About Walnut Creek's Concord

Happy first Monday of the New Year.

Out with the old and in with the new. Not only am I referring to the year but I am also referring to our new state license requirments.

Within the first 30 days we must report to the Dre and make the necessary arrangements.

This applies to those of us who ingage in Residential and Comercial activities. In order to complete the registration visit www.dre.ca.gov and obtain the form RE 866 Mortgage Loan activity Notification.

Also for those of us who originate Residential Mortgage Loans an ENDORSMENT IS REQUIRED on our real estate license.

Failure to submit the endorsement may result in penalties. $50 per day for the first 30 days and $100 thereafter.. a maximum of $10,000..

Click here to start the process Form RE 866- Mortgage Loan Activity Notification

Good luck,

I have had several questions regarding my link "Understanding the mortgage process" videos. I have no problem creating a personalized video for your listings and a monthly video for your website as well.. I also can provide you with references from other Realtors who have and are using these videos.. They are different so it's a great way to stand out from your competition..

Email me and let me know..

Click on the link and watch the videos.

Realtors,

December 16 the department of Housing and Urban Development released a mortgagee letter 09-52 explaining Short Pay Offs and Short Sales. Even though I've heard it's a long and arduous process surrounded by a black cloud some of my Realtor partners have asked me to do more research and find any open windows. As I find more information I'll post it and if some of you also find out more information please post it as well.. This could be a great opportunity..

I am going to copy and past word for word a section of the mortgagee letter for your review.

Date: December 16, 2009

To: All approved Mortgagees

Mortgagee letter 09-52

____________________________________________________________________________

subject Short Sale and Short Pay Offs

_____________________________________________________________________________

Purpose This mortgagee letter provides guidance to lenders and underwriters regarding borrower eligibility when

• a previously owned property was sold for less tha what was owed(Short Sale), or
• there is Principal write down of indebtedness that cannot be refinanced into a new mortgage (Short Pay)

____________________________________________________________________________

Effective Date: This guidance is effective immediately.

_____________________________________________________________________________

I will a link to the mortgagee letter so you may reference..

Have a great day everyone..

Ray

http://api.addthis.com/oexchange/0.8/offer?url=http%3A%2F%2Fwww.addthis.com

Do you have options? Of course you do, but, like most of us we do not know where to go or who to go too. Before you just give up your home, check with your current lender and ask them about the following options,

• Forbearance Option: Ask your lender to reduce or suspend payments until your able to bring your loan current. Key factor here is too be specific of the future repayment date. Also provide possible evidence of where the money may come from. Will the money be obtained from a tax refund, investment or insurance settlement.
• Reinstatement Option: If your behind on your monthly payments your lender may agree to accept a lump sum by negotiating a specific due date. Your lender may also combine this option with a forbearance option as well.

• · Repayment Plan:Inquire about a regular monthly repayment option.

  For more information please visit http://www.hud.gov/offices/hsg/sfh/econ/loanworkoutsolutions.cfm