation on modifications.
http://www.homesbyarea.com
1 SEC. 109. FORECLOSURE MITIGATION EFFORTS.
2 (a) RESIDENTIAL MORTGAGE LOAN SERVICING
3 STANDARDS.—To the extent that the Secretary acquires
4 mortgages, mortgage backed securities, and other assets
5 secured by residential real estate, including multifamily
6 housing, the Secretary shall implement a plan that seeks
7 to maximize assistance for homeowners and use the au8
thority of the Secretary to encourage the servicers of the
9 underlying mortgages, considering net present value to the
10 taxpayer, to take advantage of the HOPE for Home11
owners Program under section 257 of the National Hous12
ing Act or other available programs to minimize fore13
closures. In addition, the Secretary may use loan guaran14
tees and credit enhancements to facilitate loan modifica15
tions to prevent avoidable foreclosures.
16 (b) COORDINATION.—The Secretary shall coordinate
17 with the Corporation, the Board (with respect to any
18 mortgage or mortgage-backed securities or pool of securi19
ties held, owned, or controlled by or on behalf of a Federal
20 reserve bank, as provided in section 110(a)(1)(C)), the
21 Federal Housing Finance Agency, the Secretary of Hous22
ing and Urban Development, and other Federal Govern23
ment entities that hold troubled assets to attempt to iden24
tify opportunities for the acquisition of classes of troubled
25 assets that will improve the ability of the Secretary to im26
prove the loan modification and restructuring process and,
26
O:\AYO\AYO08C04.xml
1 where permissible, to permit bona fide tenants who are
2 current on their rent to remain in their homes under the
3 terms of the lease. In the case of a mortgage on a residen4
tial rental property, the plan required under this section
5 shall include protecting Federal, State, and local rental
6 subsidies and protections, and ensuring any modification
7 takes into account the need for operating funds to main8
tain decent and safe conditions at the property.
9 (c) CONSENT TO REASONABLE LOAN MODIFICATION
10 REQUESTS.—Upon any request arising under existing in11
vestment contracts, the Secretary shall consent, where ap12
propriate, and considering net present value to the tax13
payer, to reasonable requests for loss mitigation measures,
14 including term extensions, rate reductions, principal write
15 downs, increases in the proportion of loans within a trust
16 or other structure allowed to be modified, or removal of
17 other limitation on modifications.
http://www.homesbyarea.com
“EMERGENCY ECONOMIC STABILIZATION ACT OF 2008”
SUMMARY OF THE “EMERGENCY ECONOMIC STABILIZATION ACT OF 2008”
I. Stabilizing the Economy
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the
Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets
of financial institutions and making it difficult for working families, small businesses, and other
companies to access credit, which is vital to a strong and stable economy. EESA also establishes
a program that would allow companies to insure their troubled assets.
II. Homeownership Preservation
EESA requires the Treasury to modify troubled loans – many the result of predatory lending
practices – wherever possible to help American families keep their homes. It also directs other
federal agencies to modify loans that they own or control. Finally, it improves the HOPE for
Homeowners program by expanding eligibility and increasing the tools available to the
Department of Housing and Urban Development to help more families keep their homes.
III. Taxpayer Protection
Taxpayers should not be expected to pay for Wall Street’s mistakes. The legislation requires
companies that sell some of their bad assets to the government to provide warrants so that
taxpayers will benefit from any future growth these companies may experience as a result of
participation in this program. The legislation also requires the President to submit legislation
that would cover any losses to taxpayers resulting from this program from financial institutions.
IV. No Windfalls for Executives
Executives who made bad decisions should not be allowed to dump their bad assets on the
government, and then walk away with millions of dollars in bonuses. In order to participate in
this program, companies will lose certain tax benefits and, in some cases, must limit executive
pay. In addition, the bill limits “golden parachutes” and requires that unearned bonuses be
returned.
V. Strong Oversight
Rather than giving the Treasury all the funds at once, the legislation gives the Treasury $250
billion immediately, then requires the President to certify that additional funds are needed ($100
billion, then $350 billion subject to Congressional disapproval). The Treasury must report on the
use of the funds and the progress in addressing the crisis. EESA also establishes an Oversight
Board so that the Treasury cannot act in an arbitrary manner. It also establishes a special
inspector general to protect against waste, fraud and abuse.
Read more by visiting financialservice.house.gov
I. Stabilizing the Economy
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the
Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets
of financial institutions and making it difficult for working families, small businesses, and other
companies to access credit, which is vital to a strong and stable economy. EESA also establishes
a program that would allow companies to insure their troubled assets.
