Try using HousingMaps.com . Most likey you use Craigslist to find a rental property and if so Housing Maps is a Craigslist Mashup (what’s a mashup?). It combines rental listing from CL with google maps and let’s you sort by price range and all the variables offered on Cl already. It’s a handy tool that can save you time clicking and mapping prospective locations.
I read this article from the San Jose Mercury News and it looks to me like Foreclosure trends in California are lagging the nation.
While 29% of foreclosure in the first quarter for the nation were made up of fixed rate mortgage or loans considered only for the most credit worthy California’s number stood at 19%
The increase in fixed rate loan foreclosures is attributed to the overall health of the economy and rise in unemployment. In this California Loan Modification office this is the number one hardship faced with sub-prime and other mortgage holders.
So, why are the number for fixed rate loan foreclosure so much lower in CA? Is California’s real estate market lagging the nation, is it because of higher average home prices, and a higher cost of living?
The California Loan Modification office of Trinity Mutual offers loan modification services to Spanish speakers. They are a DRE licensed Loan Modification company along with attorney services and forensic loan document review.
Whether your mortgage was created lawfully or not will be determined by an attorney, further you they offer full financial review prior to accepting any fees. You will receive an objective review of your position and the possibility of a getting your mortgage loan modified instantly.
The Center For Responsible lending reported that there has been 1 Million Foreclosure filed so far in the U.S. for 2009. That’s an average of 6500 foreclosures/day, and this number is estimated to hit 2.4 millon by the end of the year based on trends
Meanwhile the Mortgage Relief Plan launched by the Obama Administration has helped about 60K homeowners. We consider this to be a very insignificant portion of a BAILOUT simply by looking at the numbers above and the magnitude of the housing crisis. 60K vs 1 Million will not get us out of the housing crisis. At the same time it’s better than nothing, right?
The bottom line is you need to reduce your house payments in order to make the house affordable. With unemployment rates increasing and in effect creating doward pressure on wages there is no other option than to consider loan modification. It can’t hurt to try and reduce your payments on a home loan that is underwater. Trying is free, and the worst thing that will happen is that the bank will say No.
If you need a loan modification company to help you understand your option contact Trinity Loan Modification .
An anti-foreclosure bill that would have helped individuals filing bankruptcy in order to avoid foreclosure was defeated today by the Senate. Most major news sources including this story from Yahoo Finance via the Associated Press stated there was strong lobbying by banks to stop the bill.
Whether this was a good decision for homeowners or not will be debated in the coming months or until the housing crisis goes away and our economy rebounds. Don’t forget that you and I whether facing foreclosure or not are currently invested in said lobbying banks through TARP and the stimulus plan. The banks and there toxic assets made up of bad mortgage loans is the reason we’re in this mess and whether we like it or not their word is going to make a big difference in what the government does. This is not about Obama, you, or me, it’s about getting the banks back on their feet so that they can start lending at greater and greater rates. This is a decision that was hinged on the entire country not just the 8 Million facing foreclosure.
This is obviously bad news for some homeowners facing foreclosure. Homeowners will have to reconsider their options and either walk away, short-sell, or make a solid attempt at modifying their home loans. At the same time we want to say that bankruptcy is not the end of the world. In fact in some cases it’s encouraged by Trinity’s Loss Mitigation Consultants. Yes your credit will be ruined but your credit was not created overnight and now you have a chance to rebuild your financial position into one that will be stronger than it ever was. This is a big decision, we know, and a difficult one, the sooner you face it the sooner you’ll have a chance to rebuild your future.
California’s unemployment continued to rise in March as home prices sink further. Unemployment and related finacial issues such as wage reduction, forced vacations, furlows, hourly pay reductions and such remain to be the number one financial hardship for California Loan Modification applicants.
The hosing market and job market are expected to worsen in the near term for California and most of the states. Sacramento has been divsing new strategies to help the unemployed along with those in underwater home loans, further the federal governemtn reported today that the economic recovery will probably take longer than it had first forecasted. We’ll contiune to post more information on both of these topics as the report come in.
This report came from the Wall Street Journal yesterday, noting that the official unemployment rate in California is now at 10.1%. One more month like January (if not 2 to 3 smaller increases) and will have the highest unemployment rate since The Great Depression.
