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December 23, 2011
Strategic Defaulters Influenced by Social Persuasion: Study |
December 21, 2011
Mortgage Redefaults Fall in Third Quarter After Larger Payment Reductions |
December 20, 2011
Experts Continue to See Long Road Ahead in Housing Recovery |
December 15, 2011
Scheduled Foreclosure Auctions Soar in California |
December 07, 2011
Mortgage Modifications Wind Down As Foreclosures Heat Up |
December 04, 2011
Home Prices Will Continue To Plunge, And 2013 Will Be The Worst Year For Foreclosures In History |
December 03, 2011
Have You Heard About The 16 Trillion Dollar Bailout The Federal Reserve Handed To The Too Big To Fail Banks? |
December 01, 2011
Wells Fargo Says California's Economy "in flux" Next Year |
November 30, 2011
Foreclosure Crisis Isn’t Even Halfway Over, Analysis Finds |
November 29, 2011
As Home Prices Sink, Home Ownership Heads to New Lows |
November 27, 2011
Some Failed Institutions Always Foreclose - FDIC Sponsored Fraud |
November 21, 2011
New HARP 2.0 Guidelines Announced |
November 18, 2011
Why HARP 1.0 Failed |
November 15, 2011
Southland Home Sales Inch Up from 2010; Median Price Down Again |
November 08, 2011
Half of US Mortgages Are Effectively Underwater |
November 07, 2011
Zillow: Market Will Not See Bottom Until at Least 2012 |
November 04, 2011
Should Fannie, Freddie Write Down ‘Underwater’ Mortgages? |
November 01, 2011
Millions of Homeowners Eligible for Foreclosure Review - Hotline Now Open |
October 30, 2011
U.S. Housing has Added Problem: Mortgage Insurance |
October 18, 2011
California Foreclosure Activity Back Up, Los Angeles County Foreclosures Up But 11.3% less than 2010 |
October 13, 2011
Los Angeles County Home Resale Activity for 3rd Quarter 2011 |
October 08, 2011
Half of Prime Mortgage Borrowers Will Soon Be Underwater |
October 12, 2011
Supreme Court Declines to Review MERS Challenge - Upholds Right of MERS to Foreclose in California |
October 05, 2011
Federal Judge Dismisses 72 Suits Against MERS |
October 04, 2011
Short Sales - Buy and Bail? Or, Bail and Buy? |
October 01, 2011
FICO Survey Says: “Sharp and Deep Turn to Pessimism” |
September 30, 2011
California Breaks from 50-State Probe into Mortgage Lenders |
September 30, 2011
Fewer Loan Modifications Completed |
September 27, 2011
1 in 5 Modified Loans Default Again: Comptroller |
September 19, 2011
Wronged Homeowners May Soon Seek Bank Relief |
September 14, 2011
Huge Surge in Bank of America Foreclosures |
September 13, 2011
2.06 million California Homes and 10.9 Million Nationwide Have Negative Equity. |
September 12, 2011
Freddie Mac Rolls Out New Standard Modification |
September 09, 2011
9th Circuit Court Ruling Legitimizes MERS |
August 31, 2011
Another Federal Housing Bailout Won't Happen |
August 23, 2011
PMI Group Units Forced to Stop Writing New Insurance |
August 22, 2011
Study: Less Than 3% of Mortgage Mods Involve Principal Reductions |
August 12, 2011
HAFA Short Sale Program Gains Steam with Completed Transactions up 55% in June |
August 05, 2011
Mortgage Insurer PMI Group May Have to Stop Selling Policies, Could Close |
August 04, 2011
Bank of America Agrees to Write Down Principal Through State Program |
August 03, 2011
Forces Facing The Housing Market |
July 26, 2011
Ocwen Financial Offers New Loan Modification Program |
July 25, 2011
Study: Three More Years Until Home Building Returns to Trend |
July 19, 2011
Just 11% Expect Their Home’s Value To Go Up Over Next Year |
July 19, 2011
Huge Jump in Housing Starts Does Not Point to Solid Recovery |
July 15, 2011
California Law Extends Deficiency Protections To Subordinate Liens |
July 15, 2011
Bank Delays May Push 1 Million U.S. Foreclosure Filings to 2012 |
July 14, 2011
Mortgage Insurer PMI Predicts Home Prices will be Lower in March 2013 Than They Were in March 2011 |
July 13, 2011
Bankers Pessimistic About Future of Mortgage Delinquencies |
July 09, 2011
National Assn. of Realtors - 3 Years Needed to Clear ‘Distressed’ Homes |
July 07, 2011
Aid for Unemployed Homeowners Boosted by Obama Administration |
July 07, 2011
CNN Survey - Housing Prices: No Rebound in Sight |
July 01, 2011
