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Good News about Principal Reductions and Underwater Mortgage Refinances

After years of a declining housing market and no solutions in sight, there are two terms that are making the light of day: Principal reduction and Underwater mortgage refinance. As everyone knows, the housing recession began in 2007 when housing values started falling and homeowners could not sell their homes. Then people who were over their heads in mortgages they could not afford started defaulting on their loans. The rest is housing meltdown history. Now, five years later, it appears that a few members of the calvary are riding in with principal reductions…continue reading →

5 Ways to Pay Off Your California Mortgage Debt Faster

such as mortgage, credit card debt, student loan and so on. However, it is important to evaluate one own personal financial situation before implementing any such debt relief tips. This is to ensure that you benefit from such advice and not further pile up debts that you become responsible for. So, here are 5 strategies to repay your california mortgage faster. Make Extra Payments: If there is no pre-payment penalty, you can make extra payments on the mortgage loan. The extra amount of money is taken off from the principal mortgage amount. For…continue reading →

Santa Clara County Real Estate Market Shows Strong Spring Housing Trend

You read it here first when we first reported the turnaround of the Santa Clara County housing market in some areas. The trend continues with some good news being reported locally and nationally. According to a recent Mercury News report, Marin home prices were up 15% over last year, marking similar stories of rising sales prices for desirable homes throughout the Bay Area. The Santa Clara County Association of Realtors released upbeat information last week, as well stating that the average price of single family homes in February 2012 increased 9.46% from February…continue reading →

California Mortgage Rates Jump .25% in 2 days

California Mortgage Rates for Refinance and Home Purchase loans are up .25% in 2 days and are hitting a 6 months high. On Tuesday, it was like as if the dam broke. After the rates have remained stable and under 4% for a solid 6 months - you could see it was coming. Mortgage Backed Securities (MBS) were hit hard on Tuesday and by end of Wednesday they had fallen a dramatic 100+ basis points. Fall in MBS prices mean less demand for them and higher mortgage rates. For four months the MBS…continue reading →

Bank Settlements and Refinance Programs All Good News for Struggling Homeowners

Homeowners more deeply underwater on mortgages handled by five major U.S. banking firms are prime candidates for getting help from a $25-billion nationwide settlement over alleged foreclosure abuses. That's because the settlement gives the nation's largest mortgage servicers more incentives to help those who owe 40% to 75% more than the value of their homes, according to details of the settlement filed Monday in U.S. District Court in Washington. Even so, the settlement's effect on the housing market could be limited. Only customers of the five largest servicers are eligible for principal reductions,…continue reading →

Upside Down? HARP Obama Refinance- Ultimate Guide +RateQuote

What is Making Home Affordable (MHA) program? The Making Home Affordable Program (MHA) is a critical part of the Obama Administration's broad strategy to help California, Washington and Oregon homeowners (and rest of the country homeowners) avoid foreclosure, stabilize the country's housing market, and improve the nation's economy. What is HARP? First established in 2009, HARP (Home Affordable Refinance Program) was initiated as an option for underwater homeowners wanting to refinance their mortgage at lower interest rates with government expectations that it would assist millions of homeowners who found themselves owing more on…continue reading →

FHA Guideline Changes for Self Employed Borrowers and Collection Accounts

FHA recently made underwriting guideline changes for Self Employed borrowers and borrowers who have disputed and/or collection accounts. The changes apply to residents of states of California, Washington, Oregon and rest of the country. These changes will be effective April 1, 2012 and will impact all FHA mortgages except non-credit qualifying Streamline Refinances and Reverse Mortgages. New Guideline about Self Employed Borrowers: Profit and Loss (P&L) and a Balance Sheet is required if more than a calendar quarter has elapsed since date of most recent calendar or fiscal-year end tax return was filed…continue reading →

HARP 2 and Other Problems Mount for Bank of America Mortgage Business

Bank of America continues to hit the headlines, unfortunately for all the wrong reasons. It all started late in 2011 when Bank of America decided to exit the Correspondent Lending business. Housing wire reported that Bank Of America was grappling with $1 trillion in soured mortgages and securities written prior to the 2008 acquisition of Countrywide Financial Corp. Even though the BofA spokesperson mentioned it was done to focus more on the "direct-to-consumer" channel. Then earlier this year Bloomberg reported: Bank of America's retail channel has been unable to keep up with demand…continue reading →

When Warren Buffet and NAR Speak About the Housing Market – People Listen

If you wait till you see the first robin, spring'll be over. And well, spring is over, but we're not in the dead of winter yet, either,billionaire investor, Warren Buffet said in a recent interview on CNBC while being queried on the housing market and investing. Realtors who have been around the cyclical block a few times like to say that by the time you read about a market turning around in the media, it has been that way for at least two months, giving credence to Buffets robin analogy. According to the…continue reading →

The “Facebook IPO Effect” and the Silicon Valley Housing Market

As soon as Facebook announced its pending IPO, many Realtors and mortgage professionals in the Silicon Valley were anticipating the ripple effect into the local housing market. Potential home buyers are worried that perhaps home prices will rise with all this new found wealth flooding the market. The dilemma is that consistently low inventory available on the Peninsula is putting pressure on housing prices. The folks at Altos Research, a Mountain View real estate data analytics company, wrote a compelling, and stats filled post on the true reach of the "Facebook Effect" on…continue reading →