VIP Home Search, Login or Signup; It's All Free
Categories
- Activities and Events
- Buyers
- Carlsbad
- Carlsbad Market Trends
- Communities
- Community Events
- Community Favorites
- Del Mar
- Del Mar Market Trends
- Encinitas
- Encinitas Market Trends
- Foreclosure Prevention
- Home Improvement Tips
- Home Loans
- Interest Rates
- La Costa
- La Costa Greens
- La Costa Market Trends
- La Costa Oaks
- La Costa Ridge
- La Costa Town Square
- La Jolla
- Leucadia
- Market Trends
- New Construction
- Newsletter Recipes
- Oceanside
- Oceanside Market Trends
- Real Estate FAQ
- Relocation
- Restaurants
- San Elijo
- San Elijo Market Trends
- San Marcos
- Sellers
- Uncategorized
- Vista
Archive for the 'Foreclosure Prevention' Category
January 10th, 2012
New potential to refi your “Fannie or Freddie” home
If you happen to have a Fannie Mae loan, and have been unable to get a loan modification, or refinance the home, you may be eligible for a new program. Fannie Mae is looking to help current home owners refinance to take advantage of all time low rates, and increase the likelihood that the home owner will be able to continue to pay.
Fannie Mae has rescinded a requirement that the lender determines the ability to pay before they will allow the home to be refinanced. It’s about time that someone realized that many borrowers are genuinely trying to keep their homes, and that they have been trying to make the payments and refinance. If they already “own” the home, doesn’t it make sense to try to keep that person in the home, rather than have it be another property in the inventory, selling at a discount, just to get it off the market quickly? The owner is less likely to default on the loan at a lower rate and payment – so doesn’t this just make sense?
The other significant change is that Freddie Mac is waiving the credit score requirement to refinance. This one made a little less sense to me at first, but as I thought about it, I think about the fact that lenders have been telling people that they wouldn’t modify their mortgages without them first missing at least three payments. What has that done to the US credit score? Probably pulled it down quite a bit. I have heard countless stories of San Diego home owners contacting their lenders for loan modification, being told to miss payments, and THEN still not getting their modification. Talk about a bait and switch!
This certainly won’t solve all the problems, but it’s a step in the right direction. If you think the new changes may apply to you, please contact your lender. We are always happy to answer questions as well!
December 2nd, 2011
How does my neighbor’s foreclosure affect me?
As we finish out another year, we are starting to see how the year has shaped up in real
estate sales in San Diego county. 
As of the end of October, the median San Diego home price was down to about $357,000 from $364,000 in September. Overall, San Diego home prices are down about 7.1% since last October.
As most home owners are seeing in their neighborhoods, the largest single influence in our prices right now are due to distressed sales. Any time a home goes into a short sale or foreclosure, those homes tend to sell at a lower price, ultimately bringing all of our home values down.
Foreclosures in particular tend to drastically lower prices – with many foreclosures selling for a full 10-20% less than its non-foreclosed upon neighbor.
As less distressed properties hit the market, we will start to return to more normal sale prices – and that is when home values will start to rebound. If you, or someone you know, owns a home that you are not able to continue making payments on, please contact us to discuss a short sale. A short sale will look more favorably on your credit report, as well as your neighbors’ home values.
February 3rd, 2010
You May Still OWE on Your Foreclosed Home, Even Though You Don’t OWN It Anymore
Carlsbad, CA - Are you considering a foreclosure as a way to eliminate that payment?
In today’s real estate market, more and more people are looking foreclosure out of both necessity and financial strategy. If you give back your house, they can’t still hold you accountable for the loan, can they?
Although California is a non-recourse state that typically says no – more and more banks are finding themselves successful in recouping losses from borrowers who refinanced their homes and used the funds for things other than improving the home itself!
In addition to the more severe credit penalties, a debt on a house you don’t even own anymore is really making foreclosures less desirable. If you can not afford to make the payment on your home, you really may want to talk to a real estate professional about the possibility of a short sale instead. In a short sale, you actually sign documents with the lender, releasing yourself from the obligation of the loan. If you have any questions at all about your possibilities of a foreclosure or short sale, please contact The Mewborn Team. We would be happy to schedule a no obligation marketing consultation.
