Who Owns My Mortgage and Why Do I Need To Know?

Posted by & filed under Stockton Real Estate.

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 […]

Government to Decrease Financial Involvement in Freddie and Fannie

Posted by & filed under Stockton Real Estate.

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 […]

National Mortgage Standards are Encouraged

Posted by & filed under Stockton Real Estate.

A group of investors together with academics has proposed a national standards system be created for Mortgages. The goal would be for such standards to be implemented as early as this spring.The group believes such standards could diminish conflict between servicers and investors, help avoid investor favoritism by servicers and set a standard for securities […]

Foreclosure Review Expected by January

Posted by & filed under Stockton Real Estate.

According to Reuters, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve are coordinating their reviews of lenders’ foreclosure policies, procedures and loan documentation. They also report that the major lenders also face state investigations and possible settlements would call for Bank of America Corp, JPMorgan Chase & Co, Wells Fargo […]

Central Valley Foreclosure Rates Down From Last August

Posted by & filed under Stockton Real Estate.

Download now or preview on posterous 11 02 10.pdf (26 KB) CoreLogic reported that Stockton foreclosures rate was 4.41% this August, down from last year’s rate of 5.41%. Stockton’s mortgage delinquency rate also decreased with 14.87% at 90 days or more delinquent down from 15.72% a year ago. This is all good news, but Stockton […]

Home Sales Up in US but Down in CA – Lenders Partially to Blame

Posted by & filed under Short Sales.

National home sales were up 10% this September according to the National Association of Realtors. Some factors contributing to this growth are low mortgage rates and high affordability, home prices are averaging 22% less of where they were five years ago. Affordability has been influenced by the weakness in home buying activity. September’s home sales […]

HUD Secretary – Foreclosure Problems Aren’t Systemic

Posted by & filed under Stockton Real Estate.

In the Federal Task Force meeting on Wednesday, the Secretary of Housing and Urban Development, Shaun Donovan said they have been aware of violations with certain servicers for some time and they will “take actions”. However, he stopped shy of identifying any systemic problems instead citing isolated non specific problems. More details could become available […]

Federal Task Force Investigation into Foreclosure Fraud Could Lead to Criminal Charges

Posted by & filed under Stockton Real Estate.

According to CNN, White House Press Secretary Robert Gibbs the Federal Housing Administration and Financial Fraud Enforcement Task Force are in the process of an investigation into foreclosure regulations and they will expect any bank that violated the law to be fully accountable for those actions. The Task Force is meeting on October 20, 2010 […]

Mortgage Rates at Fifty Year Lows – Good Time to Invest in Central Valley Real Estate

Posted by & filed under Stockton Real Estate.

According to Freddie Mac, 30 year fixed mortgage rates declined to 4.19% and 15 year rates are at 3.62%. These are the lowest rates on record since the beginning of tracking such data, in 1971. Some experts have said we would have to look back approximately 50 years to see similar mortgage interest rates. With […]

Foreclosures – Suspended or Expedited? Depends on Who You Ask

Posted by & filed under Short Sales.

On October 7, 2010, Barack Obama rejected the Interstate Recognition of Notarizations Act, which would require courts to accept documents that have been notarized in another state. Many are calling for a moratorium on foreclosures, stating banks have reclaimed homes on fraudulent documentation. Just last week, Bank of America, JPMorgan Chase and GMAC announced they […]

Understanding Deficiency Clauses

Posted by & filed under Short Sales, Stockton Real Estate, Stockton Short Sale.

Recently a seller let an approved short sale go to foreclosure over a deficiency clause. This is a situation where everybody loses, the seller, the buyer, their agents, the servicers and the lenders all who spend their time and money to negotiate the approval. All wasted over two little sentences. “BAC Home Loans Servicing, LP […]

A Plan to Bail Out Those With Negative Equity

Posted by & filed under Stockton Real Estate.

Download now or preview on posterous 09 09 10.pdf (90 KB) Keith Gumbinger, a vice president at HSH Associates mortgage consulting firm, has proposed a new mortgage relief program he calls “value gap coverage.” In this plan, he proposes that if a borrower did not cause the decline in their home’s value, and has been […]

Obama Launches New Mortgage Aid

Posted by & filed under Stockton Real Estate.

Download now or preview on posterous Obama Mortgage Aid.pdf (70 KB) Over the last month we have mentioned in Could This Be The End of Short Sales? and No New Ideas From Mortgage Summit that it was rumored the Obama administration was about to order the government-controlled lenders to forgive a portion of the mortgage […]

US Home Sales Plummet as Inventory Rises; Great Time for Central Valley Buyers

Posted by & filed under Stockton Real Estate.

Download now or preview on posterous home sales plunge.pdf (60 KB) The latest figures for existing homes sales were released this week with very discouraging results. Existing homes sales have hit the largest monthly decline in history at 27.2%. This is coupled with a record breaking 11 year peak in housing inventory. On the bright […]

No New Ideas From Mortgage Summit

Posted by & filed under Stockton foreclosure, Stockton Real Estate.

Download now or preview on posterous Mortgage Summit.pdf (29 KB) On August 12th in the post Could This Be The End of Short Sales? we wrote about how On August 17th the Treasury was going to be holding a hearing regarding the future plans for Fannie Mae and Freddie Mac. It was rumored that the […]

Fannie Mae Foreclosure Prevention

Posted by & filed under Short Sales, Stockton Real Estate.

Download now or preview on posterous 06 08 10.pdf (16 KB) Fannie Mae unveiled the details of their upcoming version of the Making Home Affordable Foreclosure Alternatives (HAFA) program which takes effect August 1, 2010. The purpose is to serve those borrowers who are eligible for a loan modification under the Home Affordable Modification Program […]

New Rules for Fannie Mae

Posted by & filed under Short Sales, Stockton Real Estate.

Trying to minimize foreclosures, new Fannie Mae rules will go into effect as of July 2010 for homeowners who do a “deed in lieu of foreclosure” or short sale allowing them to apply for another Fannie Mae backed loan in two years. Currently, Freddie Mac still requires a four year wait. Previously the wait period […]

Fannie Mae and Freddie Mac Delinquencies Increase 50% in One Month for Most Credit Worthy Borrowers!

Posted by & filed under Stockton Real Estate.

The increase in job losses, cut incomes and too much debt is taking it’s toll on the most credit worthy of borrowers. On April 21, Fannie and Freddie reported delinquencies among this group of homeowners rose fifty percent. The number of "prime borrowers" that are 60+ days delinquent on mortgages owned/guaranteed by Freddie and Fannie […]