Mortgages still out of reach for Valley Fresno Bee
But Gomez is too far underwater to be approved. He bought the four-bedroom, three-bathroom house in northwest Fresno for nearly $400,000 and still owes $310,000, but the house is now worth about $280,000.
Gomez has never missed or been late on a payment and even put 20% down on the house, but lenders have told him it's not enough. "It's very disappointing to see that I'm trying to keep up my end of the bargain with my lender, like being on time and trying to make my payments," Gomez said. "It's upsetting that I can't take advantage of the great interest rates."
Statewide, refinances made up 80.5% of the mortgage activity in September, according to the Mortgage Bankers Association. Nationwide, 77.6% of the mortgage applications are refinances, the association says.
There are no comparable refinance figures for the Valley. But other data suggest the extent of the Valley's challenge.
In Fresno, 45.5% of the residential properties with a mortgage were underwater, or owing more on their property than it is worth, according to a second-quarter report from CoreLogic, a real estate tracking company in Santa Ana. Another 5.4% of owners had less than 5% equity in their homes.
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Which bank offers the lowest interest rate for mortgage refinance in California?
I need to refinance my second/investment home in Milpitas California and I'm looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. Preferably a loan program with minimum monthly payment is preferred.
find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)
A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.
Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp
Which company is the best home mortgage lender to refinance with in california?
I am interested in refinancing my current loan to a fixed rate 30-yr loan. I'd prefer to deal with a lender that is in california. any recommendations? i'd like to hear about your personal experience with the company recommended. thanks!
It all depends on your credit score, type of property, length of loan, etc. You just have to shop them to find the best deal.
We have used a mortgage broker in the past. They run your information through a number of lenders and come back with the best deals they can find.
Some will say that brokers make money off your loan. I understand that they do, I still compare the programs to find the best for me. I don;t care what they make as long as it is a good deal to me.
I am a Mortgage banker in TN & KY
My refinance was ultimately done through a local broker here in Southern California. I used a great website to find the broker. The website that I used will eliminate the fees involved in doing a refinance. It's a pretty cool concept. Hope this helps.
Is there a temporary relief loan program for California homeowners who have a tough time paying the mortgage?
I heard about the new loan programs that allow home owners to refinance their mortgage to a lower interest, but those who qualify need a decent credit, certain income, and their homes need more equity than what they borrow. But what about those who are really suffering and have none of those above?
Unfortunately then you will join the ranks of those that have or are losing their homes. No credit, no income and no equity means pay for what you signed for. Sorry but not my fault you overextended yourself, buying way more than you could afford. Do not think my tax dollars should bail you out because of your foolish dreams, and not living in reality.
How can I obtain statistics regarding #'s of refinances in California and other mortgage related stats in CA?
I am looking for a website or some other avenue for retrieving statistical information regarding the number of home loans set to adjust in California in 2008, Number of loan origination is California in 2007, Number of purchases in CA in 2007, etc... If anyone knows of an easy way to find this info please let me know. THANKS!!!!!
I am pretty sure that realtytrac has all of that information. They have a great stats section and that is who you see when they report the foreclosures on the news.
Ethics aside, what is keeping me from walking away from my home in California?
I bought a home in a shitty neighborhood in Northern California 3 years ago for $460,000.
I owe $373,000 on it now.
My house just appraised for $250,000.
I had a baby in 2007. My outlook on life has TOTALLY changed. I'm now thinking "oh God, there is NO way I want to send him to the public schools around here or have him grow up witnessing the way people around here act and talk in public. (lowwwww claaass, THE definition of it, trust me)
I cannot refinance and my mortgage company said they are not willing to adjust my loan because I make too much money and have no credit card debt and no car payments (yeah, im totally bragging for those of you who sit on yahoo answers reading questions all day trying to come up with clever put downs).
My credit score is 790, I have NEVER EVER missed a payment in my life, we have mortgage protection, life insurance, everything we need to cover our ass if we can't make our mortgage payments.
I have enough cash to put down on a HUGE house in a BEAUUUTIFUL neighborhood. My mortgage payment would be $1,000 LESS than the crappy house i'm in now, I would be able to send my son to a public school in the area and I wouldn't be surrounded by "ghetto-ness"... yes, that's a word... lol. If you lived here, you would SO know what I mean. I was only 22 when I bought the house... that should explain everything.. Woooops, im human, i made a mistake... but its ALL i could afford at the time.
My father-in-law has offered to use his credit and our cash to put us in the house of our dreams. He already owns his house, all the investment properties he wants, a retirement home, a vacation home, has a sh*t load of cash, so he wont necessarily "neeed" his credit any time soon. We would only be "using" his credit for 2-7 years until we can assume the loan. I heard you are eligible to apply for a new home loan in 2 years now that foreclosures are "the in thing" lol... but i dont trust much of what I hear on the streets so i'm going to say "2-7 years."
MY QUESTION for any tax consultants, mortgage professionals, lawyers, anyone out there who can help with USEFUL information, etc..
what are the down sides to this?