II. Homeownership Preservation
EESA requires the Treasury to modify troubled loans – many the result of predatory lending
practices – wherever possible to help American families keep their homes. It also directs other
federal agencies to modify loans that they own or control. Finally, it improves the HOPE for
Homeowners program by expanding eligibility and increasing the tools available to the
Department of Housing and Urban Development to help more families keep their homes.
III. Taxpayer Protection
Taxpayers should not be expected to pay for Wall Street’s mistakes. The legislation requires
companies that sell some of their bad assets to the government to provide warrants so that
taxpayers will benefit from any future growth these companies may experience as a result of
participation in this program. The legislation also requires the President to submit legislation
that would cover any losses to taxpayers resulting from this program from financial institutions.
IV. No Windfalls for Executives
Executives who made bad decisions should not be allowed to dump their bad assets on the
government, and then walk away with millions of dollars in bonuses. In order to participate in
this program, companies will lose certain tax benefits and, in some cases, must limit executive
pay. In addition, the bill limits “golden parachutes” and requires that unearned bonuses be
returned.
V. Strong Oversight
Rather than giving the Treasury all the funds at once, the legislation gives the Treasury $250
billion immediately, then requires the President to certify that additional funds are needed ($100
billion, then $350 billion subject to Congressional disapproval). The Treasury must report on the
use of the funds and the progress in addressing the crisis. EESA also establishes an Oversight
Board so that the Treasury cannot act in an arbitrary manner. It also establishes a special
inspector general to protect against waste, fraud and abuse.
Read more by visiting financialservice.house.gov
Wednesday, September 24, 2008
$700 Billion Blank Check?????
No $700 Billion Blank Check
Any bailout package that Congress passes must be balanced to help Main Street as well as Wall Street.
Contact your member of Congress today.
George Bush, Henry Paulson and Ben Bernanke came to Congress last weekend with a request for a $700 billion blank check to bail out Wall Street. Thankfully, our allies in Congress are pushing back against this dangerous and ill-conceived bill.
To ensure that the bill Congress passes is a balanced one, our congressional leadership needs to hear from you. Contact your member of Congress and their leaders today and tell them "no blank checks" for Wall Street.
Our nation is facing a real financial crisis, brought on by seven years of Bush-McCain financial policies, that calls for action that is thoughtful and swift—but not hasty. The actions we take at this perilous time must set the stage for a real recovery that benefits Main Street as well as Wall Street.
The last thing we should do is compound the enormous imbalances in our economy with an enormously imbalanced rescue package. To accomplish this, any bailout must:
Be governed by an independent board with transparency and effective public and congressional oversight.
Use the full array of financial and legal tools available to the government to stop foreclosures and restructure home mortgage loans for working families.
Address the cause of the crisis on Main Street in addition to the symptoms on Wall Street. Congress should pass a second stimulus package in its entirety.
Work to address the disastrous weaknesses in our financial regulatory system and corporate governance system that allowed this disaster to happen.
Contact your member of Congress and their leaders today and tell them to ensure that any bailout package is a balanced one.
The current Bush-Paulson-Bernanke proposal does nothing for families facing foreclosure or for working people hit hard by the economy, and it does nothing to hold those who caused this crisis accountable. Meanwhile, it grants unlimited authority to the Bush administration to spend $700 billion of the public’s money to prop up whomever they wish on Wall Street, without any rules or independent oversight.
This is not acceptable.
The stakes are enormous. If this plan ends up squandering hundreds of billions of dollars of the public’s money, the damage will not be limited to the financial system. As a nation, we must address the health care crisis, the infrastructure crisis, the energy and environmental crisis and the jobs crisis. Our future and our children’s future depend on focusing our nation on these challenges in the real economy.
Contact your member of Congress and their leaders today and tell them "no blank checks" for Wall Street.
In solidarity,
Working America, AFL-CIO
Tell-a-friend!
If you received this message from a friend, you can sign up for Working America.
National Office 815 16th St., N.W. • Washington, DC 20006 • 202-637-5137 • info@workingamerica.org
Copyright © 2007 WORKING AMERICA.
Any bailout package that Congress passes must be balanced to help Main Street as well as Wall Street.
Contact your member of Congress today.
George Bush, Henry Paulson and Ben Bernanke came to Congress last weekend with a request for a $700 billion blank check to bail out Wall Street. Thankfully, our allies in Congress are pushing back against this dangerous and ill-conceived bill.
