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3 Simple Questions To Get The Right Mortgage

Are you shopping for a mortgage? If you have recently heard yourself say something like this: What kind of loan do you think I should get? And you got a response from a loan officer that was similar to: I think that ___________ is the right loan for someone in your situation. Stop. There are three simple questions you can ask yourself that will help you narrow down your mortgage product choices. Knowing these three simple questions can free you from having to use the “ask and hope” strategy— where you simply ask a loan officer and hope they do

Real Estate Prices To See Dramatic Drop Nationwide for 2011

Even while the U.S. job market improves, the damage that has already been done in the real estate market continues to negatively impact the price of homes across the nation. After a brief upturn, prices are now souring due to a large seller’s market of foreclosed & bank-owned homes. Real Estate prices in the US have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital. It was inevitable, and it was predicted (by me for sure) that a surge in sales of foreclosed real estate and a big push by banks

How to Sell Your Home in Tough Times

If you’re in the market to sell your home, you probably feel you can’t catch a break. Nearly five years into the housing bust, when many experts thought thereal estate market would at least have stabilized, sales and prices are still dropping in most of the country. In February existing-home sales tumbled 9.6% from the previous month, and the median price of a single-family home dropped to $157,000 from $163,900 the previous year, according to the National Association ofRealtors. You can’t count on things turning around soon, either. At the current sales pace, it would take 8.6 months to clear

Foreclosures in Santa Clara, San Mateo counties take nearly a year to complete

Banks foreclosed on hundreds of homeowners in Santa Clara and San Mateo counties in March, even as thousands more are stuck in a foreclosure process that is now taking nearly a year to complete — the longest time since the housing crisis began. The slow pace has added to a backlog of more than 14,000 homes in the foreclosure process in the two counties, according to a report on March foreclosure activity released Tuesday by a real estate research service. That represents a huge number of homes that are either empty and have been taken over by lenders or where

How to Avoid Foreclosure

When the homeowners do not make payment to the lenders, foreclosure takes place. It really is that simple. The reason for why home owners may not be able to make the payments, however, can be anything but simple. The worst thing home owners can do when they cannot make their home loan payments is to ignore the problem and to ignore the lender. In many cases, lenders will be more eager to help you through the problem than to foreclose on your home. The truth is most lenders do not want to take your home from you. Foreclosure is a

California real estate: ‘Distressed sales’ are 51% of market in March

The real estate market in the Golden State was less dominated by “distressed sales” in March than the month before, the California Association of Realtors reported Wednesday. Foreclosures and short sales — transactions for less than the value of the mortgage on a home — accounted for 51 percent of the market last month, down from 56 percent in February and flat from March 2010. “Consistent with the state as a whole, nearly all the counties for which we have data also experienced an improvement in distressed sales,” association President Beth L. Peerce noted in an email. “However, distressed sales

California Mortgage Defaults Drop Again

The number of financially distressed California homeowners who were dragged into the formal foreclosure process declined again last quarter, the result of turmoil and policy changes within the mortgage industry as well as shifts in the economy, a real estate information service reported. A total of 68,239 Notices of Default (NoDs) were recorded at county recorders offices during the January-to-March period. That was down 2.2% from 69,799 for the prior quarter, and down 15.8% from 81,054 in first-quarter 2010, according to DataQuick. The San Diego firm tracks real estate trends nationally via public property records. Last quarter’s activity was the

Home Prices Down in Southern California

Southern California home sales turned in another lackluster month in March, the result of a fussy mortgage market, slow job growth and a continued wait-and-see attitude among potential buyers and sellers. There were signs, however, that the market was a little less dysfunctional than in recent months, a real estate information service reported. A total of 19,412 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in March. That was up 35.1% from 14,369 in February, and down 5.2% from 20,476 in March 2010, according to DataQuick. The San Diego

House Hears Debate Over 20% Down Only for Home Purchases

U.S. regulators “must be mindful of the trade-off” between borrower equity and access to credit as they consider new rules for mortgage risk-retention, Acting Federal Housing Administration Commissioner Bob Ryan said. Higher down payments won’t necessarily reduce default risk and could keep creditworthy consumers from buying homes, Ryan said at a House Financial Services subcommittee hearing on mortgage risk retention. “This definition has the potential to create false- positive situations,” Ryan told lawmakers. The Financial Services capital markets panel is reviewing a proposal calling on homebuyers to have a 20 percent down payment and unblemished credit to qualify for so-called

Foreclosure Settlement Muddies Outlook for Mortgage Relief

Image by Getty Images via @daylife The foreclosure-abuse settlements announced yesterday by federal regulators may make it harder for state attorneys general and the Obama administration to force banks to reduce loan balances for more troubled U.S. homeowners. The 14 largest U.S. mortgage servicers, including JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC), agreed to review all foreclosed loans from 2009 and 2010, and pay back losses in cases that were mishandled. They also will improve procedures by hiring staff, upgrading document-tracking systems and assigning a single point of contact for each borrower. While the attorneys general

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