Porter Ranch Gum Wall

Sticky Situations
I received this email from the California Board of Oversight
Regarding Porter Ranch and the gas leak there.
Homeowners have suffered with stinky smells, the worry
about benzene and cancer causing elements in the air, soil
and water. The Gas Company and Los Angeles County
officials have been saying "don't worry be happy its all okay"

Sounds like FLINT Michigan
Here's the letter:

This message has been revised to urge licensees to give payment flexibility to all customers, not only mortgage customers.

The natural gas leak at Southern California Gas Company’s Aliso Canyon Storage Facility in Los Angeles County has displaced thousands of people, including homeowners.  The Governor on Jan. 6 declared a state of emergency  in the affected area, which includes Porter Ranch.

I urge Department of Business Oversight (DBO) licensees to work with their affected customers to help them cope with any economic hardships caused by the gas leak.  Financial institutions should ensure customers have ready access to their funds.  Other steps financial institutions can take include expediting the extension of new credit, extending loan repayment terms, restructuring existing loans or offering borrowers more favorable terms on new credit.

Some displaced homeowners are faced with paying rent, in addition to their mortgages, while suffering a reduction in their income.  I urge DBO licensees to work constructively with your affected homeowner customers and provide them appropriate latitude in making scheduled payments on their loans.

DBO examiners will not cite bank or credit union licensees that take prudent actions, consistent with sound practices, to give affected customers payment flexibility.

The DBO also has posted on its website guidance to help affected consumer and homeowners.

I am confident you will cooperate with this request, and do what you can to help your customers and the community you serve.  I greatly appreciate your efforts.

Sincerely,

Jan Lynn OwenCommissioner of Business Oversight

OKAY I have no control over allowing Borrowers to not make payments
Why is Governor Brown not doing this? The Southern California Gas
Company should buy everyone's house for the market value before the
leak.
My heart goes out to the many homeowners who now are forced to
make mortgage payments on homes that are unsafe perhaps never to
be cleaned up.

Sure this gum wall is totally safe. Come on down and chew a piece
Governor Brown. I recall when he had an assistant B T Collins
drink Malathion to demonstrate it's safety.

Brown smelly malathion was not in that bottle

New Year Low Mortgages

Brian in my office gave everyone these cute envelopes with
one scratcher for Chinese New Years the other  day.
My first scratcher. I had to ask how many boxes to reveal.

Don't win but it was such a fun gesture.
I work with wonderful people at Eagle Home Mortgage.
In our office we have processing, funding and Underwriting.
This is the ideal set up for mortgage origination.

Since rates are now historically low we are all here long
hours getting our loans closed in 20 days. No bank can
do this and ramp up to the market flow.

Think about refinancing?  Give me a call
Fifteen year conforming loan at 3% APR 3.099
for a no cash out refinance of $400000.

(949) 784- 9699

Did you look up your birthday to find out what zodiac sign you are?
I'm the Dog.

Some gorgeous ocean views from this home.
I love this room with the coved windows

Mortgage after Foreclosure

A couple of people asked me about buying a home after foreclosure or short sale. We have a loan that a yea r after the event even a Bankruptcy we can offer a mortgage. You must demonstrate you paid your rents on time past twelve months. With 12 months reserves we can loan up to 85%. OR eight percent with three months reserves

Home Again product is a great loan for Borrowers to get into the market now. 

Usual waiting periods are as follows:

Foreclosure: 7 years conventional loan, 3 years FHA 2 Years VA and 3 years USDA. 

Short Sale: 4 years conventional, 3 years FHA, no wait VA, 3 years USDA

Rates are higher on this product than government loans.

The investor expects as soon as the “waiting period” ends the loan is running off hence the higher rates. DON’T LET THIS SCARE YOU AWAY.

Sometimes paying a higher rate for THE RIGHT PROPERTY (kitchen, backyard, pool, sunset etc…) TODAY beats buying the JUST OK one in the future. Limited supply means you have to buy when the RIGHT PROPERTY comes on the market. Yes you might pay $18,000 in higher interest for 12 months (which is tax deductible). So what, it beats buying an inferior property in 12 months and having to improve it $45,000 because there is nothing on the market. 

There are more people in the penalty box than you think. Just because your borrower didn’t lose their primary residence doesn’t mean that pesky foreclosure on that vacation home in the desert, mountains or lake  isn’t hindering their ability to upsize or downsize.

FREE Chipotle Burrito

Just today until 6:00 

Text 888222

the word:

RAINCHECK

Chipotle will send you a coupon for a free burrito

2/8/2016

They have to do something to bring us back :) 

FREEEEE

 You will need to go there to get it but I love a deal don't you?
The FDA never figured out what was the source.
Could be a warehouse where lettuce was stored or chicken not cooked hot enough
They might have to do more than give away a lunch for some customers to return