Monday, March 19, 2012
Friday, February 10, 2012
Mortgage deal could bring billions in relief
On Thursday, federal and state officials announced a $26 billion foreclosure settlement with five of the largest home lenders. California is expected to receive approximately $12 billion in principal write-downs, including through short sales, over the next three years, according to the state attorney general's office.
Making sense of the story
- The deal settles potential state charges about allegations of improper foreclosures based on robo-signing, seizures made without proper paperwork.
- The settlement sets up a federal monitor to oversee the process and try to prevent the challenges that tripped up many homeowners seeking help in earlier programs designed to address the housing crisis.
- Most of the relief will go to those who are underwater on their homes. That relief will come over the course of the next three years, with banks having incentives to provide most of the relief in the next 12 months.
- At least $17 billion will go to reducing the principal owed by homeowners who are underwater and behind on their mortgages.
- Up to 750,000 other underwater homeowners who are current on their mortgages will be able to refinance their current loans at lower rates. They will not receive a reduction in principal, but with mortgage rates near record lows, they could receive substantial savings on their monthly payments.
- Approximately $1.5 billion will go to homeowners who had their homes foreclosed upon between Jan. 1, 2008 and Dec. 31, 2011, and who meet other criteria. They will receive up to $2,000 each.
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Tuesday, February 7, 2012
More mortgage relief from the White House – but congressional ok doubtful
In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Details of that plan were released yesterday. However, funding for the proposed program must be approved by Congress, lowering the possibility that it will be implemented quickly.
Making sense of the story
- Operated by the Federal Housing Administration, the plan would allow underwater homeowners to refinance into cheaper federally insured loans. Borrowers with good credit who are current on their loan payments are eligible.
- The measure also streamlines the process of refinancing an underwater mortgage, eliminating the need for an appraisal or submitting a new tax return.
- To qualify, borrowers must be current on their mortgage, have a minimum credit score of 580, and must be refinancing a loan on a single-family owner-occupied principal residence.
- Lenders only need to confirm that the borrower is employed. Loans that are more than 140 percent of the home value probably would not qualify until banks wrote down part of the balance.
- Congress must approve $5 billion to $10 billion in funding, leading housing experts to praise the plan’s objectives with skepticism of it passing this year.
Sunday, January 8, 2012
3 Bedroom Pool Home W/ Mountain Views. Completely Remodeled.
Standard Sale!!! 12 hour turnaround to all offers. This 3 bed, 2 bath, 1446 sqft pool home is located within walking distance of hiking trails, grocery stores, elementary school, Old Town La Quinta, community pool and tennis. Home has been completely remodeled and features beautiful new laminate wood flooring in living room & bedroom, new carpet in master bedroom, new granite countertops, new interior & exterior paint, refurbished cabinets, new stainless steel kitchen sink, new faucets throughout home, new ceiling fans, double pane windows, new door hardware, new stainless steel appliances and more!!! Enjoy mountain views from your completely enclosed back yard with private patio and pool. Take advantage of low utility bill's in Imperial Irrigation District and being connected to natural gas... and best of all, NO HOA DUES!!!To See Additional Photos CLICK HERE.
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Friday, December 30, 2011
Pool Home in La Quinta Cove!!! 3 Bed 2 Bath 1398sf.
Standard Sale!!! 12 hour turnaround to all offers. This 3 bed, 2 bath, 1398sqft pool home is located within walking distance of hiking trails, grocery stores, elementary school, Old Town La Quinta, community pool and tennis. Home has been completely remodeled and features beautiful new tile flooring in common areas, new carpet in bedrooms, new granite countertops, stainless steel kitchen sink, new cabinets, new interior & exterior paint, new tile roof, new ceiling fans, new double pane windows, new landscaping (with smart timer installed by CVWD), new hardware & fixtures, new stainless steel appliances and more!!! Enjoy completely enclosed back yard with private pool. Take advantage of low utility bill's in Imperial Irrigation District... and best of all, NO HOA DUES!!!CLICK HERE for additional photos.
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Friday, November 18, 2011
Unobstructed Views of Mountains!!! Pool home in La Quinta List Price $264,900
Unobstructed view of the mountain!!! STANDARD SALE, 12 hour turnaround to all offers. This 3 bed, 2 full bath home is located within walking distance of hiking trails, grocery stores, elementary school, Old Town La Quinta, community pool and tennis. Home has been completely remodeled and features beautiful resurfaced saltillo tiles, new granite counters, new cabinets, new windows, new sliding doors, new tile roof, new interior & exterior paint, new ceiling fans, new front & back yard desert landscaping, new door hardware, new stainless steel appliances and more!!! Enjoy completely enclosed back yard with private patio. Take advantage of low utility bill's in Imperial Irrigation District...and best of all, NO HOA DUES!!!CLICK HERE for additional pics...
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Thursday, November 10, 2011
Santa Fe Home In La Quinta!!! Mountain Views. $199,900
CLICK HERE for additional pictures.
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