Home Front: Quarterly home sales worst yet for Sacramento area
Sacramento-area home builders just keep singing the blues.
July, August and September brought their worst quarter yet in this long housing crash: just 616 sales in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties, the Folsom-based Gregory Group reports today.
Actually, nearly all the region’s sales were in Placer and Sacramento counties alone. The suburban cities of Placer County accounted for 44 percent of third-quarter sales of new homes in the region. Sacramento County’s outer...
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As financial carnage from the housing crash continues across California, state lawmakers have sent several bills that crack down on mortgage fraud to Gov. Arnold Schwarzenegger’s desk.
In recent days, the Assembly and Senate have jointly passed bills to ban loan modification companies from asking for upfront fees and make mortgage brokers put their customers’ financial needs ahead of their own commissions.
They’ve also limited the size of pre-payment penalties and added California to the roster of states ...
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Backlash against banks growing over mortgage modifications
James Seeley, a machine shop supervisor at the University of California, Davis, just wants a modified mortgage that he and his wife, Sandi, can better afford.
It’s a common quest in this economy. Seeley’s wages are being cut. His house in Natomas has lost almost half its value. And he owes more than it’s worth, even with a $125,000 down payment in 2006.
"We want to get payments down to 31 percent of our income," said Seeley.
In Curtis Park, Hilary Egan is trying to do the same. He...
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WASHINGTON – Nearly three years into the deepest U.S. housing slump in generations, lenders are modifying only a small number of problem mortgages, and rising foreclosures are restraining the economy’s recovery.
The Obama administration has stepped up pressure on lenders and their mortgage servicers, who act as bill collectors on behalf of investors who own mortgage bonds. The administration on Aug. 4 unveiled the first of what...
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This week the Sacramento County Assessor’s Office – and more like it across the great foreclosure belts of California – chopped property values again on nearly everything built in the housing boom.
The value slashing in Sacramento County that started in 2007 with 50,000 properties and 90,000 last year, reached 170,000 in 2009. That’s nearly every lot carved from a pasture and turned into a new house sinc...
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At the beginning, Alejandro Maybuena lost the Sacramento house he bought in April 2005 for $350,000. At the end, in early 2009, Kim Gish bought it for $109,000.
Stories like this have happened more than 40,000 times in the Sacramento area. Still, the tale in particular of one house in California’s capital region shows the sweeping change in a real estate industry that once involved mainly a mom-and-po...
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Homeowners who are up to 125 percent underwater will be allowed to refinance under the Obama administration’s Home Affordable Refinance Program if they are current on their payments and their loan is owned or guaranteed by Fannie Mae or Freddie Mac.
The federal regulator overseeing Fannie and Freddie has boosted the program’s ...
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Home Front: Despite programs meant to help, many homeowners still frustrated
By Jim Wasserman
jwasserman@sacbee.com
http://www.sacbee.com/business/story/1978579.html
Day in and day out since 2007, callers who struggle with mortgages throughout the Sacramento region, those who can’t sleep for worrying, who want to stay with houses that have lost $150,000 in value, have phoned Home Front to fret and express a common sentiment.
"My lender," they say, is "difficult." Callers complain about long waits, bureaucratic snafus and a sense of not bei...
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7 lenders get immunity from state foreclosure prevention act
By Jim Wasserman
jwasserman@sacbee.com
http://www.sacbee.com/business/story/1962447.html
Bank of America Home Loans, CitiMortgage and Carrington Mortgage Services are among the first seven lenders and loan servicers granted immunity from the state’s foreclosure prevention act launched this week in California.
The new law makes lenders prove to the state that they have a comprehensive loan-modification program that helps borrowers stay in their homes. Those that can’t prove it...
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Recently, GreatWest GMAC Real Estate Professionals have heard from folks interested in possibly obtaining lower property tax assessments on their homes. Generally, these folks are individuals who purchased homes in the last few years, at the height of the market, and now find their homes valued less than they paid for them.
The link below is to the County of Sacramento Assessor’s Office. If you think you may qualify for a reduced assessment, you will be able to easily find the necessary information to more easily procure reassessment.
Be forewarned that like loan modificati...
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The other morning a GreatWest GMAC Real Estate professional was brainstorming with another Realtor. Both agreed that in addition to helping buyers purchase property, and sellers to sell their homes, they had voluntarily taken up the shield, for helping past clients, friends and family, to stay in their economically challenged homes during these difficult times.
Currently, they were averaging one or two calls a day, running the gamut consisting of the following:
(1) A friend, who bought a house in the 1990s, built up equity, then put on a second mortgage to finance an improve...
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Editor’s note: This is Part 2 of a two-part series. Read Part 1.
Last week, I went over the steps involved in getting a loan modified. This article examines which, if any of these steps, may require a borrower to seek help.
The bottom line is that many, perhaps most, borrowers can handle it all themselves, but some may need an assist here or there. And some ma...
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GreatWest GMAC Real Estate professionals are continuing to hear from troubled homeowners, who are hoping to get a better mortgage, or take advantage of the lower interest rates currently available.
However, the news media has provided many reports about foreclosure scams, and many folks are a little gun-shy of beginning the process that could improve their financial lot.
There are a number of qualified, honest and caring professionals trying to help with loan modifications. But the question remains – How do you identify a legitimate agency from a scam?