Banks Halting Foreclosures in California and 23 other states are the latest news on the foreclosure front that can have impacts on the real estate market. Undoubtedly, this creates questions and concerns, here are some of the highlights of the development so far:
One of the banks halting foreclosure that directly affect those of us in California is Bank of America. On October 9, Bank of America announced that it would be suspending foreclosure while it reviewed its foreclosure processes. So far, only Bank of America has extended its foreclosure moratorium to California, where most of the foreclosures are non-judicial. Foreclosure Sign In Front of Home
The other banks halting foreclosures in the 23 states that have judicial proceedings on foreclosures process include Goldman Sachs Group Inc's Litton Loan Servicing, Ally Financial Inc's GMAC Mortgage unit, JP Morgan Chase, and PNC Financial. These lenders/servicers began voluntarily halting foreclosures in response to findings that questioned whether they were following the correct procedures to foreclose on a property. These banks halting foreclosures were not mandated by either the state or the federal government.
Here is a list of affected states: Connecticut, Floria, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont, Wisconsin. Source: Bloomberg: Ally's GMAC Mortgage Halts Home Eviction in 23 States.
The new development of the banks halting foreclosures can have an immediate impact on the market. Some real estate agents have begun to report delays in escrow and removal of listed foreclosures. It is hard to assess the impacts as the banks halting foreclosures have not made it clear how long the moratorium will be. If the suspension is 30 days or less, then the interruption can be minimal. However, if the suspension goes on longer, then it will directly impact the inventory for sell, that can in turn put an upward pressure on home prices. Also, the uncertainty may steer buyers away from buying foreclosed homes.
We shall continue to monitor further development to assess how this may affect the housing market. Stay tuned for more information. If you're thinking of buying, selling, or investing, as this situation illustrated, be sure you're contacting a real estate professional who is up-to-date on the market and news, and can help you determine the best course of action!
Contact me if foreclosure is on your mind, mention this blog post, and get a free phone consultation on what your options are.
Chia Rodeski: Office: 408-409-1413 E-mail: clrodeski@gmail.com
Wednesday, October 20, 2010
Tuesday, October 12, 2010
Mortgage Assistance Program San Jose CA and Santa Clara County CA
Did you know there are under-utilized mortgage assistance program in San Jose, CA and in Santa Clara County, CA provided by the Housing Trust of of Santa Clara County?
Yesterday, I had the pleasure meeting one of the most committed loan consultant on the front of helping first time home buyer ,Melinda Pacheco, and we discussed one of the under-utilized mortgage assistance programs available to first time home buyers and the general public in both city of San Jose and Santa Clara County.
As part of the Neighborhood Stabilization Program (NSP), the City of San Jose currently has a Purchase Assistance Loan Program (PAL) that provides a generous deferred loan of program of $50,000 to assist eligible home buyers to purchase foreclosed/short sale homes in designated San Jose census tracts. This loan is due at the end of the 30 years term, and does not have monthly payments during the term. Borrowers are required only to have minimum of 1% of their own funds.
Other mortgage assistance programs available to the eligible buyers in Santa Clara County include Closing Cost Assistance Program (CCAP) that provides a maximum loan amount that is 3% of the purchase price up to $15,000. This loan can be used for down payment or closing costs and carries 3% deferred simple interest. Term is 30 years, and payment is due at maturity, sale, or refinance.
Additionally, eligible home buyers purchasing homes in Santa Clara County also have access to mortgage assistance program (MAP) as an amortized second loan. The maximum loan amount is 17% of the purchase price up to $85,000. Interest rate is 1.5% ABOVE the rate on the first loan, and has a 30 year term. This loan is beneficial to buyers because it enables borrowers to get 80% loan-to-value on the first loan, and avoid private mortgage insurance (PMI), effectively saving money for the borrowers on a monthly basis.
Lastly, one of the less known mortgage assitance program in Santa Clara County is Equity Share Co-Investment (ESCO) loan that provides an option for borrowers to put down minimum of 5% of the purchase price as down payment, and the Housing Trust matches the down payment dollar for dollar. Maximum ESCO loan is 10% of the purchase price, up to $75,000, with the term of 15 years. There is no payments due on the ESCO loan during the term. At sale, refinancing or maturity, borrower and the Housing Trust share in any appreciation of the property in proportion to the percentage of the original equity investment. The Housing Trust share is capped at 9.5% simple interest per year.
In a nutshell, there are number of great options for first time home buyer mortgage assistance programs in the City of San Jose and in Santa Clara County. These resources are not well known, and are untapped, according to Melinda who had spoken to the manager of the Housing Trust of Santa Clara County. It's my job to inform and educate first time home buyers, so that YOU have options and knowledge to achieve your goals! I'm pleased to have connected with Melinda, the trusted loan consultant, who will be the trained specialist on how to make these loan programs work for you to achieve the dream of home-ownership!
