Station Fire Over La Cañada Flintridge Continues To Grow In All Directions - cbs2.com

Station Fire Over La Cañada Flintridge Continues To Grow In All Directions - cbs2.com

Loan Modifications

Consumer guide to loan modifications…

March 26th, 2009

I came across this very interesting article today and I thought some of you might like it too.

The California Association of Realtors CAR published this… please read on

This week’s C.A.R. Mortgage Update contains information about mortgage modifications; the Federal Reserve’s plan to purchase government-backed IOUs; jumbo loans; mortgage support Web sites; condo rules; mortgage rates; how banks are preparing for President Obama’s housing plans; and increases in mortgage fees.

A consumer’s guide to mortgage modifications
With approximately 81,000 properties in California receiving a foreclosure filing in February, and one in five homeowners underwater nationwide, many consumers are seeking mortgage modifications, but may not understand how they work.

A loan modification is generally a temporary adjustment to a home loan that lowers the monthly payments by reducing the interest rate the borrower pays. In most cases, borrowers are eligible for loan modifications if they can prove their troubled mortgages can be brought back to good standing with the modification.

Consumers interested in learning more about loan modifications should contact a mortgage counselor at an agency certified by the U.S. Dept. of Housing and Urban Development (HUD). A list of agencies can be found online at www.hud.gov.

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Pleas be sure to contact me Lynnell Woodward at (818) 482-6690
Or visit my website at

http://lynnellsells.com/

Publish Post

Are we at the bottom yet?

Have we hit bottom, that is the question of the week. It appears that there is a bit more activity in the market place but are the prices going to continue to drop or is it going to pick again soon. Tune in next week and I will be able to tell.

The Buzz around town is...
Foreclosures are coming- where are the foreclosures- where are the deals?
Everyday I hear the same thing. Well guess what everyone they are here and the word on the street is there are more coming. In Sunland Tujunga I am seeing a few pop up on the market every week. Now that the Feds are looking to up the conforming loan amount it will make it much easier to buy your first home or move up.
We should know what our new loan limits within the next few weeks!
Good luck and happy house hunting!
Let me know what the buzz you hear around town!

Southern California Real Estate

http://www.lynnellsells.com
Single Family home for sale in Tujunga Southern California
2.13 acres, possible horse property
Call Lynnell Woodward at 818-541-7308

Blogger Buzz: DonorsChoose and your blog

Blogger Buzz: DonorsChoose and your blog

Today in Real Estate

There are more and more houses coming on the market everyday and we are seeing more price reductions than prior months. In our local market many of the homes are sitting and not getting the activity that we saw earlier this year. Why is this? Well one theory is the buyers are waiting for the market to plunge further. Another is the buyers are thinking that interest rates will still go lower perhaps to rates we saw a year or two ago. Another is that the foreclosure market is going to infiltrate our "normal" market and prices will plunge. What we do know is that currently the interest rates are still at an all time low for the conventional loan and jumbo's are hovering right around 7% how low does the market need to go without affecting the interest rates? We do know when prices drop interest rates go up; is this going to happen again? I would love to hear from you...