New Loan Modification Guidelines Start July 1, 2013 by Hector D. Martinez/Owner Mission Realty Services

Great News:
If you've been late on your mortgage and are looking for a loan mod, then hold on. Fannie Mae and Freddie Mac have begun streamlining loan modifications. That is, it will be much easier to get a loan mod today than in the past. Effective July 1, 2013, lenders will be required to send out " Streamlined Modification Solicitation Offer" to borrowers who are at least 90 days delinquent and meet the new requirements. In brief, the following is the list of the main requirements:

1. Your mortgage must belong to Fannie Mae or Freddie Mac. Visit my http://readvocate.org, send me an email and I'll let you know if your loans belongs to Fannie or Freddie.
2. Your mortgage must be at least 12 months old.
3. Your LTV (Loan to Value) must be 80% or higher. Click HERE to calculate your loan to value. For the approximate value of your home, click "What's My Home Really Worth." 

So What's Different? First of all, you will NOT need to document your financial hardship, which was one of the stopping points for a loan mod previously. If you previously made too much money, then you could forget about the loan mod. Also, if you were unemployed, then a loan mod was out of the question because the bank required income for a loan mod. Secondly, the lender will send you your new loan mod terms, called a "Streamlined Modification Offer,", which you could accept. After this, the lender will put you through a 3 month trial - if you make the payments, then the "offer" becomes your new loan. If you cannot make the payments, then you're back to square one.

If you know someone struggling to make their payments or on the verge of foreclosure, have them call me or visit my website at http://readvocate.org. I'm a certified default advocate and short sale expert. Peace.

Hector D. Martiner/Owner Mission Realty Services

Will Higher Interest Rates Hurt the Housing Market in San Bernardino County? by MRshortsale

Broker #01131378

 Your Inland Empire Source of Real Estate News by MRshortsale, aka  Hector D. Martinez, Broker/Owner Mission Realty Services


According to CEO Ara Hovnanian of Hovnanian Enterprises, the Federal Reserve's decision to end the purchasing of mortgage backed bonds, which in turn caused interest rates to increase from 3.25% to 4.25% overnight last week, should not impact the hosing industry negatively. On CNBC today (07/02/13), Hovanian "expressed little concern ... as long as it doesn't go up in a shocking way." In essence, Hovavnian, a large developer of single family residences, stated that "housing demand is driven by population and household growth, so demand for shelter will only increase as the population and households alike swell." Southern California is included in those areas of the greatest rising home prices in the nation, and Hovanian believes that will likely continue.

 Are the rising interest rates a coincidence, or a well coordinated federal decision? At a TIGAR  appraisal class on July 1, 2013, the increase in interest rates was linked to the new wave of buyers. These new "buyers" are the ones who sold their homes in a short sale in 2008 and forward, and now are ready to enter the market as new home purchasers. Although rates have gone up to over 4%, buying a home is a top priority to these new wave of buyers. And it appears they made a great decision - they got rid of tens of thousands of negative debt only to repurchase with no negative debt.

What do you think? Have higher interest rates changed your decision to buy now? Or to sell now? Let me know what you think.

If you know anyone who wants to get the banks off their back and either do a loan modification or short sale, refer them to me and I'll give them 100% sound advice so they they may be able to repurchase their new home in the near future. Peace.

Broker Mission Realty

              

Experts Predict A Slow Down in Housing Prices by MRshortsale

Your Source for Real Estate News and Tips for June 29, 2013

 

Housing Slow Down?

•According to CNN Money as reported by Housing Wire (click to Read More), property values nationwide are predicted to slow down to 8% for the remainder  of 2013. For 2013, real estate housing has increased to 12%, thus representing  a 33% decrease for the rest of 2013. Experts point to a 5.5% increase for 2014, which is 6.5% lower than the first half of this year. In brief, experts believe the slow down in home values is positive because this would prevent homes from being overvalued.  You opine: Is this a good thing for the future market?

If you know a homeowner that is upside down and needs some financial relief and to sell their home or get a loan modification, contact me and clink the link below for a Loan Modification eBook. I specialize in helping homeowners in Chino, Chino Hills, Ontario/Creekside, Upland, and Rancho Cucamonga, and Fontana.

Download Loan Modification EBook 

 

 

   MRshortsale