Who Owns My Mortgage and Why Do I Need To Know?
January 1, 2012
Don’t be afraid to ask the customer service representative for your mortgage servicer who owns your mortgage. The owner, who is often referred to as the investor, might be different from the servicing company or bank that collects and processes your payments. Lenders often sell off the servicing rights, too. So it is very common for the owner and the servicer to be different entities. Many people don’t realize, if you have an issue concerning the terms of your note and mortgage you may need to contact the owner, and not the servicer. The owner has the final approval of any loan modifications or short sales approval terms. This can pose a huge problem because so many people have no idea who this man behind the curtain is controlling their fate. Two of the most common mortgage holders are Freddie Mac and Fannie Mae, however there are many more. If you are not sure who owns your mortgage there are a few links that can help you. You can start by checking to see if Freddie Mac or Fannie Mae own your mortgage. If neither Freddie or Fannie owns your mortgage, you can try searching the MERS servicer ID database for other investors. If you are still unable to determine who owns your loan, send a written request for the investor’s contact information to your mortgage servicer.  Â
Today’s New Investor
March 21, 2011
Today’s new investor, who is helping to save the housing market, is a 36 to 55 year old making $100,000 or less annual income. These are everyday people investing in their local markets, fixing up the properties and intending to rent them until the market improves. Not only does this help revitalize the housing market, it cleans up local neighborhoods, preventing blight and crime. For more information about investment properties, Stockton real estate and homes for sale in Stockton, contact the experts at Your Home Team at 209.471.6516 or complete our Contact Us form.
Government to Decrease Financial Involvement in Freddie and Fannie
February 11, 2011
The Obama administration has announced a ‘winding down’ of financial involvement in Fannie Mae and Freddie Mac at an annual rate of no less than 10% per year. Timothy Geithner predicts it will take three years for the housing market to recover. Then, an additional two to three years for legislators to come to agreement on the government’s role in funding future loans. After an agreement is reached it should  result in new legislation. At this time, the three proposed ideas under consideration are:
1)Â Â Â Â Â private system - where lenders and investors fund new mortgages, with a limited subsidies for the poor and veterans.
2)     private system – where government is involved during market stress to guarantee home loans.
3)Â Â Â taxpayers would insure securities backed by home loans
Stockton 2nd in California for January Foreclosure Filings
February 11, 2011
RealtyTrac’s list of metro markets with the highest foreclosure rates from December to January, was full of California cities holding 7 of the top 10 spots. The cities included Modesto (2), Stockton (3), Riverside-San Bernardino-Ontario (4), Â Vallejo-Fairfield (6), Â Bakersfield (7), Â Merced (9) and Sacramento-Arden-Arcade-Roseville (10). The monthly increase in California was only 2% however the state holds the record for the highest number of foreclosures filed at 67,072. The Stockton January foreclosure rate was 1 out of every 114 homes received a foreclosure filing.
More Affordable to Buy than Rent in Central Valley
February 9, 2011
According to Pete Flint, CEO and co-founder of Trulia, it is more affordable to buy than rent right now in 72% of the 50 largest US cities. Trulia released a list of the top ten cities to buy versus rent which includes the cities of Sacramento and Fresno which ranked 7th and 9th respectively. However, this anomaly applies to Central Valley real estate in general. There is no better time to buy in San Joaquin county than now, if you are currently renting and are considering purchasing a home, there has never been a better time to make that change. For more information about the local housing markets in the cities of Stockton, Manteca, Lodi, Tracy or Lathrop feel free to call Pat Holkesvig & Your Home Team experts at 209.471.6516 or complete our Contact Us form.
Forbes Bayonets Stockton and Central Valley Real Estate
February 4, 2011
Each year Forbes magazine analyzes the 200 largest U.S. cities and ranks them into their ‘Top Miserable List’. This year, for the first time Forbes introduced housing as one of the criteria, in addition to the previous criteria which included unemployment, weather, taxes, traffic and violent crime. Stockton, in California’s Central Valley, was number one. Stockton was closely followed by the other California cities of Merced, Modesto and Sacramento. Stockton’s, recent real estate market decline of 58% and unemployment rates hovering around 14.3% were the primary contributing factors for the rating. Bob Deis, Stockton’s City Manager feels this analysis is unfair and misleading. He told Forbes “Stockton has issues that it needs to address, but an article like this is the equivalent of bayoneting the wounded,” “I find it unfair, and it does everybody a disservice. The people of Stockton are warm. The sense of community is fantastic. You have to come here and talk to leaders. The data is the data, but there is a richer story here.”
Slow and Uneven Market Recovery Forecast
February 2, 2011
According to the Bureau of Labor Statistics, around 8,000,000 jobs have been lost in the past few years causing our economy to be at its worst since the Great Depression. According to Ken Rosen, chair of the Fisher Center for Real Estate and Urban Economics at the University of California at Berkeley, only 1,000,000 new jobs have be introduced and it will be a slow and uneven economic recovery. Boston, New York, Washington DC, Seattle, San Francisco, Los Angeles, San Diego and the Silicon Valley are some of the areas already showing signs of improvement. However, the Central Valley in California continues to remain unstable. The National Association of Realtors latest real estate and economic forecast, predicts the sales of existing homes, will rise 7.9% this year, to 5.3 million, and another 4.5% in 2012, to 5.53 million.
What Are Foreclosure Consultants?
January 29, 2011
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
January 25, 2011
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.
Readers Rate Local Economy San Joaquin #2 Story of the Year
January 5, 2011
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.
