Fremont Real Estate Blog

Can you believe this is even an option? If FHA is really allowing such a thing, it should be shut down and management should be prosecuted. ATTENTION REAL ESTATE PROFESSIONALS! We have niche programs that will help you close more transactions: 1 Day Out-of-Short Sale - FHA Financing - Standard FHA Financing with 3.5% Down Required. - No Reserves Required - No Minimum FICO (But must have been current on previous home loan) FHA Access - Only 1/2% Down Payment* - No Reserves Required - No Minimum FICO - California Only Conventional Financing with up to 10 properties - Second Home and Non-Owner Occupied Financing - Purchase 1 Unit = 75% LTV - Purchase 2 – 4 Units = 70% LTV FHA $100 Down - HUD REO Properties Only - No Minimum FICO - California Only FHA Good Neighbor Next Door - HUD REO Properties Only - For Selected Professionals (i.e. Police, Firefighters, Teachers, EMT's, etc) - No Minimum FICO - HUD Offers up to 50% discount off list price - $100 down and closing costs financed ...

FTC Rule Bans Up-Front Fees for Modifications DS News just informed me, that "The Federal Trade Commission has proposed a new rule that would prohibit third parties, including loan modification specialists and loss mitigation attorneys, from collecting payment for foreclosure prevention services until after they obtain a documented offer from a lender or servicer for a modification or other form of mortgage relief." I think this is great news. You know I'm against anyone paying anyone for a loan modifification, since it's something anyone can do on their on. However, if they choose to be lazy, than ayone taking on the task should only be paid for accomplishing a loan mod, not just faxing over income and asset documentation. I'll be keeping my eye on this one. Cheers, Sunil www.sunilsethi.com

In this article CNBC discusses how big banks ask agents and borrowers to commit fraud by not informing the 1st lien holder of payments being made to the 2nd lien holder outside of escrow.  Here's the link to the article: Big Banks Accused of Short Sale Fraud - CNBC I personal experienced this twice. Once with National City as the 2nd lien holder. T he bank representative (Sharon) suggested that either I or the borrower wire money to them a day prior to close and they would "ok " the transaction. I asked her, wouldn’t it be fraud if it wasn’t on the HUD-1, she said it was legal and thta they did this all the time. I told if she could get her corporate attorney to write a letter saying it’s legal, we’d consider it. Never got the letter. The seller and I agreed to not participate and let the 1 st lien holder foreclose on the property. The second time I experienced this was was on a short sale with Wells Fargo as the servicer for both the 1st and 2nd loans. Again the ...

Short sale is a common tool for home owners under a mortgage stress to sell property, with the lender's permission and relief of a mortgage which may exceed the sale proceeds. In this mortgage crisis, often the loan amounts which are obligated against the property exceed the value. Many are unwilling or unable to continue to pay on the mortgage and default on that obligation. The lender's remedy is foreclosure. Foreclosure is a very serious stain on the credit and will remain for many years. There is generally a belief that a short sale, which is also a form of mortgage forgiveness, is not as serious a blot on the credit as one that would be caused by a foreclosure. A foreclosure process takes a minimum of 4 to 6 months to complete, and is very costly to the lender. At the end, if the property reverts to the lender for its defaulted obligations, the lender must keep, maintain and eventually sell the property via the real estate brokerage market. In a short sale, the lenders com...

It's been a crazy last three weeks. It's a good thing I run a small shop, or the government would have had to bail me out with a couple of billion dollars too. The thing I can't understand is why were all these so called "smart people" investing in such junk. Hell, I could have hired a hockey mom to run these companies. I know a lot of you are waiting for better rates on conforming jumbo loans, but you have to ask yourself, if we have fewer and fewer banks standing, will rates go up or down? Get it done, before there's no one left to do it with. -Sunil p.s. How do you like the new site for SMA Financing. Yes, I know I need new pictures, but like I said, I run a small shop and can't spend billions on professional photo shoots like Stan O'Neal formerly at Merrill Lynch . Call me (510) 793-8600 to get set-up for my new rate alert system. Testimonials Our Mortgage Loan Officers Always Put the Customer First, Taking You Forward

I was driving by Century21 Su Casa office at the crossing of Decoto and Fremont Blvd in Fremont, yesterday and took this picture. According to this article . Century 21 officially revoked their franchise. In case you missed the article which started this, here it is . Felipe Neri who was mentioned, as the agent that helped Luis Mapula and his wife buy a home he couldn't afford in the above article currently has his license status as NBA. He's no longer work for Bic Pho . NBA per DRE is when the license is in a non-working status. The licensee may not perform acts for which a real estate license is required in California. Salesperson reference for NBA is equivalent to 'No Broker Affiliation' and the broker/corporation reference to NBA is equivalent to 'No Business (current main office) Address'. Bic Pho's license is still valid. Still in business but he's no longer able to use the Century 21 name nor is Felipe Neri working for him anymore.