The Obama adminstration announced this morning an amazing program to assist in the processing of short sales. The article can be read here:

http://online.wsj.com/article/SB125963239592170665.html?mod=WSJ_hps_sections_news#articleTabs%3Dcomments

Short Sales occur when the proceeds of the sale of real estate to pay off the mortgage, accrued interest, penalties and customary closing costs including the Realtor® fees. I began working in short sales in 2004 and have assisted dozens of agents in the intervening years. Negotiating short sales vary in difficulty from lender to lender. Some provide open communication and allow preliminary documentation to be added to a seller’s file in advance of a contract to sell. Others will not allow the seller or Realtor® to broach the subject without a bona fide contract in hand. This is also a fluid market. Procedures and criteria that resulted in an approved short sale several months ago, may not meet the lender’s requirements today.

In a nutshell, the Obama administration is proposing to soften the blow to all parties involved in the short sale. Homeowners may receive up to $1500 if the sell their home with a short sale. Mortgage serving companies will receive $1000 from the government if they approve a short sale. Second lienholders, who are often problematic in the short sale process will receive up to $3000 if they approve a short sale. Investors who hold the first mortgage will receive $1000.

 All in all the feds are proposing to contribute $6500 per short sale to ease the situation. Is this a bad thing? The knee jerk reaction from many will be why compensate the seller $1500? In many cases, certainly those where the home was a primary residence, the home owner is in an awful predicament. If the traditional short sale is concluded, the seller walks from the closing table with nothing. Ideally the $1500 will go towards moving expenses so that personal property is not simply abandoned which would continue the downward spiral.Looking at the real estate market as a whole, this is good thing to stabilize the market. I can report from first hand experience, that short sales will net greater proceeds than homes that are foreclosed and then sold from the lienholder’s REO portfolios. In every case the differential was greater than $6500.  As long as this crisis continues, America is far better off absorbing short sale losses than the far greater damage caused to surrounding properties due to lowered values of foreclosed homes.

THE PHONE RINGS. YOUR NERVES ARE JANGLED. YOU KNOW YOU ARE “LATE” IN YOUR PAYMENTS. PROBABLY ANOTHER COLLECTION CALL. FEAR COURSES THROUGH YOUR VEINS LIKE ACID TOGETHER WITH A RISING TIDE OF EMBARRASSMENT.

SO HERE IS WHAT I HAVE TO SAY ABOUT THAT.

First of all if you look up the collections firm, mortgage servicer, or other party you will find dozens of entries on most firms about behavior that easily crosses the line from legal to illegal. Second of all they might have the wrong person (see article below). Third of all they probably have the wrong information even if they have the right information. So don’t be so scared of them.

Fourth — and this probably ought to be first — in a culture created by endless ads and product placement, where our consciousness has been switched from savings and prudence to credit and spending, where 30% interest is not usury, where $35 fees apply to $2 overdrafts, I challenge the core notion that the debt is or ever was valid. In plain language I know what the law says, but I also know what is right and wrong.

It is YOU who are the victim and it is THEM who are the predators and tricksters. I know the media, politicians and pundits say otherwise. They are wrong. So the point of this blog is to get you to give up the myth that this was somehow mostly your fault and see yourself as one of tens of millions of victims who seek justice. The laws say you have rights  — like usury where most states have a legal limit of interest which if violated invalidates the debt and entitles the debtor to treble damages. Yes there are exceptions but not these creditors and collectors do not qualify under the exceptions. They only win in collection or foreclosure if you don’t fight it out with them.

In most cases (actually nearly all cases) the creditor does not have the resources to do anything other than maintain a phone bank with people who have a script in front of them containing key words and phrases designed to scare the crap out of you. The credit card companies, the mortgage pretender lenders and servicers lack resources to sue everyone at once.

As you have seen on these pages there are a number of offensive and defensive strategies that can put the “collector” in hot water with fines and payment of damages to you for using improper tactics, withholding information (like the fact that your mortgage was paid several times over but they still want YOU to pay it again). Use the Debt validation Letter, the Qualified  Written request, complaints to FTC, FED, OTC etc. Send letters to consumer protection divisions of your state attorney general. report them to the economic crimes division of local police, sheriff and U.S. Attorney’s office. GO ON THE OFFENSIVE.

THE WALK AWAY STRATEGY: There are many reports of lawyers and other advisers suggesting that you simply walk away from the mountain of debt, move to another residence (the rent is bound to be far less expensive than the old carrying charges on the inflated value of the old house), and start over. They recommend that you maintain your phone number by switching services and that you pull the plug. So the collector only gets voice mail and confirmation that this is still your phone number. They recommend that you get a new unlisted number even under another person’s name if that is possible. And then start the march toward saving money, getting prepaid credit and debit cards and re-establishing a high credit score. It’s a lot less expensive than bankruptcy. After the statute of limitations has run they have no right to go after you even if it was a valid debt. This is the advice given by others. Livinglies has no comment.

Hello, Collections? The Worm Has Turned

The phone rang. A woman from a law firm representing a collection agency wanted to know if Mark Hoyte was Mark Hoyte, and he said he was. They were calling to collect $919 on a Sears-Citi card.

Mr. Hoyte said he never had that credit card.

Then the woman wanted to know if his Social Security number ended in 92, and Mr. Hoyte said no, it ended in 33.

