Fremont Real Estate Blog

New Fannie Mae Funding Requirement starts on June 1, 2010.   Fannie Mae will do another credit check prior to funding your loan. So if your score dorms because you took out a loan, or used your credit card, or missed a payment or something worse, you may not get the loan. And since in most cases by this time you’ve removed your loan contingency, you not only can’t buy the home but you will may also lose your deposit money.   So for those of you, with credit scores on the cusp, don’t use your credit cards or make inquiries on your credit until your fund.     -sunil

UCLA Anderson alumni in the Bay Area are invited to UCLA Mixers in Silicon Valley hosted by Bay Area Bruins, the official local organization for UCLA undergraduate, graduate, and professional school alumni. June's gathering will take place next Friday (4-Jun) at Clubhouse Bistro in Foster City. Located inside the Crowne Plaza in Foster City, the Clubhouse Bistro offers a fun environment to mingle and relax. Bring your friends and come celebrate the start of a new weekend! Friday, 4 June 2010 - 6:30-8:30pm Clubhouse Bistro (at Crowne Plaza Hotel) 1221 Chess Dr (Foster City) http://www.clubhousebistro.com/

Florida's Existing Home, Condo Sales Surge Once Again in April April marked yet another month of increased sales activity in Florida's residential real estate market. According to the latest housing data released by Florida Realtors, existing home sales surged 27 percent in April from the same month last year, and during the same period, existing condo sales soared 55 percent. Homebuying conditions in the Sunshine State remain favorable, with a variety of housing options available in local markets at attractive prices.

BofA has been the price leader for a while on loans and as a result they built up a huge volume in the pipeline. The increase in volume cause turn times to lengthen. And today,  I was notified that their underwriting imaging system has crashed and they are having trouble getting it up. So now things are at a standstill.   It’s been very hard to get much communication from BofA on the reason for their failure. The key to keeping a customer happy is communicating what’s happening and how you’re solving problems, BofA has done a horrible job managing communication.   Their tagline is, "Know the Customer. Care about the Customer.  Act for the Customer."   If only they understand what that meant.       

C.A.R. issued a consumer alert yesterday warning borrowers of the liability associated with refinanced mortgages.  To help protect consumers, C.A.R. is sponsoring Senate Bill 1178 by State Sen. Ellen Corbett (D-San Leandro) to extend anti-deficiency protections to homeowners who have refinanced “purchase money” loans and now are facing foreclosure.  The Senate may vote on the bill as early as next week. Currently, if a homeowner defaults on a mortgage used to purchase their home, the homeowner’s liability on the mortgage is limited to the property itself.  While this law has helped protect borrowers since its inception in the 1930s, it does not extend the protection for purchase money mortgages to loans that refinance the original purchase debt—even in cases where the loan was refinanced to achieve a lower interest rate. C.A.R. also issued a Red Alert yesterday urging REALTORS® in targeted areas to contact their senator.  The Red Ale...

California first-time home buyer tax credit update The California Franchise Tax Board (FTB) recently released an update on the California home buyers’ tax credit alerting borrowers to fax delays it is experiencing.  Due to the high volume of faxes, borrowers may experience delays or difficulties in connecting to the fax number during the FTB’s normal business hours.  It may take several minutes or possibly up to an hour to connect and transmit the faxed application.  All applications for the California home buyers tax credit must be submitted via fax. More info .  

Foreclosure cancellations continue to rise Foreclosure cancellations have risen more than 32 percent since the beginning of 2009, according to ForeclosureRadar.  The company also reported the number of properties sold to third parties continues to rise.   “The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction,” Sean O’Toole, founder and CEO of ForeclosureRadar.com said.  “I’d caution, however, that cancellations also occur due to filing errors and extended postponements, which require the Notice of Trustee Sale to be re-filed. In fact, 14.6 percent of new Notice of Trustee filings in April were on previously cancelled foreclosures.” More info .