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Chico, CA

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

02-08-10
Steve & Joel Chain
Steve & Joel Chain: Real Estate Brokerage in Cottonwood, CA
  • view my blog
  • Office: (530) 347-6122
  • Mobile: (530) 370-1818

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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HAMP Remodels Loan Modification Process, Chico Real Estate

02-07-10
Steve & Joel Chain
Steve & Joel Chain: Real Estate Brokerage in Cottonwood, CA
  • view my blog
  • Office: (530) 347-6122
  • Mobile: (530) 370-1818

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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California's Unsold Housing Inventory Shrinks To 5 Year Low-Chico Real Estate

01-31-10
Steve & Joel Chain
Steve & Joel Chain: Real Estate Brokerage in Cottonwood, CA
  • view my blog
  • Office: (530) 347-6122
  • Mobile: (530) 370-1818

California's Unsold Housing Inventory Shrinks To 5 Year Low-Chico Real Estate

  • Existing, single-family home sales increased 4 percent in December to a seasonally adjusted rate of 558,320 units on an annualized basis. ·
  • The statewide median price of an existing single-family home increased 0.8 percent in December to $306,820, compared with November 2009.
  • C.A.R.’s Unsold Inventory Index fell to 3.8 months in December 09, compared with 5.6 months in December 2008.

Numerous sources have suggested that a so called,"Shadow Inventory" would be "Dumped" on the market creating an increasingly large unsold inventory of homes. As we previously suggested banks would infact "manage" and release these inventories in a measured and orderly fashion. This appears to be happening and is having a stabilizing effect on home prices.

CAR Chart Housing Inventory January 2010

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

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

SEARCH CHICO REAL ESTATE SEARCH CHICO INFORMATION

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Proposed $5,000 Tax Credits To Spur Small Business Investment & Expansion

01-31-10
Steve & Joel Chain
Steve & Joel Chain: Real Estate Brokerage in Cottonwood, CA
  • view my blog
  • Office: (530) 347-6122
  • Mobile: (530) 370-1818

Proposed $5,000 Tax Credits To Spur Small Business Investment & Expansion

President proposes jobs bill creating Federal Tax Credits For Small Business. The Administration hopes to spur business investment and expansion with the Tax Credits.

  • Employers will be given a $5,000 credit for each additional employee hired.
  • Employers will also be granted credits on a dollar-for-dollar basis for payroll tax cuts for all raises above the rate of inflation.
  • Credits will be paid every quarter.

While the President admitted the job losses of the last 2 years he cited the recent report of 5.7% growth over the last 3 months. He noted this is the fasted growth rate of the last 6 years.

 

 

 

 

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

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

 

SEARCH CHICO REAL ESTATE                                                          SEARCH CHICO INFORMATION

 

 

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CHICO REAL ESTATE, HAMP Ramps Up, 110,000 Permanent Loan Mods, CHICO HOUSES

01-21-10
Steve & Joel Chain
Steve & Joel Chain: Real Estate Brokerage in Cottonwood, CA
  • view my blog
  • Office: (530) 347-6122
  • Mobile: (530) 370-1818

CHICO REAL ESTATE, HAMP Ramps Up, 110,000 Permanent Loan Mods, CHICO HOUSES

HUD logo image

New December data demonstrates that there has been a measurable increase in the number of borrowers approved for permanent modifications:

  • 110,000 permanent modifications have been approved: (previous data stated 32,000-66,000) including
  • 66,000 that borrowers have accepted
  • 46,000 awaiting only the borrower's signature.

As suggested in earlier posts we expected that the low initial loan modification results would not be allowed to stand. Our expectations have been met with some recent improved performance on the part of lenders. Presidential Administration Representatives:

  • have actually been providing on site assistance to Mortgage Servicers to ensure that homeowners are provided the opportunity to participate.
  • implemented a temporary review period to ensure that all borrowers are being fairly evaluated for the program (expires January 31, 2010)

Representatives are ensuring servicers increase efforts:

  • to deliver decision to borrowers in trial modifications
  • who had submitted all of their documents
  • need to obtain missing documents

The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) reported, January 15, 2010 on the Administration's nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP).

It appears the President's administration is monitoring HAMP with a watchful eye and they are willing to take an “active” part in “assisting” banks and their loan servicers in providing effective loan modification assistance. We believe there will be continued modifications to the loan modification program until real long term results are assured.

Buyers and Sellers Seeking Loan Modification Information On Chico Real Estate Contact:

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

SEARCH CHICO REAL ESTATE SEARCH CHICO INFORMATION

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