December 9th, 2007 . by Mike Kelly
Lawmakers are working overtime crafting bills which might help stave off the wave of foreclosures being predicted as “Sub-Prime” mortgages start the “re-setting” process in the months to come. 2008 will be the vast majority of these resets happening though $40 Billion worth of resets are going to happen this month in December. Many of these bills are predicated upon the Borrower or Debtor going to the Bankruptcy Court as a last resort to stop the foreclosure process. Senator Durbin, Democrat-Ill, has the most aggressive of these currently working its way through the senate. Hot juicy tidbits of this bill are: Read the rest of this entry »
Posted in Sonoma County Real Estate Interest Rates, Statewide Issues, Short Sales | Please post a response »
December 9th, 2007 . by Mike Kelly
Listeners, This is the web site we spoke of this morning for helping those meeting the rather strict guidelines for the program President Bush put forth this week. You can also call: 888-995-4673 (HOPE). Here are the guidelines: Read the rest of this entry »
Posted in Sonoma County Real Estate Interest Rates, Statewide Issues, Short Sales | 6 Comments »
December 7th, 2007 . by Mike Kelly
The only issue we have is WHO owns these loans. You say the “banks” but they are the “servicers” no doubt of most of these loans. So who do we really ding? Most of these homeowners actually think they have the “teaser” rate AS their rate and have no idea what a “neg-am” loan does to their initial balance. They are defaulting on the TEASER RATES!! What is the end result desired in Bush’s Plan? To gradually have folks loose their homes instead of a massive implosion?
The sad thing is I still have lender’s approaching me with their “option ARM” and “neg-am” loans and unbelievably using 2% appreciation a year for the next 5 years to justify a neg-am loan!! Amazing!
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December 3rd, 2007 . by Mike Kelly
Here’s some essentials to the DPA (Down Payment Assistance) Program which Wachovia has money to fund.
The amount is $25,000 which is FREE!! NO PAYBACK REQUIRED!! (for counties: Marin, Contra costa, Alameda, Solano, Sonoma, and Santa Clara–$20,000 for Napa & Merced). Please read more about this terrific program and to get contact information. Read the rest of this entry »
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November 25th, 2007 . by Mike Kelly
Who says there are NO 100% financing homes left in the marketplace? I ran a search this morning before the show and within Sonoma County we now have 812 Homes NOW AVAILABLE UNDER $417.000 which is the conforming loan rate. 100% financing IS available at or below the “conforming loan limit” of $417,000. Now if you add in the Wachovia Mortgage seller assistment progam of $25,000 FREE GRANT MONEY!! Those homes mushroom to 998!! If you have 10% down and can put this in addition to the conforming loan amount for a total purchase price of $458,700 (I’m being exact here!) YOU NOW CAN LOOK AT 1,117 HOMES!!
In other words–get Pre-Approved for a loan today and get into a home before Xmas!!
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November 25th, 2007 . by Mike Kelly
Here are Alicia’s rates as we discussed on the radio show this morning. She can get you into a home before Xmas–we just need to find you a home!! Today’s rates quoted are a small sample of current rates. Give me a call for more information about different rates, loan products and requirements! (707) 284-2718
Conforming fully amortized interest only
30 year fixed 6.125% 6.375% Read the rest of this entry »
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September 7th, 2007 . by Mike Kelly
This “Interest Rate Buydown” program could be a smart way to get more buyers into your home for sale. In conjunction with a price reduction or in lieu of one, you may wish to spend some money and “buy-down” the initial interest rate to a very low 4.25%!! Here’s how the program works: Read the rest of this entry »
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September 30th, 2006 . by Mike Kelly
Now that the extremely hot real estate market has cooled to Eskimo Sundae temperature, a flood of “new” regulations can be found glowing in the embers of this once bonfire of the equities! Just as our real estate market sparked new disclosures regarding making offers with no inspections and paying in excess of listed prices, we now have guidelines warning of “exotic” lending. This is know as the “Closing the barn door after the horse has gotten free” disclosure system. For all of those consumers who got the “exotic” option ARM loans you now are feeling the pain. On an “option” arm you have three payment plans and the loan is adjustable. Many opted to pay the “negative amortization” option which means you are NOT even paying interest only hence the deferred interest gets added to your principal and up goes your loan amount! Read the rest of this entry »
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