“She says to me, ‘Your date of birth is in 1972,’ ” Mr. Hoyte, 46, recalled in an interview.

Clearly, they had the wrong Mark Hoyte. But that did not stop the lawyers at Pressler & Pressler from suing him. They swore out a complaint and sent a summons to Mr. Hoyte, ordering him to be in court last Monday.

Then things took a rare turn.

Every day of the year, 1,000 cases on average are added to the civil court dockets in New York City over credit card debt — a high-volume, low-accuracy moment of reckoning. The suits are usually brought by collection companies that purchase the debt for pennies on the dollar from card issuers and then work with a cadre of law firms that specialize in collection work.

Conducting a digital dragnet, they troll through commercial databases searching for debtors. Because of the vast sloppiness and fraud involved, Attorney General Andrew M. Cuomo has shut down two of the collection firms and is suing 35 law firms tied to the business.

A person who blows off a civil court summons — even if wrongly identified — faces a default judgment and frozen bank accounts. But to date, there have been few penalties against collectors for dragging the wrong people into court.

Until Mr. Hoyte turned up last week in Brooklyn.

After trying to settle the case in the hallway — the 11th floor of 141 Livingston Street is an open bazaar of haggling — the collections lawyer realized he had the wrong man. He got Mr. Hoyte to sign an agreement that would end the case against him, but not against the Mark Hoyte who actually owed the $919.

In front of the judge, the lawyer, T. Andy Wang, announced that the parties had reached a stipulation dismissing this Mr. Hoyte from the suit.

Not so fast, said the judge, Noach Dear.

“Why didn’t you check these things out before you take out a summons and a complaint?” Judge Dear asked. “Why don’t you check out who you’re going after?”

Mr. Wang said that Pressler & Pressler used an online database called AnyWho to hunt for debtors.

“So you just shoot in the dark against names; if there’s 16 Mark Hoytes, you go after without exactly knowing who, what, when and where?” Judge Dear asked.

Mr. Wang replied, “That’s why the plaintiff is making an application to discontinue.”

The judge turned to Mr. Hoyte, who works as a building superintendent, and asked him how much a day of lost pay would cost. Mr. Hoyte said $115.

“Do you think that’s fair?” Judge Dear asked Mr. Wang. “That he should lose a day’s pay?”

“My personal opinion,” Mr. Wang said, “would not be relevant to the application being sought.”

The judge said he was prepared to dismiss the case and wanted Mr. Hoyte compensated for lost wages.

“Your honor,” Mr. Wang said, “I’m personally not willing to compensate him.”

No, the judge said; he meant that the law firm, Pressler & Pressler — one of the biggest in the collection industry — should pay the $115. He would hold a sanctions hearing, a formal process of penalizing the law firm for suing the wrong man.

Under questioning by the judge, Mr. Hoyte recounted being called about the debt, providing his Social Security number and date of birth, and being summoned to court anyhow.

The collections lawyer then began to interrogate Mr. Hoyte.

“You claim you told Pressler & Pressler it wasn’t you,” Mr. Wang said to Mr. Hoyte. “Did you send them proof, as in a copy of your Social Security number with only the last four digits visible?”

“No,” Mr. Hoyte said. “They didn’t ask for it.”

“But you didn’t send any written proof of the claim that it was not you?” Mr. Wang said.

“I told them on the phone it’s not me,” Mr. Hoyte said.

Mr. Wang appeared outraged.

“So without any written proof that it’s not you, you would expect someone just, you know, to go on say-so?” he demanded. “Is that correct?”

Alice had reached Wonderland: The lawyer who had sued the wrong man was blaming the wrong man for getting sued.

Judge Dear cut off the questioning. He told Mr. Wang and Mr. Hoyte to come back to court in January.

“If, somehow, counsel, you decide that you’re going to compensate him for his time off,” Judge Dear said, “I will reconsider sanctions.”

The most important factor you should find a home mortgage your interest rate. Getting there is also a slightly lower interest rate on your home mortgage to save tens of thousands of dollars over the term of your mortgage.

The interest rate on your mortgage mother tongue, in fact, you actually have to pay twice for your home, what it actually sold after the date of the mortgage is paidin twenty or thirty years. So while your home is worth in this time, so that you come to appreciate even know, the real estate market is well known, unpredictable. It is better to look only for a small mortgage and keep your money.

The Two Types of Home Mortgages

Your real estate mortgage is one of two types: variable rate or fixed interest rate. An adjustable rate mortgage is tied athe base rate and will rise and fall with him. With a variable rate mortgage your monthly payments will go up or down as the Fed increases or lowers the federal funds rate, and that can be either very bad or very good for you.

If you are someone who prefers to be in a position to budget for a consistent mortgage payment each month, you should definitely stay away from the adjustable mortgage homes. You can be unhappy ifthe prime rate drops and your friends with adjustable mortgages lower payments for a while, but you will never care about the prisoners by raising their prices. And if you comply with your payments and build equity in your home, you may be able to refinance if it turns out that mortgage rates will fall further.

Be on the lookout for fraudsters

If you are looking for a home refinance, you should first check theBackground of potential lenders in your area. Some mortgage fraudsters in the process made the fraudulent appraisals, making the prices of real estate far more than their market value, so that home buyers take out mortgages, which are much higher than required trick.