We’re reporting this figure because at Loan Modification Daily we know job loss is one of the primary hardships with homeowners facing foreclosure The combination’s of the credit crunch, housing bubble, and unemployment is directly correlated to the increase in home foreclosures. We also believe that these two figures are going to rise in tandem in the coming months.
You should consider all of the following scenarios in the coming months and contact a California Loan Modification specialist for a free consultation.
If for example you live in the San Francisco Bay Area, chances are you will not be able to benefit from the new Obama Mortgage Relief Plan. Further you do not need to be unemployed today to be considered for a loan modification. You may be anticipating a future lay off, pay decrease, reduction in hours or similar. You may be able to afford your mortgage payment today but if your loan is underwater and your mortgage payment surpasses 40% of your income you have a very good chance of getting your mortgage loan modified. There are many scenarios but consider that the cost to you for a loan modification consultation is free
This post is in regards to a series of readings we have done at LoanModificationDaily.com .
This is a broader look at the Economic Crisis, The Housing Crisis, news such as Tax Breaks for California Home Buyers, Most Recent home sales activity in the San Francisco Bay Area, and in conclusion a look at how the current measures will help stimulate our economy and the housing market.
First off I strongly believe until the decline in housing prices is not stopped we won’t be able to predict a bottom to the economy (Bill Gross PIMCO Chief Investment Officer). Homes are the largest asset class held by American consumers, and consumption is the largest portion of our GDP. On a side note: unemployment, and the availability of credit are closely related but not the focus of this article. If home prices continue to decline it means Americans feel less and less wealthy which means they will cut back on consumption. Reduction in consumption equals continued reduction in GDP which means a continued recession and hopefully not a depression. Bill Gross who is a Chief Investment officer of the largest bond management company outlines this information in his Feb 2009 newsletter .
Followed is the the new Obama stimulus plan and the mortgage relief plan. The stimulus plan is designed to increase employment however the unemployment rate has not stopped increasing so the net effect of the package is hard to predict. The mortgage relief plan is valued at $75 B with an additional $75 sitting on the sidelines for a Phase 2 or even 3 relief. All indicators that the bottom is nowhere in sight. Important to note however that the details of the mortgage relief plan indicate that they will try to stop or assist in finding a bottom sooner than later in the housing market. This is a must and priority. If banks can’t lend at the same rate they did, Americans are continually loosing their jobs, and asset prices are continually falling then the economy is contacting and the housing market is suffering. Everyone and everything is getting pinched.
California just introduced a measure to give residence a $10,000 tax credit on their purchase of a new or previously unoccupied home. This is great news for the home builders but the net effect is probably going to be minimal. Since foreclosures are still rising in many parts of the country it means that inventory of “homes for sale” will continue to rise. Further new homes don’t seem to be as desirable in outlying suburban neighborhoods since factoring in cost of transportation and the availability of employment strongly outweigh the $10,000 tax break. Read the full article here from Reuters : California home credit seen as a quick boost to home builders
This article was published in the San Francisco Chronicle a few days ago: Foreclosures ignite hot Bay Area home sales. But what’s important to us about this article is that foreclosures continue to increase and new home sales continue to slump. Is the tax break really a short term cure for new home builders? The best line in this article is “despite no sign of declining home prices”.
On a closing note, I don’t think law makers from Washington to Sacramento know the exact cure. Yes they are taking swift action to halt declining home prices and a spiraling economy. However the swiftness of the decline demands such action. On the same note if you are faced with a hardship and/or your home is underwater but you don’t you may qualify for federal relief don’t hesitate contacting a qualified loan modification agent for a free consultation. Filling out a loan medication application along with an initial review of your specific financial situation should not cost a single penny. You can call the following Loan Modification Company for your free consultation now.
Now that the mortgage relief plan has been approved we are waiting for the details which will be public on March 4th. The question for those in need of Loan Modification are should you wait til’ the plan is in place or move forward now?
Don’t wait:
Contact a qualified loan modification consultant and get free advise now
Coming Soon!
Daily News and Information on Loan Modification, Loss Mitigation, and Foreclosure Prevention.
