Mortgage lenders cancel more foreclosures in November San Jose Mercury News
16.12.09
Under intense pressure to help more people stay in their homes, mortgage lenders canceled far more scheduled foreclosures in November than in the previous month, according to a report Tuesday.
A total of 10,469 scheduled foreclosures were canceled in November throughout California, up 20 percent from 8,741 in October, according to ForeclosureRadar, a Discovery Bay company that tracks foreclosure activity daily. In Santa Clara County, 337 were canceled, up from 269 in October.
The raw numbers may actually understate the scale of the increase, said Sean O'Toole, ForeclosureRadar's founder. There were 416 cancellations each business day in October, and 581 each business day in November. That was an increase of 40 percent on an average daily basis because there were three fewer business days in November than October.
He attributed the surge in canceled foreclosures to recent efforts by lenders — strongly nudged by the Obama administration — to move more homeowners who have had their mortgages modified on a trial basis into permanently modified loans if they meet all criteria.
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Is California planning to extend the years for the mortgage forgiveness debt relief law?
Oct 17, 2008 by Q | Posted in Personal Finance
The California mortgage forgiveness debt relief law is effective immediately. It is similar to federal law, but with important differences.
The California law covers qualified debt forgiven in 2007 and 2008, where as the federal law will soon cover debt forgiven thru 2012.
Q, Debt relief is a difficult issue many americans are now experiencing. Every legitamate debt relief service providers will consult with you for free. http://www.debtreliefreview.com Try calling serveral debt relief services and inquire about your questions and compare thier answers. You will be able to tell which ones are providing helpful advice.
mariko m | Oct 21, 2008
i think you will see it fall in line with the federal dates!!!
mister ed | Oct 17, 2008
well d'not worry Every legitamate debt relief service providers will consult with you for free. thanks.
anderson | Oct 17, 2008
There is no plan today for an extension. California just ran out of money and is considering federal assistance..
Ed Atun | Oct 17, 2008
If the Federal Mortgage Forgiveness Debt Relief Act doesn't apply in California?
Dec 18, 2008 by ohmygosh | Posted in Personal Finance
and California's Mortgage Forgiveness Debt Relief Law expires at the end of 2008, will debt forgiven in California only be taxable on the California state income taxes?
Debt relief is a common problem many americans are now facing. All legitamate debt relief service providers will consult with you for free. http://www.debtreliefreview.com/California-Debt-Relief.html Try visiting serveral California debt relief services and inquire about your questions and listen to thier answers. You should be able to tell which ones are providing helpful advice.
Mellissa Z | Dec 20, 2008
California Mortgage Forgiveness Debt Relief Law
http://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml
What is the Mortgage Forgiveness Debt Relief Act of 2007
http://www.irs.gov/individuals/article/0,,id=179414,00.html
This only helps with mortgage issues. No other debt.
Net Advisor | Dec 18, 2008
How can I become a mortgage broker in california?
Jan 06, 2007 by Dennis S | Posted in Financial Services
I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I'd like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.
What are you thinking BRO that is a bad job especially this time of the year. You only get two applicants a week. No houses selling.
gear jammer | Jan 06, 2007
Can you deduct mortgage interest off California state taxes?
Jun 25, 2008 by Alex | Posted in United States
Does the tax benefit of deducting mortgage interest and property taxes apply to California state taxes as well?
You itemize your federal return and the number is then transferred to the state form so it is already taken into consideration.
travelguruette | Jun 26, 2008
yes
americanfreeman | Jun 25, 2008
Yes, if you itemize on your federal return. CA state returns are based on the federal return.
src50 | Jun 25, 2008
Which bank offers the lowest interest rate for mortgage refinance in California?
Mar 06, 2006 by dinofernandez66 | Posted in Renting & Real Estate
I need to refinance my second/investment home in Milpitas California and I'm looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. Preferably a loan program with minimum monthly payment is preferred.
find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)
A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.
Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp
brian-the-brain | Mar 06, 2006
try washington mutual,indymac bank and homecomings ,they have the low rates now
saghieh | Mar 06, 2006
I hear Creative Mortgage is a good company to work with. Toll free number is 866-488-0929. They Say ask for Anthony in human recourse's.?
happeehome12 | Mar 06, 2006
Can I use a second mortgage to finance a new mortgage in California?
Apr 13, 2008 by Jackie N | Posted in Renting & Real Estate
My husband and I are considering taking out a small second (approx $10,000) on our condo to pay the 3% downpayment required for a second home. We plan on using the FHA loan. Are we able to do this? We live in California, and lending rules are becoming very strict. Thank you in advance.
You cannot use the FHA programs to finance a 2nd home purchase. If what you meant is that you are taking a 2nd mortgage against a condo you own to buy a new home in California to use as your primary residence, that should be okay provided you don't have an FHA loan on your condo.
Good luck and you are right. The whole landscape of lending has changed.
Let me know if you have any other questions.
Dale H | Apr 13, 2008
For California homeowner mortgage write off person must be on loan, title, or both?
Apr 12, 2008 by rescueone_79 | Posted in Renting & Real Estate
I am curious if a person has to be only on the loan, or title, or both, if they are making the loan payments to be eligible for the mortgage interest tax deduction write off.
You have to be on the mortgage and in order to be on the mortgage, you have to be on the title.
Pat B | Apr 12, 2008
Is it difficult to get a mortgage in California? And is it worth buying a home or should I just rent?
Nov 20, 2007 by Rainia W | Posted in Renting & Real Estate
I am thinking of moving to San Fran, and I don't know anything about the American real estate market. Is it difficult to get a mortgage? I have excellent credit, a tiny amount of debt but will only have a teachers salary. And should I consider buying an apartment or should I just rent, once I get settled?
