Archive for Loans
Pleasanton, Dublin, Livermore and San Ramon home sales get a boost
By · November 2, 2009 · CommentsCongress Extends Higher Loan Limits for Fannie, Freddie, FHA
MBA this week urged Congress to immediately extend the higher loan limits for Fannie Mae, Freddie Mac, and the Federal Housing Authority (FHA). Those limits were scheduled to expire on December 31, 2009, and with an appropriations bill that would extend them stalled in Congress for months over budget issues, lenders were being forced to stop locking in interest rates beyond 60 days for loans over $625,500.
On Monday, October 26, MBA was joined by the National Association of Realtors and National Association of Home Builders in sending a letter to the four congressional leaders urging prompt action on this legislation. The letter (attached) made the case that although the loan limits would not expire for another two months, the uncertainty surrounding their renewal was forcing lenders to stop underwriting certain high-cost mortgages. MBA also fanned out on Capitol Hill, meeting with key congressional offices to urge that the loan limit bill hitch a ride on legislation moving through Congress that week.
The Obama Administration weighed in, urging prompt congressional action with a press release on Thursday.
Congress responded to industry and the President by taking the unusual step of adding the legislation to the Continuing Resolution (CR) that had to be enacted in order to avoid a federal government shutdown this Saturday. On Thursday, October 29, the House passed the CR by a vote of 247 to 178, and the Senate quickly followed suit with a vote of 72 to 28. President Obama is expected to sign the bill by the end of the week.
Loan Modification for Pleasanton, Dublin and Livermore Home owners
By · August 18, 2009 · CommentsHas the governments program worked to keep home owners in Pleasanton, Dublin and Livermore in their homes? You might want to read the following article
http://moneyfeatures.blogs.money.cnn.com/2009/08/10/fixing-foreclosures-with-a-right-to-rent/
Big banks in my opinion have done very little to help the home owner. Yes, the terms of the loans were agreed to and yes, the banks have the right to expect payment. The banks also took federal money-our money- to help the home owners and they have only used it to help their bottom line.
Between big government and big corporations the middle class is being squeezed to the point that there will be no middle class, just wealthy and poor much like the third world.
Pleasanton, Dublin and Livermore homes and loans
By · March 23, 2009 · CommentsPleasanton, Dublin and Livermore homes have not been immune from the housing slump. Real estate and finance are two of the biggest parts of our economy, Obama and his congress need to move fast to salvage the crises. We need a permanent fix to the housing issue.
I know this is going to be a hot issue, but the United States government needs to take emergency action to keep people in their homes. Refinance the loans, having the government and banks take the hit on any loss.
Every new property loan, be it residential, commercial or vacant land needs to have a special insurance attached. The insurance would be similar to the lenders insurance that you pay for when buying a home, but it would protect the buyer when out of work or for any reason.
Insurance will increase the cost of buying, and refinancing, but the alternative is what we are seeing now. This insurance would be paid by the consumer and not the general population. You can already get the same type of insurance when buying a car or for you credit cards, why not make it mandatory on a loan?
Home Loan Rates Drop and Sales Improve
By · March 20, 2009 · CommentsLoan rates for conforming loans are down, bouncing around 4.5%. Home sales are improving and first time home buyers should be out in droves with these new developments.
A sample of investor properties shows that homes in such areas as Pleasanton, Dublin, Livermore and other nearby cities like Blackhawk can be had very near $200.00 per square foot . You can’t buy the land and build for near that number.
Yes, the economy is still bleak for many, but real estate has seen an improvement. I noticed increase sales starting in December and that small, but positive move seems to be steady.
Pleasanton, Dublin and livermore Home Loan PMI Change
By · February 13, 2008 · CommentsHome buyers will no longer get mortgage insurance in Pleasanton, Dublin or Livermore unless they put 10% down on the purchase of a home.
Alameda County is on the list of declining areas and the mortgage insurance giant PMI will no longer insure 95% or 100% financing. There is another company still providing coverage, but that may change soon.
Even with a good down payment you will need a very good credit score. Do everything you can to get your credit score up to 700.
If you want to get your credit cleared up just leave a comment below with your phone number. Comments are not posted until I check them. Anyone leaving a request for clean-up will not be published.
Fed drops interest rates
By · January 30, 2008 · CommentsThe Federal Reserve lowed the prim rate by 1/2%. What will that mean to Pleasanton, Dublin and Livermore home owners and buyers?