Retarded comments/worthless information will be disregarded.
THAAAAANK YOUUUUUUUUU : )
Home insurance is actually very flexible. I'm not sure about California regulations, so I recommend you call a nearby home insurance agent. http://www.goodinternetdeals.com/Home-Insurance.html They will be able to assist you.
1. Kiss your great credit goodbye, for who knows how long. Your score will drop a minimum of 150 points.
2. Since you have a good income, what would stop the banks from coming after you for the balance owed on the home? Once your $373,000 mortgaged house goes through foreclosure, the bank will add: foreclosure fees, taxes, real estate commission, loss on sale, legal fees, upkeep fees, etc. etc. Your $373,000 debt would quickly balloon and the banks are not selling foreclosures quickly. You think the house is now worth $250k, do you think it would sell for that? All of a sudden, instead fo a $123k shortage, you would be looking at close to $200k on a house you no longer own.
3. The banks, now owned by the government, will start coming after those people that walked away that still have jobs. They will have to because truly the government owns them now and they need to make Uncle Sam happy to keep the gravy train rolling.
I'm sorry you are in the situation you are in, but investments-even houses-are not guaranteed.
Good luck.
Moving along to the NEXT scenario. if you use Daddy's credit to obtain a different mortgage, you will not be able to use any of the mortgage interest paid as a tax deduction. Why ? Because, in order to take such a deduction, you must be the listed borrower(s) on the mortgage. Form 1098, listing all the interest paid, will be sent to Daddy. The IRS won't be pleased if you try to take that deduction when it's not in your name.
Am I protected under the anti-deficiency statute law in California if i defaulted on my mortgage?
I'm one of those unfortunate homeowner who purchased a home during the boom and also got one of those adjustable mortgage. I've been paying my mortgage on time and am not behind on my payment whatsoever. But my payment will start adjusting in a few months and the value of the house has taken a dip and I was told if I want to refinance my current mortgage, I would need to come up with the differences in order for my bank to refi. So my question is this, if I'm not able to come up with the money does that mean I cannot refinance? Am I shit outta luck? I've been responsible for my debt and I got screwed over my loan because my former loan officer did not disclosed those critical terms and loan details. On the closing day at the escrow office, my former loan officer wasn't even there at the signing. She told me just show up and sign the documents and I was naïve and I did it. Do I have a case against this loan officer if I plan to sue her? The bottom line is, if I stop making payments and eventually foreclose the house, does the bank has the right to come after me for the differences that didn't satisfy the loan because of the anti-deficiency statute in California? Am I protected under that law? The house is my primary residence and it has never been refinanced. My current loan is an 80/20 piggy back loan, with a 2yr fixed/adjust every 6 months. I'm just worry that the bank will come after me for the differences if I do foreclose on the loan. Any suggestions? Ideas? Alternatives? Is there any way I can avoid foreclosure? Any government agency I can turn to for help? I'm very stressed out so please advice! Thank you!
Hi, I am a broker in California in Southern California and I help people in foreclosure. Like the broker above me, I want to state: I am not an attorney and you should consult with a real estate attorney for legal advice.
Anyway, we are a trust deed state and therefore they cannot get a defieciency judgement from you. If you foreclose, they might 1099 you for their loss. So it shows up as income on your taxes and you will need to pay taxes on that next year.
Your best option is to try to refinance if possible. Even though your home took a hit, you still might be able to refi without putting cash out of pocket. After that, I would suggest a short sale instead of letting it go into foreclosure.
In regards to sueing anyone, I have lawyers who look to see if your lender violated Regulation Z or the Truth In Lending Act. If they did, they can sue your lender and might get you compensated as well while delaying the foreclosure.
I personally don't meet my clients at signing as well, but I make sure I go over all the disclosures and loan programs before they sign anything.
If you're in SoCal, let me know and I'll see what I can do for you.
Regards
Start by looking for consumer advocacy groups in your area, as they either have some one to help you develop a strategy to deal with the lender or can refer you to someone who can. I am sure there are specialist available from such a source.
Quickly devise a plan with the specialist from the consumer group or an attorney and eventually call your lender, they might be willing to work with you. They probably have a whole department of people to deal with a situation like yours. Unfortunately, you are not alone. Before you call, have a plan for what you can do. Be ready when they ask that question. Don't wait until you can't make the payment, call while you're still in good standing.
They don't want your house, if they can help it. They're in the money lending business, not the real estate business. Typically they lose $$ significantly when they foreclose.
On taking legal action, seek out an attorney for a free consultation. Also the loan officer is licensed by the California Department of Real Estate and you can file a complaint. They have an office in Los Angeles and Sacramento.
By the way, it may take a couple of years, but the value of your home will come back and eventually soar. I have studied California real estate values going back 30 years and it always comes back. So if you can find a way to hang in there, you'll not only salvage your hard earned credit rating but come out ahead.
Sorry for your mess and stress.
Funding for log-style construction vacation home, refinance?
