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7/20/2017

Reverse Mortgage no monthly payment



A little bird says you need a reverse mortgage!
Enjoy the Good Life You deserve to Relax



A Better Way for Seniors to Buy a New Home
The Reverse Mortgage


No monthly payments as long as
 you live in the home


Use gift funds from family for your down payment
If you are downsizing and have equity you can use a reverse
No worries only pay the property taxes, fire insurance and HOA

You worked hard all your life to pay for your home.
Why not allow the home t pay you back?

Call to talk about using a reverse mortgage to purchase a house.

C G Caroline Gerardo Barbeau
NMLS 324982
Cell number 949- 784- 9699

949 South Coast Drive # 240
Costa Mesa California 92626


I live in San Juan Capistrano.
My Mom who is a Senior Citizen
lives in Laguna Niguel.


https://carolinegerardo.eaglehm.com// 
Ask about reverse refinance which is helpful when 
one of the owner residents is over 62 years old.

A reverse is a government backed home loan 
that allows a homeowner access to the existing
equity in their home and convert it to cash
Choose a lump sum. line of credit or
combination of both.
Stay in your home and retain ownership of the house.
No payment is required until the borrower(s)
no longer use the house as their primary residence. 

REVERSE LOANS are Also called a HECM 
A HECM is a home-secured debt payable upon default or a maturity event.
This material has not been reviewed approved or issued by HUD FHA or 
any government agency.

Home loans for California! 



Eagle Home Mortgage of California - Company NMLS #252392. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. RMLA #4130443; Certain restrictions apply. This is not a commitment to lend. Applicants must
qualify. Equal Housing Lender. Models/Lifestyles shown do not reflect any ethnic/racial preference. ©2017 Eagle Home Mortgage of California. Eagle Home Mortgage and the Eagle logo are U.S. registered service marks of Lennar Corporation and/or its subsidiaries.

7/18/2017

Orange County Property Taxes Going UP ? Appeal





Orange County Property tax bills increasing two percent in 2018.
Above images- how you want them to see your home and
how Orange County Tax Assessor sees your house (castle)
This increase is unusual.
Homeowners have until November 30th to appeal.
Attached are the appeal instructions.  If you need help, call me and come in.
No charge, let’s see if rising property values help or not….




Article here from OC register



 INSTRUCTIONS FOR ASSESSMENT APPEAL APPLICATION
May also be found here:
or contact the clerk of your local board 


Filing application for reduced assessment doesn't automatically reduce your bill. You must continue to pay the taxes on the subject property on or before the applicable due date shown on the tax bill.

The appeals board has two years from the date an application is filed to hear and render a decision. If a reduction is granted, a proportionate refund of taxes paid will be made by the county.
Based on the evidence submitted at the hearing, the appeals board can increase, decrease, or not change an assessment. The decision of the appeals board upon this application is final; the appeals board may not reconsider or rehear any application. However, either the applicant or the assessor may bring timely action in superior court for review of an adverse action.

The appeals board can hear matters concerning an assessor’s allocation of exempt values. However, it cannot hear matters relating to a person’s or organization’s eligibility for a property tax exemption. Appeals regarding the denial of exemptions are under the jurisdiction of the assessor and/or the courts.
The following instructions apply to the corresponding sections on the application form. Please type or print in ink all information on the application form.
SECTION 1. APPLICANT INFORMATION
Enter the name and mailing address of the applicant as shown on the tax bill or notice. 

