Barbara Whisenant Real Estate Group: Loan Information

Showing posts with label Loan Information. Show all posts

Monday, May 6, 2013

Financial Perks of Homeownership!

Now is the time to buy a home. Prices are starting to rise and inventory is low. Work with someone who has experience getting it done!

Barbara Whisenant

Solutions Real Estate

DRE# 01357594

“A referral is sending someone you care about, to someone you trust.”

Solutions Real Estate

6005 Hidden Valley Rd #280

Carlsbad, CA 92011

Cell: 760-583-2107

E-Fax: 760-496-1649

Email: barbarawhis@gmail.com

Website: http://www.Homes4SaleSanDiego.com

Carlsbad

Aviara, Bella Lago, Cantata, Seaside, Isla Mar, Mar Fiore, Bay Collection, Chesapea, Ezan, La Costa Oaks, La Costa Ridge, Arroyo Vista, La Costa Estates, La Costa Greens, Tiburon, Tiburon, Saddle Ridge, The Estates In Rancho Carrillo, Rancho Carrillo, Magnolia Estates, Bressi Ranch, The Ranch, Seaside Estates, Emerald Pointe Estates, San Sebastian, The Beach, Spinnaker Hill, Olde Carlsbad, Spyglass, Carlsbad Village By The Sea, Carlsbad Highlands, Terramar, Palisades, Hanover Beach Colony, Beach, Carlsbad North, Carlsbad South, Carlsbad West, Carlsbad East, Old Carlsbad, San Sebastian, San Pacifico, Emerald Pointe Estates, Aviara Point, La Costa, Halcyon Estates, Shelbourne, Balearas, Crescent Del Sol Estates, Agua Hedionda Lagoon, Evans Point, Blue Lagoon Estates, Hidden Ridge, Hillgate Estates, Telescope Point, Carlsbad Highland, Canterbury, Brentwood Heights, Evans Point, Wind Song, Windsong, Brentwood Heights, Telescope Point, Capri, Colinas De Oro, Rancho Ponderosa, Solterra At La Costa, Rockledge At La Costa, Corona La Costa, Greystone On The Park, Ponderosa, Solterra, Tradicions La Costa, Tradicions, La Costa Knolls, Copperwood, Sonata, The Fairways, Calavera Hills, Sunny Creek Terraces, Foothills, Rock Rose, Montara, Spinnaker Point, Pacific Estates, Seaport, The Cave, Harbor Pointe, Harbor Pointe, Rosalena, Avocet, Waters End, Poinsettia Cove

Rancho Santa Fe

Rancho Santa Fe, Covenant, Montecito, Del Rayo Downs, Del Rayo, Hacienda Santa Fe, Cielo, Whispering Palms, Rancho Del Rio, Santa Fe Sur, The Groves, Rancho Diegueno Estates, Fairbanks Ranch, South Pointe Farms, Santa Fe Sur, East Del Mar, Sun Valley, Rsf Lakes, Rancho Santa Fe Lakes, Loma Del Cielo, Morgan, Villas At The Bridges, Villas, The Bridges

Encinitas

Encinitas Ranch, Quail Gardens, Palomares Heights, Maravu, Crest Acres, Encinitas Highlands, Palomares Heights Annex, Sandalwood, South Coast Park, Neptune, Olde Leucadia, Leucadia, Avocado Acres, Pacific Crest, Nantucket, Passiflora Acres, Villa Olivenhain. Olivenhain, Halcyon Estates, Beachwalk Estates, Beacons, Olive Crest, San Elijo Ranch, Windsor Estates, Country Rose, Knightsbridge, Morning Sun Ranch, Copper Creek Estates, Dove Hollow, Double Ll Ranch, Moonlight Beach, Bryans Addition, New Villanitas, Summerfield, Cantebria, Skyloft, Vida Pacifica, Northview, Bay Laurel, Fox Point, Morning Sun

Solana Beach

Solana Beach, Loma Del Cielo, Santa Fe Hills, San Elijo Hills, Olde Solana Beach, Olde Solana, Sanctuary, Isla Verde, Isla Verde, Midori, Sweeping White Water, Cedros Design

San Marcos

Varadero, Lake San Marcos, Twin Oaks Valley, Laurels, Discovery Hills, San Elijo Hills, Acacia, Stone Canyon, Mariner's Landing, Buenavida, Sonrisa, Stoneridge Park, The Laurels, Windsor Rose, Buenavida, Stonebrook, Terraza, Falcon Ridge, Hampton Hills, Terraza, Rancho Dorado, Old Creek Ranch, Atherton, Blue Ridge Estates, Venzano, Coronado Hills, Promontory Ridge, Esperanza