Because the homeowners have to pay high property mortgage payments, they often get back and try to sell their homes to find a foreclosure,. That the houses are much less valuable than they thought. They either have to take the loss and a way to pay the balance from the personal mortgage or face foreclosure, in which case the scammers claim to the house and sell it to be found.

The laws against this type of real estate mortgage fraud have been in many states since the collapse of U.S. real estate market stiffens, but there are still thousands of shady lenders are trying to make a quick buckin any way they can. Therefore, you must be very vigilant when choosing to refinance your home lender, and would also be very useful to have an independent assessment of the apartment in which you are interested, to obtain. If there is significantly less than your potential lender offers to take business elsewhere.

Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates were down for the 6th trading-day-in-a-row yesterday, because investors remained nervous about the potential for debt-defaults by emerging countries.

The national-average thirty-year fixed-rate mortgage is now at four-point-five-percent with one-and-three-eighths points, down an eighth of a point from Friday, for a savings of another one-hundred-twenty-five dollars on a one-hundred thousand dollar loan.

If you’d rather pay fewer points, the four-point-eight-seven-five percent rate is now at zero points, down an eighth of a point from Friday.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The fifteen-year fixed-rate mortgage was down an eighth of a point, with the four-percent rate at one-and-seven-eighths points. And the four-and-a-quarter percent rate also moved lower–to just half of one point.

If you want to know instantly when rates are moving higher or lower, while floating your loan, you have to follow the changes in the points. To make this possible, you will need my real-time mortgage rate alerts, throughout the business day, while you’re involved in the home-loan application process.

The Chicago purchasing managers said on Monday that their index of regional manufacturing activity rose to 56.1 in November from 54.2 a month earlier. Any reading above “50” constitutes expansion in the sector.

Today, we-will-see the *national* manufacturing index for November. That report is expected to show a 54.7 result, down one point from October’s 55.7 mark.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here later today for my next *free* mortgage rate update.

Obama has a new stimulus package guides that would, in theory, millions of homeowners can refinance their mortgages at lower rates, with options for the new fixed rate mortgage of less disconnected.

The Hope for Homeowners Program 'is a program of George Bush, looking for mortgage lenders that are struggling and fighting for their refund, but have sufficient income to meet payments on a new loan introducedHUD insured by the Federal Housing Administration aka FHA.

This program significantly before the time of Obama, but it is revisited in order to better reflect the reality of residential properties will be, should not this program that has different rules, the "Making Affordable Home Program 'and criteria for hope" Homeowners Program to be confused ', and until the laws were for the vote of the 2 programs you need to be aware of the differences.

What does thisProgram currently offered:
a 30-year fixed rate mortgage
the possibility of refinancing at a lower payment
volunteers for both creditors and debtors

Eligibility:
your house and the house must be primary residence only
The mortgage before the deadline of 1 January 2008
payments not exist without the help guides
Since March 2008, the monthly payments were more than 31% of gross monthly wage
They have not been convicted of fraudlast ten years has fallen deliberately defaulting on debt and not a loan obtained through fraudulent means.
Must maintain records adequate records of income and employment.
must be willing to reach the sharing of positive capital, current and future

If you choose this option will not talk about the situation, a 2 Guide the program for the first 5 years of the loan and you have to admit the positive value of net assets, both current and future increases to yourat home on a sliding scale from about 5 years after 5 years, the amount of your affirmative action in equity is 50%, which is the maximum we can achieve. This may seem like much, but compared to losing at home is probably the best choice.

In order to 'make home at affordable prices, "program:
You need to own and occupy 1 to 4 units of home
Need date for repayment of loan
Need a mortgage with or securitized by Freddie Mac and Fannie Mae
The amount of loan can notthan 105% of home value

E 'immediately apparent that the requirements for program access at home appear to be less stringent than HOPE program for home and apartment owners and should not commit to any party from home program.

One of the hardest hit sectors by today’s economic difficulties are the senior population and retirees. Reverse mortgages aims to give older Americans better financial security. At a time when healthcare is still being debated finding ways to help senior Americans is of the utmost importance.

With traditional Second Mortgages or HELOC’s you should first pre-qualify with their requirements. Requirements include a sufficient income to debt ratio and making monthly mortgage payments. For senior and retired Americans the prospect of making payments is just not possible with their pension.

What are Reverse Mortgages?

Reverse mortgages or Lifetime mortgages are loans designed for seniors that let them convert a portion of their home equity into cash. The funds may be released as one lump sum or multiple payments. Equity built through years of mortgage payments can be paid back to you. Unlike Home Equity Loans, HELOC’s or Second Mortgages no repayment is required until the borrower no longer use the home as a residence. Other instances includes when the owner dies, the home is sold or the owner leaves into aged care.

Reverse Mortgage Versus HELOC’s

With traditional Second Mortgages or HELOC’s you should first pre-qualify with their requirements. Requirements include a sufficient income to debt ratio and making monthly mortgage payments. For senior and retired Americans the prospect of making payments is just not possible with their pension.

Reverse Mortgages however does not require you to pay monthly mortgages. This loan is available for seniors and retirees with or without a stable source of income. The amount available depends on your age, current interest rates and most of all the market value for your home.