Call Melinda or myself today, and mention this blog post to receive a free homebuying guide!
Melinda Pacheco: Office: 408-223-3086 Mobile: 925-785-8125
E-mail: Melinda.M.Pacheco@wellsfargo.com
Melinda Pacheco
Chia Rodeski: Office: 408-409-1413 E-mail: clrodeski@gmail.com
Yesterday, I had the pleasure meeting one of the most committed loan consultant on the front of helping first time home buyer ,Melinda Pacheco, and we discussed one of the under-utilized mortgage assistance programs available to first time home buyers and the general public in both city of San Jose and Santa Clara County.
As part of the Neighborhood Stabilization Program (NSP), the City of San Jose currently has a Purchase Assistance Loan Program (PAL) that provides a generous deferred loan of program of $50,000 to assist eligible home buyers to purchase foreclosed/short sale homes in designated San Jose census tracts. This loan is due at the end of the 30 years term, and does not have monthly payments during the term. Borrowers are required only to have minimum of 1% of their own funds.
Other mortgage assistance programs available to the eligible buyers in Santa Clara County include Closing Cost Assistance Program (CCAP) that provides a maximum loan amount that is 3% of the purchase price up to $15,000. This loan can be used for down payment or closing costs and carries 3% deferred simple interest. Term is 30 years, and payment is due at maturity, sale, or refinance.
Additionally, eligible home buyers purchasing homes in Santa Clara County also have access to mortgage assistance program (MAP) as an amortized second loan. The maximum loan amount is 17% of the purchase price up to $85,000. Interest rate is 1.5% ABOVE the rate on the first loan, and has a 30 year term. This loan is beneficial to buyers because it enables borrowers to get 80% loan-to-value on the first loan, and avoid private mortgage insurance (PMI), effectively saving money for the borrowers on a monthly basis.
Lastly, one of the less known mortgage assitance program in Santa Clara County is Equity Share Co-Investment (ESCO) loan that provides an option for borrowers to put down minimum of 5% of the purchase price as down payment, and the Housing Trust matches the down payment dollar for dollar. Maximum ESCO loan is 10% of the purchase price, up to $75,000, with the term of 15 years. There is no payments due on the ESCO loan during the term. At sale, refinancing or maturity, borrower and the Housing Trust share in any appreciation of the property in proportion to the percentage of the original equity investment. The Housing Trust share is capped at 9.5% simple interest per year.
In a nutshell, there are number of great options for first time home buyer mortgage assistance programs in the City of San Jose and in Santa Clara County. These resources are not well known, and are untapped, according to Melinda who had spoken to the manager of the Housing Trust of Santa Clara County. It's my job to inform and educate first time home buyers, so that YOU have options and knowledge to achieve your goals! I'm pleased to have connected with Melinda, the trusted loan consultant, who will be the trained specialist on how to make these loan programs work for you to achieve the dream of home-ownership!
Call Melinda or myself today, and mention this blog post to receive a free homebuying guide!
Melinda Pacheco: Office: 408-223-3086 Mobile: 925-785-8125
E-mail: Melinda.M.Pacheco@wellsfargo.com
Melinda Pacheco
Chia Rodeski: Office: 408-409-1413 E-mail: clrodeski@gmail.com
Mortgage Assistance Program San Jose CA and Santa Clara County CA (edit/delete)
Did you know there are under-utilized mortgage assitance program in San Jose, CA and in Santa Clara County, CA provided by the Housing Trust of of Santa Clara County?
Yesterday, I had the pleasure meeting one of the most committed loan consultant on the front of helping first time home buyer ,Melinda Pacheco, and we discussed one of the under-utilized mortgage assistance programs available to first time home buyers and the general public in both city of San Jose and Santa Clara County.
As part of the Neighborhood Stabilization Program (NSP), the City of San Jose currently has a Purchase Assistance Loan Program (PAL) that provides a generous deferred loan of program of $50,000 to assist eligible home buyers to purchase foreclosed/short sale homes in designated San Jose census tracts. This loan is due at the end of the 30 years term, and does not have monthly payments during the term. Borrowers are required only to have minimum of 1% of their own funds.
Other mortgage assistance programs available to the eligible buyers in Santa Clara County include Closing Cost Assistance Program (CCAP) that provides a maximum loan amount that is 3% of the purchase price up to $15,000. This loan can be used for down payment or closing costs and carries 3% deferred simple interest. Term is 30 years, and payment is due at maturity, sale, or refinance.
