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Two U.S. agencies try to get lenders to ease tough mortgage rules

The Federal Housing Finance Agency and the Federal Housing Administration say many
lenders’ underwriting restrictions go beyond what the agencies themselves require.

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Close to a bailout? FHA’s mortgage delinquencies soar


Increasingly, FHA-insured loans are falling into foreclosure or serious delinquency, moving in
the opposite direction of loans guaranteed by Fannie Mae and Freddie Mac or those held by
banks, which are all showing signs of improvement.

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California Homeowner Bill of Rights signed into law

California Governor Jerry Brown signed into law yesterday the Homeowner Bill of Rights to help
struggling Californians keep their homes. This law aims to avoid foreclosure where possible to
help stabilize California’s housing market and prevent the other negative effects of foreclosures
on families, communities, and the economy. The new law will generally prohibit lenders from
engaging in dual tracking, require a single point of contact for borrowers seeking foreclosure
prevention alternatives, provide borrowers with certain safeguards during the foreclosure
process, and provide borrowers with the right to sue lenders for material violations of this law.

Making sense of the story

 The Bill of Rights prohibits “dual track” foreclosures that occur when a mortgage servicer
continues foreclosure while also reviewing a homeowner’s application for a loan

 Under the new law, homeowners must be provided with a single point of contact when
negotiating a loan modification.

 It expands notice requirements that must be provided to a borrower before taking action
on a loan modification application or pursuing foreclosure.

 Additionally, the bill allows injunctions against foreclosure until violations are corrected
and permits civil penalties against servicers that file multiple, inaccurate mortgage
documents or commit reckless or willful violations of law.

 These new laws make California the first state in the nation to take provisions in the
National Mortgage Settlement, which covered the nation’s five largest mortgage loan
servicers, and apply those rules to all mortgage servicers.

 The law will go into effect January 1, 2013.

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Go Green Home?

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Mortgage Fraud – Beware!

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Choose a Realtor? Time to Buy? Time to Sell?

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Competition to Buy Homes in Southern California

Southern California Homes - Seller's Market

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352 Acre Ranch in Beautiful Southern California


NOW ONLY $8,500,000

Check it out now at http://352acreranch.GreatLuxuryEstate.com

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Orange County Real Estate Investor Opportunities

Are you a real estate investor looking for mentors, financial partners, opportunities… Check out @Orange County Investors Club

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Eligible for new HARP Refinancing?

Homeowners Eligible For Modified Harp Refinancing

Who wants to know qualifications for HARP (Home Affordability Refinance Program)?

Have you tried to get refinancing? Have you been told you are not qualified? Changes are in the works for HARP refinancing. Is your home loan backed by Freddie Mac or Fannie Mae?

Click here to find out. 

Freddie Mac backed loans.

Fannie Mae backed loans.

Click here to find out if you’re qualified for HARP Refinancing.

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