To qualify for a Reverse Mortgage loan one must be eligible with the following requirements:

• Borrowers must be at least 62 years of age
• The properties must be occupied as a primary residence
• The Borrower must attend an information counseling session affiliated with the Federal Housing Association (FHA)
• Property must meet FHA standards, appraisal is done
• The owner must maintain the property and pay all taxes and insurance

Disadvantages of Reverse Mortgage Loans

The main drawback for reverse mortgage loans is its high interest rates. Interest is based on the market value of the home and not the amount loaned. Reverse mortgage loans are only available for seniors and not the general population. Accrued interest payments are not tax-deductible. Expenses can only be tax-deducted once the loan is paid in full. Leaving something for your heirs may prove difficult as loans grow larger with time.

Frequently Asked Questions:

What happens when the borrower dies?

When a borrower dies before maturity of a loan the residence is sold and all proceeds pay for the loans and fees. Any remaining equity left after the sale is distributed to your heirs. Your heirs may also have the option of getting a mortgage on the property but paying the interest rates and costs must first be cleared.

What happens when the borrower outlives the loan?

If the term for the loan matures and the borrower continues to reside in the home and pays all taxes and insurance, they cannot be forced to leave.

Many senior Americans are faced with rising costs of healthcare and prospect of foreclosures. With high unemployment rates and the economic downturn today, prospects of getting a job are difficult if not bleak. The rising cost of living has left many senior Americans little options with their pensions. Taking out a loan is certainly not the best alternative for helping the elder population. But the decision in making a reverse mortgage maybe the only option for many senior Americans to live life with grace.

Reported by REOProteams

For more information on the latest and hottest deals or how we at REOProteams.com could help you please email us at info@REOproteams.com or visit us at www.reoproteams.com or LVbargainproperties.com

Bad credit mortgage refinancing is one of the most important factors for the economic collapse at the end of 2008 and early 2009 have been. This plunged the country into a sharp and severe recession. Banks and other financial institutions froze credit to all.

Whether it's to another bank, company or other entity or person, a good or bad credit, a loan is received.

Banks and other mortgage companies changein practice, not all activities relating to originating loans, refinancing home loans second mortgage loan modification on second mortgages or mortgage modification.

In fact, even people with good credit scores to learn about problems that far fewer people with bad mortgage loans. The days of refinancing a home mortgage with bad credit seemed to have passed.

Also of great importance was the effort to help FHA home loan.Also, the FHA loan modification process has been difficult as Fannie Mae and Freddie Mac, two enormous government support was influenced players in the industry hammering home mortgage almost to the brink of bankruptcy, it had not been for the timely, if somewhat unpopular government intervention in the capital markets.

To keep the economy back from the abyss, the government injected large amounts of capital into the economy and implemented an economic stimulus package to boost the economy.There are indications that this has worked.

Well, obtaining a home loan and refinancing are not just simple things that happen, they will be accessible again. Individuals can again enjoy refinance mortgage interest rate changes 2 Mortgages, fixed rate mortgage refinance and also agree that you have bad credit mortgage refinancing by stoic government actions.

Quicken Loans has earned its place as one of the nation’s largest mortgage lenders and the leading online lender, offering superior customer service and innovative home loans. But don’t take our word for it.

This conclusion was made based not only on the customers’ reports but as well based on the country’s top reporters and industry analyst’s ideas.

FORTUNE Magazine considered Quicken Loans as one of its “100 Best Companies to Work” for in the United States.

Forbes, PC Magazine and Money Magazine recognized Quickenloans.com as a favorite online mortgage lending site.

According to National Mortgage News, Quicken Loans is the largest virtual lender in the U.S. of 50,000 lending online companies.

The company is so popular and successful due to the expert employees. They manage to bring income and satisfy the needs of the customers. Quicken Loans professionals are often quoted in the top newspapers, on radio as well as in business television programs.

CNBC, Squawk Box quoted the Chairman of the company Dan Gilbert, “People have to really look at an adjustable rate mortgage versus a 30-year fixed because they pay a huge premium for the longer term mortgage. You wouldn’t insure your home that’s worth $200,000 with a $500,000 policy, so why lock in a rate for 30 years if you’re only going to be in that home for three or four years?”

USA Today published the analysis of the chief economist at Quicken Loans, Bob Walters. He said, “Financing a home with an equity line can be particularly useful to business owners or commissioned salespeople whose income arrives in fits and starts.”

CBS MarketWatch heard senior vice president of Quicken Loans, Stephen Piazza, say “A borrower in a secure job and unlikely to be transferred, or a family that intends to stay put for 20 years, are good candidates for fixed-rate mortgages. And some borrowers are simply unable to stomach ARM risk. You have to say, If your payment went up $200 would you be ok? Some clients aren’t and they’re not comfortable thinking that may happen.”

New York Times: Bob Walters, Chief Economist, “People say, ‘rates are rising, I need to lock in a 30-year rate.’ But the rate environment is less important than matching one’s mortgage to their situation.”

When people know what to say they definitely know what to do. Every deed begins in mind, it is born with a thought.