SECTION 2. CONTACT INFORMATION - AGENT, ATTORNEY, OR RELATIVE OF APPLICANT
Provide the contact information for an agent, attorney, or relative if filing on behalf of the applicant. You are not required to have professional representation. If you have an agent to assist you, the applicant must complete the Agent Authorization portion of this form or attach an authorization which includes the information indicated below.
AUTHORIZATION OF AGENT
If the agent is not a California-licensed attorney or one of the relatives indicated in the certification section, you must complete this section, or an agent’s authorization may be attached to this application. An attached authorization must contain all of the following information.
• The date the authorization is executed.
• A statement that the agent is authorized to sign and file
applications in the calendar year of the application.
• The specific parcel(s) or assessment(s) covered by the
authorization, or a statement that the agent is authorized
to represent the applicant on all parcels and assessments
located within the county that the application is being
filed.
• The name, address, and telephone number of the agent.
• The applicant’s signature and title.
• A statement that the agent will provide the applicant with a
copy of the application.
SECTION 3. PROPERTY IDENTIFICATION
INFORMATION
Enter the appropriate number from your assessment notice or from your tax bill. If the property is personal property (e.g., an aircraft or boat), enter the account/tax bill number from your tax bill. Enter a brief description of the property location, such as street address, city, and zip code, sufficient to identify the property and assessment being appealed.
SECTION 4. VALUE
COLUMN A. Enter the amounts shown on your assessment notice or tax bill for the year being appealed.  If you are appealing a current year assessment (base year or decline in value) and have not received an assessment notice, or are unsure of the values to enter in this section, please contact the assessor’s office. If you are appealing a calamity reassessment, penalty assessment, or an assessment related to a change in ownership, new construction, roll change, or escape assessment, refer to the assessment notice you received.
COLUMN B. Enter your opinion of value for each of the applicable categories. If you do not state an opinion of value, it will result in the rejection of your application. Call me if you need an AVM or automated valuation and some comparables. You may attache a letter explaining condition of subject and improvements needed
COLUMN C.. Do not enter anything in this column.
SECTION 5. TYPE OF ASSESSMENT BEING APPEALED
Check only one item per application. Check the item that best describes the assessment you are appealing.
Regular Assessment filing dates are: (1) July 2 through September 15 for all property located in the county provided the county assessor sent a notice of assessed value by August 1 to all assessees with real property on the local roll; or (2) July 2 through November 30 for all property located in the county if the county assessor did not send notices of assessed values. Filing deadlines may be viewed at www.boe.ca.gov/proptaxes/pdf/filingperiods.pdf.
Check the Regular Assessment box for:
• Decline in value appeals (value as of January 1 of current
year).
• Change in ownership and new construction appeals
when the 60 day filing period for a supplemental
assessment appeal has been missed, provided the
following January 1 after change of ownership or new
construction has passed.
Supplemental Assessment filing dates are within 60 days after the mailing date printed on the supplemental notice or supplemental tax bill, or the postmark date of the notice or tax bill, whichever is later. Check the Supplemental Assessment box for:
• Change in ownership and new construction appeals filed
within 60 days of the mailing date printed on the
supplemental assessment notice or supplemental tax bill,
or the postmark date of the notice or tax bill, whichever is
later.
Roll Change/Escape Assessment/Penalty Assessment filing dates are within 60 days after the mailing date printed on the assessment notice, or the postmark date of the notice, whichever is later.
Calamity Reassessment filing dates are within six months after the mailing of the assessment notice. Check the Roll Change/Escape Assessment/Calamity Reassessment box for:
• Roll corrections
• Escape assessments, including those discovered upon
audit
• Penalty Assessments
• Property damaged by misfortune or calamity

SECTION 6. REASON FOR FILING APPEAL (FACTS)
Please check the item or items describing your reason(s) for filing this application. You may attach a brief explanation if necessary. Evidence must be presented at the hearing; do not attach hearing evidence to this application. You can add simple explanation and then details at hearing. They read what you file so make it be exact
A Decline in Value appeal means that you believe the market value of the property on January 1 of the current year is less than the assessed value for the property. If you select Decline in Value, be advised that the application will only be effective for the one year appealed. Subsequent
years will normally require additional filings during the regular assessment appeal filing period.


Only applications filed for penalties imposed by the assessor can be removed by the board. A penalty assessed by the tax collector cannot be removed by the appeals board; for example, late charges on payments.
For classification of property, indicate whether you are appealing only an item, category, or class of property. Please attach a separate sheet identifying what property will be the subject of this appeal. Allocation of value is the division of total value between various components, such as land and improvements.
Appeal after an Audit must include a complete description of each property being appealed, and the reason for the appeal. Contact the clerk to determine what documents must be submitted. If not timely submitted, it will result in the denial of your application.
SECTION 7. WRITTEN FINDINGS OF FACTS
Written findings of facts are explanations of the appeals board’s decision, and will be necessary if you intend to seek judicial review of an adverse appeals board decision. Findings of facts can only be requested if your appeal is heard before a board and if made in writing at any time prior to the commencement of the hearing. Failure to pay the required fees prior to the conclusion of the hearing will be deemed a waiver
of the request. Requests for a tape recording or transcript must be made no later than 60 days after the final determination by the appeals board. Contact the clerk to determine the appropriate fee; do not send payment with your application.
SECTION 8. DESIGNATION AS CLAIM FOR REFUND
Indicate whether you want to designate this application as a claim for refund. If action in superior court is anticipated, designating this application as a claim for refund may affect the time period in which you can file suit. NOTE: If for any reason you decide to withdraw this application, that action will also constitute withdrawal of your claim for refund.
SECTION 9. HEARING OFFICER
If your property is a single family dwelling, condominium, townhouse, multi-family dwelling of four or less units or the roll value of your appeal is less than $500,000, you may request a hearing officer consider your appeal. It should be noted that Findings of Facts are not available when your appeal is heard before a hearing officer. As well, when you request a hearing before a hearing officer, every attempt will be made to accommodate your request, but your request cannot be assured.
CERTIFICATION - Check the box that best describes your status as the person filing the application.
REQUESTS FOR EXCHANGE OF INFORMATION
You may request an “exchange of information” between yourself and the assessor regardless of the assessed value of the property. If the assessed value of the property exceeds $100,000, the assessor may initiate an “exchange of information” This is a great idea. Ask for what information the county used to come up with value, see their cards. Such a request may be filed with this application or may be filed any time prior to 30 days before the commencement of the hearing on this application. The request must contain the basis of your opinion of value. Include comparable sales, cost, and income data where appropriate to support the value.
Property transfers may be inspected at the assessor’s office for a fee not to exceed $10. The list contains transfers that have occurred within the county over the last two years. Flipping, selling to relatives and entities will be reviewed. Warning...


