Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 3000 Rainier Ave, Stockton, Ca, 95204
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Private gated estate with golf course views. 5830 sq. ft. with 5 possible bedrooms and 5 1/2 baths. 3 separate parcels on lot. This home is energy efficient with photovoltaic power. Grand entry with sweeping staircase, hardwood floors, designer lighting, crown moulding, and a magnificent gourmet kitchen. 3 fireplaces including one outside. 8 skylights, 4 private balconies and 7 sets of French Doors for that open feel. 2 additional parcels w/ own court access. This home is more than beautiful!
What Are Foreclosure Consultants?
Foreclosure consultants are any company or person that claim they can assist a borrower with loan modification services in order to save their home from foreclosure. Although there are some legitimate foreclosure consultants, there are many fraudulent companies who claim that they can help you save your home. In California, there is a high level of fraudulent activity in this area. Be advised it is illegal for attorneys, real estate brokers or anyone else to charge an advance fee for loan modification services. Loan modification firms are obligated to inform potential clients that they can get the same services for free from nonprofit mortgage counselors. Nor can a loan modification servicer receive payment until they have fulfilled all duties contractually agreed to with the borrower. Never work with any company demanding payment up front, requesting that you transfer the title to your home, telling you not to make payments on your loan, or instructing you to pay someone other than your lender or loan servicer. Before you choose to work with anyone to assist you with the loan modification process, contact your lender or loan servicer yourself.
Stockton Foreclosure Data Shows Potential Optimistic Trend
According to CoreLogic the Stockton foreclosure activity last November was higher than the national foreclosure rate. In addition CoreLogic reported that 1.65% of homes were in an REO status which was an .11% increase over the previous year. Despite this, the overall Stockton numbers looked promising. Foreclosure rates in Stockton decreased 5.03% in November 2010, a .51 % decrease from the same period a year earlier. In addition, the mortgage delinquency rate had dropped to 14.43% down 3.05% from last year. This news could represent an optimistic Central Valley housing trend when one specifically focuses on the decrease in the mortgage delinquency rates. For more information about Central Valley housing trends, feel free to call Pat Holkesvig & Your Home Team at 209.471.6516 or complete our Contact Us form.
HUD Homes For Sale - Terrific Values
HUD Homes for Sale in California Central Valley 1-14-2011.pdf (865 KB)
View all the HUD homes for sale! Call Your Home Team at 209-471-6516 to schedule a time to view any of the HUD homes for sale! Visit our web sites www.homes-in-stockton.com and www.homes-in-manteca.com to search the Central Valley MLS like a realtor!
Obama Administration Inconsistent On Mortgage Servicers
Earlier this week, Obama administration officials sharply criticized the mortgage servicing industry. However, just one day after Geithner and other officials had called for a revamp of the current system, Cindy Gertz the director of operations at the Treasury Department’s Homeownership Preservation Office, said tremendous progress has been made on the part of those same servicers. Although, Gertz, acknowledged that the process is not complete, she referred to the Making Home Affordable (MHA) program as having made great strides, even though only about 500,000 permanent loan modifications have been implemented as a result of that program.
Housing Regulators Plan New Fee System
U.S. housing regulators plan to impose a new fee system and standards for mortgage servicers by mid 2012. The Federal Housing Finance Agency instructed Fannie Mae and Freddie Mac to work with the Department of Housing and Urban Development in order to find ways to improve mortgage servicing for borrowers. They proposed imposing a service based fee structure for poorly performing loans in place of the flat rate added onto the borrower’s interest rate that is currently in use. In addition, the FDIC, Treasury and other agencies are expected to issue a proposed risk retention rule by next month requiring lenders to assume some of the financial burden of risky loans.
Bank of America Settles with Freddie and Fannie
Bank of America has settled with Freddie Mac and Fannie Mae for $2.8 billion to silence claims that the bank sold them faulty loans. Investors are typically entitled to repayment by the lenders if the loans were sold on the basis of false assurances. Since Bank of America’s acquisition Countrywide Financial, they have been particularly exposed in this area. Bank of America claimed the $1.3 billion payment to Freddie Mac settles all claims on 787,000 mortgages that valued at $127 billion. The $1.5 billion settlement with Fannie Mae however only claims to resolve 12,045 loans with unpaid balances of $2.7 billion. It partially resolves an additional 5,760 loans with unpaid balances of $1.3 billion therefore leaving Bank of America open to a future claim from Fannie Mae.
Bank of America Settles with Freddie and Fannie
Bank of America has settled with Freddie Mac and Fannie Mae for $2.8 billion to silence claims that the bank sold them faulty loans. Investors are typically entitled to repayment by the lenders if the loans were sold on the basis of false assurances. Since Bank of America’s acquisition Countrywide Financial, they have been particularly exposed in this area. Bank of America claimed the $1.3 billion payment to Freddie Mac settles all claims on 787,000 mortgages that valued at $127 billion. The $1.5 billion settlement with Fannie Mae however only claims to resolve 12,045 loans with unpaid balances of $2.7 billion. It partially resolves an additional 5,760 loans with unpaid balances of $1.3 billion therefore leaving Bank of America open to a future claim from Fannie Mae.
Readers Rate Local Economy San Joaquin #2 Story of the Year
According to The Record readers, the local economy was the number two story of the year. One factor contributing to the overall economy was the housing market. San Joaquin county was number two in the nation for foreclosures in 2010 but housing prices remained relatively unchanged with an average home price of $181,000.
Wells Fargo Expanding California Loan Modifications
Wells Fargo plans to make $2.4 billion in mortgage modifications in California and is still working towards expanding this same forgiveness to other states. The program is specifically targeting homeowners who had “pick a Payment” adjustable rate loans that ballooned far and above what the homeowner was able to pay. Wells Fargo has already modified about 50,000 of these loans and according to the attorney general’s office, Wells Fargo has already paid $33 million to California customer outreach. Many of the loan modifications, also include a reduction to the loan’s principal.