Did “Black Friday” beat expectations? The National Retail Foundation expects a 1.0% decline in holiday purchases for 2009 (after a 3.4% dip in 2008). Yet it also forecast 134 million shoppers in stores for Thanksgiving weekend, up from 128 million last year. Consumer spending did increase by 0.7% in October, the Commerce Department noted last week, with wages rising 0.2%.^1,2

Did you buy a home for the holidays? Existing home sales soared 10.1% in October, the National Association of Realtors noted last week. New home sales rose 6.2% last month to the highest annual pace since September 2008. Tax credits and first-time buyers were undoubtedly key factors.^3,4

Lowest mortgage rates since April. Freddie Mac had the national average rate for 30-year FRMs at 4.78% last week, compared to 5.97% a year ago. Rates for 15-year FRMs averaged 4.29% last week; a year prior, the average was 5.74%.⁵

Short line for big-ticket items. Durable goods orders fell by 0.6% in October. Most of the decline was attributed to reduced defense industry orders.²

Gold hits new peak. The precious metal hit a new all-time high close last Wednesday on the NYMEX: $1,188.60 an ounce. India’s central bank bought 200 metric tons of gold in October and reportedly wants to buy more. The U.S. Dollar Index fell to lows not seen since August 2008 on Wednesday.⁶

Minor market movement. Very minor, if you take the S&P 500 – it advanced 0.01% last week. The Dow posted a small weekly loss (-0.08%) and the NASDAQ retreated -0.35% for the week.⁷

(Source: CNNMoney.com, ustreas.gov, bls.gov, 11/27/09)^8,9,10

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends.

___________________________________________________________________

These views are those of Peter Montoya Inc., and not Statler Financial Services, and should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx^®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. The market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards.

Statler Financial Services, Inc. is registered as an investment adviser with the state of Florida. The presence of this Web site on the Internet shall in no direct or indirect way to be construed or interpreted to suggest Statler Financial Services, Inc. is soliciting to sell advisory services or offering to sell advisory services to residents of any other state other than the state of Florida.

Citations

1 money.cnn.com/2009/11/27/news/economy/black_friday_2009/ [11/27/09]
2 latimes.com/business/la-fi-economy26-2009nov26,0,2715680.story [11/26/09]
3 reuters.com/article/ousivMolt/idUSTRE5AM34G20091123 [11/23/09]
4 bloomberg.com/apps/news?pid=20601068&sid=aEd91lkIePdg [11/25/09]
5 suntimes.com/business/1905553,CST-FIN-Mort26web.article [11/26/09]
6 bloomberg.com/apps/news?pid=20601081&sid=aLrknf1puOXI [11/25/09]
7 cnbc.com/id/34173738 [11/27/09]
8 money.cnn.com/data/markets/dow/ [11/27/09]
8 money.cnn.com/data/markets/nasdaq/ [11/27/09]
8 money.cnn.com/data/markets/sandp/? [11/27/09]
8 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=11%2F27%2F08&mode=add&symb=DJIA [11/27/09]
8 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=11%2F26%2F04&mode=add&symb=DJIA [11/27/09]
8 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=11%2F26%2F99&mode=add&symb=DJIA [11/27/09]
8 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=11%2F27%2F08&mode=add&symb=COMP [11/27/09]
8 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=11%2F26%2F04&mode=add&symb=COMP [11/27/09]
8 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=11%2F26%2F99&mode=add&symb=COMP [11/27/09]
8 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=11%2F27%2F08&mode=add&symb=SPX [11/27/09]
8 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=11%2F26%2F04&mode=add&symb=SPX [11/27/09]
8 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=11%2F26%2F99&mode=add&symb=SPX [11/27/09]
9 ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield.shtml [11/27/09]
9 ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield_historical.shtml [11/27/09]
10 treasurydirect.gov/instit/annceresult/press/preanre/1999/ofn100699.pdf [10/6/99]

SOURCE: LA TIMES

The Obama administration today announced a renewed push to get mortgage companies to convert hundreds of thousands of temporarily restructured home loans into permanent ones by the end of the year to help keep struggling homeowners from falling into foreclosure.

As part of its aggressive action, the administration is summoning executives from the nation’s top mortgage servicers to Washington next week to prod them to speed up their efforts. For full article click here

I don’t have much else to report on the economy today, so here is an article from Yahoo! that recaps the rest of the day.  Enjoy!

Stocks rise as Dubai concerns ease, Guess up late – Yahoo! Finance.

LET’S GIVE THANKS FOR GREAT RATES! Could they get any better? 15 Yr Fixed is the lowest since Freddie Mac began tracking rates in 1991.

Todays Mortgage Rates:

30 Yr Fixed – 4.5% (1 point) / 5.75% (0 points)

15 Yr Fixed – 4.125% (1 point) / 4.25% (0 points)

5 yr ARM – 3.625% (1 point) / 4% (0 points)

7 yr ARM – 4% (1 point) / 4.375% (0 points)

FHA 30 Yr Fixed – 4.5% (.25 point) / 4.75% (0 points)

FHA  5 yr ARM– 4.% (1 point) / 4.375% (0 points)

Investment – 5% (1 point) / 5.25% (0 points) – at least 25% down payment required

*Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA) *Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply

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FORECLOSURES GONE BAD
The Obama administration, through the U.S. Treasury Department will begin taking actions against mortgage servicers who are not doing enough ways to ease troubled homeowners, as a part of the President’s promise of $75 Billion pledge to curb foreclosures.
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Hello, I’m David Beadle. Here’s what’s happening from RateAlertNow.com.

Thirty-year mortgage rates were down for the 6th trading-day-in-a-row on Monday, because investors remained nervous about the potential for debt-defaults by emerging countries.

The national-average thirty-year fixed-rate mortgage is now at four-point-five-percent with one-and-three-eighths points, down an eighth of a point from Friday, for a savings of another one-hundred-twenty-five dollars on a one-hundred thousand dollar loan.