Oceanside

Bryans Addition, Ocean Views, The Beach, South Oceanside, S Oceanside, Saint Malo Beach, Morning Sun, Sea Breeze Cottages, Sea Breeze, The Cottages, Buena Vista Highlands, Vista Pacifica, Henie Hills, Ridgeview, Ocean Hills, So Oro, Panorama Ridge, Arrowood, Morro Hills Village, Wilmont Ranch, The Heartlands, Windham, The Heartland, Ivy Ranch, The Heartland, The Missions, Breakaway, Buckingham, Guajome Lake, Ridge Trails, Spinnaker Ridge, Summit, Rancho Del Oro

Thursday, July 29, 2010

California Home & Loan Headlines

Sacramento Bee

Home prices rise despite fewer sales

Following the expiration of the federal home buyers tax credit, sales of existing, single-family homes in California declined 4.2 percent during the month of June compared with the prior year, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) June sales and price report. Meanwhile, the median price of existing homes in California rose 13.6 percent on a year-to-year basis to $311,950. The median price is the point at which half of the homes on the market sell for more and half for less.

KEEP THIS IN MIND

• Although the median home price in California rose in June on a year-to-year basis, in month-to-month comparisons the median price declined 3.8 percent, according to C.A.R.’s report. Despite the slight decline in month-to-month home sales, California’s housing market continues to recover at a quicker pace than the national housing market. Nationwide, home sales declined 5 percent in June and the median price rose only 1 percent, according to a report from the NATIONAL ASSOCIATION OF REALTORS® (NAR).

• C.A.R. expects home sales to be lower in the second half of the year because of the absence of the federal home buyers tax credit, but sales should remain above the long-run average and be significantly higher than the trough in 2007.

• According to C.A.R. President Steve Goddard, “It’s important to keep in mind that home prices are substantially below their peaks and interest rates remain at historic lows, making this a very affordable time for many first-time buyers to purchase a home of their own.”

• Home prices continued to post modest gains in June, due in large part to the lean inventory of homes for sale in many regions of the state. C.A.R.’s Unsold Inventory Index slightly rose to 4.8 months in June compared with 4.6 months in May and 4.2 months in June 2009. However, inventory remains well below the long-run average of a 7.1-month supply. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

To read the full story, please click here: http://www.sacbee.com/2010/07/23/2909637/home-prices-rise-despite-fewer.html

In Other News…

Los Angeles Times

Credit rescoring can help you qualify for a mortgage

Rapid rescorings by independent, legitimate firms use procedures approved by the three major credit bureaus and can help correct errors or omissions that are dragging down your scores.

To read the full story, please click here: http://www.latimes.com/business/realestate/la-fi-harney-20100725,0,7390703.story

Los Angeles Times

Sellers should ensure that condo projects are on approved list for FHA mortgages Condominium owners who are trying to sell in today’s agonizingly slow housing market should make sure that their community is on the Federal Housing Administration’s approved list. Ditto for someone who is thinking about refinancing a condo.

To read the full story, please click here: http://www.latimes.com/business/realestate/la-fi-lew-20100725,0,7727492.story

Wall Street Journal

Mortgage delinquencies fall in June, still near record high

Some 9.39 percent of all loans were 30 days or more past due, down from 9.54 percent in May, according to LPS Applied Analytics, which tracks loan data. An additional 3.69 percent of mortgages were in some stage of foreclosure, down from 3.72 percent in May and the record high of 3.81 percent in March.

To read the full story, please click here: http://blogs.wsj.com/developments/2010/07/26/mortgage-delinquencies-fall-in-june-still-near-record- highs/

Los Angeles Times

Home prices tick up 4.6 percent in May

Home prices in 20 major U.S. cities gained in May, according to data released Tuesday, boosted by the effects of federal tax credits that have now expired.

To read the full story, please click here: http://www.latimes.com/business/la-fi-home-prices-20100728,0,7277846.story

San Diego Union-Tribune

Consumer confidence falls to lowest since February

Americans’ confidence in the economy eroded further in July amid worries about a still-stagnant job market. The report raised concerns about the overall economy and the back-to-school season.

To read the full story, please click here: http://www.signonsandiego.com/news/2010/jul/27/consumer-confidence-falls-to-lowest-since- february/

Wall Street Journal

The threat of “sidelined” home sellers

How many homeowners have been sitting on the sidelines during the housing downturn, waiting for massive price plunges to pass? The prospect of home-price stabilization is raising that question in some of the nation’s housing markets, say real-estate agents, who report an uptick in listings from “sidelined” sellers testing the waters.