To ensure that the bill Congress passes is a balanced one, our congressional leadership needs to hear from you. Contact your member of Congress and their leaders today and tell them "no blank checks" for Wall Street.
Our nation is facing a real financial crisis, brought on by seven years of Bush-McCain financial policies, that calls for action that is thoughtful and swift—but not hasty. The actions we take at this perilous time must set the stage for a real recovery that benefits Main Street as well as Wall Street.
The last thing we should do is compound the enormous imbalances in our economy with an enormously imbalanced rescue package. To accomplish this, any bailout must:
Be governed by an independent board with transparency and effective public and congressional oversight.
Use the full array of financial and legal tools available to the government to stop foreclosures and restructure home mortgage loans for working families.
Address the cause of the crisis on Main Street in addition to the symptoms on Wall Street. Congress should pass a second stimulus package in its entirety.
Work to address the disastrous weaknesses in our financial regulatory system and corporate governance system that allowed this disaster to happen.
Contact your member of Congress and their leaders today and tell them to ensure that any bailout package is a balanced one.
The current Bush-Paulson-Bernanke proposal does nothing for families facing foreclosure or for working people hit hard by the economy, and it does nothing to hold those who caused this crisis accountable. Meanwhile, it grants unlimited authority to the Bush administration to spend $700 billion of the public’s money to prop up whomever they wish on Wall Street, without any rules or independent oversight.
This is not acceptable.
The stakes are enormous. If this plan ends up squandering hundreds of billions of dollars of the public’s money, the damage will not be limited to the financial system. As a nation, we must address the health care crisis, the infrastructure crisis, the energy and environmental crisis and the jobs crisis. Our future and our children’s future depend on focusing our nation on these challenges in the real economy.
Contact your member of Congress and their leaders today and tell them "no blank checks" for Wall Street.
In solidarity,
Working America, AFL-CIO
Tell-a-friend!
If you received this message from a friend, you can sign up for Working America.
National Office 815 16th St., N.W. • Washington, DC 20006 • 202-637-5137 • info@workingamerica.org
Copyright © 2007 WORKING AMERICA.
Tuesday, September 16, 2008
FHA Loans To The Rescue For Home Owners
Federal housing package
The Housing and Economic Recovery Act of 2008, will assist an estimated 400,000 homeowners currently facing foreclosure, many of whom reside in California, by allowing them to refinance their current sub prime mortgages with a more affordable Federal Housing Administration (FHA)-backed loan. This particular feature of the bill aims to stem the rising tide of foreclosures that have been driving down home values across the state and creating tougher lending rules that have pushed many potential first-time buyers with good credit off to the sidelines.
FHA foreclosure rescue – development of a refinance program for homebuyers with problematic sub prime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
Knowledge is Power. Ask questions you should received an answer.
Call Oscar Matamoros to have a private appointment to discus your situation.
714-609-3434
The Housing and Economic Recovery Act of 2008, will assist an estimated 400,000 homeowners currently facing foreclosure, many of whom reside in California, by allowing them to refinance their current sub prime mortgages with a more affordable Federal Housing Administration (FHA)-backed loan. This particular feature of the bill aims to stem the rising tide of foreclosures that have been driving down home values across the state and creating tougher lending rules that have pushed many potential first-time buyers with good credit off to the sidelines.
FHA foreclosure rescue – development of a refinance program for homebuyers with problematic sub prime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
Knowledge is Power. Ask questions you should received an answer.
Call Oscar Matamoros to have a private appointment to discus your situation.