Fewer Than 5,000 Homeowners Have Received HAMP Mods With Principal Reductions |
June 30, 2011
Pimco’s Simon: There Was Never a Housing Recovery |
June 29, 2011
Report: Troubled Mortgages Still Plague Banks |
June 26, 2011
Mortgage Principal Write-Downs Lag Even With States Paying |
June 22, 2011
Don't Let Falling Foreclosure Numbers Fool You |
June 20, 2011
U.S. Government Will Dominate the Mortgage Market for a Long Time |
June 14, 2011
California Appeals Court Declares MERS Proper Beneficiary |
June 13, 2011
Southland Home Sales, Median Price Post Steeper Declines From 2010 |
June 11, 2011
HAFA Short Sales up Over 70% in April |
June 10, 2011
Treasury withholds $24 million in payments to Bank of America, Chase &
Wells Fargo |
June 08, 2011
California Foreclosure Prevention Program Gets Support of 20 Servicers |
June 07, 2011
New CoreLogic Data Shows Slight Decrease in Negative Equity |
May 31, 2011
National Home Prices Hit New Low in 2011 Q1 According to the S&P/Case-Shiller Home Price Indices |
May 27, 2011
Steep Decline in Pending Home Sales In April |
May 20, 2011
How the $8,000 Tax Credit Cost Home Buyers $15,000 |
May 18, 2011
54 percent of American Adults Now Believe Housing Recovery Remains Unlikely Until 2014 or Later |
May 16, 2011
California April Home Sales Fall |
May 12, 2011
Strategic Default: Inconceivable Assumptions Suddenly Conceivable |
May 08, 2011
Home Prices Fell 3 Percent in the First Quarter |
May 06, 2011
Obama Anti-Foreclosure Efforts Still Falling Short |
May 02, 2011
LPS Shows March Foreclosure Starts Increasing 33% |
April 28, 2011
GSEs Issue New Servicing Guidelines for Delinquent Mortgages |
April 28, 2011
Recovery for U.S. Bank Loan Delinquencies Stalls: According to Trepp LLC |
April 27, 2011
Home Ownership Rate Drops to 1998 Level |
April 26, 2011
Home Prices Edge Closer to 2009 Lows |
April 25, 2011
U.S. Home Prices May Decrease 6% to 11% This Year, Morgan Stanley Says |
April 18, 2011
BofA CEO: Owners Shouldn't Look at Home as an Asset |
April 14, 2011
California March Home Sales down 2.4% from March 2010 |
April 13, 2011
Southland Home Sales Still Slow, Prices Edge Down |
April 12, 2011
BofA Chief Says More Foreclosures Inevitable as Repeated Defaults Top 50% |
April 08, 2011
32 Million Struggling to Pay Mortgages |
April 07, 2011
California Home Prices Biggest Dip in 16 Months |
April 01, 2011
Obama Administration Efforts to Help with Short Sales & Second Mortgages Not Succeeding |
March 31, 2011
JPMorgan's Dimon: No Mortgage Writedowns |
March 30, 2011
Unlisted 'Shadow' Inventory of 1.8 Million Homes Looms Over Housing Market |
March 29, 2011
Home Prices Off to a Dismal Start in 2011: Home Price Double-Dip Materializing |
March 23, 2011
New Home Sales Tumble to Record Low |
March 17, 2011
Gallup Finds U.S. Unemployment at 10.2% in Mid-March, Broader Underemployment at 19.9% |
March 16, 2011
Southern California Home Sales Lowest Since February 2008 |
March 14, 2011
The Home Affordable Refinance Program (HARP) has been Extended for Another Year |
March 12, 2011
Principal Reduction Debate |
March 10, 2011
Paperwork Issues Still Stall Foreclosures |
March 08, 2011
Principal Reduction Debate: Federal Reserve |
March 05, 2011
State's Attorney Generals Send New Proposals to Major Banks |
March 03, 2011
Making Home Affordable Modifications Finally Top 600,000 |
March 01, 2011
HSBC Halts Foreclosures |
February 23, 2011
IRS Outlines Tax Consequences for Financially Distressed Homeowners |
February 17, 2011
California Foreclosure Starts Up 7% |
February 10, 2011
Foreclosures Are Falling - But it's a Fake Out |
January 31, 2011
FHA Short Refinance Program Has Resulted in Only 15 Refinances |
January 26, 2011
TARP Report: Homeowner-Aid Efforts Are Falling Short |
January 20, 2011
Mandatory Foreclosure Intervention Makes FHA a Better Loan |
January 19, 2011
Fannie Mae OKs Foreclosure Delays for Hardest Hit Fund Assistance |
January 13, 2011
Record 2.9 Million U.S. Properties Receive Foreclosure Filings in 2010 |
January 11, 2011
“Keep Your Home California” Program Launched Today
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Short Sale or Loan Modification? Which is Right for You?
