San Diego Home Short Sale Bailout
San Diego home short sale payoff Bailout Program
San Diego home short sale
What would you say if I told you there was a big bank program helping San Diego homeowners who are facing foreclosure? I’m sure the answer would be: “What is it, another new program?” What if I told you this short sale incentive program to help troubled homeowners is being carried out nationwide, but the qualifications as well as the amount of help are being kept secret! Read more 
California Home Foreclosure
California Home Foreclosure Process
California home foreclosure
The Foreclosure Procedure Includes
Home Foreclosure – Five Events
Event 1: Missing a Single Payment – The foreclosure procedure may begin when you miss a single monthly mortgage loan payment (delinquency). A
lender or its servicing agent is required to contact the homeowner 30 days in advance if initiating foreclosure. Read more
U.S. Housing Market
U.S. Housing Market – Real Estate Mortgage Black Hole
U.S. Housing Market
Recently the headlines were stating that Fannie Mae is asking for an additional $7.8 billion dollars just to cover its losses in the July through September quarter of this year!
For my consistent readers you may recall that on September 5, 2008, I published a post titled: Govt. Take Over Of Fannie Mae and Freddie Mac Could Cost Billions. Also, again on April 4, 2010 I published another post entitled Fannie Mae and Freddie Mac – walking dead. So today’s announcement is no surprise and should be looked on as just one of many future calls for billions in bailout. Read more
The Revised Home Affordable Refinance Program (HARP2)
housing market
HARP and Ideas For A Mortgage Principal Program
I like to clarify some misconceptions about the revised home affordable refinance program talked about in my prior post. Although the operational details are not scheduled to be released until November 15th. It’s clear that this program does not reduce the principal loan balance.
With that cleared up, it still my opinion that when the cost of administration is considered, I am very dubious that this will be a cost-effective program. Sure, it will help out some homeowners and the fact that it is a much more sensible program by having one of the qualification criteria as not being behind on your mortgage payments in the prior six months and only one late payment in the past year, for once, directs benefits to the responsible homeowners. Read more
Home Affordable Refinance Program – Not All Good
Real estate news
HARP 2 – Lifeline for Some Troubled Homeowners?
The government is changing its Home Affordable Refinance Program (HARP), making it easier for homeowners to refinance their underwater, high-interest mortgages.
HARP 2 – Major Features
- Although HARP has helped more than 890,000 homeowners nationwide by reducing their monthly mortgage payments, there are still millions of homeowners who are too far underwater to participate.
- Under the new rules, homeowners who owe more than 125 percent of the market value of their homes will be allowed to refinance into new loans.
- The program also streamlines the refinancing process for homeowners who are current on their mortgage payments and reduces or removes fees that previously hindered them from refinancing.
- Fannie Mae and Freddie Mac also will reduce the fees they charged in the past to enable borrowers to better afford the new loans. Among the fees that will be reduced or eliminated are those for appraisals, title insurance, and closing costs.
- Fees also will be waived for some underwater borrowers who are refinancing into 20-year or shorter-term loans.
- HARP is only open to borrowers who are current on their payments for the past six months with no more than one missed payment in the past 12 months. The loans must have been originally issued before May 31, 2009, and purchased by Fannie Mae or Freddie Mac. Read more
San Diego Real Estate Market
San Diego County Residential Real Estate Market Analysis: 3nd Quarter 2011 (Part2)
By Mark A. Melikian California Certified Residential Appraiser appraisals@san.rr.com P.O. Box 3051 Del Mar, California 92014 858-793-9339
Market Overview: The mean sold price for a housing unit in San Diego County peaked in 2007 at $621,675. The mean sold price in 2009 decreased to a low of $385,754, a 37.9 percent decrease from the market peak in 2007. *In 2011, the projected mean sold price is $415,743, which would represent a 7.8 percent increase from the 2009 mean sold price and a 33.1 percent decrease from the market peak in 2007 (see figure 3).
Figure 3