Rush to Buy

Full text of the original Responsible Homeowners Act
http://www.govtrack.us/congress/bills/112/s3085/text

Mortgage Regulation has not addressed every American, Californian or Borrowers / homeowners in Orange County. In the panic to make constituents happy, a bill was slapped together trying to address the largest number of distressed homeowners. It was hurry, hurry make somethong happen. In the end, the wind shifts and the rush was perhaps misguided.

Newport Beach sunset without any frozen yogurt

Reminds me of a analogy, a distant story:

Remember when 31 flavors was to die for?
Then Hagen Daz opened and bubble gum ice cream was forgotten.
Cold Stone Creamery next delivered the smell in hand crafted flavors that we never knew we desired. We rushed to the mall to buy.

The market in ice cream shifted to Golden Spoon but now there are twenty yogurt places near where I live in Laguna Niguel. I can walk to any and choose. We've moved to Cherry on Top or some other brand... but what locals in Orange County really seem to crave is healthy Nektar, Active Culture, Banzai Bowls... who is next? Where will we run to next?

The mortgage business is like that right now. Buyers hurry to find a property to make an offer. They  are a spin of emotions.
A borrower was rather dismayed today that their offer on a home in Newport Coast was "beat out" by someone else. They seemed panicked.
My advice twice today was, "nothing too good or too bad lasts too long." This market with no listings and frenzied offers will break into something new. Some other house will come along, it may not be the exact same calories or square footage, but don't go mad over ice cream or yogurt places. This might be a fad.

Something will come along that is great in its own time.

Mortgage rates aren't going fire sale "free yogurt" or some jump in the market, "gold bullion" - yet.

Caroline Gerardo Mortgage Loans

It's a good question. Why should you choose W.J. Bradley to obtain your home financing? You get bombarded by ads, mailers and spam from lots of mortgage lenders. How do you know which bank or mortgage company to call? Who do you click on?

Here are some great reasons to choose C G and WJB:

Direct lender. No middleman, no broker, just you and your loan officer.

Experienced. Caroline Gerardo Barbeau (C. G.) has been a mortgage lender since 1988. She has worked in Newport Beach almost as many incredible years serving Borrowers looking for best mortgage.

Caroline has closed more than two billion dollars in residential home loans.

She has bought and sold nearly eighty properties herself.

She has seen it all and has contacts to help make your mortgage transaction sail through.

Her goal is to offer the best advice free to assist you in selecting the financing that best fits your needs. Caroline has owned properties up and down the State of California. She lives in South Orange County, California

Products you need. From FHA to ARMs to jumbos to HomePath loans, HARP 2.0 no limits, underwater, Purchase, Investment, Refinance, Jumbo, Super Jumbo, Coastal Loans and Land Loans, you name it- If Caroline doesn’t have the loan or loans she will give you to the person who does.

She offers financing to fit nearly every borrower's needs.

Cutting-edge technology. We know it's a high-tech world, and we're using that to our — and your — advantage. I can tell you where in the process your loan is at any time. I even know whose desk it's on.

Fast and flawless. We are fast and we are accurate, which means you close on time. In fact, we lead the industry with our turn times.

Commitment. You're not a number. You are a client that I value highly. I am committed to explaining the loan process and helping you make informed choices.

I’m available any time. Clients call me at 5:30 AM or after work. I will work the way that suits your needs- email, text, telephone call, go to your home, sit on the kitchen table, fax, or messenger. I want to hear from you today and after you close your home mortgage loan.

I welcome your questions on the weekends. I’m no stodgy banker who turns off the phone at five o'clock.

At W.J. Bradley, you come first. Period. I'm here to help you get what you need. Call me today to learn more about what W.J. Bradley and I can deliver

Caroline Gerardo Also known as C. G. Barbeau

Mortgage Banker 23041 SW Birch Newport Beach California 92660

W.J. Bradley Mortgage Capital, LLC

Office: 949.637.8190

Cell: 949.784.9699

NMLS: 324982

http://www.mywjb.com/caroline-gerardo/

 

 

Zombie Mortgage Real

Zombie Foreclosures

This week I have seen two Borrowers who believed they were foreclosed upon in 2009, and the discover the Mortgage is still outstanding, property taxes are growing as collections and the Home Owner Association fees are ready to file a judgement. In both cases Borrowers moved out of their
primary residence prior to the actual foreclosure auction date. One sent keys back to J. P. Morgan Chase Bank and the other notified Wells Fargo Home Mortgage that they had moved out, and keys
were at the neighbors.
One property was located in Taft, California and the other in New Jersey.
The sad part of the story is they believed they did the right thing, but the problem will haunt them for years to come.

Here is an article in Reuters about this

http://www.reuters.com/article/2013/01/10/us-usa-foreclosures-zombies-idUSBRE9090G920130110

 I had some suggestions for immediate action for these people.

HUD

March 15th, 2013  "Providing these ready-made programs to communities will help them get resources where they are needed more effectively and efficiently,” said HUD Secretary Shaun Donovan, who also serves as Chair of the Hurricane Sandy Rebuilding Task Force.
Interesting article about HUD programs that will release funds to rehab residential real estate, help home owners with counseling to negotiate with mortgage lenders and buyouts of homes in flood plains.  Is HUD just throwing money at giant problems?
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2013/HUDNo.13-036

written  by Brendan Gilfillan