Interest Rates at Historic Lows
July 8, 2010 by Brad English · Leave a Comment
This week’s July 5-July 9 Freddie Mac survey showed the 30 year fixed mortgage interest rate average at 4.57%, down again from last week’s low of 4.58%, according to the California Association of REALTORS. Borrowers will need to put 20% down and pay 0.7% of the loan amount in fees to obtain that rate. This is [...]
Foreclosed Homeowners Who Refinanced Shielded From Lenders on Deficiencies
June 4, 2010 by Brad English · Leave a Comment
Homeowners and Realtors won a huge victory June 3rd when the California Senate overwhelming passed a new foreclosure protection bill despite heavy resistance from lenders. Until now, distressed owners who refinanced their original mortgage but lost their home to foreclosure anyway were liable for the difference between what they owed and what the home was sold for at auction. Such [...]
No More Tax Liability On Short Sale Debt
April 13, 2010 by Brad English · Leave a Comment
Great news: California homeowners who are forced to sell their homes for less than their mortgage amount are no longer subject to taxation on the forgiven debt at either the Federal or state levels, the California Association of Realtors has announced today. Senate Bill 401 was enacted into law yesterday and covers indebtedness of up to [...]
Administration Announces New Loan Modification Requirements
March 13, 2010 by Brad English · Leave a Comment
There’ s more good news for homeowners who are having difficulty making their mortgage payments. The Treasury Department and the Department of Housing and Urban Development (HUD) have announced new requirements designed to increase the number of permanent loan modifications granted, the LA Times reports. Unsatisfied with the success of the Home Affordabe Modification Program(HAMP), so far, the administration is scheduled to begin the new [...]
Successful Loan Modification Numbers Improving
March 13, 2010 by Brad English · Leave a Comment
The number of homeowners benefiting from the Obama Administration’s Home Affordable Modification Program was up 17% in January over the previous month, the Wall Street Journal reported recently. HAMP, as it is called, was launched a year ago and is designed to help homeowners having difficulty making their monthly mortgage payments modify the terms of their loan to prevent [...]
The Founding of San Clemente: The Spanish Village by the Sea
February 4, 2010 by Brad English · Leave a Comment
Call me old fashioned, but I am fascinated by the history of peoples and places. Did you know, for example, that December 6th, 1925 is the anniversary of the founding of the city of San Clemente by investor Ole Hanson? What a story!
After years of searching for a location where he could build his [...]
