Lending banks are dripping out loans

Banks are Dripping out Loans and penalizing excellent buyers. It is amazing to me that no matter how much down payment a buyer has or how exceptional their credit scores it is impossible to get a loan without complications and costly delays. It seems as if the lending banks must have an intricate monitoring system that will only allow a specific number of loans within a risk analysis to be released. Logical on the lending side? Yes, Please…Could have used this in 2004. Continuing to … [Read more...]

Sellling your home Short? You are not alone!

Option ARM loans are resetting. Selling your home short?  You are not alone! Standard and Poor's reports about 93 percent of option-ARM buyers chose to pay a minimum amount less than the interest due. Many of these loans were taken out in 2004 and are close to their five-year reset when the loans convert to a standard amortization.  If the accumulated interest has pushed the loan-to-value ratio above 110 percent some of the more recent loans will reset early. One example of the … [Read more...]

5 Tips to Protect Yourself from Loan Modification Scams.

Direct from the Office of Attorney General here are 5 tips to avoid being scammed by "Foreclosure Consultants". 1. Never pay up front fees!!  "Foreclosure Consultants" are prohibited by law from collecting money before services are performed. 2.  Beware of "Foreclosure Rescuers".  These people attempt to convince home owners they can stay in their homes as renters and buy their homes back later. Sometimes they are part of a fraudulent bankruptcy filing.  Either way if you transfer … [Read more...]

Where to File a Complaint if you have been a Victim of Real Estate Fraud?

Homeowners resources for Real Estate and Loan Modification Fraud: File a complaint with the California Attorney General's Office. 1800-952-5225 File a complaint with the Federal Trade Commission. If your complaint is against a real estate broker: Department of Real Estate. If your complaint is against an attorney: State Bar of California website. You may also wish to consider filing a Small Claims Court action. These are informal courts where disputes are resolved quickly and … [Read more...]

Soothing words for suffering short sellers

Are you suffering because you're facing foreclosure? Who wouldn’t be. Let’s look at this basic question: Who owns your home? Unless it's completely paid off, the bank owns your home. Always has. You've owned the experience of home ownership -- you never owned the home. No doubt you are suffering with the uncertain outlook for your future and the financial security of your family. It is painful to have to give up something that has given you peace of mind, memories and security. … [Read more...]