Comments for Auburn, CA and Placer County Real Estate Blog

Comment on Real Estate Quiz by Your Questions About Real Estate | webrealestatehub.com

Your Questions About Real Estate | webrealestatehub.com — Tue, 21 Feb 2012 09:15:47 +0000

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Comment on Ball and Chain Housing Crisis by SueT

SueT — Tue, 17 Jan 2012 08:48:31 +0000

Thanks for your comments, Kimberly. It seems that with the virtual chaos we see in lending that the most important concept for a consumer to embrace is “caveat emptor”. Staying informed is now not only important but more possible than ever with the Internet’s help. If I can ever be of help, please give me a call.

Comment on Ball and Chain Housing Crisis by Kimberly Tuttle

Kimberly Tuttle — Tue, 17 Jan 2012 04:52:36 +0000

Hi Sue,
I could not agree with you more on this subject. I have been on the lending side for over 20 yrs and have never seen anything like this. You mention market stabilization could be expedited if lenders would simply reduce a portion of the principal on upside down loans and I have been saying the same thing for awhile now. You know, there is the program called FHA Write Down but do not hear of ANY lender offering this program. Why? It just doesnt make sense. A lender is willing to do essentially the same thing by allowing current owner to do a short sell and sell to another person. What about when rates start to go up? People in Neg Am loans (Pay option loans) and with low home equity rates will start to feel the pinch and there will be a whole other market adjustment. For other people like my husband and I who put 20% down on our home in Roseville, I now estimate to be around 115% LTV. We got a 5/1 IO ARM because my husband and I had a plan to move in 5yrs so this was a great program for us and being at 80%LTV, if we ended up not moving then could easily refinance. So since our loan was an Interest Only loan, it did not get sold to FannieMae or FreddieMac so we can not refinance out of our ARM. What about the 45% of people who are in the same position who have no equity, in an ARM loan and can not refinance because their loan is not held by FannieMae or FreddieMac? I was wondering if you know of any alternatives? We have never been late on our mortgage and have a rate of 2.75% thanks to the 12 MO Treasury Avg being so low, but I know it wont last forever. So to sum it up, we are 750 fico borrowers, who make over $100,000 a year with an adjustable rate and no equity, praying that the market stays in this slump so we can live in our home. Sad isnt it?

Comment on Selling to a Relative via Short Sale by Geoffrey Lamb

Geoffrey Lamb — Thu, 25 Aug 2011 20:35:42 +0000

This is certainly true of most of the larger banks like Wells Fargo, Chase, Bank of America, and Citi. However, with smaller banks and loan servicers, many do not require an arm’s length transaction affidavit to be signed. I’m sure they will very soon, it does cut down on fraud. But for those of you who want to simply help a relative and have to do the short sale in order to get financing on a new mortgage (that doesn’t exceed the appraised value) …there may still be some hope for a little while longer.

Comment on So Banks Aren’t Making Loans? by SueT

SueT — Fri, 08 Jul 2011 14:56:52 +0000

There's a good update on some of these programs at http://seehometown.com/wp-content/uploads/Beyond_the_Headlines.pdf

Comment on Does a Buyer Lose the Whole Deposit if They Cancel? by Vern Clinton

Vern Clinton — Mon, 13 Jun 2011 17:37:43 +0000

Great information! I’m signing up for your RSS feed so I can keep up with what you post.

Comment on Can It Take A Year to get Short Sale Approval? by short sale info

short sale info — Tue, 08 Feb 2011 06:24:02 +0000

Great post on Short Sale Approval Time! I really enjoyed reading it, and my own site is about short sale info so I’m not just saying so lightly. Keep up the good work!