What is H.O.M.E. ? The Hardship Outlays to protect Mortgagee Equity Act (HOME) is the legislation currently being discussed in Washington. HOME proposes to allow underwater homeowners to make tax-penalty-free hardship withdrawals from their 401(k) retirement accounts to avoid foreclosure. The way the tax code currently stands, individuals who make early hardship withdrawals from their… CONTINUE
15% More to Drop – Prediction for Housing Prices in California
Historical trends don’t lie. At least that’s what “smart people” are saying. And “they” are saying that we have not reached bottom, yet. first tuesday – a real lestate publication that I’ve come to enjoy, and agree with (on almost everything . . . almost) pegged a 15% decline yet to come. http://firsttuesdayjournal.com/the-equilibrium-trendline-the-mean-price-anchor/?utm_source=first+tuesday+Students&utm_campaign=93ae2b9454-Monthly_Email_October_11_2011&utm_medium=email Yale economist… CONTINUE
CA Real Estate Middle Market – No Where to Go, Just Stuck in the Mud.
The Sacramento Bee recently reported that the “move-up” buyer (the one who has the starter home, and now, a growing family) has no way to sell the old house and move – anywhere. A fascinating statistic was reported by the Bee: “Andrew LePage is an analyst with DataQuick, a San Diego real estate information firm…. CONTINUE
A New Nightmare – A Way for Lenders to Avoid Anti-deficiency Rules?
Here’s a thought that ought to strike fear in strategic defaulters… What impact does the “partially worthless security” exception (Calif. Code of Civil Procedure section 483.010(b)) to the “non-recourse” status of a purchase money loan (see the conjunction of CCP 726(a) and CCP 580b and 580d)? If the lender can seek a deficiency – or… CONTINUE
Investing in Real Estate is like Running a Marathon – Without Training First
… especially if you don’t know what you’re doing. A recent article in the NY Times … … hit it right on the head. Which is where you and your clients can get hit if everyone isn’t REALLY careful. It was fun reading. I’d recomend it.
“Senior” Retirement Housing. A Sobering Thought.
Vickie Elmer, of the New York Times recently reported that “About a third of the 65-and-older households that owned a home in 2009 had a mortgage, according to the Census Bureau’s American Housing Survey, which also put homeownership in this age group close to 81 percent during the second quarter of this year.” “And lenders… CONTINUE
Rent to Own – REO. Who Are They Kidding Now?
The L.A. Times recently reported that the Fed is now looking to find ways to dispose of the 248,000 homes it owns (through bank REOs) by either selling them in bulk to investors who will be required to rent them, or to sell them on rent-to-own basis. “One idea could be to create pools of… CONTINUE
Small Claims Limits Increase to $10k. And this is important becasue …?
Code of Civil Procedure §§ 116.221 & 116.224 were amended by Calif S.B. 221 and these changes are effective: January 1, 2012 until January 1, 2015. They increase the amount that an individual can sue for in small claims court to $10,000. (Companies are still limited to only $5,000 per claim.) Why is this important?… CONTINUE
Walk Away from an Underwater Mortgage. Just Do It. It Makes Sense.
Once again, I can say the Banks continue to rob homeowners blind with all the blather about “negative impact” of walking away. Here is yet another article from first tuesday… “Fair Issac Company (FICO) researchers have developed new analytics to predict a borrower’s likelihood of walking away from a mortgage – a strategic default –… CONTINUE
Take This Loan and … Well, Take This Loan.
As you know, I have been preaching that “Strategic Defaults” are – often – a good thing for a borrower. first tuesday agrees. “If mortgage lenders will not lend homeowners a hand, then homeowners can force lenders’ hands by exercising their right to default, made imperative by a loan-to-value ratio (LTV) above 125%. Waiting for… CONTINUE
Is anyone paying attention out there?
“Stewardesses” is the longest word typed with only the left hand .. And “lollipop” is the longest word typed with your right hand. TYPEWRITER is the longest word that can be made using the letters only on one row of the keyboard. The sentence: “The quick brown fox jumps over the lazy dog” uses every… CONTINUE
This call is being recorded…???
Calling a Bank about a loan is THE most frustrating experience … even more so than sending in a loan mod request package — for the 15th time. From a legal perspective, it gets worse, especially when “Joy” or “Nancy” tells you one thing (like, “You’re approved for our internal Loan Modification Program…”) but refuses… CONTINUE
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