After Foreclosure: How long until you can buy again?
Financing a home after Foreclosure is possible for most homeowners.  Those who default on their mortgages due to economic hardships, such as job loss, may receive approval for another mortgage in as little as two years, while it may take more than seven years for strategic defaulters to be approved.

MAKING SENSE OF THE STORY FOR CONSUMERS

• Lenders utilize several methods in determining whether to grant mortgages, including the amount of money borrowers have saved; employment histories; and payment history.
• According to the chief economist with the Mortgage Bankers Association, lenders may be more willing to finance a mortgage for a borrower who defaulted on their mortgage as a result of factors beyond their control.
• Some homeowners who strategically default—intentionally not meet their mortgage obligations although they have the financial means to do so—assume they can raise their FICO scores by paying their others bills on time.  However, most future loan underwriters will scrutinize their records very closely, and if they determine the borrower strategically defaulted on their previous mortgage, the repaired credit score will not overshadow the walkaway.
• Although not impossible for strategic defaulters to finance another home purchase, it likely will be more difficult.  Lenders may ask for down payments of 30 percent or more to provide sufficient collateral to enable the bank to recoup most of its money in a Foreclosure.  These borrowers also may be charged higher interest rates, even above the levels other borrowers with similar credit scores would receive.

To read the full story, please click here.

This is good news, read about how California Foreclosure Activity Falls in April . Monthly Foreclosure activity in California fell by the largest percentage seen so far this year in April, down 25 percent from the previous month to 69,725 properties with foreclosure filings. This latest state total also represents a nearly 28 percent year-over-year decrease in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. “Foreclosure activity in California has decreased 36 percent from its peak back in July 2009, and is substantially down from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The number of default and auction notices both documented significant declines in April....Read more

Here is some good information to know, The Top 10 Myths About Buying a Foreclosure by Tara-Nicholle Nelson. Trulia.com and RealtyTrac recently surveyed U.S. adults to get some insight into what people *think* is involved with buying a Foreclosure. Here are the Top 10 Myths that came up, and the facts to set the record straight: Foreclosures need a huge amount of work. 92 percent of consumers expressed that if they bought a foreclosure, they would be willing to make home improvements after they closed the deal, with 65 percent being willing to invest 20 percent or less of the purchase price. Although stories of foreclosures missing plumbing and every electrical fixture are very memorable, many foreclosed homes need only the cosmetic improvements. Read More

Saving lives, one step at a time

The sunny day was a promising symbol of hope Saturday for those taking part in the fourth annual Relay for Life Paradise fundraiser.c Throughout the day about 700 people took part in the 24-hour relay at Paradise High School's Om Wraith Field to raised funds for cancer research. By the end of the relay Sunday about $120,000 was raised said John Hantelman, himself a prostate cancer survivor. Hantelman co-chaired the event along with his wife Ruth, who is a breast cancer survivor.

The money stays local and helps lodge patients who are traveling long distances, provides prosthesis, wigs and bras, pays for round trip rides to doctor's offices for appointments as well as provides funds for the Young Cancer Survivor Scholarships to children's camps.

Cancer strikes about 1 in 3 people and curing the disease is easier said than done.

"Cancer is a group of diseases and there are different attributes to each," Hantelman said. "In each form the cell is affected a little differently."

Still, he said by 2015 the goal is to cut the cancer death rate in half.

"We want to help more survivors celebrate more birthdays," he said.

Mike Kingery wasn't sure how many birthdays his son Tyler would get to celebrate when the youngster was diagnosed with leukemia six years ago.

It's difficult when you find out your kid has been diagnosed with a terminal disease," he said. "We didn't know that was going to be it so we just wanted to give him the best life we could."  Click here to read the full story...

This week’s post is focusing on selling your home and what you need to do to get it ready.  Check out the articles and links below for some great suggestions or feel free to call me for some expert advice. I’m at your service.

Ah, spring is in the air and that means a lot of people will start their spring cleaning routines. That couldn't be more important than for those who are selling their homes.

There's nothing quite like walking into a home for sale that's fresh, bright, clean, and sparkling. Of course, the opposite is true too. It's highly discouraging to walk through the house and not be able to study it because it's cluttered, dirty, and you can hardly see out the windows. With this in mind, here are a few areas to be sure you focus on before you have buyers coming through your home. Read more…

Selling your home? Here are some tips when getting your home ready.

Buyers and real estate agents should see your house in its best condition from the very first day it's on the market. Use this advice to get your house ready to sell. Read more…

From experience, REALTORS® also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained. In readying your house for sale, consider: Read more…

Question of the month?

Where is your favorite place to swim in Paradise?

David Lenarcic - There are some nice swimming holes in the Feather River.

Sheri Plade - Lake Almanor about an 1 1/2 hrs. away.

Steve Williams - Swimming is best at the Oroville lake in June.

Christy Voigt - Butte Creek

Sandee Williams - Favorite swimming place is Lake Oroville...I  only swim when Ty pushes me off the Wiki Wiki into the lake.

