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Century 21 Super Bowl T.V. Commercials

by The Barringer Team

Check out the Century 21 commercials for the Super Bowl. Go 9ers!!

 http://www.youtube.com/watch?v=2vxYW0lL9rM&list=SPE5A69CA2CDDDA7C0

 

 

Writeing A Hardship Letter

by The Barringer Team

Writing the “hardship letter”
Homeowners having trouble paying their mortgage are often required to write a hardship letter when applying for a loan modification.  Such a letter is a requirement for modification applications under the government’s Making Home Affordable program.

Making sense of the story

  • A hardship letter is not the basis for modification approval – that depends on the borrower’s financials and the intricacies of the various government and in-house lender programs.  The purpose of the hardship letter is to explain upfront why borrowers missed payments, and what they propose as a solution.
  • Some housing experts recommend that homeowners write short letters, using the philosophy that “less is more.”  The lenders’ loss mitigators, faced with mountains of modification requests, are unlikely to spend time reading more than the first few lines of each letter.  Also, there is the risk that borrowers who go on at length could unknowingly trip themselves up with unnecessary details that raise red flags for a mitigator.
  • The hardship letter should open with a succinct explanation of why the borrower stopped paying the mortgage.  The letter should cite a specific hardship, like a lost job, illness, or reduced income.
  • Next, the letter should briefly cite any steps the borrower took to avoid defaulting on their loan, like cutting household expenses or tapping in to savings.
  • If the borrower’s financial situation has since improved, or is likely to, borrowers should mention that as evidence that their hardship was temporary and won’t hamper their ability to make payments on a modified loan.
  • Finally, the letter should state exactly what borrowers are applying for.  Is the proposed solution a lower interest rate, for example, or a principal reduction?
  • Borrowers who are underwater – those who owe more on their mortgage than their property is worth – may ask their lender to consider a short sale, in which the house is sold to another buyer for less than the amount owed.

New Homeowner Protection Laws

by The Barringer Team

San Diego Union-Tribune

New homeowner protections go into effect Jan. 1

The start of the new year brings more protections to California homeowners, mainly those who

are trying to save their properties from being repossessed.

Making sense of the story

The Homeowner Bill of Rights, signed by Gov. Jerry Brown in 2012, is a set of new laws

that puts the onus on banks to help consumers through the foreclosure process. The

legislation, which went into effect Jan. 1, forces banks to stop dual tracking and robosigning,

and assign one point of contact to borrowers who are trying to obtain a loan

modification.

Dual tracking is the process of starting the foreclosure process while a loan modification

has been submitted or is being reviewed by the bank. Borrowers in the past have lost

their homes to foreclosure as a result of this situation.

Under the new law, banks must give loan-modification applicants a response before

starting the foreclosure process. Banks now also have to inform consumers who don’t

apply for a loan modification that they have the right to do so.

Robo-signing, the process of approving foreclosure documents without proper review,

also is prohibited.

One of the laws also allows borrowers to sue loan servicers for violating any foreclosure

laws.

Read the full story

http://www.utsandiego.com/news/2012/dec/30/new-homeowner-protections-go-effect-jan-1/

 

Housing Stats

by The Barringer Team

The following information is from the local MLS database, as of January 1, 2013 and is compared to (December 1, 2012). The market here is dominated by short sales, REO's and Flips. Short sales that have an offer are now Pending Short Lender Approval. There are much fewer homes available to show that even the short sales are getting multiple offers. We have seen more and more of equity sellers and many "Flips". Interest rates are dropping slightly with 30 yr fixed at 3.35% and 15 year at 2.65%.
The market is still effected by REO and Short Sales. Financial institutions are marketing properties after foreclosures. The supply of foreclosed properties has slowed as banks seem to be holding off on foreclosures or reselling them. The average list to sale price is close to or over 100% of the list price in most areas now. The median price is stable and increasing in some areas. Listings and pendings are showing increased prices due to lower inventories

If you have been on the Fence about selling your home then NOW is the time to sell. If you are in need of counseling about the short sale process and how it effects your credit, please give us a call. Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 or sales@tracyhomes.com

Late last night, Congress reached a settlement in the “fiscal cliff” negotiations. As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year. The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction) or foreclosure. Now is the time to do a short sale if you need to!

 

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 30 (47)

# of REO (foreclosures): 7 (5)

# of Short Sales: 6 (10)

Average # of days on market: 123 (81)

The median price of all homes for sale in Tracy: $290,000 ($301,600)

The average price of all homes for sale in Tracy: $327,268 ($347,097)

Lowest priced home: 2br/966sqft. ft. /$117,000

Highest priced home: 5bd/3900 sqft. ft. /$900,000

PENDING Status

Number of properties currently under agreement: 222 (300)

# of REO: 17 (22)

# of Pending Short Lender Approval: 109 (161)

Average pending price: $253,344 ($249,407)

Median pending price: $249,975 ($240,000)

SOLD Status

Residential property sold over previous 30 days: 96 homes (90)

REO’s sold in the last month: 9 (7)

Short sales sold in the last month: 40 (40)

Average sale price: $274,130 ($272,188)

Median sale price: $269,000 ($250,000)

High: $600,000 (6bd/4757sq. ft. home)

Low: $97,000 (2bd/967 sq. ft. home)

 

 

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 6 (16)

# of REO (foreclosures): 1 (2)

# of Short Sales: 3 (2)

Average # of days on market: 37 (26)

The average price of all homes for sale in Mountain House: $445,000 ($356,443)

The median price of all homes for sale in Mountain House: $378,600 ($367,000)

Lowest priced home: 3bd/1932sq. ft. /$262,000

Highest priced home: 5bd/3664 sq. ft. /$445,000

PENDING Status

Number of properties currently under agreement: 65 (89)

# of REO: 5 (8)

# of Pending Short Lender Approval: 33 (48)

Median pending price: $342,000 ($309,450)

Average pending price: $305,226 ($301,391)

SOLD Status

Residential property sold over previous 30 days: 21 homes (29 homes)

REO’s sold in the last month: 5 (3)

Short sales sold in the last month: 5 (12)

Average sale price: $359,187 ($298,943)

Median sale price: $375,000 ($305,000)

High: $475,000 (5bd/3975sq. ft. homes

Low: $160,000(3bd/1452sq. ft. home)

Debt Relief Act

by The Barringer Team

If you have been on the Fence about selling your home then NOW is the time to sell. If you are in need of counseling about the short sale process and how it effects your credit, please give us a call. Just call or e-mail for an hassle free appointment or to just talk about the market anytime. 1-800-894-7282 or sales@tracyhomes.com

Late last night, Congress reached a settlement in the “fiscal cliff” negotiations. As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year. The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction) or foreclosure. Now is the time to do a short sale if you need to!

Displaying blog entries 1-5 of 5

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The Barringer Team
Century 21 M&M and Associates
912 W 11th Street
Tracy CA 95376
209-833-7777
800-984-7282
Fax: 209-229-7426
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