Loan Mods and Good to Be Back

It seems like almost daily I am talking to a homeowner about short sales. When they are asking me to help them short sale their house to avoid foreclosure I always ask them if they tried getting a loan modification to stay in the house. The most common answer is that they called their current lender who politely said they were not interested. Okay, maybe it wasn’t so polite but they at least said call a Realtor and request a short sale. There are other avenues for help besides the current lender.

If you or someone you know is having trouble making their monthly mortgage payments and wants to keep their home, have them check out my column, “Homeowners, do you need to help?” over at Rocklin & Roseville Today and republished at Sacramento Today.

Other news: Over the past month my posts to the blog have not been as regular as I would like and although I have been busy it is because I have been focused on some other business issues that have now been successfully resolved and I am, again, committed to posting more frequently. For those of you who have sent me emails or called me, thank you very much and I appreciate your interest and very happy to know I have some loyal readers.

Potential Loan Woes in Sacramento

I received word this morning that some lenders are not providing pricing on FHA Plus which are loans in excess of $368,231 and conforming Plus which are conforming loans above $417,000. Remember these were temporary limits with an end date of December 31, 2008. Because these loans must be closed before the end date and since there is no extension yet moving these increased limits into 2009 lenders are starting to pull away from these products now.

I know, we just passed a $750 billion bailout; the government is buying bank stock and commercial paper but can’t extend these limits so banks are pulling back? This is just one more thing about this credit crunch to make you angry. Regardless if you are thinking about buying a home and using FHA, you may want to talk to your lender now and see if you need to move faster or if there are other products available to you.

If you need more information or have any questions please call me at MagnumOne Realty. My number here is 916 290-9339 or you can email me at juliej@jalone.com