Check this out:

Morning coffee

Market Trends Report

Please review our weekly market report. This market report is designed for you to see how the market is progressing, giving you the knowledge to make informed decisions regarding your property.  I have also included some additional marketing information for your review.

Please feel free to contact us with any questions or comments you may have at 530-872-5444.

I hope this note finds you well!

Please review our attached weekly market report. This market report is designed for you to see how the market is progressing, giving you the knowledge to make informed decisions regarding your property.  Pay particular attention to the interest rate, it is slowly declining again.

Please feel free to contact us with any questions or comments you may have at 530-872-5444.

You want to buy a home, why?  While homeownership comes with many responsibilities that you need to be aware of, most financial advisers say there are also many advantages.
•   You'll have a place that is yours!
Homeownership provides shelter and security for you and your family. You can pass your home down to your children, and their children, creating security for generations to come. Read more…

Did you know?  The median value of home equity for homeowners was nearly 10 times the median value of stock wealth for stockholders at the end of 2007.
Among seniors, home equity makes up a large portion of portfolios, accounting for 26 percent of household wealth among all elderly and 59 percent among the low-income elderly in 2007. Read more…

Are you considering a short sale? In today's economic climate, many families are finding themselves in dire straits. The home that was once a blessing has now become a financial burden.
In an attempt to avoid Foreclosure, which can reap havoc on one's credit for years to come, homeowners are searching out details on short sales.
In simple terms, a Foreclosure is when, after defaulting on payments (typically after 3 months), an estate becomes the absolute property of the lender. And what's more, in some cases you, the homeowner, may also be responsible for "deficiency judgments." These mean if the sale of the foreclosed property doesn't satisfy the amount of the loan, you may be obligated to pay the difference. Read more…

Going somewhere? Get the best seat on the plane.

I’m all for more perks for our Men and Women who serve our Country, they deserve the best. First-Time Home Buyer Tax Credit Extended For Armed Service Members. The expiration date of the $8,000 first-time home buyer may have already passed for most, but there are some potential homebuyers who can still take advantage of this great opportunity.

"Congress recognized that many service members may have missed out on the home buyer tax credit due to being posted overseas. It is only fitting that they be given another year to take advantage of this opportunity in appreciation of the sacrifices they have made serving our country." Read more…

http://www.federalhousingtaxcredit.com/

C.A.R. closely monitors and analyzes trends in the residential real estate industry. The table below contains the latest reported existing home sales series, median home prices, unsold inventory index, median time on market, first-time buyer housing affordability index, and the latest mortgage rates.

If you are having a hard time with your mortgage this might help. Looking for Foreclosure prevention advice? Attend a workshop for homeowners sponsored by a community-based organization in your area. Read more… or call Steve at his personal direct line 530-872-5444 or visit http://www.savingyoufromforeclosurenow.com

Thinking about buying a home? Preparing For Homeownership Quick Quiz

Homeownership has many benefits but also many responsibilities. Make sure you are ready for the responsibilities before you buy.

Test your knowledge

Freddie Mac YouTube Video Shows Delinquent Borrowers How to Make More Effective Phone Calls to Service. Freddie Mac recently posted a new video on youtube.com that shows late-paying borrowers how gathering a few financial documents before calling a mortgage servicer can cut the time needed to determine their eligibility and process their application for a loan modification under President Obama’s Making Home Affordable program or Freddie Mac’s other workout initiatives. Read more…

It's still a good time to buy. Americans looking to purchase homes who believe now is a good time to buy and are confident that home prices will rise according to a survey released by Prudential Real Estate and Relocation Services, Inc., a Prudential Financial, Inc. company. The survey of 1,000 Americans between the ages of 25-64 with at least $35,000 household income was conducted during April 15-20, 2010.

More than 90% of consumers believe that the home buyer tax credits have helped both first-time home buyers and the U.S. housing market overall. Among consumers actually shopping for homes, 65% believe that the end of the tax credits will have little or no effect on their interest in purchasing a home… Read more

Thinking about selling? Trulia.com, smart real estate search to help you make better decisions, recently announced that 20% of current home listings have been reduced in price at least once, compared to 27% in April 2009, representing a 26% decline nationally. Trulia was one of the first companies to issue national price reduction reports and is available to provide historical data on trends taking place as early as April 2009. Read more…

Get the best cost and return on your investment while going green.  The top nine Green home improvements that real estate professionals recommend to home sellers based on cost and return on investment to the sellers include:

1. Plant trees and shrubs
2. Replace air filters
3. Green home staging
4. Weather strip and caulk doors and windows
5. Install programmable thermostats
6. Install low flow shower heads
7. Use auto turn-off power strips
8. Install CFL or LED lights
9. Paint with low VOC paint

Planting native trees and plants in the perimeter of a home for sale ranks as the top suggested green home improvement, recommended by 65% of agents and brokers, costing under $150 and returning a value of nearly $400 to a home’s selling price, which is a 284% return (ROI).

“Our survey shows that going green is not only good for the environment, but makes dollars and cents for home sellers,” stated Louis Cammarosano, General Manager at HomeGain. “Buyers want energy efficient homes and appreciate the aesthetics of natural vegetation and are willing to pay for these features.” Read more…