I am a mortgage broker searching for a funding source to refinance a 2nd home in northern California. LTV will be under 75%, credit scores over 700 and full doc. Property is the question, exterior is log cabin style and rock facia. Interior is finished drywall with log style beams in roof and rafters. Loan amount will need to ba jumbo - $550,000. Does not qualify as conforming jumbo. Any thoughts?
brokeroutpost.com- ask in general area all your answers will be givin in seconds.
scottsmanguide.com - get a subscription
stay away from hard money lenders or broker out deals. deal seems simple and easy to close.
http://www.orbitbusinessloans.com/
http://www.orbitmerchantsolutions.com/
If you bought someone out on a primary residence, is it a money purchase loan protected by California anti-def
anti-deficiency law meaning once the bank foreclosed the property; they are not allowed to come after me for the balance that didn’t satisfy the loan balance after the sale of the auction.
So I originally purchased the house in 2002 with my wife. Then she wanted to leave so I bought here out to transfer the title and mortgage to me. An additional 30k in home equity became part of the new mortgage and was paid to her. The sellers were listed as herself and me and the buyer was listed as me but with a different form of my name. Does this financing count as a money purchase loan that is protected against deficiency judgments in foreclosure or is it just a refinance that would have no protection in foreclosure?
I have paid off around 20k of the total mortgage. Does that mean they can only come after me for 10k now in foreclosure or can they come after me for the full mortgage amount of 260k?
Once you refinanced and took the 30k you exempted yourself from anti-deficiency. You are going to be liable for the entire amount of money you spent.
Adjustable rate coming up on my mortgage.80/20 loan?
I live in southern California, I currently have an 80/20 loan and the 80% is going to adjust. I'am in the process of refinancing but it isn't looking too good for me, I have about 20,000 in equity according to a recent home appraisal but I'am still having problems getting a loan. The payments will go up around $700.00 when it adjusts and it will be almost impossible to pay. Should I contact my Mortgage company now and see if they can work with me and if so what is the likely hood that they will work with me? I would like to avoid a short sell or obviously foreclosure. What are some of my other options? I have fair credit and good income. Beneficial is the company the loan is through.
Contact your mortgage company NOW and explained the stitition today and see if they can help you or refi your home.
You also think about refi into FHA loan if your loan amount is low.
What kind of loan can I get to pay off a Mobile Home?
My parents own an older mobile home (1972) in California. They owe about $30,000 & their interest rate is at about 11%.
They are unable to refinance to a lower rate because the mobile home is an older mobile home & they technically don't have a mortgage bc it is considered "Personal Property". It is detached from the land & they rent the land in a mobil home park....so they do not own the land.
Is there a certain type of loan they can get to pay off their current loan? They would like to lower their interest rate & monthly payment.
Any advice?
Thanks!
Doubtful anyone would lend money using that as collateral. It was not even manufactured up to HUD standards.
california california home loan loan mortgage refinance refinance - News
US mortgage applications spike on refinance demand Reuters
HispanicBusiness.comUS mortgage applications spike on refinance demandReutersBy Lynn Adler NEW YORK, March 18 (Reuters) - US mortgage applications surged last week, driven by a spike in demand for refinancing as the average 30-year fixed-rate home loan rate fell, the Mortgage Bankers Association said on Wednesday. US MBA’s Mortgage Applications Index Increased 21% Sacramento homebuyers rush to refinance at lower rates West Covina, California Mortgage Consultant Reveals Insider Loan
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Fed's move to unlock lending market could send mortgage rates well... San Jose Mercury News
Voice of AmericaFed's move to unlock lending market could send mortgage rates wellSan Jose Mercury News, USAMortgage rates, already low, were expected to drop well below 5 percent in response. Mortgage brokers were elated. Economists said the move could buoy the California housing market by encouraging purchases and refinance activity, possibly hastening Fed opens drapes to a ray of sunshine on mortgage front
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Obama’s Remarks at Costa Mesa Town Hall Meeting New York Times
Malaysia StarObama’s Remarks at Costa Mesa Town Hall MeetingNew York Times, United StatesThat's why we are creating a fund that will help support up to $1 trillion in loans, including auto loans and college loans. And that's why we've launched a housing plan that will help responsible homeowners save money by refinancing their mortgage Obama pitches economic plans
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Desperate homeowners easy prey for scammers San Francisco Chronicle
Center For American ProgressDesperate homeowners easy prey for scammersSan Francisco Chronicle, USAThe California Department of Real Estate offers advice on loan mod companies at www.dre.ca.gov/mlb_adv _fees.html. Check out attorneys at the State Bar of California's Web site, www.calbar.ca.gov -- Beware of anyone who offers to save your home if you San Gabriel Valley Mortgage Offers Home Mortgage Modification in Help available for struggling homeowners
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A Higher Bar For Those Low Mortgage Rates Washington Post A Higher Bar For Those Low Mortgage RatesWashington Post, United StatesLoans larger than Fannie Mae and Freddie Mac's limits, booked by private lenders, might cost 2 percentage points more than the conforming rate. On refinancing, the fees can eat up any monthly savings you expected. Another cost is private mortgage |