714-609-3434
Thursday, September 4, 2008
Loss Mitigation-Federal House Administration-FHA-
Loss Mitigation- Federal House Administration-FHA-
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENTWASHINGTON, DC 20410-8000ASSISTANT SECRETARY FOR HOUSINGFEDERALHOUSING COMMISSIONERAugust 14, 2008MORTGAGEE LETTER 2008-21TO: ALL APPROVED MORTGAGEESATTENTION: Single Family Servicing ManagersSUBJECT: FHA Loss Mitigation Program UpdatesThe Federal Housing Administration (FHA) is pleased to announce several changes to itsLoss Mitigation Program that will strengthen both the Loan Modification and Partial ClaimInitiatives.While these changes are designed to address borrowers who are facing serious defaults,most delinquencies can and should be resolved through early intervention. Mortgagees are reminded of the critical importance of early and constructive contact with delinquent borrowers and the requirement to notify borrowers of the availability of default counseling by HUD-approved counseling agencies. Loss Mitigation Program Changes. This Mortgagee Letter announces three changes to the existing Loss Mitigation program designed to give mortgagees additional latitude to help borrowers cure defaults and retain home ownership. The changes noted below are effective immediately. First, with respect to Loan Modifications, mortgagees may use the Treasury 10-year constant maturity as a basis for establishing the maximum interest rate for loan modifications. The maximum interest allowable should be calculated as 200 basis points above the monthly average yield on United States Treasury Securities, adjusted to a constant maturity of 10 years. Mortgagees shall refer to the rate that is in effect as of the date of execution of the loan modification. For information on the 10-year monthly constant maturities, please refer to the statistical release H.15,which is available on the following web site: http://www.federalreserve.gov/releases/h15/data.htmNext, where loss mitigation is being attempted after foreclosure has been initiated, mortgage servicers and mortgagors have advised that foreclosure related costs and legal fees are often impediments to successful loss mitigation. Many mortgagors who are able to resume making monthly mortgage payments frequently do not have sufficient funds to reimburse the mortgagee the legal fees and foreclosure costs incurred prior to qualifying for loss mitigation and therefore are denied participation. www.hud.gov espanol.hud.gov Effective with this Mortgagee Letter, the Department will begin allowing legal fees and foreclosure costs related to a canceled foreclosure action to be incorporated into either the Loan Modification or the Partial Claim subject to the following requirements. This guidance expands and supersedes, in relevant part, the guidance provided in Loan Modifications section F (page 21) and Partial Claims section F (page 26) of Mortgagee Letter 00-05. For Loan Modifications, legal fees and related foreclosure costs may now be capitalized into the modified principal balance. For Partial Claims (PC), mortgagees may now include legal fees and foreclosure costs related to a canceled foreclosure in the Partial Claim. Mortgagees are reminded that all such foreclosure costs must reflect work actually completed to the date of the foreclosure cancellation and the attorney fees should not be in excess of the fee schedule that HUD has identified as customary and reasonable for FHA claim reimbursement. Late fees should not be capitalized in a Modification or included in a Partial Claim. As the goal in providing the mortgagor either a Loan Modification or a Partial Claim is to bring the delinquent mortgage current and give the mortgagor a new start, the mortgagee should waive all accrued late fees. Please refer to Mortgagee Letter 2005-30 (or any subsequent guidance issued by FHA on reasonable and customary foreclosure costs) for the fee schedule for legal fees that HUD has identified as customary and reasonable for FHA claim reimbursement. Lenders should perform a retroactive escrow analysis at the time of the loan modification to ensure that the delinquent payments being capitalized reflect the actual escrow requirements required for those months capitalized. Finally, in response to the industry’s request to provide adequate time for the mortgagee to complete all required actions related to a loan modification, the Department provides the following clarification. When establishing a loan modification, it is acceptable for mortgagees to include all payments due including an additional month in the loan modification. Consider the following example. The mortgagor is due for the January 2008 and allsubsequent payments. The mortgagee completes its loss mitigation evaluation on June 27, 2008. To allow adequate time to complete the loan modification, obtain all required signatures and provide adequate notice to the mortgagor of the new payment, the mortgagee may include the payments due for July 2008 and August 2008 in the loan modification. The mortgagor will begin remitting payments due under the modified mortgage effective with the installment due September1, 2008. Any questions regarding this Mortgagee Letter or requirements for use of the partial claimand loan modification authorities may be directed to HUD's National Servicing Center (NSC) at888-297-8685 or hsg-lossmit@hud.gov.Sincerely,Brian D. MontgomeryAssistant Secretary for Housing –Federal Housing Commissioner
