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San Francisco Chronicle: Legitimized leasebacks picking up momentum
By Carolyn Said
11/11/2009
Last week, Fannie Mae announced its new "Deed for Lease" program, which allows homeowners in default to lease their home from the lender in exchange for signing over their deed. Now housing advocates and some political leaders say the concept should be expanded further. They hope the government will prod banks to follow Fannie Mae's lead, and they propose leases of three to five years followed by the option to buy back the home.

This is not as simple as it seems. Signing up a Deed back to the bank can bring complications, such as living the homeowners open for big liabilities on their mortgage delinquency if they are not able to negotiated a delinquency waiver and have it recorded settle as agree without any recourse in favor of the homeowner. Home owner should seek professional advice before getting in to any lease agreement and signing their Deed.

Would the bank accept a lease option for 3 or 5 years at today's market value????. If they would, why are they not lowering their balance when offering a loan Modification?

Is this another trap for the homeowner? We know that for years the banks have try to get in to real estate and to have control not just on the lending, but also on the sale of your home.

I see this as a way to allow the market to have an up correction while bank's recuperate the property values and foreclose on the homeowners as they get the opportunity.

Why you in the right mine lease a home from your bank after you have sing over the Deed on your property and be compromise for 3 or 5 years just to find out that you steel do not qualify for the purchase price, as most homeowner did not qualify on the original purchase. Yes they did, on a low interest only rate programs, an adjustable interest rates or the famous option payment plan.

This is just another move by Fannie Mae and the housing advocates and some political leaders to continuo to find a correction for their own private interest and having no regards for the citizens.

As Thomas Jefferson ones wrote: The day when the banks control Real Estate the sons and daughter of the citizens will be homeless.

We are fighting over the Health care propose by the Administration, Words in Afghanistan and Iraq, and we are forgetting the one subject that we are losing in our back yard, a word that is been neglected by our politicians that have only one interest, who is going to be the greater contributor to their campaign.

I am not a professional writer or have a great command of the English language but I am so P.... about our current housing situation that helps' me get courage to write as a voice of discontent

Oscar Matamoros

RE/MAX Metro Realty

October 17: International Day for the Eradication of Poverty

The United Nations designated this day to promote awareness of the need to eradicate poverty and destitution in all countries, particularly in developing countries - a need that has become a development priority. At the Millennium Summit, world leaders committed themselves to cutting by half by the year 2015 the number of people living in extreme poverty - people whose income is less than one dollar a day.

My take on this subject.

2009 (14-16 May) at the Astir Palace resort in Athens, Greece

The Bilderberg Group Meeting in secrecy to plot or plan the future of many nations and by a select number of politicians, bankers, and directors of large businesses. I can almost assure you that poverty is a concern when these group that represent the wealthiest of the world get's together to check on their back accounts.

Would you think they were thinking about the housing market and how well it is going for them?.

www.homesbyarea.com

Every day I get up and go to work I have to face with the reality.

How can we let this happen?

Banks owning our homes!!!!.

"Ye who have the gold make the rules" or how do that goes?

We cannot longer feel secure that we will have a job tomorrow, some like us are making good that we can't really see it.

We are been shut down from every angle by our government who is giving the Banks more power and less regulations.

Now Banks by asking homeowners to call when listing their home on a short sale (Pre-foreclosure), as Bank Of America did to some of my clients, have the opportunity to probe the homeowners and ask them if they are interested in given up their home.

This individual at the bank was short of asking my client for a DEE-IN-LIEU.

We know that this will carry greater risk and homeowners are expose if they agree to take this path without getting legal advice. If the buyers is not advice by the bank to seek for legal consultation he (the homeowner) will probably commit himself to a voluntary negotiation that he will not understand living himself open for more damages'.

We should not let our clients expose to this abuse. This will be like having our home been broken in and hiring the thief to come over to install our home alarm.

My advice is to do a 3 way calling; by this time you should have an authorization by the homeowner in the Banks' system, get him ready in what to expect from the bank when making this call, have his finances and gross income ready.

When they know that I am in listening they have not ask my client if he is interested in givin up his or her home.

Read more about Deed in lieu of foreclosure on Wikipedia

My lap top was running so slow that opening a simple web page took a minute or two. I found a web site that will scan the memory already installed on your computer and will give you an upgrade option that is suitable. http://www.crucial.com/systemscanner/index.aspx . I took the test and printed out the info and drove to Fry's Electronics bought the memory ( only $12.00 ). I got home flipped over the laptop and installed the memory. This was my first time messing with a laptop. I also had the option of purchasing the memory online. When I open a web page now I click it and "bam" like Emiril LOL. I can not believe what $12.00 did for me!

So you've decided to purchase your first home. Here is some advice from the experts at Crestico Realty that will help you make the best decision for you.

Define Your Search Parameters
Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes. You've probably defined your goals and have a pretty good idea of the type of home and neighborhood you want. By the time you reach us at Crestico, you are halfway to home ownership.

How Long Should It Take?
At Crestico Realty, we will listen to your wants and needs and arrange to show only those homes that fit your particular parameters. We will preview homes before showing them to you as well. On average, it takes anywhere from two days to six months to find your perfect home.

How Many Homes Will You See?
Studies show that the your memory dramatically improves after consumption of carbs and slows upon consuming sugar. So, layoff the soft drinks and have a hearty meal of carbs before venturing out to tour homes. The average number of homes that we will show you in one day is seven. Any more than that, and the brain is on overload. Therefore, don't expect to see 20 or 30 homes; although it's physically possible to do so, you probably will not remember specific details about any of them.

The "Gold Shoes" Experience
Women will relate to this. Say, you need a new pair of gold shoes. You go to the mall. At the first shoe store, you find a fabulous pair of gold shoes. You try them on. They fit perfectly. They are glamorous. Priced right, too. Do you buy them? Of course not! You go to every other store in the mall trying on gold shoes until you are ready to drop from exhaustion. Then you return to the first store and buy those gold shoes. Do not shop for a home this way. When you find the perfect home, buy it.

How to Rate Inventory
Bring a digital camera and begin each series of photos with a close-up of the house number to identify where each group of home photos start and end. Take copious notes of unusual features, colors and design elements. Pay attention to the home's surroundings. What is next door? Do 2-story homes tower over your single story?

Do you like the location? Is it near a park or a power plant?
Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the highest.

View Top Choices a Second Time
After touring homes for a few days, you will probably instinctively know which one or two homes you would like to buy. Tell us and we will show you them again. You will see them with different eyes and notice elements that were overlooked the first go-around.

Making the Selection
You will know what you like, and your Crestico agent, because he/she cares so much, will know too. We real estate agents are required, however, to point out defects and should help buyers feel confident that the home selected meets the buyer's search parameters.

From this point, your friendly and trustworthy Crestico agent will call the listing agents to find out more about the sellers' motivation and to double-check that an offer hasn't come in, making sure these homes are still available to purchase.

That's all there is to it! It seems like a lot, but don't worry you're in great hands when you have a Crestico agent to help you.

For More information please visit http://www.crestico.com - http://www.cresticorealty.com