Additionally, eligible home buyers purchasing homes in Santa Clara County also have access to mortgage assistance program (MAP) as an amortized second loan. The maximum loan amount is 17% of the purchase price up to $85,000. Interest rate is 1.5% ABOVE the rate on the first loan, and has a 30 year term. This loan is beneficial to buyers because it enables borrowers to get 80% loan-to-value on the first loan, and avoid private mortgage insurance (PMI), effectively saving money for the borrowers on a monthly basis.
Lastly, one of the less known mortgage assitance program in Santa Clara County is Equity Share Co-Investment (ESCO) loan that provides an option for borrowers to put down minimum of 5% of the purchase price as down payment, and the Housing Trust matches the down payment dollar for dollar. Maximum ESCO loan is 10% of the purchase price, up to $75,000, with the term of 15 years. There is no payments due on the ESCO loan during the term. At sale, refinancing or maturity, borrower and the Housing Trust share in any appreciation of the property in proportion to the percentage of the original equity investment. The Housing Trust share is capped at 9.5% simple interest per year.
In a nutshell, there are number of great options for first time home buyer mortgage assistance programs in the City of San Jose and in Santa Clara County. These resources are not well known, and are untapped, according to Melinda who had spoken to the manager of the Housing Trust of Santa Clara County. It's my job to inform and educate first time home buyers, so that YOU have options and knowledge to achieve your goals! I'm pleased to have connected with Melinda, the trusted loan consultant, who will be the trained specialist on how to make these loan programs work for you to achieve the dream of home-ownership!
Call Melinda or myself today, and mention this blog post to receive a free homebuying guide!
Melinda Pacheco: Office: 408-223-3086 Mobile: 925-785-8125
E-mail: Melinda.M.Pacheco@wellsfargo.com
Melinda Pacheco
Chia Rodeski: Office: 408-409-1413 E-mail: clrodeski@gmail.com
Did you know there are under-utilized mortgage assitance program in San Jose, CA and in Santa Clara County, CA provided by the Housing Trust of of Santa Clara County?
Yesterday, I had the pleasure meeting one of the most committed loan consultant on the front of helping first time home buyer ,Melinda Pacheco, and we discussed one of the under-utilized mortgage assistance programs available to first time home buyers and the general public in both city of San Jose and Santa Clara County.
As part of the Neighborhood Stabilization Program (NSP), the City of San Jose currently has a Purchase Assistance Loan Program (PAL) that provides a generous deferred loan of program of $50,000 to assist eligible home buyers to purchase foreclosed/short sale homes in designated San Jose census tracts. This loan is due at the end of the 30 years term, and does not have monthly payments during the term. Borrowers are required only to have minimum of 1% of their own funds.
Other mortgage assistance programs available to the eligible buyers in Santa Clara County include Closing Cost Assistance Program (CCAP) that provides a maximum loan amount that is 3% of the purchase price up to $15,000. This loan can be used for down payment or closing costs and carries 3% deferred simple interest. Term is 30 years, and payment is due at maturity, sale, or refinance.
Additionally, eligible home buyers purchasing homes in Santa Clara County also have access to mortgage assistance program (MAP) as an amortized second loan. The maximum loan amount is 17% of the purchase price up to $85,000. Interest rate is 1.5% ABOVE the rate on the first loan, and has a 30 year term. This loan is beneficial to buyers because it enables borrowers to get 80% loan-to-value on the first loan, and avoid private mortgage insurance (PMI), effectively saving money for the borrowers on a monthly basis.
Lastly, one of the less known mortgage assitance program in Santa Clara County is Equity Share Co-Investment (ESCO) loan that provides an option for borrowers to put down minimum of 5% of the purchase price as down payment, and the Housing Trust matches the down payment dollar for dollar. Maximum ESCO loan is 10% of the purchase price, up to $75,000, with the term of 15 years. There is no payments due on the ESCO loan during the term. At sale, refinancing or maturity, borrower and the Housing Trust share in any appreciation of the property in proportion to the percentage of the original equity investment. The Housing Trust share is capped at 9.5% simple interest per year.
In a nutshell, there are number of great options for first time home buyer mortgage assistance programs in the City of San Jose and in Santa Clara County. These resources are not well known, and are untapped, according to Melinda who had spoken to the manager of the Housing Trust of Santa Clara County. It's my job to inform and educate first time home buyers, so that YOU have options and knowledge to achieve your goals! I'm pleased to have connected with Melinda, the trusted loan consultant, who will be the trained specialist on how to make these loan programs work for you to achieve the dream of home-ownership!
Call Melinda or myself today, and mention this blog post to receive a free homebuying guide!
Melinda Pacheco: Office: 408-223-3086 Mobile: 925-785-8125
E-mail: Melinda.M.Pacheco@wellsfargo.com
Melinda Pacheco
Chia Rodeski: Office: 408-409-1413 E-mail: clrodeski@gmail.com
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