November 30th, 2009
Carlsbad Real Estate News – Credit Score Damage Points
| DAMAGE POINTS: HOW MISTAKES AFFECT FICO SCORES |
||
|---|---|---|
| Credit mistake | If your score is 680 | If your score is 780 |
| Maxed-out card |
Down 10 to 30 pts. |
Down 25 to 45 pts. |
| 30-day late payment |
Down 60 to 80 pts. |
Down 90 to 110 pts. |
| Debt settlement |
Down 45 to 65 pts. |
Down 105 to 125 pts. |
| Foreclosure |
Down 85 to 105 pts. |
Down 140 to 160 pts. |
| Bankruptcy |
Down 130 to 150 pts. |
Down 220 to 240 pts. |
| Source: FICO | ||
Carlsbad, CA - You may know your credit score – but do you have any idea how it is calculated? In a formula that is so secretive that they could tell you – but then they’d have to kill you, we never know how our actions will affect that score.
How will your credit score change if you close a credit card? Should you go through the hassle of a short sale, or just allow your house to go into foreclosure? What if things are tight, and you go over your credit card limit?
Your credit score is a three digit number normally between 300 and 850. It is the number used to determine the risk of giving you a loan.Scores over about 715 are considered good scores, and typically will get you the best interest rates. Scores over 600 and under 715 are moderate scores.
And although you may get a loan, you may pay a premium interest rate to get it. Scores under 600 are typically considered to be a high risk borrower. These borrowers either may not get a loan, or may pay much higher interest rates on their loan.
October 20th, 2009
Carlsbad, CA Mortgage Modifications Not as Simple as Originally Hoped
Carlsbad, CA - According to CNN Money, Half a million people are now in trial modifications under the Obama administration’s mortgage rescue plan, but getting them permanent help is proving to be much more difficult.
The foreclosure prevention plan, is meant to reduce eligible borrowers’ monthly payments to no more than 31% of their pre-tax income. In order to qualify, a homeowner must make three on-time monthly payments before they can receive a permanent modification. Read the rest of this entry »
August 24th, 2009
Carlsbad Real Estate For Sale – Is a Rent To Own Right For You?
Carlsbad, CA – With Carlsbad real estate buyers scarce and Carlsbad mortgages tight, some home sellers are offering rent-to-own options to potential buyers in place of your traditional transaction.
Rent-to-own contracts, usually require buyers to pay a premium on each month’s rent and sometimes an up front fee/deposit of about 5% of the purchase price. The regular rent then goes in owner’s pocket (presumably to pay the mortgage), but the additional payments are used to buy down the price of the home. Read the rest of this entry »
June 24th, 2009
Carlsbad FAQ – What’s The Difference Between a Short Sale and a Foreclosure?
Short sale – the sale of a property for less than is owed to the lender. The lender must agree to take less for the property. The current owner is involved in the sale of the property. Read the rest of this entry »
Mike & Amy Mewborn Real Estate Specialists
Mike: 858.205.2000
Amy:760.213.6653
Recent Posts
- A Weekend Favorite – Claire’s On Cedros
- Have you visited the NEW La Costa Resort?
- How accurate is Zillow’s Zestimate?
- Bank Owned Homes and Pre-Foreclosures sell at Lowest Prices
- No Increases in San Diego Home Prices Until 2014?
- Celebrity Homes – Jennifer Aniston
- La Costa Oaks New Construction – Available Right Now
- La Costa Oaks Neighborhood Meetings This Week
- San Diego Restaurant Week EXTENDED!!!
- Carlsbad Marathon on Sunday – Road Closures
Interest Rate Watch
31 Day
- January 2012 (25)
- December 2011 (4)
- June 2011 (1)
- November 2010 (1)
- September 2010 (2)
- May 2010 (1)
- April 2010 (1)
- March 2010 (4)
- February 2010 (4)
- January 2010 (10)
- December 2009 (9)
- November 2009 (9)
- October 2009 (11)
- September 2009 (16)
- August 2009 (20)
- July 2009 (30)
- June 2009 (25)
- May 2009 (6)