To read the full story, please click here: http://blogs.wsj.com/developments/2010/07/27/the-threat-of-sidelined-home-sellers/

Bloomberg

Americans tap $8.3 billion in home equity, least in a decade

Americans in the second quarter tapped the smallest amount of home equity in a decade, showing households are focused on repairing tattered finances.

To read the full story, please click here: http://www.bloomberg.com/news/2010-07-28/americans-use-of-8-3-billion-in-home-equity-last- quarter-least-in-decade.html

Wall Street Journal

Doubling down on housing

The housing crash has left at least 11 million people in the unenviable position of owing more on their homes than they are worth—and many more millions with properties worth far less than they paid for them.

To read the full story, please click here: http://online.wsj.com/article/SB10001424052748704421304575383490870014662.html?mod=WSJ _hpp_sections_personalfinance

What you should know about the market

• Federal foreclosure-prevention programs have been expanded to encourage delinquent borrowers to avoid foreclosure by streamlining the short-sale process. In the new program, participating lenders now are required to advise eligible sellers of the minimum amount they will accept for the short sale prior to the house being listed for sale. If the seller secures an offer for the agreed price and meets the lender’s terms of the short sale, the lender must approve the proposed sale within 10 days.

• Another component of the new streamlined process requires the property to be listed with a licensed real estate professional who works in the community where the property is located. However, homeowners should be aware that because short sales require the bank to accept an amount less than the amount due on the mortgage, lenders may not approve a short sale, even if the price is comparable to recent sales in the neighborhood.

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

Follow me on Twitter: www.twitter.com/barbarawhis Be my Friend on Facebook: http://www.facebook.com/barbarawhis Facebook FAN PAGE http://www.facebook.com/homes4salesd Linkedin: http://www.linkedin.com/in/barbarawhisenant Read my Blog: www.barbarawhis.com Visit my website: www.Homes4SaleSanDiego.com 5 Star Video: http://video.fivestarprofessional.com/sdre2010/barbarawhisenant

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Sincerely,

Barbara Whisenant

A Division of Richard Realty Groups, Inc 6986 El Camino Real, Ste. H, Carlsbad, CA. 92009 Office Line: (760) 603-8377 Ext 311 Cell: (760) 583-2107

Wednesday, July 28, 2010

Navigating Short Sales: What to Do When the Sale Price Leaves You Short

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as:

· Refinancing your loan at a lower interest rate

· Providing a different payment plan to help you get caught up

· Providing a forbearance period if your situation is temporary

When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if

· Your property is worth less than the total mortgage you owe on it.

· You have a financial hardship, such as a job loss or major medical bills.

· You have contacted your lender and it is willing to entertain a short sale.

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest.

A qualified real estate professional can:

· Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).

· Help you set an appropriate listing price for your home, market the home, and get it sold.

· Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).

· Ease the process of working with your lender or lenders.

· Negotiate the contract with the buyers.

· Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include

· A hardship letter detailing your financial situation and why you need the short sale

· A copy of the purchase contract and listing agreement

· Proof of your income and assets

· Copies of your federal income tax returns for the past two years

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:

· If you have only one mortgage, the review can take about two months.

· With a first and second mortgage with the same lender, the review can take about three months.

· With two or more mortgages with different lenders, it can take four months or longer.

Sincerely,

Barbara Whisenant

Click Here for the Latest in San Diego County Real Estate Statistics

Click Here for this Month’s Newsletter

Richard Realty Groups, Inc. Barbara Whisenant DRE# 01357594

Southern California Associate Top Producer

“A referral is sending someone you care about, to someone you trust.”

Cell: 760-583-2107 E-Fax: 760-496-1649

Email: barbarawhis@gmail.com

Website: http://www.Homes4SaleSanDiego.com

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Sunday, April 25, 2010

New Government Subsidized Home Alternative Program. Is it For You?

Well we’ve received yet anther government program to help people with distressed homes that comes with detailed instruction about how the lenders are suppose to attend to these types of homeowners.

If this program sounds like it would benefit you or someone you know, please have them give me a call. We can work through the terrible stressful time together.

Working the the North San Diego area has given me the rare opportunity to see for myself the destruction that many of our communities has endured. Oceanside has been of the the hardest hit communities in North County. The more expensive communities thought they would escape the tragedy, but that was not to me. We are seeing foreclosures in all the communities from Del Mar and La Jolla to Rancho Santa Fe, Encinitas & Carlsbad.

If you need help to just talk it through, a sounding board to get it off your chest, or someone skilled in handling these types of transaction, please give me a call 760.583.2107 or e-mail me barbarawhis@cox.net.