Don't listen to the media, most of them have no clue what they are talking about. Getting a mortgage is not difficult at all for the qualified buyer. If you have good credit, low debt and stable income, you will have no issues at all. All the doom and gloom is from people not in the industry that have recently appointed themselves as "experts."
As far as buying or renting, San Francisco rents are ridiculous. San Francisco property values have not taken as much of a hit as other parts of the state, but there are still very good values to be had. I am located in the bay area and I can tell you from first hand experience that the market is good from a buyers perspective. With low rates and a buyers market I'd jump at the chance to buy.
Also, you mentioned that you are a teacher, so there are special programs that can benefit you.
Just my 2 cents
Good luck and Look us up when you get here.
Gregorio | Nov 20, 2007
What insurance companies in California offer mortgage unemployment insurance?
Mar 28, 2008 by appy | Posted in Insurance
None. There is no mortgage unemployment insurance. Unemployment insurance is so unprofitable, that it's only offered through the states, with mandatory participation by all employers in that state.
mbrcatz | Mar 28, 2008
Southern California residents who work for a mortgage company?
May 31, 2007 by epicwolf | Posted in Corporations
I would like to asked for those who live in Southern California especially the Orange County and Los Angeles area who work for a mortgage company if they noticed an increased of laid offs lately? I work for a Mortgage Company but for a Home Insurance department and i heard from my other friends who work for other mortgage company about a major down sizing. I also heard from the news that more than 40% of people has already been fired from their mortgage company. I was wondering if any of you guys heard about this?
Yes, both my daughter and a friend's daughter work in mortgage lending. They have both experienced major downsizing because of the problems with the sub-prime loans. Both these ladies are in L.A/San Bernardino area. It's all over the country, too.
healinghands5 | May 31, 2007
Array
Meet Logan Landers, president of the company, as he talks about the advantages of doing business with his Los Angeles-based brokerage.
The AustralianUS Foreclosure Filings Hit Record for Second MonthBloombergTen states accounted for three- quarters of all foreclosures in April, with California leading the nation. Applications to buy a home or refinance a loan fell 8.6 percent last week to the lowest level since March, a separate report from the Mortgage Foreclosure Filings Level Off, Still Set Monthly Record State foreclosures up 45%, report says Record rise in foreclosures
California Home Prices to Fall 36% More, Fitch SaysBloomberg“Declines will continue for at least a year before home prices reach bottom,” Huxley Somerville, head of Fitch's US residential mortgage-backed securities group, said in the statement. The forecast won't lead to “widespread negative rating actions” on
TheBull.com.auFed Views Jump in Yields as Sign of Better OutlookBloombergAnother fund manager, James Platz of Mountain View, California-based American Century Investments, expects the Fed to announce further purchases “at some point.” Should the rise in yields cause mortgage rates to surge, that may prove to be a trigger Calif. Market Close: Tax-Exempts Finish Unch to Slightly Firmer Wall Street might be right this time Mortgages Over 5% Mean Fed Purchases as Bonds Slump
VivirLatinoFTC accuses Golden Empire Mortgage of bias against Latino borrowersLos Angeles Times, CA agreeing in a case involving a California home lender. The Federal Trade Commission said Monday that it had accused a Bakersfield-based mortgage banking company of charging Latinos higher prices for mortgage loans than it charged non-Latino whites. Feds Accuse California Lender of Charging Hispanics Higher Rates FTC says mortgage lender was biased Bakersfield Company accused of mortgage discrimination
Boston GlobeHome Prices in US Drop Most on Record in QuarterBloomberg“We've seen huge improvements in affordability, not only in prices but also in terms of mortgage rates below 5 percent, but what's pushing down those prices is foreclosures and job losses.” Total existing home sales fell 6.8 percent from a year earlier Home prices drop in first quarter Foreclosure and Short Sale Discounts Weigh Down Metro Area Median Home prices fall in 1Q but could go up
The AustralianUS Foreclosure Filings Hit Record for Second MonthBloombergTen states accounted for three- quarters of all foreclosures in April, with California leading the nation. Applications to buy a home or refinance a loan fell 8.6 percent last week to the lowest level since March, a separate report from the Mortgage Foreclosure Filings Level Off, Still Set Monthly Record State foreclosures up 45%, report says Record rise in foreclosures
TheBull.com.auFed Views Jump in Yields as Sign of Better OutlookBloombergAnother fund manager, James Platz of Mountain View, California-based American Century Investments, expects the Fed to announce further purchases “at some point.” Should the rise in yields cause mortgage rates to surge, that may prove to be a trigger Calif. Market Close: Tax-Exempts Finish Unch to Slightly Firmer Wall Street might be right this time Mortgages Over 5% Mean Fed Purchases as Bonds Slump
VivirLatinoFTC accuses Golden Empire Mortgage of bias against Latino borrowersLos Angeles Times, CA agreeing in a case involving a California home lender. The Federal Trade Commission said Monday that it had accused a Bakersfield-based mortgage banking company of charging Latinos higher prices for mortgage loans than it charged non-Latino whites. Feds Accuse California Lender of Charging Hispanics Higher Rates FTC says mortgage lender was biased Bakersfield Company accused of mortgage discrimination
Boston GlobeHome Prices in US Drop Most on Record in QuarterBloomberg“We've seen huge improvements in affordability, not only in prices but also in terms of mortgage rates below 5 percent, but what's pushing down those prices is foreclosures and job losses.” Total existing home sales fell 6.8 percent from a year earlier Home prices drop in first quarter Foreclosure and Short Sale Discounts Weigh Down Metro Area Median Home prices fall in 1Q but could go up