If you’d rather pay fewer points, the four-point-eight-seven-five percent rate is now at zero points, down an eighth of a point from Friday.

Remember: one point is worth “one percent” of the loan amount. This means “one point” is one-thousand dollars on a one-hundred- thousand dollar loan…and two-thousand dollars on a two-hundred thousand dollar loan.

When it comes to a two-point loan, that represents two percent of the loan amount. This means “two points” is two-thousand dollars on a one-hundred thousand dollar loan…and four-thousand dollars on a two-hundred thousand dollar loan.

The fifteen-year fixed-rate mortgage was down an eighth of a point, with the four-percent rate at one-and-seven-eighths points. And the four-and-a-quarter percent rate also moved lower–to just half of one point.

If you want to know instantly when rates are moving higher or lower, while floating your loan, you have to follow the changes in the points. To make this possible, you will need my real-time mortgage rate alerts, throughout the business day, while you’re involved in the home-loan application process.

The Chicago purchasing managers said on Monday that their index of regional manufacturing activity rose to 56.1 in November from 54.2 a month earlier. Any reading above “50” constitutes expansion in the sector.

On Tuesday, we-will-see the +national+ manufacturing index for November. That report is expected to show a 54.7 result, down one point from October’s 55.7 mark.

That’s what’s happening. I’m David Beadle. For full details on my real-time mortgage rate alert service to help you “beat the system,” visit RateAlertNow.com and check back here on Tuesday morning for my next *free* mortgage rate update.

Colorado home mortgage rates continue to sink this week, reaching 4.54 percent on a 30-year fixed loan Wednesday, according to Zillow Mortgage Marketplace.

Rates averaged 4.62 percent last week, 4.66 percent the week of Nov. 9 and 4.77 percent the week of Nov. 2, Zillow reported.

Zillow says its figures on mortgage rates are based on borrower credit scores over 680 and a down payment of 20 percent or more.

The average 30-year fixed nationwide rate was 4.57 percent Wednesday, Zillow said.

Separately, Freddie Mac calculated average 30-year fixed mortgage rates nationwide at 4.78 percent with an average 0.7 points for the week ending Wednesday, the lowest rate since April 30. Freddie Mac calculates average rates for a broader range of credit scores and down payments.

The average 30-year fixed rate was 4.83 percent last week. A year ago, it was 5.97 percent, Freddie Mac said.

Low rates and the homebuyer tax credits, continue to get much of the credit for a rebound in housing sales.

The Commerce Department Wednesday reported sales of new homes rose a better-than-expected 6.2 percent in October, although they slipped in the western states, including Colorado.

The National Association of Realtors says sales of existing homes surged 10.1 percent last month.

And a Metrolist Inc. report on Nov. 6 said that in the Denver metro area, home resales increased 2.9 percent in October from September, but were down 7.6 percent from October of last year.

Your friend in the real estate business,

Shelli Dore

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Suisse Group AG, talks with Bloomberg's Francine Lacqua on the debt of Dubai World. Garthwaite also the possible impact of the crisis on the stock market and Garthwaite investment strategy. (Source: Bloomberg) … Garthwaite Says Dubai World's debt is overstated: Video Audio Visual Asset-Backed Securities Banking Bloomberg Bond Market News Emerging Markets Multimedia English Financial Services Industries Mortgage Investment Advisers multimedia Stock Market Experts Syndicated AV…

http://www.youtube.com/watch?v=YMwROo4R774&hl=en

First of all, gua mau ngucapin Happy Thanksgiving dan Selamat Idul Adha buat yang merayakan yaaaa…

Rabu, 25 November 2009

Seperti biasa kalo ada long weekend, pasti sehari sebelumnya kita cuma kerja setengah hari. Asik banget ya. Apalagi banyak banget yang udah cuti, jadi nyantai abis di kantor.

Siangnya kita cuma ke Costco untuk last minute grocery shopping. Tadinya gua kirain udah sepi karena pasti banyak yang lagi sibuk nyiapin Thanksgiving di rumah masing-masing, ternyata rame banget… Banyak yang masih belanja! Yang banyak diborong orang ya pumpkin pie, frozen turkey, dan bunga poinsettia.

Kita sendiri sih cuma belanja bentar trus pulang buat tidur siang. Malemnya, gua ama Andrew bikin snowman untuk ditempelin foto-foto orang-orang yang kita undang untuk Thanksgiving dinner besok. Jadi ceritanya instead of naruh nama di masing-masing piring untuk nentuin siapa duduk dimana, kita taroh foto-foto mereka (yang ama Esther di print dari Facebook). Good idea kan? Jadi lain dari yang lain…

Ini nih penampakan snowmen yang kita bikin:

Eh malemnya, tetangga kita ada yang ngetok. Dia ngasih kita mocca chocolate cake! Doh gua jadi gak enak ati. Soalnya awalnya sebenernya gara-gara pas Halloween kemaren kan dia ngasih kita permen, jadi pikiran pas Thanksgiving kita balesin gitu. Jadi kemaren pas Selasa, gua ngasih dia pumpkin pie (yang mana ukurannya kecil banget soalnya kan gua pikir dia masih single)… Eh ternyata malah dibalesin lagi kita dikasih cake (yang mana pasti harganya jauuuhhh lebih mahal kan!!). Haiyaaa… Jadi kepikiran dah, berasa kok gua pelit amat. Hahaha.