First, some loan rates will drop opening up refinance possibilities for many home owners. Home sales in the Tri-Valley should see an increase with lower interest rates. Current adjustable loans should see lower payments, which may slow foreclosures a bit.
This is all good news, but Congress needs to pass the new FHA loan limits. When this happens, and it will, you will see a much needed slowing of foreclosures and a return to a little more normal real estate market.
If you have any questions or comments please leave them by clicking on comments. You may also contact me in the following two ways. marcstromberg.com or 925-730-2445;
Home Sales Update For Pleasanton Dublin And Livermore
By · January 23, 2008 · CommentsLook for a second rate cut this month, it’s going to have a big impact on home sales in Pleasanton. The impact will be even larger in Dublin and Livermore home sales.
Look for Congress to use the Senates version of a new FHA loan program. This will increase conforming loan amounts to $729,000 versus the current $417,000. Refi and new purchase loans will increase dramatically.
Before the Pleasanton, Dublin and Livermore housing market can really increase we need to see the inventory reduced. The interest rate decrease and higher conforming loan amounts will help this process and you will see a return to much better home sales by late 2008 or early 2009.
Pleasanton Dublin and Livermore home Sales Pick-up!
By · January 22, 2008 · CommentsHome sales in the cities of Pleasanton, Dublin and Livermore have increased. The Federal Reserve rate cut of 3/4% today should increase these home sale even more as interest rates drop to the low 5% range on a 30 fixed rate mortgage.
Home owners most likely to benefit will be buyers looking for a townhouse or condo, but anyone with a loan amount below $417,000 will benefit.
Congress is working to change the conforming rate to above $417,000 and it’s my bet it will be around $600,000 to $650,000. Zero down loans may be included with this change. When this happens you should see faster sales in this area.
YES, we still have those stated income and stated asset loans around. Buyers in Pleasanton, Dublin and Livermore will find a lot of homes to choose from. You can click on real estate at your left for more housing information.
What to do if your mortgage company closes
By · January 3, 2008 · CommentsPart 2: How to Manage Your Mortgage If Your Lender Closes or Files for Bankruptcy
The FTC advises all mortgage holders to read their monthly statements. If your statement is late — even by just a few days — call the mortgage company to track it down. Keep records of your payments, including billing statements, canceled checks, bank account statements, or online account histories if appropriate. If you have a dispute, continue to make your mortgage payments, but challenge the servicing in writing and keep a copy of your letter and any enclosures for your records. Send your letter by certified mail, and request a return receipt, or send it via fax, and keep the transmittal confirmation.
If you have an escrow account: An escrow account is a fund held by your servicer. You pay into the fund to cover charges like property taxes and homeowners insurance. Typically, your payments are included as part of your monthly mortgage payment, and the servicer pays your taxes and insurance from this fund as they come due. Even if your servicer files for bankruptcy or goes out of business, it is responsible for making the escrow payments in a timely way.
The Real Estate Settlement Procedures Act (RESPA) covers escrow accounts. If your mortgage servicer administers an escrow account for you, it is required to make escrow payments for taxes, insurance, and any other charges when they are due. The mortgage servicer also is required to give you a free statement every year that details the activity of your escrow account. This statement should show your account balance and reflect payments for your property taxes, homeowners insurance, and other charges. But it is your responsibility to review the statement to make sure the appropriate entities and payments are made. If one recipient of escrow funds lets you know that a payment is overdue, call the others that are supposed to be paid from your escrow account — for example, state or county governments for property taxes, insurance companies, or homeowners associations — to make sure the funds are being transferred in a timely way. The Department of Housing and Urban Development (HUD) enforces the Real Estate Settlement Procedures Act. Contact HUD with questions or comments about RESPA by email (hsg-respa@hud.gov) or by phone (202-708-0502).
If your lender files for bankruptcy before your loan closes: If you’ve been pre-approved for a mortgage and learn that the lender has filed for bankruptcy, call to find out if or when the company intends to make good on your loan.If the lender can’t — or has gone out of business altogether — start shopping around for another mortgage immediately. The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC entersInternet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. RESPA-related Inquiries and Disputes Under the Real Estate Settlement Procedures Act (RESPA), your mortgage servicer must respond promptly to your written inquiries. If you think you have been charged a penalty or a late fee that you don’t owe — or if you have other problems with the servicing of your loan — continue to make your regular monthly mortgage payment, and contact your servicer in writing in a separate communication. Send your letter — including your account number and an explanation of why you think your account is incorrect — to the customer service address. Don’t write your note on your payment coupon.
