For A+ BBB San Diego Mortgage Loan Modification Services CLICK HERE

The year-end report from RealtyTrac.com shows that 2009 had a substantial increase of new foreclosures from 2008 and a 120 percent increase from 2007. This means that there were almost four million reported foreclosure filings in 2009! California had the fourth highest foreclosure rate in the United States, with over 630,000 homes receiving a foreclosure filing in 2009. San Diego County is just one of the major cities affected by the current slump in the economy, with the city of San Diego reporting 2,435 new foreclosure filings in December of 2009. Spring Valley, Carlsbad, and La Mesa also had large numbers of new foreclosures last year. If you are one of the many people to be affected by the housing crisis, don’t hesitate to contact HomeStart to find out if you qualify for a loan modification.

A loan modification is a change in one or more of the terms of your loan in order to make payments more affordable and ultimately keep you in your home. Loan modifications were originally reserved for those whose mortgages became delinquent due to job loss, divorce or illness, but today this option has expanded to include anyone suffering from high adjustable rate mortgages. If you are struggling to afford your mortgage payments, but have a tremendous interest in saving your home from foreclosure, go to www.YourHomestart.com to learn more about the loan modification process.

HOMEstart is licensed by the California Department of Real Estate (DRE) to provide turnkey, loan modification services. Loan modification is a multi-step process involving Intake Processing, Underwriting, Bank Submission, Negotiations, Approvals and Contract Review. We are the only DRE Licensed, A+ BBB rated business in California because no other company can offer you A-to-Z service. Customers must be careful working with non-accredited and unlicensed loan modification companies because they are not providing legitimate services.

HOMEstart was rated an A+ mortgage loan modification company by the Better Business Bureau (BBB) and is ready to negotiate your mortgage loan modification.  The A+ rating HomeStart received reflects that the business has established personal relationships with the largest mortgage lenders to expedite the loan modification process. It also represents the BBB’s degree of confidence that the business is operating in a trustworthy manner and will make an exceptional effort to provide the contracted services, while also providing a high degree of customer service.

For more information please visit www.YourHomestart.com

For A+ BBB San Diego Mortgage Loan Modification Services CLICK HERE

The year-end report from RealtyTrac.com shows that 2009 had a substantial increase of new foreclosures from 2008, and a 120 percent increase from 2007. This means that there were almost four million reported foreclosure filings in 2009! California had the fourth highest foreclosure rate in the United States, with over 630,000 homes receiving a foreclosure filing in 2009. San Diego County is one of the areas to be hit the hardest, with the city of San Diego reporting 2,435 new foreclosure filings in December of 2009. If you are one of the many people to be affected by the housing crisis, don’t hesitate to contact HomeStart to find out if you qualify for a loan modification.

A loan modification is a change in one or more of the terms in your loan. This could mean a lower interest rate, lower monthly mortgage payments, and a lower principal balance.  The purpose is to allow the borrower to meet the new terms of the loan, in hopes of avoiding foreclosure. With the current declining home prices and competitive real estate environment it’s become even more difficult to re-sell your home after foreclosure. Lenders would prefer any solution where they can receive some payment. Therefore, the cost of foreclosure is actually more expensive to the lender than the cost of new loan modification terms, making a loan modification beneficial for everyone involved.

HomeStart offers nationwide residential, investment and commercial property loan modifications, and can also provide foreclosure prevention information and pre-foreclosure consultation. HomeStart is the only business in California with an A+ rating from the Better Business Bureau in both loan modification and real estate loan modification. While the California DRE reported approximately 495,000 registered Real Estate and Mortgage Brokers in California in August 2009, only a mere 300 were licensed to perform mortgage loan modifications. The A+ score that HomeStart received represents the BBB’s degree of confidence that the business is operating in a trustworthy manner and will provide excellent contracted services, while also providing a high degree of customer service. If you are unsure if you qualify for a loan modification or simply would like more information about the loan modification process, don’t hesitate to visit our website or call HomeStart for a free consultation.

