Green Real Estate Appraiser

Loan Modification Based on Amount Owed

Posted on January 26, 2014 | Leave a comment

Q: I paid my 15-year mortgage for eight years before I suffered a hardship and had to stop making payments. I am trying to get a loan modification and want to know what happens to the equity in my home. And is the modification done on the original loan amount or just the remaining balance of the loan?

A: When your lender looks to modify your loan, it considers your budget to get a payment that is affordable for you to make. Lenders estimate that a person can devote 31 percent of their household income toward principal, interest, taxes and insurance. You do keep your equity. The loan modification amount will be based on what you still owe on the loan, plus the accrued interest and penalties for the time you did not pay.

To get the payment to an affordable amount, your bank will first look to lower your interest rate and will adjust the remaining term of your loan only if it is necessary to spread the payments over a longer time. It’s easy to see what your payments would be if the loan mod is approved by applying the 31 percent formula to your income.

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So Cal Customers Want Green Power to Replace San Onofre

Posted on January 25, 2014 | Leave a comment

A majority of utility customers in San Diego and Orange counties say climate change considerations should weigh in replacing power from the recently retired San Onofre nuclear plant, according to a survey released Wednesday by the Sierra Club.

The survey conducted by Raleigh, N.C.-based Public Policy Polling found 51 percent of utility customers believe the “potential impact on climate disruption” should be a major consideration in replacing San Onofre. An additional 25 percent said climate issues should be a minor consideration, 19 percent said climate should not be a consideration at all and 5 percent were not sure.

The survey questioned 1,065 power customers from Jan. 3-5 with an error margin of 3.0 percentage points. San Diego Gas & Electric customers accounted for 72 percent of respondents: Southern California Edison customers accounted for the other 28 percent.

A state-endorsed plan on how to replace San Onofre’s power is due in early 2014. The coastal plant in northern San Diego County provided enough electricity to sustain 1.4 million Southern California homes until it was shut down in January 2012 because of a radiation leak, and the plant’s voltage also was critical to importing electricity from outside the region. The dual reactors were retired in June because of faulty replacement steam generators.

First-Time Buyers Get Exclusive Bid Rights

Posted on January 24, 2014 | Leave a comment

An important resource for first-time home buyers and others who find themselves in unfair competition with deep-pocket investors bearing cash just got better: The two biggest players in the mortgage market, Fannie Mae and Freddie Mac, are now giving non-investor shoppers 20-day exclusive rights to bid on and buy new listings they are selling.

During the 20-day “first look” period, investors will be excluded from submitting bids. To qualify, non-investor buyers will need to commit to making the home their principal residence for at least a year. The idea, according to Fannie and Freddie officials, is to encourage greater owner occupancy, stabilize neighborhoods that have seen significant numbers of foreclosures and generally help out shoppers who find it difficult to outbid all-cash investors.

In California, for example, Fannie had 2,136 properties listed, many below $200,000. Listings range from a $139,000, two-bedroom single-family house in Big Bear City to a $700,000 three-bedroom home in South San Francisco. Buyers in San Diego could pick up a two-bedroom condo for $394,000.

So if you or someone you know is thinking of a home purchase, check out HomeSteps and HomePath listings online. If you qualify and keep your eye on the clock, you just might get a chance to buy a new home with mortgage terms you can afford — without worrying about fat-cat investors muscling in and outbidding you with cash.

http://www.latimes.com/business/realestate/la-fi-harney-20131229,0,7914994.story#ixzz2ot3r3ATp

Disclaimer: for information and entertainment purposes only

Loan Modification Based on Amount Owed

So Cal Customers Want Green Power to Replace San Onofre

First-Time Buyers Get Exclusive Bid Rights

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