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 
San Diego Homeowners Are Refinancing Into Shorter-Term Loans
San Diego homes
More San Diego homeowners are refinancing into shorter-term loans, saving a bundle by taking advantage of the lowest rates in decades.
Nearly a third of borrowers refinancing fixed 30-year loans in April through June picked loans with 15- or 20-year terms, according to housing finance giant Freddie Mac. It was the highest share since 2004.
The trend has been driven by near-weekly drops in rates all summer. Average rates on fixed 15-year loans fell below 4% for the first time in mid-August, dropping to 3.92%, according to Freddie Mac. A year ago, the average 15-year rate was 4.68%.
Meanwhile, the rates on fixed 30-year loans now averaged 4.44% in mid-August, Freddie Mac found. At today’s rates, a borrower with a 30-year loan at a 6.5% rate and a $200,000 principal balance could save some $70,000 in interest over the life of a shorter 20-year loan.
Bonita real estate
San Diego Homeowners – End Up Screwed
San Diego home foreclosures
Under-water San Diego homeowners are left with two not-very-appealing choices: stop making payments, take a major credit hit and risk the lender seeking a court judgment for the balance of the loan — or keep paying and hope the house begins to appreciate, however little, again.
There are many government programs to help homeowners in trouble & I advise all distressed San Diego homeowners to seek out these programs. However, from the recent reports on the performance of these good intentioned programs … so far they have been dismal failures!
Perhaps the government needs to understand that there is nothing wrong with renting! Some of the many under-water homeowners were simply not suited to own a home!
What of the San Diego homeowners who are not under–water on their mortgages? What benefit is there for homeowners that were resourceful, hardworking and buying only what they could afford when they could afford it?
The majority are offended that they — and their children and their grandchildren — will be paying for someone else’s mortgage woes through higher taxes.
California home foreclosures
Trapped San Diego Homeowners
Bob Schwartz, San Diego California Realtor
Seems that all attention is paid to people who can’t afford to buy a home, even at the current depressed prices.
What about the large number of current San Diego homeowners with great credit, with the ability to comfortably meet a mortgage payment two or three times the one they are now paying? There are thousands, maybe millions, of homeowners who have outgrown their current homes, either physically or socially. They are held back by the drop in value of their present home. They have so much negative equity that they just can’t scrape together the huge pile of cash they would need to make a move. They sit quietly out of the market, making their monthly payments. They are the potential stimulus the economy needs to tap.
San Diego Homeowners Frozen Out Of The Housing Market
Bob Schwartz, brokerforyou.com
“If a potential buyer believes that housing prices may fall more, then mortgage rates of 3-5 percent won’t attract home buyers. Rates could even drop to zero and it might not outweigh consumers’ negative perceptions”
Or, more likely, consumers still couldn’t act on such low rates if they can’t sell their existing homes. This is is the fact the interest rate geeks don’t seem to get; rates alone don’t govern consumer behavior, some homeowners are frozen out of the market by circumstances…
Homeowners Who Don’t Pay Mortgages Create A Substantial Boost To Consumer Spending
California home mortgage defaults
It appears the economy has received a boost from practices that let some homeowners stop paying their mortgages and use the ‘extra’ money elsewhere.
Almost everyone is aware of, or knows, someone living rent-free in their home for an extended period of time, having stopped paying their mortgage. Many of these free boarders are spending lavishly on non-essentials. Read more