Kamis, 26 November 2009

Hari ini Thanksgiving day!!! Yah walaupun setiap hari pun kita harus kudu bersyukur selalu, tapi hari ini kita bener-bener lebih bersyukur, atas segala yang Tuhan udah kasih ke kita selama ini. Yang pasti karena kita bertiga sehat-sehat aja, keluarga kita juga semua sehat, gua juga punya kerjaan yang lumayan, kita punya tempat tinggal, ada mobil, masih bisa jalan-jalan dan makan-makan… dan semua-semuanya dah… Kita sangat bersyukur banget!

Makanya kita bakal ngerayain lagi kali ini. Kita ngundang 5 orang, jadi total ber-8 ama kita. Gak banyak-banyak ngundangnya, soalnya mau sitting dinner.

Paginya sih kita nyantai-nyantai dulu di rumah. Internetan, nonton DVD… Enak banget ya nyantai-nyantai itu. Hehehe. Trus sekitar jam setengah 1 baru keluar. Ngambil pesenan makanan dulu buat malem. Sama kayak taun lalu, kita taun ini juga mesen semua dah. Males mau nyiapin dari scratch. Menunya pun sama, ya tipikal menu Thanksgiving dinner lah: roasted turkey, bread stuffing, dinner roll, yam caserolle, gravy, mashed potato, dan cranberry sauce.

Trus kita pergi makan siang dulu di luar, baru trus pulang. Andrew dipaksa tidur walaupun rada susah, soalnya dia udah excited banget karena ntar malem mau pesta. Dia udah nanya-nanya mulu kapan orang-orang mau dateng.

Begitu Andrew tidur, langsung kita beraksi. Makanan-makanan dimasukin oven, meja makan mulai disiapin (ditata gitu biar rada keren.. Haha). Untung kita cepet beraksinya, soalnya Andrew cuma 1 jam tidur udah bangun.

Dan ya malemnya kita makan rame-rame. Andrew juga seneng banget banyak yang nemenin main. Trus ngobrol-ngobrol sampe gak nyadar, udah jam setengah 1 pagi! Huaaaa… Cape tapi seneng banget!

Jumat, 27 November 2009

Hari setelah Thanksgiving day dikenal sebagai Black Friday, hari dimana banyak sale gede-gedean dimana-mana. Terutama di toko-toko elektronik, orang-orang biasa dari midnight udah ngantri di depan toko. Toko-toko juga dari subuh udah pada buka.

Kita sendiri gak niat ikutan. Soalnya kalo gak beli barang elektronik yang emang mahal, rasanya gak worth ya untuk ngantrinya. Plus lagi malem sebelumnya kita jam 1 pagi baru tidur, jadinya Jumat ini kita bangun rada siangan.

Nyantai-nyantai lagi di rumah, sampe jam 12-an baru jalan keluar. Tujuannya ke Foxhill mal. Rencananya sih untuk sekedar memantau Black Friday di mal.

Nyampe sana, mau masuk tempat parkir aja udah ngantri. Macet! Parkiran pun penuh banget. Untung cuma muter sekali eh langsung dapet. Trus langsung cepet-cepet masuk cari makan. Udah laper. Foodcourt nya pun rameeee banget! Semua orang bawa belanjaan yang banyaknya bukan main.

Abis makan baru kita jalan-jalan. Masuk dari toko ke toko yang sebenernya sale nya gak sampe gimana-gimana banget (bukan elektronik sih). Barang yang sale nya lumayan, banyak yang udah abis. Eh tapi gak nyadar, entah karena pengaruh ngeliat orang lain pada belanja (alesan aja), akhirnya kok kita dari yang tadinya cuma mau memantau malah jadi ikutan belanja ya? Huahahaha….

Apalagi pas ke Disney store. Mau masuk aja kudu ngantri dulu! Padahal di dalemnya ternyata gak gitu banyak diskon juga. Awalnya gara-gara ada boneka yang emang good deal, jadi kita beli buat ponakan gua. Eh trus ngeliat ternyata kalo total belanja $40, bisa beli boneka Mickey Mouse yang lumayan gede seharga $5 doang. Lumayan banget kan… Jadinya malah nambah-nambahin belanjanya biar $40. Huahahaha. Kaco ya… korban iklan banget…

Trus sempet foto ama Santa Claus juga. Taun ini Andrew udah gak takut lagi, malah seneng, soalnya dia mau minta kado Natal! Huahaha.

Yah gitu deh, akhirnya baru jam 7 malem nyampe rumah lagi, dengan belanjaan yang… ehhmmm banyak juga! Huahaha…

Sabtu, 28 November 2009

Hari ini pengen nyantai lagi. Siang-siang baru keluar pergi makan, trus mampir sana sini beli titipan bentar trus pulang… Tidur siang! Enaknya… Sore nya ke gereja, trus pulang… Dan kita mulai packing untuk pulang Indo. Wah ternyata lumayan ribet juga ya… Banyak banget barangnya!! Huahahaha. Akhirnya kelar jam 10-an, lumayan lah sekitar 80% udah masuk koper. Tinggal baju-baju aja…

Minggu, 29 November 2009

Yah udah hari terakhir liburan… Kenapa ya kalo yang namanya liburan selalu cepet banget jalannya?

