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Redding's Ups and Downs

Loan Modification Pitfalls

June 22nd, 2010 7:29 AM

Loan modifications are not necessarily the answer to home owners need for loan mods .

In 2010, there may be up to 70% of all loan mods will re-default.

A blog by Tim Harris warns what homeowners don’t understand is that they will often be required to forfeit many ‘rights’ they may have. For example, we have seen loan modifications that literally make it so if the homeowner misses (or is late)on ONE payment their home is rushed into foreclosure. Another fun fact, most mortgage loan modification are only for 3-5 years with a balloon payment often times including ALL that they still owed including their late fees, missed payments….etc

Loan Modifications are clearly not what people think. Understand what mods are and aren’t… Know what you are signing.

Its no wonder why, up to 70% of all loan mods fail…..

Source: SNL.com

Posted by Bob and Tricia Mitchell, Realtors on June 22nd, 2010 7:29 AMPost a Comment (0)

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Best in the Business 2010

June 30th, 2010 7:49 AM

North America’s Top Real Estate Professionals Named for 2010

Bob Mitchell is "The Best in the Business, 2010." Woo Hoo!! Quality Service Certification, Inc. and Leading Research Corporation have announced the recognition of real estate sales and service professionals in North America who represent “The Best in the Business” in delivering measurably superior service and customer satisfaction.

Congratulations on being recognized as one of the top 250 real estate agents out of more than 30,000 participating agents in North America

“The real estate brokerage industry has traditionally focused on sales and production as the measure of excellence. This award is for perfect service as judged by clients, both buyers and sellers. Agents being recognized as “The Best in the Business” averaged nearly thirty closed transactions with a record of virtually perfect service – 100% of his clients were totally satisfied with overall service and all the details. It’s how well each client is served rather than how many, that’s most important to consumers today.”

Quality Service Certification, located in San Juan Capistrano, CA, is the leading source of service satisfaction assessment and reliable agent rating data in North America.

Posted by Bob and Tricia Mitchell, Realtors on June 30th, 2010 7:49 AMPost a Comment (0)

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Fannie Mae to File Lawsuits

June 29th, 2010 9:55 AM

Fannie Mae intends to file lawsuits against homeowners walking away from their loan because their home value is upside down even though they can afford the payments. Also, Fannie Mae could possibly force them to wait seven years before obtaining another mortgage backed by the organization. But experts wonder how the firm will determine which home owners defaulted strategically.

Experts also question whether the policy is viable given its departure from White House initiatives to bolster the housing market.

The policy is intended to force borrowers to pursue short sales or surrender the deed, rather than enter foreclosure, says Fannie Mae.

Source: New York Times, David Streitfeld 06/25/10

Posted by Bob and Tricia Mitchell, Realtors on June 29th, 2010 9:55 AMPost a Comment (0)

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Just Listed! 12280 Intermountain Road Redding, CA 96003

June 16th, 2010 8:26 AM

$539,727.00
12280 Intermountain Road

Redding, CA 96003

Beds: 4	Rooms: 9
Full Baths: 3	Sq. Ft.: 2727
Garage: 0	Built: 0

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Bob and Tricia Mitchell, Realtors
Real Estate Professionals Real Living
5302246756
www.reddingrealestateinfo.info

Visit this listing here

Posted by Bob and Tricia Mitchell, Realtors on June 16th, 2010 8:26 AMPost a Comment (0)

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Um Um Good!

June 10th, 2010 8:26 AM

Summer is here and there is no better time to go to the farmer's market. You will find a large variety of healthy and delicious fruits and vegetables. And the strawberries grown locally are soooo delicious.

Buying produce from your local farmers' markets instead of buying produce available in supermarkets that are grown in different states and even different countries generates a cash flow in our area. The produce available at farmers' markets is grown locally.

Buying fruits, vegetables, honey, flowers, nuts and hand made items gives the economy in Shasta County an added boost. In fact, keeping all of our purchases, such as cars, clothes, groceries, etc., would really help the economy in Shasta County.

Posted by Bob and Tricia Mitchell, Realtors on June 10th, 2010 8:26 AMPost a Comment (0)

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Foreclosures Take 438 Days

June 9th, 2010 1:41 PM

Nationwide average time from first missed payment to foreclosure….438 DAYS!

That’s the NATIONAL Average!

Now, add in an attempted loan modification, an attempted short sale or 2, state mandated foreclosure mediation meeting, and the real number grows to closer to 700 days. Nationwide, the average it takes a homeowner who defaults on a mortgage to actually lose a property through a foreclosure has increased 75% since 2008.

This information was received in a blog post submitted by Tim Harris, a real estate coach, on June 7, 2010 and it is amazing.

So what does it mean?

Foreclosures will continue to increase and prices in the housing market will continue a downward trend. I cannot even guess how many foreclosures will be on the market in Shasta County at the end of the year.

Posted by Bob and Tricia Mitchell, Realtors on June 9th, 2010 1:41 PMPost a Comment (0)

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Turn Off the Lights!!

June 7th, 2010 3:34 PM

Posted by Bob and Tricia Mitchell, Realtors on June 7th, 2010 3:34 PMPost a Comment (0)

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