Loan Modification: The table below shows estimated modified payments excluding taxes and insurance.
Even though your home is underwater, if the modified payment is low enough you may decide to keep the property either permanently or
make payments temporarily until the timing is right for you to seek an alternative solution.
| Loan Balance |
Principle & Interest Payment* (40 Year Amortization)** |
Principle & Interest Payment* (30 Year Amortization)** |
| $200,000 |
$ 606.00 |
$ 739.00 |
| $300,000 |
$ 908.00 |
$1108.00 |
| $400,000 |
$1211.00 |
$1478.00 |
| $500,000 |
$1514.00 |
$1848.00 |
| $700,000 |
$2119.00 |
$2587.00 |
| $900,000 |
$2725.00 |
$3326.00 |
| * Estimated payments do not include Property Tax & Homeowners
Insurance. Payment amounts are fixed for a period of 3 to 5 years in most cases.
Normally after the fixed period the payment will increase over a period of
years to the current market rate at the time of the modification.
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| ** Amortization term may be extended to 40 years, reset to 30 years or will remain the same. |
| All figures are for illustrative purposes only. |
If you feel a loan modification is the right way to go or you would like to go through the process and find out how low a payment the bank will offer you we can help you.
Why California Homeowners Hire Us:
- We have more experience. For over 6 years we've been helping California homeowners
modify their loans and lower their monthly payments.
- We know how each lender works. We've worked with almost every lender and service company there is, the majority of them on a daily basis.
- We understand the situation from both borrower's and lender's point of view and work to mediate a successful solution for all parties.
- You don't have to worry about something going wrong. We have the experience and knowledge to guide you through the process.
- We will address your concerns and worries throughout the process and update you on a weekly basis.
- We position your case to take advantage of the best possible terms your lender can offer.
- We keep you updated throughout the process. Modifications take anywhere from 30 to 90 days.
- We don't take NO for an answer. We demand your lender offer a modification that's doable and affordable.
- Even after you've signed your modification documents we make sure your lender implements your modification correctly.
- You can call us anytime. We're available from 9:00 am to 8:00 pm Monday to Friday and Saturday from 9:00 am to 3:00 pm PST.
No Upfront Fees
For the Month of December Only we've lowered our loan modification fee to $595.00. Our goal is to work with as many California homeowners as we can this month to help them keep their homes and negotiate
payments they can afford.
Let us be your Advocate.
We are Licensed Real Estate Professionals with the experience and knowledge of the lending industry to resolve your situation in the most favorable terms possible.
Although lenders in most cases do not want to foreclose on your home, you may be experiencing frustration in dealing with their bureaucracy and having your concerns and questions addressed in a professional and competent manner.
A recent Freddie Mac, Roper survey of delinquent borrowers found nearly two-thirds were unaware of their workout options. Why? Because their lender didn't bother to inform them.
In many cases, borrowers end up agreeing to a workout plan, far less favorable than otherwise possible, due to a lack of experience and knowledge in negotiating with lenders.
Is a Short Sale Better for Your Situation?
A Short Sale is when a home is sold for less than the amount owed and the lender agrees to settle for less than the full amount.
Why would a lender accept a Short Sale? A Short Sale is a form of loss mitigation, the lender (investor) is presented with a choice between a smaller loss through a Short Sale or a larger loss through foreclosure, so accepting the Short Sale “mitigates the loss.”
The advantage of a Short Sale compared to a foreclosure is that you avoid having a “debt discharged due to foreclosure” on your credit file which can reduce your credit score by over 250 points and keep you from qualifying for a new home loan for up to 5 years. With a Short Sale you can qualify for a new home loan in just 24 months. In fact, some of our clients have qualified for a new home loan in a little over a year from the date the short sale closed.
NEW - California Law Offers Deficiency Protection to Short Sellers
July 15, 2011 - A new California law bars junior lien holders from pursuing borrowers to collect outstanding loan balances after a short sale has been completed.
Gov. Jerry Brown signed SB 458 into law on Friday. It requires all lenders that agree to a short sale to accept the approved sale price as payment in full of the outstanding balance of all first and secondary loans.
Last October, California enacted SB 931 mandating first mortgage holders absolve borrowers of any debt deficiency not covered by the short sale price, however that rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
Charts
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