About Butte County, CA

President Opens Doors To Small Business February 2010-Chico Real Estate

President Obama states that Government cannot create jobs, but provide support for entrepreneurs to their open doors for business expansion and job creation.

Buyers & Sellers Seeking Transaction Assistance With Chico Real Estate Contact:

Phone: 530-370-1818                                                          Email: steve@chainrealestate.net

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Paradise CA Homes For Sale, Rated #10 Top Best Places to Retire, ParadiseCA Real Estate

If you are seeking your piece of paradise you may well have found it. The town of Paradise CA was voted #10 out of the top 20 best retirement values, but there is no skimping required here. With it's plentiful tall evergreen trees the area provides just a hint of an alpine influence providing pleasant respite from the Valley's warm summers. The initial impression is of a quaint community. As you travel the town's numerous tree lined streets that initial impression slowly gives way to the presence of a town rich in culture, medical services and shopping opportunties. Visitors will be slow to realize the community supports approximately 27,000 residents.

Visitors or perspective Buyers familiar with Lake Tahoe will sense the similarities but the area does not experience the harsher winters as Paradise is located at 1800'-2400' elevation. The community is approximately 90 miles from Sacramento and 180 miles from San Francisco with highways convenient for travel.

The region is rich in majestic beauty and recreational opportunities including Lake Oroville and the American River providing boating and fishing just minutes away.

Perspective Home Buyer's will be pleasantly surprised to currently find homes ranging from $100K to $1,1M. Out of area Buyers should be aware relocation services are readily available.

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Buyers & Sellers Seeking Transaction Assistance With Paradise Real Estate Contact:

Phone: 530-370-1818 Email: steve@chainrealestate.net

Federal Reserve To Purchase Additional 1.25 Trillion In Mortgage Securities- Paradise CA Real Estate

Press Release Federal Reserve Bank, Board of Governors, Date: January 27, 2010

I know you're saying it doesn't sound like much. But a trillion dollars here and a trillion dollars there, pretty soon your talking real money.

In theory these purchases have a stabilzing effect on interest rates allowing lenders to recapitalize and reinvest in new mortgage/legal interest assets. The Federal Reserve Bank purchases are forcast to end in Februay and March. Interested market observers would like to know what effect that forcasted end will have on interest rates.

Here is a recap:

FEDERAL RESERVE'S ECONOMIC STATUS REPORT:

• Economic activity has continued to strengthen
• Deterioration in the labor market is abating.
  
• Household spending is expanding at a moderate rate but remains constrained by a weak labor market, modest income growth, lower housing wealth, and tight credit.
  
• Business spending on equipment and software appears to be picking up
• Investment in structures is still shrinking and employers remain reluctant to add to payrolls.
  
• Company inventory stocks have moved inline with sales.
  
• Bank lending continues to contract, financial market conditions appear to support economic growth.
• Pace of economic recovery is likely to be moderate for a time,
  

POLICY AT A GLANCE:

• Target range for the federal funds rate at 0 to 1/4 percent
• Anticipate that economic conditions will likely to warrant low federal funds rate for extended period.
• Support to mortgage lending and housing markets and to improve overall conditions in private credit markets,
• Purchase $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt. (by end of Q1/2010)

FUTURE POLICY CONTINGENCIES:

• Modify transitional policy as necessary to support financial stability and economic growth.
  

source: Federal Reserve Board

Information deemed reliable, but not guaranteed

Buyers and Sellers Prepared To Take Advantage Of Present Low Interest Rates Available For Paradise CA Real Estate Contact:

Phone 530-370-1818 Email: steve@chainrealestate.net

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HAMP Remodels Loan Modification Process, Chico Real Estate

Home Affordable Modification Program – Program Update and Resolution of Active Trial Modifications

Many homeowners are aware of the efforts of borrowers seeking to modify the terms of their mortgages with their lenders. You may also be aware of borrowers and servicers and their respective disappointments with the process.

The Department of the Treasury issued a Supplemental Directive dated the end of January 2010 amending key features of the program. A significant program change is a requirement for full verification of borrower eligibility prior to offering a trial period plan.

The Treasury Department/HUD changes are scheduled to be implemented in June, servicers such as Wells Fargo are suggesting they will apply the changes by March 1, 2010.

The Treasury and HUD review of the results todate are now implimenting much needed "guidance" requiring:

• Rapid response to borrower's applications
• Servicers must calculate and approve the modifications that are in the best interest of the Lender
• Automatic permanent loan modification after package approval and 3 timely payments

THE NEW DEAL:

Loan Servicers collect three documents prior to granting a trial mortgage modification:

• Application, including a hardship letter
  
• Proof of income, 2 recent pay stubs or recent P&L statement for the self-employed;
  
• Authorization form granting the Servicer access to tax data from the IRS.
• Servicers must respond within 10 days of borrower's initial request.
  
• Servicers must respond within one month of completed package to let borrowers know whether they qualify for a trial modification.

SERVICER'S DISCRETION:

• Make loan modifications permanent only if minor paperwork is missing.
  
• This discretion will help address a large backlog of incomplete modifications.
  

SERVICERS MUST CALCULATE:

• Whether the lender or current owner of the loan will benefit from a mortgage modification, or if foreclosing on the property is in the loan owner’s best interest.
  
• If the loan owner will benefit from a modification, the servicer is required to grant the modification.

Buyers and Sellers Seeking Transaction Assistance With Chico Real Estate Transactions Contact:

Phone 530-370-1818 Email: steve@chainrealestate.net

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