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENTWASHINGTON, DC 20410-8000ASSISTANT SECRETARY FOR HOUSINGFEDERALHOUSING COMMISSIONERAugust 14, 2008MORTGAGEE LETTER 2008-21TO: ALL APPROVED MORTGAGEESATTENTION: Single Family Servicing ManagersSUBJECT: FHA Loss Mitigation Program UpdatesThe Federal Housing Administration (FHA) is pleased to announce several changes to itsLoss Mitigation Program that will strengthen both the Loan Modification and Partial ClaimInitiatives.While these changes are designed to address borrowers who are facing serious defaults,most delinquencies can and should be resolved through early intervention. Mortgagees are reminded of the critical importance of early and constructive contact with delinquent borrowers and the requirement to notify borrowers of the availability of default counseling by HUD-approved counseling agencies. Loss Mitigation Program Changes. This Mortgagee Letter announces three changes to the existing Loss Mitigation program designed to give mortgagees additional latitude to help borrowers cure defaults and retain home ownership. The changes noted below are effective immediately. First, with respect to Loan Modifications, mortgagees may use the Treasury 10-year constant maturity as a basis for establishing the maximum interest rate for loan modifications. The maximum interest allowable should be calculated as 200 basis points above the monthly average yield on United States Treasury Securities, adjusted to a constant maturity of 10 years. Mortgagees shall refer to the rate that is in effect as of the date of execution of the loan modification. For information on the 10-year monthly constant maturities, please refer to the statistical release H.15,which is available on the following web site: http://www.federalreserve.gov/releases/h15/data.htmNext, where loss mitigation is being attempted after foreclosure has been initiated, mortgage servicers and mortgagors have advised that foreclosure related costs and legal fees are often impediments to successful loss mitigation. Many mortgagors who are able to resume making monthly mortgage payments frequently do not have sufficient funds to reimburse the mortgagee the legal fees and foreclosure costs incurred prior to qualifying for loss mitigation and therefore are denied participation. www.hud.gov espanol.hud.gov Effective with this Mortgagee Letter, the Department will begin allowing legal fees and foreclosure costs related to a canceled foreclosure action to be incorporated into either the Loan Modification or the Partial Claim subject to the following requirements. This guidance expands and supersedes, in relevant part, the guidance provided in Loan Modifications section F (page 21) and Partial Claims section F (page 26) of Mortgagee Letter 00-05. For Loan Modifications, legal fees and related foreclosure costs may now be capitalized into the modified principal balance. For Partial Claims (PC), mortgagees may now include legal fees and foreclosure costs related to a canceled foreclosure in the Partial Claim. Mortgagees are reminded that all such foreclosure costs must reflect work actually completed to the date of the foreclosure cancellation and the attorney fees should not be in excess of the fee schedule that HUD has identified as customary and reasonable for FHA claim reimbursement. Late fees should not be capitalized in a Modification or included in a Partial Claim. As the goal in providing the mortgagor either a Loan Modification or a Partial Claim is to bring the delinquent mortgage current and give the mortgagor a new start, the mortgagee should waive all accrued late fees. Please refer to Mortgagee Letter 2005-30 (or any subsequent guidance issued by FHA on reasonable and customary foreclosure costs) for the fee schedule for legal fees that HUD has identified as customary and reasonable for FHA claim reimbursement. Lenders should perform a retroactive escrow analysis at the time of the loan modification to ensure that the delinquent payments being capitalized reflect the actual escrow requirements required for those months capitalized. Finally, in response to the industry’s request to provide adequate time for the mortgagee to complete all required actions related to a loan modification, the Department provides the following clarification. When establishing a loan modification, it is acceptable for mortgagees to include all payments due including an additional month in the loan modification. Consider the following example. The mortgagor is due for the January 2008 and allsubsequent payments. The mortgagee completes its loss mitigation evaluation on June 27, 2008. To allow adequate time to complete the loan modification, obtain all required signatures and provide adequate notice to the mortgagor of the new payment, the mortgagee may include the payments due for July 2008 and August 2008 in the loan modification. The mortgagor will begin remitting payments due under the modified mortgage effective with the installment due September1, 2008. Any questions regarding this Mortgagee Letter or requirements for use of the partial claimand loan modification authorities may be directed to HUD's National Servicing Center (NSC) at888-297-8685 or hsg-lossmit@hud.gov.Sincerely,Brian D. MontgomeryAssistant Secretary for Housing –Federal Housing Commissioner
Friday, August 22, 2008
REO, Short Sale and Foreclosures: Whittier Short Sale Homes
REO, Short Sale and Foreclosures: Whittier Short Sale Home
visit my "Real Estate 101" blog
http://groups.google.com/group/real-estate-101-in-usa
visit my "Real Estate 101" blog
http://groups.google.com/group/real-estate-101-in-usa
Eastvale Community
I was introduce to the new Eastvale Community over two years ago, and other than the value of properties been affected so badly in the area, the city is turning to be a great place to live.
New schools reports have been going up, and this shows the effort that the school district is doing by bringing quality educators.
The impact on the education for this community will only better the quality of life and will become on time a place to move in and raise your kids.
