Mike’s Real Estate Show

Rates went up a little from Monday and Tuesday , stock market better? Interest rates go   up a little , fears still of inflation, lots of emotion and not much rational thinking  now   Up to $417,000  30 yr fixed is 5.625 at 1 pt
FHA 30yr  fixed 5.75% 1 pts. . . . easier to qualify with FHA , but need seller’s disclosure too . . . .up to $362,790 . . . . . to $662,500 , rate at 6.125% At 1 pt . . . refinances  to 90% ltv with no 5% reduction in loan amount due to “declining  market “ if noted by appraiser .

 $417,000  to $662,500  , 30 yr fixed is  6.5 at 1 pt  .  Full doc, SFD owner occupied only, 90%  ltv purchase with 700 ficos, 80% max ltvs with 660 fico. On refinances  75% ltv’s , FHLMC will now allow $100,000 cash out , payoff of seconds now ok , but no stated income deals .   FHA  30 yr fixed at 6.25 0pts . . .FHA is always “full doc”

Over $662,500   30 yr fixed is 7.125 pt, the 7/1 is at 6.625  1 pt   80% ltv to $2,000,000
Purchase .  75% to $3,000,000 on purchases

Napa and Marin are at $729,750, Lake is still at $417,000, Mendocino at $512,000.  Sonoma County at $662,500  new FNMA loam limits for these areas  . . .time to refinance?  Aprs not calculated, full doc examples with 680 fico scores  . . .30 day locks shown on rates  Stated income ,40 yr terms interest only loans, available  . . . 

Equal Opportunity Lender Cell 707-481-2737   707-535-1263 direct

You can buy property here whilst studying in the San Francisco area or any area of our Country. I currently am using Wachovia for my lending purposes as they do many “Foreign national” loans. They usually require 30% down payment, have low documentation options, monthly payment options, and Jumbo loan availability and credit scores and social security numbers are NOT required. These are sometimes subject to the Office of Foreign Assets Control and the Patriot Act. Obviously proper identification is a must.
   But before you buy you should speak to an attorney who works with Foreign Nationals and understands the various tax codes for acquisition and sale of real estate here in the states. This is VERY critical to a successful transaction. As a CIPS (Certified International Specialist) I have specific training in working with the International client. This designation is awarded by the National Association of Realtors. I studied for this designation  in Paris 2 years ago and have a fantastic network of equally educated and qualified Realtors throughout the world should you need help in ANY country.
  Here are a couple of conversion tables you might find useful!
1(one) Square foot for every 0.0929 square meters.
1 acres = 0.404685642 hectares

And If I can be of any further assistance feel free to contact me at
+1 011 800.959.7244  or mkelly@realtour.com

Shamrocks

St. Patrick used the shamrock leaf to symbolize the Trinity, and today many people wear a shamrock to commemorate Saint Patrick’s Day.
 
Blarney Stone

Blarney Castle is located in County Cork, Ireland. Built in 1446 by Cormac Laidhim McCarthy (Lord of Muskerry) the Blarney stone is located in the southern tower wall
between the main castle wall and the parapet. In order to kiss the stone one has to lie on their back and bend backward (and downward), holding iron bars for support. It is said that the Blarney stone has magical properties. As legend has it an old woman cast a spell on the stone to reward a king who had saved her from drowning. Kissing the stone gave the king the ability to speak sweetly and convincingly.

Leprechaun

Just what does a Leprechaun look like and why are they so special? A Leprechaun (Irish fairy) looks like a little old man. He’s about 2 feet tall and dresses like a shoemaker with a cocked hat and leather apron. A Leprechaun’s personality is described as aloof and unfriendly. They live alone and pass the time by making shoes. They’re special because they also possess a hidden pot of gold. If you listen closely for the sound of their hammer you might be able to capture one. If you do you can force him (with the threat of bodily violence) to reveal where he’s hidden his treasure. Be careful! Do not take your eyes off him for if you do he will surely vanish and your hopes of finding his treasure will vanish with him.

Green

Why wear green? Probably because you’ll be pinched if you don’t! School children started this tradition. Green is also the color of spring, the shamrock and is connected with hope and nature.

The Luck of the Irish

If you want to be lucky this St. Patrick’s Day? Then follow this advice:
1.Find a four-leaf clover. 2. Wear green 3. Kiss the blarney stone.
4. Catch a Leprechaun if you can.  And most important….
5. Buy your next home from Michael John Kelly!!

May your blessings outnumber the shamrocks that grow and may trouble avoid you wherever go!

The scenario as I understand it, is you have a second TD which is taking the hit and the first which is not. So the first doesn’t really come into the picture as they will just be “cashed” out when the sale goes through. However, you may wish to make sure you have a realistic price for your marketplace. The way things are going you could get into the frist real quick! Read the rest of this entry »

The civil Code for foreclosures is very long and complicated. I put this up to simply give you an idea as to WHY you should consult an attorney!! But it does spell out the processs in no-nonsense terms. Use it as a guide. Since I don’t practice law I leave it at that!!

http://www.leginfo.ca.gov/cgi-bin/displaycode?section=civ&group=02001-03000&file=2920-2944.5

Bankruptcy may be a venue to explore if you are facing multiple credit issues including the loss of your primary residence through default on your loans. Here’s a quick take on Bankruptcy and how it relates to the foreclosure process. If you have further questions call the attorney at the end of this post:  

Bankruptcy (Added in 2008): A distressed borrower can also seek protection under the United States Bankruptcy Code by initiating a proceeding in his local federal bankruptcy court. This will have the effect of imposing an “automatic bankruptcy stay” on all further proceedings by creditors and claimants against the borrower, save in bankruptcy court. Read the rest of this entry »

Foreclosure Process

California has a non-judicial system to carry out a foreclosure of a deed of trust. That means  that no court procedure is required for a lender to sell the property to satisfy the debt. Some states carry out a formal judicial process which tends to be lengthier, and frequently have a redemption period after the sale. Here in California, the judicial process is available, but rarely used. The following steps will outline what is all involved in a non- judicial foreclosure.

1.) MISSED PAYMENTS OCCUR. Usually after the third missed payment the lender will initiate a foreclosure. There is no law that dictates the number of payments that must be missed, but most trustees won’t proceed unless the loan is more than 30 days in arrears. This is done by issuing a Declaration of Default and Demand for Sale which is passed on to the foreclosure trustee.

2.) DEPOSIT DEED OF TRUST AND NOTE WITH TRUSTEE. The lender (beneficiary) deposits the deed of trust and note with a foreclosure trustee. If there has been an assignment of the deed of trust, such assignment must also be deposited. If the original note has been lost, foreclosure can still be commenced, but the beneficiary must post a lost instrument bond in most cases. (18 more steps follow this first one–get to know the process if you are having issues with your loan and may be easing into this process with your loan!) Read the rest of this entry »

For Sonoma  county, its $662,500  now , FHA and Jumbo “lite”  Up to $417,000   30yr fixed is  5.75 at 1 pt  ( 5/1s and 7/1s same as fixed currently, the secondary market still does not want to “buy “ these adjustables so no  lower rate “deals”. FHA 30yr  fixed 6% 0 pts. . . . easier to qualify with FHA , but need seller disclosure too

Up to $662,500    30 yr fixed is  6.5 at 1 pt  ,  all full doc, SFD owner occupied only, 90%  ltv purchase with 700 ficos, 80% max ltvs with 660 fico. On refinances  75% ltv’s , FHLMC will now allow $100,000 cash out , payoff of seconds now ok , but no stated income deals .   FHA  30 yr fixed at 6.25 0pts . . .FHA is always “full doc” Read the rest of this entry »