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Wondering why it's so difficult to get a Loan Modification?

by Southern Californias Top Producing Mother & Son Te

We come across many home owners that come to us for advice regarding what to do to begin the loan modification process.  Many home owners inform us that they are either experiencing financial hardship, they've experienced a death in the family, or some home owners just plainly don't want to pay a high payment for a house that no longer has the value it once had. 

Our expertise is in selling homes.  Since the market has taken a major change in all aspects of real estate, we have educated ourselves on the short sale process.   Banks are becoming a lot more lenient in approving short sales, and it seems that the loan modification process has taken a back seet for many banks.  We can simpathize with home owners because we understand that they want to do everything they can to stay in their homes and sometimes it is possible for them to do so through a Loan Modification. 

If you are attempting a loan modification and you are wondering why the bank is not allowing you to do a loan modification, we have found an online explanation to why it many times benefits a bank to do a short sale rather than a loan modification.  It is our prediction that there are going to be many short sales this year because of this process. 

Click on the link below and it will take you to the video.  If you ever have any questions regarding either a loan modification or a short sale, please call us any time.

Watch Video    

This Months Local Real Estate Home Value Report

by Southern Californias Top Producing Mother & Son Te

February Real Estate Report

We know that you can get real estate news from so many different avenues this day and age, but as real estate professionals we are able to give you a more concentrated look at sales prices because we can give you local real estate news as opposed to national news. 

This month we wanted to provide you with a visual perspective of home values over the past 2 years according to SoCAL MLS figures. 

Property values are at there highest since December of 2008.  The average sales price in December of 2008 was $333,540.  The average sales price for January 2010 (just last month!) was $328,405.  That is only a difference of $5,135, or 1.5% from the sales prices that we were seeing over a year ago!  When looking a the graph you can clearly tell that this might be the beginning of a steady incline in home values.  We won't know for certain until the numbers for February are out so make sure to visit our newsletter next month.  If you are considering buying a home, don't wait any longer.  This is the best time to buy.  You don't want to get stuck buying a home when homes are selling for more than they are now. 

 

 

Recent FHA Loan Program Update!

by Southern Californias Top Producing Mother & Son Te

For those of you wanting to be kept in the loop of all the "low down payment" loan programs that are out there, we thought we'd give you an update on a program that seems to be popular.  As is the case with all other programs there are certain income restrictions, and location restrictions so you need to call us so we can find out if you qualify...

This FHA program is called the "FHA Access Program." 

  • 99.5% Financing (almost 100%)
  • NO "first time home buyer" requirement
  • SFR, PUD's, and condos all qualify for this program
  • No cash reserves required
  • Multiple properties are ok
  • 6% seller concessions are ok
  • Gift funds for the 1/2 down payment are ok

This is a great program.  Give us a call or send us a message through our website to see if you qualfy for this program...

Displaying blog entries 1-3 of 3

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Photo of The Mother & Son Team - Maria Palacios & Chris Gon Real Estate
The Mother & Son Team - Maria Palacios & Chris Gon
Berkshire Hathaway HomeServices, California Properties
16911 Bellflower Blvd
Bellflower CA 90706
(877) 883-1003
Fax: 562-381-9113