CA Short Sale Approvals in 21 Days! | Bay Area Real Estate Investors
September 25, 2009
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Governor Schwarzenegger has recently signed SB 306, which mandates lenders and loan servicing companies to respond in writing to short sale payoff requests within 21 days of receiving it. This law will be effective on January 1, 2010 in California. Wachovia Bank is ahead of the game and has already streamlined their short sale approval process -sometimes providing the short pay statements on the spot!
If the lender’s short-pay statement requires approval of the settlement statement or HUD-1, which is prepared by an escrow officer, the lender must provide the payoff demand statement or rejection letter no later than four days after receiving that closing statement. I can’t wait to find out if the banks are prepared to comply with this portion of the bill provision; If they do not meet that deadline, I don’t know what the penalties are either.
Exceptions: Lenders are not obligated to respond so quickly with a payoff demand statement if the loan is subject to a recorded notice of default (NOD). The short sale package (equivalent to a written demand for the payoff statement) must be received prior to the first publication of the notice of trustee sale or the notice of the first date of sale established by a court.
While the lenders aren’t required to approve short sales (oh we wish!), they ARE required to either reject or approve the sale in writing within that time frame. This is a huge win for everyone involved, the whole real estate market and community will benefit. I can envision fewer properties going into foreclosure, fewer vacant and abandoned properties, and more people able to afford their mortgages. Those that do a short sale of their homes even get to qualify to buy again that much sooner! And of course, they will NEVER have to say YES when asked if they’ve ever had a foreclosure
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
Investor Forum Event In Fremont CA | Bay Area Real Estate Investor Meetings
September 22, 2009
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Weekly Wrap-Up 9/11/09
September 12, 2009
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"The Weekly Wrap Up"
Presented by Jason Wheeler
Can you believe it’s been eight years since that horrible day in 2001? I wanted to drop a quick note. My goal is to keep you informed and updated on what’s new in the financing world. You can get in touch with me for any financing questions between 9am and 7pm Monday through Saturday on most weeks at 925-285-2172. My commitment is service to business partners and clients!
Did you know that first time home buyers in Contra Costa County have the ability to qualify for a Mortgage Credit Certificate. Not many lenders will process these but we will. If you qualify you can save up to 20% on the mortgage interest you pay, every month!
On a monthly interest only payment of $2,500 you can save $500 EVERY SINGLE MONTH for the life of your 30 year fixed loan!! This little known program is linked below and We are successfully closing these for several clients. If you or anyone you know would like to learn more please let us know!
Hot Programs!
- FHA 203K Rehab Loan. Perfect for today’s REO fix up environment. Get up to $30,000 upon closing for repairs and upgrades on your new home purchase.
- Contra Costa Mortgage Credit Certificates. Get up to 20% tax credits on interest paid on your mortgage throughout the year!
- 100% Financing with VA Loans!
- Government Programs up to 97% Financing. with $8,000 in Tax Credits for First time buyers expiring at the end of 2009..
- Fannie Mae Refinance Plus! Refinance your home up to 105% of the value.
- Concord CA Affordable Housing and First Time Home Buyer down payment assistance up to $40,000
Below is a bit of news on the weeks pricing trends and mortgage rates!
- Conventional or FHA 30 Year Fixed No Points 4.875%
- Conventional or FHA 30 Year Fixed One Point 4.625%
- Conventional 5 Year ARM 4.125%
Here we are wrapping up Friday 9/11/2009 rates have bee consistently lower for the past two weeks. We have not seen pricing this good since May. If you had to lock at all this week you were likely pretty close to the week before. You can look at weekly rate trends Here.
EVENT!
Investor Forum in Fremont CA 9/16/09! RSVP Here!
Join us with Hermie Bacus and Jeff Thompson learn from a ton of Real Estate Entrepreneurs and Investors that are helping people like you create massive wealth in Real Estate TODAY!!. This will be a packed evening event where you will learn nuts and bolts Real Estate Investment knowledge to take advantage of what is happening in the market RIGHT NOW!
Weekly Wrap Up 9/4/09 | Concord CA Investor Forum This Week
September 4, 2009
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"The Weekly Wrap Up"
Presented by Jason Wheeler
As we all hurry out of town for the long weekend I wanted to drop a quick note to update you on what happening in the ever changing world of Real Estate Finance this week. My goal is to keep you informed and updated on what’s new in the financing world. You can get in touch with me for any financing questions between 9am and 7pm Monday through Saturday on most weeks at 925-285-2172. My commitment is service to business partners and clients!
Hot Programs!
- FHA 203K Rehab Loan. Perfect for today’s REO fix up environment. Get up to $30,000 upon closing for repairs and upgrades on your new home purchase.
- Contra Costa Mortgage Credit Certificates. Get up to 20% tax credits on interest paid on your mortgage throughout the year!
- 100% Financing with VA Loans!
- Government Programs up to 97% Financing. with $8,000 in Tax Credits for First time buyers expiring at the end of 2009..
- Fannie Mae Refinance Plus! Refinance your home up to 105% of the value.
- Concord CA Affordable Housing and First Time Home Buyer down payment assistance up to $40,000
Below is a bit of news on the weeks pricing trends and mortgage rates!
- Conventional or FHA 30 Year Fixed No Points 5.125%
- Conventional or FHA 30 Year Fixed One Point 4.75%
- Conventional 5 Year ARM 4.25%
Here we are wrapping up Friday 9/4/2009 rates have bee consistently lower for the past two weeks. We have not seen pricing this good since May. If you had to lock at all this week you were likely better off than the week before. You can look at weekly rate trends Here.
ANNOUNCEMENT!
Investor Forum in Concord CA 9/10/09! RSVP Here!
Join us with Bob Snyder and learn from a ton of Real Estate Entrepreneurs and Investors. This will be a packed evening event where you will learn nuts and bolts Real Estate Investment knowledge to take advantage of what is happening in the market RIGHT NOW!
Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |
Extremely Low Interest Rates | Bay Area Mortgage Brokers | 4.125% 5 Year ARM
September 3, 2009
Just a quick note to update you on what happening in the ever changing world of Real Estate Finance this week. My goal is to keep you informed and updated on what’s new in the financing world. You can get in touch with me for any financing questions between 9am and 7pm Monday through Saturday on most weeks at 925-285-2172. My commitment is service to business partners and clients!
Interest rates are EXTREMELY low this week. One thing good about unemployment is the effect on interest rates. Lock in today and call me!
Hot Programs!
- FHA 203K Rehab Loan. Perfect for today’s REO fix up environment. Get up to $30,000 upon closing for repairs and upgrades on your new home purchase.
- Contra Costa Mortgage Credit Certificates. Get up to 20% tax credits on interest paid on your mortgage throughout the year!
- 100% Financing with VA Loans!
- Government Programs up to 97% Financing. with $8,000 in Tax Credits for First time buyers expiring at the end of 2009..
- Fannie Mae Refinance Plus! Refinance your home up to 105% of the value.
- Concord CA Affordable Housing and First Time Home Buyer down payment assistance up to $40,000
Below is a bit of news on the weeks pricing trends and mortgage rates!
- 5/1 ARM 385k at 4.25% NO Points.
- 10/1 ARM 385k at 4.625% NO Points.
- 30 Year Fixed 385k at 5.125% NO Points.
Here we are wrapping up Friday 8/28/2009 rates dipped well below last weeks pricing on Monday and has been relatively flat all week.. If you had to lock at all this week you were likely better off than the week before. You can look at weekly rate trends Here.