Eastvale is surrounded by brand new homes, new parks and new schools. A well diversify neighborhood with easy commuting from the 91, 15 and 60 fwy.
When Schleisman St. construction and extension gets all the way to Euclid; it will make a nice cut off to the 91 fwy, helping commuters to avoid the 15 and 91 over pass, making traveling to Orange County easy.
Almost every where you turn in to a new track home area, you most likely find a nice park with play grounds for kids to enjoy, and some of them with skateboards rings football and basketball courts, the perfect place to meet friends and families. It is fun to see Eastvale Parks full of families and kids that come to enjoy the different sports on the weekends. There never is a dull day at the parks.
It is obvious that the Eastvale growth has slow down, and this, in a way, has allow the county to resolve some of the growing pains.
There apparently are more Police patrols on mayor streets and parks; this has help reduce some of the crimes that comes to a new neighborhood. Eastvale has some flows. The master plan did not take under consideration the traffic that 3 schools with in a block could create. We have seen this problem now that schools populations is increasing as new families begin to occupy the new homes and vacant homes.
Now that the new 15 fwy entrance down on Hammner is open, the 15 fwy access from Lemonite has seen the plug's of traffic reduce, however I believe that the over pass should be extended and the fwy entrance be increase to two lines to increase the flow of traffic. There are many compensated factor to the master flows and those are that Eastvale, as it continue to grow, it will be come the place to move in, nested between the new and old; Norco to the South, Mira Loma to the East, Ontario to the North and Chino to the West.
The Ontario International Air Port is helping to the economy of the region and it will continue to help on the growth of the surrounding cities, making this new community a great place to invest for the future. It remains to be seen what shape the community will take with Real Estate plunging prices and homes becoming more affordable. Would this bring a quality of new owners that will keep there lawn manicure and clear of graffiti, would they care about there community and be involve. Will the Norco/Corona School Dist, be able to maintain the good education? Or the lost of taxes revenues affect the school district budget? Are we going to see more cuts on education due to the drop on property values? All this are valid concerns that parents will face in the coming months.
By Oscar Matamoros
http://www.homesbyarea.com/
http://www.whittiershortsales.blogspot.com/
New schools reports have been going up, and this shows the effort that the school district is doing by bringing quality educators.
The impact on the education for this community will only better the quality of life and will become on time a place to move in and raise your kids.
Eastvale is surrounded by brand new homes, new parks and new schools. A well diversify neighborhood with easy commuting from the 91, 15 and 60 fwy.
When Schleisman St. construction and extension gets all the way to Euclid; it will make a nice cut off to the 91 fwy, helping commuters to avoid the 15 and 91 over pass, making traveling to Orange County easy.
Almost every where you turn in to a new track home area, you most likely find a nice park with play grounds for kids to enjoy, and some of them with skateboards rings football and basketball courts, the perfect place to meet friends and families. It is fun to see Eastvale Parks full of families and kids that come to enjoy the different sports on the weekends. There never is a dull day at the parks.
It is obvious that the Eastvale growth has slow down, and this, in a way, has allow the county to resolve some of the growing pains.
There apparently are more Police patrols on mayor streets and parks; this has help reduce some of the crimes that comes to a new neighborhood. Eastvale has some flows. The master plan did not take under consideration the traffic that 3 schools with in a block could create. We have seen this problem now that schools populations is increasing as new families begin to occupy the new homes and vacant homes.
Now that the new 15 fwy entrance down on Hammner is open, the 15 fwy access from Lemonite has seen the plug's of traffic reduce, however I believe that the over pass should be extended and the fwy entrance be increase to two lines to increase the flow of traffic. There are many compensated factor to the master flows and those are that Eastvale, as it continue to grow, it will be come the place to move in, nested between the new and old; Norco to the South, Mira Loma to the East, Ontario to the North and Chino to the West.
The Ontario International Air Port is helping to the economy of the region and it will continue to help on the growth of the surrounding cities, making this new community a great place to invest for the future. It remains to be seen what shape the community will take with Real Estate plunging prices and homes becoming more affordable. Would this bring a quality of new owners that will keep there lawn manicure and clear of graffiti, would they care about there community and be involve. Will the Norco/Corona School Dist, be able to maintain the good education? Or the lost of taxes revenues affect the school district budget? Are we going to see more cuts on education due to the drop on property values? All this are valid concerns that parents will face in the coming months.
By Oscar Matamoros
http://www.homesbyarea.com/
http://www.whittiershortsales.blogspot.com/
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