Wells Fargo Expanding California Loan Modifications

Posted by & filed under Stockton Real Estate.

Wells Fargo plans to make $2.4 billion in mortgage modifications in California and is still working towards expanding this same forgiveness to other states. The program is specifically targeting homeowners who had “pick a Payment” adjustable rate loans that ballooned far and above what the homeowner was able to pay. Wells Fargo has already modified […]

National Mortgage Standards are Encouraged

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A group of investors together with academics has proposed a national standards system be created for Mortgages. The goal would be for such standards to be implemented as early as this spring.The group believes such standards could diminish conflict between servicers and investors, help avoid investor favoritism by servicers and set a standard for securities […]

Mortgage Rates Up to 6 Month High

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Download now or preview on posterous 12 16 10 SB1000142405274870407380457602348.pdf (59 KB) Thirty year mortgage rates have hit a six month high of 5.09% in response to an increase in treasury yields. This is a dramatic turnaround from where rates were only one month ago at 4.17%. This is sobering news for the housing market […]

Ten Facts You Need to Know About Mortgage Debt Forgiveness Before Initiating a Short Sale!

Posted by & filed under Short Sales, Stockton Real Estate.

Download now or preview on posterous Ten Facts about Mortgage Debt Forgiveness.pdf (16 KB) The IRS published the Ten Fact about Mortgage Debt Forgiveness. It is a must read for anyone considering a short sale, deed in lieu or foreclosure. We highly recommend you seek the advice of a CPA and real estate attorney before […]

FTC Seeks Public Comment on Mortgage Rescue Practices

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Now is the chance to have your voice be heard. The Federal Trade Commission (FTC), has announced it is seeking public comment relating to the fairness of loan modification and foreclosure rescue practices. Public comment will allow the FTC to assess whether rules would be useful in protecting consumers of these services, and the commission […]

Mortgage Insurer Triad Guaranty Inc cuts payout to 60%

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More trouble for mortgage servicers. Triad Guaranty Inc. , a troubled mortgage insurer, announced it will reduce it’s payment on claims to 60%. The remaining 40%, for all intents and purposes,will be paid in the form of an IOU. Other insurers are expected to follow Triad’s lead which will result in increased losses for servicers […]