Hari ini kita ngunjungin temennya Esther yang baru ngelahirin. Rumahnya lumayan jauh di Laguna. Sekitar 1 jam perjalanan. Temennya Esther ini punya anak umur 2 tahun tapi gedenya ampir sama ama Andrew. Demen banget mereka main berduaan.

Trus kita pergi ke wharf untuk makan. Ngobrol-ngobrol, jalan-jalan di pinggir dermaga ngeliatin laut ama kapal-kapal. Andrew ama anaknya temennya Esther lari-larian mulu berduaan. Gak nyadar sampe jam setengah 4 kita disono. Trus langsung buru-buru balik dah soalnya masih kudu mampir ke salah satu toko buat beli titipan sepupu gua, trus masih mampir supermarket, dan ditutup pergi makan… Baru pulang dah.

Yah begitulah cerita liburan long weekend kita kali ini. Very very fun!! Yah ada acara nyantai-nyantainya, ada acara makan-makannya, ada acara belanja-belanjanya, dan banyak ketemu temen-temen… Menyenangkan sekali…

Gimana acara long weekend kalian?

PS. Gua kasih review dikit DVD yang kita tonton ya…

1. Angels and Demons – nilai 9/10 – “bagus, seru, mantep banget dah film ini… very recommended!!”

2. Orphan – nilai 8/10 – “seru juga, cukup menegangkan, bikin kaget-kaget… very recommended!!” Btw, ada pelajaran yang patut diambil dari film ini… Kalo mau ngadopsi anak, ngambil yang bayi aja, jangan anak yang udah gede. Serem gile…

3. Ugly Truth – nilai 5/10 – Pelajaran yang gua dapet dari film ini adalah… Mendingan nonton film yang lain dah ya!

PS lagi. Hari ini dapet kabar gembira. Satu hal lagi yang perlu kita syukuri banget. Akhirnya kita berhasil untuk refinance mortgage kita! Setelah bete berat karena pas bulan Mei lalu kita gagal untuk refinance, padahal waktu itu prosesnya udah sebulan lho… Eh gagal gara-gara nilai properti kita turun 15%! Jadi kalo kita tetep mau refinance, kita harus nombokin DP nya (soalnya rasio loan to value nya harus tetep 80% dan kita dulu pas beli emang naroh DP nya dipas-pas-in 20% aja). Ajegile… Duitnya dari mana coba…

Nah bulan lalu, gua coba-coba lagi untuk ngajuin refinance. Dan ternyata nilai properti udah balik normal (bersyukur #1). Dan bunga bank masih cukup ok (kita dapet 5.125%, bandingin ama bunga kita sebelumnya yang 6.375%), jadi per bulannya lumayan banget kita bisa saving nya (bersyukur #2). Dan hari ini (setelah 1,5 bulan prosesnya… yang mana lama dan ribet banget!) akhirnya dananya keluar juga (bersyukur #3)… Legaaaaa…. Thank  God banget banget dah!

Black Friday Turns Out to be “Red” Friday (compared to last year).

 This article from Yahoo! Finance shows that the busiest shopping day of the year may not have been so busy.  Here is an excerpt from the article:

The S&P Retail index (Chicago Options:^RLX – News) fell 1.3 percent after the National Retail Federation said that total Black Friday holiday spending was down from last year, suggesting that consumers were still reluctant to spend.

“So far, the numbers don’t look very strong,” said Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Nashville.

“It will be hard to attract shoppers without discounting, which will hurt margins, and given all the stimulus that has been thrown at the economy, this is a disappointment.”

• In other news, the FED is trying to drain money from the economy using a tactic called Reverse Repo.   The method will involve so-called reverse repurchase agreements. That’s when the Fed sells securities from its portfolio with an agreement to buy them back later.
• The government is putting pressure on the Mortgage Industry for the “lackluster” attempt to modify mortgages for borrowers in crisis and facing foreclosure.  In an effort to shame the companies into doing a better job, Treasury will publish a list in December of the mortgage companies, also known as servicers, that are lagging.
• Bond prices are looking favorable for lower rates, as the 30 year treasury bond has hit 4.20, which is even lower than last months low of 4.23 (when interest rates were really low).

That’s it for now.  More as the news is revealed.

Ho, Ho, Ho, Rates are LOW LOW LOW!

Maybe you didn’t notice but mortgage rates have slowly dropped to record lows.  According to a survey by mortgage giant Freddie Mac, mortgage rates nationwide continued to drop last week to an average 4.78% with just under 3/4 point for a 30 year fixed, down more than 1% from last year this time matching an all time low.

The 15 year fixed set an all time low in survey history averaging 4.29% last week with just over 1/2 point for a 15 year fixed rate mortgage.  A drop of nearly 1 1/2% since this time last year. 

Yes, there may be a few more hoops to jump through than you may have had to deal with last time around (full income and asset documentation will be required) and as the quick talking ad man says “your rates may vary” depending on your credit score, Loan to Value and a few other factors but for those that still qualify, this is clearly a great time to buy or refinance. 

Feel free to call or email me with specific qualification questions.  Our secure online application is available here.

Other Articles of Interest:

New Push on Mortgage Relief:  WSJ says Obama looks to help more borrowers with modifications. http://online.wsj.com/article/SB125952206832568569.html

More information about modifications can be found on the government’s official web site www.makinghomeaffordable.gov