Renee Baccaro

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www.clientappreciationprogramweb.com/baccaro_summer.pdf

Best Regards,

Renee Baccaro Realtor

30 Year Fixed up to $417,000 5.0% to 5.25%
30 Year Fixed "Agency" up to $729,750 5.25% to 5.50%
30 Year Fixed FHA ($417,000) 5.0% to 5.25%
30 Year Fixed FHA "Jumbo" ($729,750) 5.25% to 5.50%

7/07/2009

By Renee Baccaro Realtor

To put it as simply as possible California lenders must stop proceedings of foreclosure for 90 days if there was no effort extended to the borrower to modify the terms of a home loan. Thus under a new state law effective June 15^th 2009.

Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosure process. But supporters acknowledge the California Foreclosure Prevention Act won't stop thousands of foreclosures from eventually proceeding. California homeowners have seen more than 365,000 foreclosures since early 2007, with as many as 70,000 expected to come when the moratorium is lifted in September.

This new law will extend the time between when a lender can record a Notice of Default (NOD), to begin the foreclosure process and when the lender may record a Notice of Sale from 90 days to 180 days. The law only protects owner-occupied homes from foreclosure where the first loan (First Trust Deed), was recorded between Jan. 1, 2003 and Jan. 1, 2008. For loans outside of the specified time period, the time before the lender may give a Notice of Sale remains at 90 days.

The law also allows lenders to avoid the 90-day "moratorium" if they have a comprehensive loan modification program based, in part, on criteria set forth by the Federal Deposit Insurance Corporation ("FDIC"). There is not a requirement that the lenders negotiate in good faith.
Most residential foreclosures use what is commonly referred to as non-judicial foreclosures, which means the foreclosure sale can occur without court supervision? If a lender does not comply with the California's foreclosure laws, it will still be up to the homeowner to go to court to prevent or set aside a discrepant foreclosure.

Homeowner must act quickly in obtaining a competent attorney for if they are too far behind in payments a bankruptcy might not save them from foreclosure.

Now, there are some who say that this is going to accomplish nothing. However I will have to say I agree with "the Duke" (from Mandelman Matters web site), who says, and I'm paraphrasing, "Don't kill my buzz. Ya got to understand this is summertime in So. Cal Bro. Summer's are for hangen ten, absorbing the sun, not for worrying about economics. We can worry about that later. For now let us enjoy or summer."

Read the whole article

link: mandelman.

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http://www.reneebaccaro.com/499096.html

Dear Friends,

While the whole world is engulfed in Swine Flu hysteria, we take a look at the facts and fiction surrounding the H1N1 Flu virus.

www.clientappreciationprogramweb.com/baccaro_flu.pdf