I read an interesting article regarding the number of people that have been helped with the HOPE program that garnered so much attention not so long ago. It seems that the objective of the program was to save about 400,000 borrowers that are upside down on their homes. As of the date of the wall street article, only 41 had applied to use the program (most of which will not be approved). If even half the number that applied are approved and the application rate remains constant, we will end 12 months of the program with about 400 families actually able to use it....about 1 for every 1,000 that the government planned on. I am not sure what the answer is but I do know for sure that the private sector is our best bet. Most of the programs I see being discussed sound like great marketing pieces but once you take the time to read the details, it becomes quickly evident that the program will not reach the people that it was intended to target.
For those that are lucky enough to still have significant equity in their homes, my mortgage bank is offering refi's with no closing costs for those that qualify. With this kind of program, it can make sense to lock in a 30 year rate even if it only results in a savings of .25%. Call me if you have any questions at 310.770.6418 or go to my web site at www.cutyourpaymentnow.com.
Its time for the 4th annual Gardens Tour in Santa Monica
It will be from 10 AM to 4 PM April 26th at homes all over Santa Monica
The 4th Annual Gardens Tour will highlight home gardens that demonstrate sustainable designs, practices and technologies. This year's theme "Gardening with Intent: Water Management" emphasizes the tour's motto "Sustainable is Attainable!". The tour will benefit the Virginia Avenue Project, a free after-school program using the arts to help children realize their potential. All tour attendees receive a copy of the Green Sourcebook. For info and ticket prices: Tel. 310-264-4224
Check it out and enjoy!!
I have my brokers license for California and conduct business for real estate through Geneva Real Estate and Investment and mortgage transactions through Golden Horizon Mortgage.
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