What is HAFA?
HAFA is a government-subsidized Home Affordable Foreclosure Alternatives program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale and give the borrower at least 4 months to market and sell the property using a licensed real estate professional.

Eligibility
The eligibility requirements for a HAFA short sale include the following:
• Property must be borrower’s principal residence;
• Loan must be a first trust deed originated before 2009;
• Loan must be delinquent or default must be reasonably foreseeable;
• Current unpaid principal balance must be $729,750 or less for single-family home (or higher amounts for 2-to-4 units); and
• Borrower must be eligible for, but unable to complete, a loan modification under the Home Affordable Modification Program (HAMP).

Home Affordable Foreclosure Alternative Programs, Guidelines

Financial Incentives

The government incentives under HAFA are as follows
$3,000 to borrower for relocation expenses;
$1,500 to servicer for each successful short sale; and

• $1 to investor for every $2 paid to extinguish junior liens, up to $2,000 maximum, not to exceed 6% of unpaid balance.

Effective Dates
April 5, 2010 to Dec. 31, 2012.

HAFA Procedures
The general standardized procedures for HAFA short sales are as follows:
Step 1: Lender evaluates borrower for a loan modification under HAMP.
Step 2: Lender evaluates borrower unable to complete HAMP modification for short sale.
Step 3: Lender issues Short Sale Agreement (HAFA SSA).
Step 4: Borrower lists the property for sale using a licensed real estate agent.
Step 5: Borrower and agent market and sell the property.
Step 6: Borrower submits to lender a Request for Approval of Short Sale (RASS).
Step 7: Lender approves RASS within 10 business days.
Step 8: Sale closes escrow.

Lender's Evaluation
Each participating lender will have its own written policy for approving or rejecting a HAFA short sale, based on factors such as the severity of the loss, market conditions, the borrower’s motivation and cooperation, property valuation, and title review.

Short Sale Agreement (HAFA SSA)
The Short Sale Agreement (HAFA SSA) will include, among other things, the following:
• Either a list price or net proceeds acceptable to the lender;
• An agreement to fully release borrower from all liability for repayment of the loan;
• An agreement not to complete a foreclosure sale if borrower complies with SSA;
• Amount of acceptable closing costs and up to 6% real estate commission.
• Notice that the sale must be an arm’s length transaction; and
• Notice that the buyer must agree not to resell the property within 90 days of closing.

Tax, Credit, and Other Consequences
A HAFA short sale may have serious tax, credit, financial, legal, and other consequences. A homeowner is strongly encouraged to seek the advice of a qualified professional regarding these consequences.

Participating Lenders
A list of lenders participating in the HAMP program is available at http://makinghomeaffordable.gov/contact_servicer.html. Fannie Mae and Freddie Mac have their own HAFA guidelines for their loans.

More Information
http://makinghomeaffordable.gov/hafa.html.
See also, Supplemental Directive 09-09 dated March 26, 2010 available at
https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf.

This chart is just one of the many legal publications and services offered by C.A.R. to its members. For a complete listing of C.A.R.'s legal products and services, please visit www.car.org.

Barbara Whisenant

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Barbara Whisenant Realty Group, A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107 eFax: (760) 496-1649 DRE# 01357594

Thursday, April 8, 2010

Weekly Market Updates for California Real Estate

Los Angeles Times

What do buyers want in a home? Survey offers clues
A recent study of more than 22,000 homeowners who bought their homes within the last nine years found that current homeowners plan to be “more practical” in their next purchase, focusing on livable space rather than unnecessary upgrades.

MAKING SENSE OF THE STORY FOR CONSUMERS

Many of the luxury amenities once considered necessities among home buyers, such as community clubhouses, dog parks, golf courses, and 24-hour security, are no longer priorities, according to the survey. Repeat buyers also said a swimming pool isn’t a must, but a children’s playground with walking paths are essential.

One of the takeaways from the survey, according to an architect firm, is that buyers nowadays should rethink space. For example, buyers should look for kitchen cabinets that go all the way to the ceiling for added space and efficiency. They also should pass on high-priced focal stairways, opting instead of steps that are tucked away and out of sight.

Buyers also should be on the lookout for dead space. If the dining room or media room is eliminated, at least some of the square footage should be dedicated to secondary bedrooms. The once-standard 10-by-10 bedroom no longer is acceptable to most buyers.

The survey also found that many buyers have transitioned toward green features, such as high-efficiency appliances, insulation, and windows that are not large areas of glass. However, many buyers did not report the use of recycled materials as a necessity.

Other findings from the survey show that large kitchens, with islands, are desirable, as are main-floor master bedrooms, and two-car garages.