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
Are Banks Dumping Short Sales For Less Lucrative Foreclosures?
September 11, 2011
Are banks purposely rejecting short sales in favor of less profitable foreclosures? Maybe so, but why? Some say it may be for reasons such as avoiding fraud or favorable accounting rules allowing banks to foreclose on a home without having to write down a loss until that home is sold as opposed marking the loss on short sales upon approval. However, if this is the case and the bank knows they have no intention of approving a short sale, why do they not only allow but encourage the seller to go through months of the process?
Each month  that a seller is delinquent further contributes to the decline of that seller’s credit. Banks require homeowners to be delinquent and they must be rejected for a modification prior to entering the short sale process. Then, banks take many months to process short sales, propose extremely high counter offers or frequently claim to lose documents that have already been submitted. The customer service workers often say they are poorly trained and can rarely answer any inquiries regarding short sale status. Upon receiving denial letters banks will not provide precise reasons or numbers. Sellers and buyers are left wondering how and why the home foreclosed.
Does any of this sound familiar to you? Are you a buyer or seller who has been through a similar scenario? If so, make your voice heard. The attached New York Times article is looking for your short sale stories.
Over a Quarter of All 2010 Home Sales Were Foreclosures
February 25, 2011
According to RealtyTrac 26% of all home sales last year were foreclosures. In the Stockton area 72% of sales were bank or government held and 50% were REOs. Short sales accounted for  22% of all Stockton homes sold last year. Leaving 28% that were not bank or government related sales. For more information on the Stockton real estate market, feel free to contact Pat Holkesvig & Your Home Team experts 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.
Short Sales Influence Home Sales In November
January 5, 2011
Home sales had an uptick in November partly due to an increase in short sales driving down home prices. This helped to influence a rise in sales up 9.2 % over October but still down 8.6% over November of last year. The median home price in San Joaquin is down 4.1% from last year. 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.
Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 3591 Quail Lakes Dr # 167, Stockton, CA, 95207
November 30, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Lower Unit in Back. Kitchen and bath updated! Laminate flooring in living area. Perfect for a college student!
Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 9128 Chianti Cir, Stockton, CA, 95212.
November 30, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Move-in condition home in family friendly neighbourhood (a park is across the street!!). A built-in desk area, eat-in kitchen, and shutters in family, dining and kitchen makes this an house a home. Please come by and look for yourself.
Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 3215 W Alpine Ave,Stockton, CA, 95204
November 19, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Move in ready & priced BELOW APPRAISED VALUE!!! This charming house has been recently brought back to life inside & out! Offering 4 possible bedrooms, 2 full bathrooms & a 2 car garage. The kitchen is enhanced with granite counters & a spacious dining area. New carpet & tile flooring. The large backyard offers RV parking. Updated throughout and ready for you to make it a home!
Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 2938 Water Mill Ct , Stockton, CA, 95212.
November 18, 2010
For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com!
Stockton Short Sale on a large corner lot! Master with walk in closet and double sinks. Kitchen with gas stove and tile counters. 3 Bedrooms plus a loft. This home will go quickly and is priced to sell!
Lathrop, CA, Short Sale Lathrop Home for Sale & Lathrop Real Estate , 16990 Pecan Hollow Way, Lathrop, CA, 95330.
November 18, 2010
For information on this and all the Lathrop homes for sale visit www.Homes-In-Stockton.com!
Great Lathrop Short Sale in Mossdale Landing. Over 2500 sq. ft. of living space! Open floor plan. Downstairs bathroom and bedroom. Bonus loft area upstairs. Kitchen with Corian counters. Stamped concrete patio. Close to neighborhood park. Hurry will not last!
