Boomerang Buyer Options After Bankruptcy
Boomerang Buyer is a term used to describe the thousands of families that fell victim to foreclosure, short sale or deed in lieu of foreclosure as a result of the great Real Estate Market Crash that started in 2007. In the midst of financial tumult, many folks were left little little option but to turn to bankruptcy protection in an effort to contain the hardship to the current challenges and not spill over into delayed tax consequences or deficiency judgements from past...
Underwater Streamline Refinance into a Conventional Loan
For upside down homeowners that have a FHA mortgage right now, the Streamline Refinance loan is one of the most effective tools available for taking advantage of today's historically low interest rates. FHA interest rates have been lower than conventional interest rates for quite some time now. This hasn't always been the case, and it may not always be the case, but for now it's a reality and something to take into consideration when exploring your payment reducing options. If you're underwater now,...
Rising Home Values Help Owners Avoid Mortgage Insurance
Since 2008 home values have slid to incredibly discouraging lows for most California home owners. Many homeowners fell victim to economic challenges as well, resulting in bankruptcies, mortgage defaults, foreclosures and short sales. For the vast majority however, it's been a "sit tight and wait it out" kind of real estate market. If evaporating equity wasn't enough, to add insult to injury, interest rates dropped to historic lows. FHA Was The Lesser of Two Evils In order to take advantage of low interest...
Can a Short Sale After Bankruptcy Hurt My Credit?
California has been hit hard over the last 5 years. Challenges with the economy, job loss, lay offs and a slow recovery has forced many homeowners to file for bankruptcy protection to help stop the financial bleeding of a reduced income household. Bankruptcy can be a difficult and emotionally taxing experience. When a family's income is reduced, the credit card debt can slowly stack up until it gets to a point where you can't keep up with all of your credit...
The Science of Buying in a Low Inventory Real Estate Market
As a homebuyer in today's market, you're no doubt at your wit's end trying to find your dream home. And when you find a home you love, you're competing with all cash offers and bidding wars driving the sales price above what it's listed for, and many times, even above what the home is actually worth! While there is nothing you can do to create more homes for sale, you can certainly arm yourself by understanding the trends and patterns in the...
Phantom Foreclosures Stop Boomerang Buyers
Boomerang buyers are those families that fell victim to bankruptcy, foreclosure or short sale in the past and are trying to buy again after the hardship. Most boomerang buyers find solace in the fact that recovery is at most only a few years away. At least that's the way it's supposed to be. Zombie Foreclosures We recently wrote about Zombie Foreclosures, which is a recent phenomenon being experienced by folks that surrender their home, most commonly after being included in bankruptcy. Years later, when...
Zombie Foreclosures Haunt Boomerang Buyers
When this phenomenon first began to rear it's ugly head, I initially tried to avoid using the term "Zombie Foreclosures". I have however, become more comfortable with the term due to the inability to come up with a more appropriate description. Faux-Closure It's been a strange real estate market since the big crash of 2007. As home values dropped, the economy followed suit as hundreds of thousands of families experienced challenges which, in many cases, resulted in the eventual loss of the...
Cool Long Beach Condos with Ocean Views
Ocean View Condos in Long Beach Most of the ocean view condos are along Ocean Blvd and Seaside Way in Long Beach, California. Here is a list of the most popular buildings: 1.) Aqua Condos - two buildings built in 2004. Each building has it's own fitness center, sparkling swimming pool, spa and Concierge. The buildings are very secure for the privacy of the residents. The homeowner's association (HOA) does allow for pets and the monthly fee for the HOA is $510....
Loan Modification Success Story: Servicer Changed during Modification
The name of the client has been changed to protect privacy and the personal information. The story is an accurate representation of the circumstances around his case. In January of 2013 Cheryl contacted our law office seeking help with her mortgage that was owned by Chase mortgage. She was granted a loan modification back in 2010 at a rate of 5.00% and was able to keep up with the payments until 2012 when her income dropped due to lost work...
Loan Modification Success Story: Mr. L
The name of the client has been changed to protect the privacy and the personal information of Mr. L. The story is an accurate representation of the circumstances around his case. 2 years ago Mr. L contact our law office to seek help with a his modification. Mr. L experienced a loss in income due to time taken from work to care for his mother who was diagnosed with stage 4 cancer and she was not given much hope of...
