DISCUSSIONS & NEWS

Gov’t increases pressure on mortgage industry

The Obama administration said Monday it will crack down on mortgage companies that are failing to do enough to help borrowers at risk of foreclosure, as part of a broad effort to ramp up participation in its mortgage assistance program.

To read the full story, please click here: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/11/28/national/w170610S38.DTL

New U.S. home sales rise 6.2 percent

Sales of new homes rose more than expected last month to the highest level in more than a year as the housing market shows stability after its historic collapse.

To read the full story, please click here:

http://www.latimes.com/business/la-fi-homesales262009nov26,0,5478602.story

State ruling to cut most property taxes

State officials say that property taxes will probably fall for most California property owners next year due to deflation, the first such property tax cut since Prop. 13 took effect three decades ago.

To read the full story, please click here:

http://lansner.freedomblogging.com/2009/12/01/state-ruling-to-cut-most-property-taxes/46043/

Gov’t unveils rules to speed up “short sales”

The Treasury Dept. unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages. Homeowners will even get $1,500 to help cover their moving costs.

To read the full story, please click here:

http://sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/12/01/financial/f142346S25.DTL&type=realestate

Warning: This puzzle is not for the faint fo heart or the quick tempered!

The government has promised Billions to help rectify the home loan problems.  They have provided or pledged money to banks, private lenders, and loan modification schemes to help the troubled market and the drowning home owner.

Yet we continue to hear of (and see with our own eyes) foreclosures happening, and may be increasing.  How can this be?  Where is the money?  Is there any hope?

Following is a recent article from Monica Hatcher, published by RISMedia, a real estate news source, which may answer some of these questions.  I’d like to hear from you.  What do you think?

 Few Borrowers Can Revise Mortgage Loans 

By Monica Hatcher RISMEDIA, January 23, 2009-(MCT)-

Since defaulting on her mortgage more than a year ago, Marisela Gonzalez has attended foreclosure prevention seminars, spent hours on the phone with her lender, paid a consultant, availed herself of bankruptcy protection-everything in her power to hang onto her home.

“I thought to pack and just get out,” recalled the special-education teacher.  “Then, I said, ‘No … this is my place.  I’ve been here 15 years and I am not going to give it back to a bank just like that.’”

Yet Gonzalez is giving her Kendall, Fla., townhouse back to the bank, in this case the federal government, which took over lender IndyMac.  Even with an offer to lower her interest rate, Gonzalez could not afford the payments and owes about $100,000 more than the house is worth.

Click here to read the rest of the article.

The first publication of the Yuba-Sutter Grapevine was just published today, and will be distributed Monday the 5th.

 This will be a monthly publication featuring news and people in our area relating to real estate matters.  We are looking for ideas, articles, and suggestions.  The see this first copy now look under the "want even more" tab, or just CLICK HERE.

 We are also looking for people to honor that have done something special for their community.  Please send in your canidate.

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