One of the question I get asked by my clients most frequently is “how long do I have to wait to buy a house again?” Whether you’ve been foreclosed on, opted for a strategic default, sold your house in a short sale or declared bankruptcy, you’re biggest concern is usually how long you must wait [...] Read more »
Do You Need Renovation Lending Services for a Second Home or Investment Property?
Are you a Long Beach, CA resident looking to purchase a second home or investment property? Well, here is some good news. Effective February 1, 2011, HomePath is enhancing its mortgage and renovation mortgage qualifications. Based on lender feedback and REO market needs, HomePath will provide these enhancements to improve lenders eligibility for new loans. What is the Benefit to HomePath Buyers? Read more »
What is California’s Real Estate Transfer Disclosure Requirement?
If you live in Long Beach and are planning on selling your home, you are obligated to disclose issues and problems that could affect your property’s value or desirability. In California, it is illegal to conceal major physical defects or past property incidents when trying to sell your home. Â As a resident or property investor [...] Read more »
Is Depression-Era Depreciation Affecting Long Beach, CA?
Just when we thought things might get better, they didn’t. In Q3 housing markets across the nation, including here in Long Beach, CA, experienced an acceleration in property value depreciation. A sure sign that our housing troubles are far from over. According to Zillow.com, after 51 months of steady decline, the current housing recession is [...] Read more »
Should You Consider a Strategic Foreclosure If You Can Still Afford Your Mortgage?
If you're like 75% of homeowners in California, you'd rather stick it out than default on your mortgage. When we start to get "underwater" with our mortgage, or even fear that it's a possibility, the fear and guilt more than logic and rationality affect our future decisions. As the economy begins it's slow ascent and house prices continue to fall, most homeowners would rather hold on to their homes than face the stigma associated with a strategic foreclosure. Rumors of Short Sale failure, long wait times and the affect on our credit keep us from making a decision that will save us from the devastation of a foreclosure. Read more »
How Will Fannie Mae’s First Look Initiative Affect REO Properties
A few months ago, Fannie Mae announced introduced the First Look Initiative. For new home buyers who are looking to get the best deals on properties before investors get to them, this is good news. Why? Because the main goal of this new initiative is to encourage neighborhood stabilization by giving owner occupants a chance to inspect new listings before investors have a chance to submit purchase offers. Owner occupants are home buyers who plan on living in the home and keeping it as their primary residence. Read more »
Will Mortgage Delinquency Rates In California Continue to Rise?
According to reports by TransUnion, mortgage delinquency rates increased for the 11th straight quarter. That means mortgage delinquency rates have increased steadily since 2006. The quarter rates reached an all-time high of 6.25%. It's a 7.57% increase from the previous quarter's average of 5.81%. This pertains only to mortgages that are 60 days or more past due. Though delinquency rates are still increasing, they are slowly decelerating. This deceleration indicates that though rates are still climbing, they are doing so at a lower percentage compared to the previous quarter. If you compare the delinquency rate in the last quarter of 2008 to the first quarter of 2009, Read more »
Mortgage Disclosure Improvement Act: How Does it Help Home Buyers?
What is the Mortgage Disclosure Improvement Act? Basically, the federal government has put forth a legislation that replaces the 3-day waiting period for initial disclosure with a 7-day waiting period that does not include Sundays or holidays. Also, before the borrower can close on a transaction, they must receive the initial Good Faith Estimate (GFE), and the initial Truth in Lending (TIL) statements quoting the final Annual Percentage Rate (APR) seven days prior to closing. Read more »
Compton Bank-Owned Fixer-Upper for Bargain Price
BARGAIN-PRICED. BANK-OWNED BENEFITS. PRIME FIXER-UPPER. PRICE: $69,900 ADDRESS: 407 S. Acacia Ave., Compton, CA 90220 TYPE OF HOME: Single family, 2 bed, 1 bath HOME SIZE: 944 sq. ft. LOT SIZE: 5,200 sq. ft. YEAR BUILT: 1915 HIGHLIGHTS: * Large, natural light bathed windows * Ceiling fans * Spacious yard (surrounded by white picket fence) [...] Read more »