RETURN COMPLETED FORM TO:
By Mail: Orange County Assessment Appeals Board
P.O. Box 22023
Santa Ana, CA 92702-2023
In Person: Clerk of the Board Department
333. W. Santa Ana Blvd., Ste. 101
Santa Ana, CA 92701


FOR MORE INFORMATION, VISIT WEB SITE AT

7/17/2017

HUD Disclosures FHA


HUD offers a model form for this disclosure on its website, but use of the model form is not mandatory.  The Informed Consumer Choice Disclosure is due three business days after a lender receives an application from a consumer for an FHA loan.  This disclosure is not required when a loan applicant is not eligible for a conventional mortgage.  Providing the disclosure is required when a lender determines that a loan applicant may be eligible for a conventional loan or when a lender is not certain that a loan applicant’s options are limited to FHA loan products.

Important Notice to Homebuyers, which is a two-page disclosure that provides loan applicants with:
  • A reminder that HUD does not regulate interest rates for FHA loans and that rates and other loan terms are negotiated between the lender and the loan applicant
  • Warnings about participating in loan fraud
  • A statement of the importance of reporting loan fraud
  • The number to use to contact HUD if the loan applicant believes that he/she has been subject to discrimination
  • A notice that the loan may be prepaid at any time without incurring a prepayment penalty
  • An explanation of the circumstances (such as refinances) in which a borrower may be entitled to a refund of a portion of an upfront mortgage insurance premium
  • An explanation of the length of time that monthly mortgage insurance premiums are due

  • a Lead Disclosure in transactions involving homes built prior to 1978
For Your Protection: Get a Home Inspection

Loan Estimate
TILA Disclosures
Closing Disclosure
processor.jpg
Underwriting for an FHA loan usually begins with the use of an automated underwriting system (AUS), known as Technology Open to Approved Lenders (TOTAL). Lenders submit data to TOTAL, which produces a Mortgage Scorecard that evaluates the overall credit risk posed by the borrower 

A downgrade to manual underwriting automatically occurs when the following and other conditions exist:
  • Within the past 12 months, had:
    • Three or more mortgage payments that were 30 or more days late
    • One or more mortgage payments that were 60 or more days late, or
    • One mortgage payment that was more than 90 days late
  • $1,000 or more in disputed derogatory credit accounts
  • Received a bankruptcy discharge within two years of the assignment of an FHA case number
  • Transferred title to his/her property though a foreclosure sale, short sale, or the exchange of a deed-in-lieu of foreclosure within three years of the assignment of an FHA case number, or
  • Undisclosed mortgage debt
  • Non traditional credit ( has 3 other written references 12 months)
  • FHA underwriting may exceed 31/ 43 and go as high as 36/50 if there are compensation factors
  • Obtain funds required to make a down payment
  • Obtain funds for closing costs
  • Lower the DTI ratio by paying off existing debts with a loan
  • Down payment funds may also come from a gift that is fully documented.  Acceptable gift funds are those that come from family members, a close friend who has a clearly defined and documented interest in the borrower, a charitable organization, or a government agency that promotes home ownership for first-time home buyers or low- to moderate-income families.
moneygift.jpgDocumentation for a gift is essential, and it must include:
The donor’s name and contact information
The donor’s relationship to the borrower
The amount of the gift
A statement that repayment is not expected, and
A copy of the donor’s bank statement, showing withdrawal of the funds and a statement showing the deposit of them into the borrower’s account
The ability to show the transfer of funds from the gift donor to the recipient is essential because the HUD Handbook states that “Cash on Hand is not an acceptable source of donor gift funds

role of the FHA to endorse them.  Direct endorsement programs allow approved lenders to underwrite and close loans without prior approval from the FHA.  Within 60 days after the closing of a loan under a direct endorsement program, the lender must submit the closing package to HUD, where the agency will either endorse the case and issue a Mortgage Insurance Certificate (MIC) or issue a Notice of Return (NOR).  Lenders may attempt to resolve a Notice of Return by submitting additional information and requesting reconsideration for endorsement