Here is one recent example of a loan modification performed by HomeStart:

Property in San Diego, CA
Total monthly savings of $1,132.38/month

• Primary Residence:
  Loan amount of $298,819 with an interest rate of 5.875% and monthly mortgage payments of$2,445.30.
• Modified to:
  Interest Rate of 3.875% and new monthly mortgage payments of $1,312.92 fixed for 5 years; final interest rate of 5.375% and $1,481.94 monthly payments.

For more information please visit www.YourHomestart.com

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As we begin the New Year there are several pieces to the real estate and mortgage market puzzle that I think will be helpful to home buyers, sellers and home homeowners. Let’s start with the $8000 Federal Tax Credit. The credit is limited to 10% of purchase price not to exceed $8000 and the purchase price cannot exceed $800,000. In other words, if you pay $810,000 for a home, no tax credit, buy it for $800,000 and you may qualify for an $8,000 federal tax credit. As amended and expanded, the Tax Credit can be used by first time homebuyers and, with some restrictions, by move up buyers as well. To qualify, the sale must be in escrow by April 30 and close by June 30. The tax credit can be used for the tax year 2009 or 2010 and does not need to be repaid as long as you meet the requirements. Your REALTOR® or Tax Advisor can give you all the details. And speaking of tax credits, the Governor has proposed an extension and expansion of the 2009 state tax credit for California that was limited to new construction purchases only. The $100 million allotted in the 2009 program was gone within five months. The proposal put forth in the Governors state of the state address would be for all homes, not just new construction and $2billion would be allotted for the tax credit by the state. Remember, it just a proposal and must be approved by the somewhat contentious California Legislature. Rates continue in an historic low range, so really there is nowhere to go but up. Rates jumped up at year end, however have drifted back down this past week. The long term consensus is that conforming rates will rise to 6% by the end of 2010, which is still low by historical standards. There are three primary categories of conventional loans today. For conforming loans up to $417,000, rates are very near 5% on single family homes. The second category is high balance conforming loans up to $729,500. This segment runs .375% to .50% higher in rate than conforming. Today, that would be the mid 5%’s or slightly less. And then we have Jumbos. Lenders offering competitive jumbo financing are few in number. At best add .375% to .50% to the high balance conforming rate or somewhere between 5.75% and 6% for a 30 year fixed rate. The best rate in any category is with at least 20% down on a single family with credit scores above 720. FHA Loans are available up to $729,500 with as little as 5% down and scores in the mid 600’s. You may have heard that pending home sales have increased for 9 months in a row until November. As expected the number of pending contracts fell as buyers waited for the federal tax credit to be renewed. This chart shows the history of pending home sales going back to 2003. Red reflects contractions and green, expansions. While it is expected that the pending home sales will continue to expand, the expansion may be negligible in December and January due to the holidays. This chart reflects further indication that the bottom of the market was a little over one year ago. A question that comes up, especially with first time home buyers, is “how should I take title”? To shed some light on that subject I’ve put together helpful tips in the Quick Links Section of our Resource Center Home Page. Quick Links are located in the right sidebar at the top of the page. In these complex times, I am always available to answer your questions or discuss you concerns. Simply call, text or email me for a prompt response. Now, more than ever buyers and sellers will benefit from the advice and guidance that an experienced REALTOR® can provide. If you are in the San Francisco Bay Area, I invite you to start at our Resource Center, www.AboutBayAreaHomes.com. There you will find links for active home listings, including bank owned and short sales, home loans, market activity reports, home seller strategies, staging and decorating, a suite of 19 calculators, plus my book, “Let’s Make a Deal, The insiders Guide to Buying and Selling Real Estate” and more. Of course I am always available to discuss your real estate or mortgage related questions or concerns, just call, text or email me for a prompt response. Russ Boyd and his team professionally assist buyers, sellers and homeowners in the Peninsula Communities of the San Francisco Bay Area. They serve clients in San Mateo, San Francisco, Santa Clara, Alameda and Contra Costa counties. Licensed as a Real Estate Broker by the California Department of Real Estate, 01264240.