Timeline: The servicer must acknowledge your inquiry in writing within 20 business days of receiving it, and take action within 60 business days. The servicer must correct your account or determine that the accounting is accurate, and then send you a written notice of the action it took and why, and the name and phone number of someone to contact for more information or help. In any case, do not subtract the disputed amount from your mortgage payment. Some mortgage servicers may refuse to accept what they consider a “partial” payment: they could return your check and charge you a late fee, or claim that your mortgage is in default and start foreclosure proceedings. The Federal Trade Commission (FTC) is the nation’s consumer protection agency.
Here are some tips from the FTC to help you be a more savvy consumer.
1. Know who you’re dealing with. Do business only with companies that clearlyprovide their name, street address, and phone number.
2. Protect your personal information. Share credit card or other personal information only when buying from a company you know and trust.
3. Take your time. Resist the urge to “act now.” Most any offer that’s good todaywill be good tomorrow, too.
4. Rate the risks. Every potentially high-profit investment is a high-riskinvestment. That means you could lose your investment — all of it.
5. Read the small print. Get all promises in writing and read all paperwork before making any payments or signing any contracts. Pay special attention to the small print.
6. “Free” means free. Throw out any offer that says you have to pay to get a gift or a “free” gift. If something is free or a gift, you don’t have to pay for it. Period.
7. Report fraud. If you think you’ve been a victim of fraud, report it. It’s one way to get even with a scam artist who cheated you.
What to do if your mortgage company closes
By · December 28, 2007 · CommentsFTC FACTS for Consumers
Part 1: How to Manage Your Mortgage If Your Lender Closes or Files for Bankruptcy
When a mortgage company closes or files for bankruptcy, its customers may be left wondering about the impact on their own loans. The Federal TradeCommission (FTC) says consumers should continue to make their mortgage payments as usual. The nation’s consumer protection agency has several situation-based tips for consumers who need to know what to expect in today’s mortgage market:
If your lender files for bankruptcy after your loan closes: Loans and the rights to service them often are bought and sold. A mortgage servicer collects your monthly loan payments, credits your account, and handles your escrow account, if you have one. If your mortgage servicer is different from your original lender – and your original lender goes out of business – continue to make your payments to the mortgage servicer by the date they’re due.
If your mortgage servicer files for bankruptcy or goes out of business: It’s very likely that a mortgage servicer that files for bankruptcy will sell its assets under the supervision of the bankruptcy court to another financial institution and transfer the servicing of your loan to another company. A mortgage servicer that simply goes out of business probably would transfer the servicing of your loan to another company as well.
How will you know if your loan has been transferred? Read your mail and youremail- and pay attention to phone calls and messages that deal with a change of lender, a late payment, or a payment that wasn’t received. To avoid a scam, the FTC says, review the notices and call to confirm the new loan servicer before you send a payment.
If your loan is transferred to another servicer: Regardless of the reason for a loan transfer, you should get two notices: one from your current servicer and one from the new servicer. The current servicer must notify you at least 15 days before the effective date of the transfer – unless you got a written notice at your settlement. The effective date is when the first payment is due at the new servicer’s address. The new servicer also must notify you within 15 days of the transfer. By law, the notices must include particular information:
- the name and address of the new servicer;
- the date your current servicer will stop accepting your payments;
- the date the new servicer will begin accepting your payments;
- telephone numbers for both the current and the new servicer that you can use to call toll-free or collect for more information about the transfer; and
- whether you can continue any optional insurance, like life or disability insurance, whether you need to do anything to maintain coverage, and whether the insurance terms will change. The notices also must include a statement that the transfer will not affect any terms or conditions of your mortgage contract, except those directly related to the servicing of your loan. For example, if your mortgage contract has an escrow account to pay property taxes and insurance premiums, the new servicer can’t close the escrow account. In addition, you have a 60-day grace period after a transfer to a new servicer. That means you can’t be charged a late fee if you send your mortgage payment to the old servicer by mistake- and your new servicer can’t report that payment as late to a credit bureau.
