Loan Modifications – They Can Be Done! Lots of Patience Required!
I haven’t blogged in a long time, partially because I’ve been super busy with work, but also because I’ve been so wrapped up and worried about a loan modification that I had been trying to get on my house since 2008. Yes… I said 2008!
This has been one of the most frustrating and stressful experiences of my life. As mentioned, I started talking with the bank in late 2008. Around July of 2009, they told me that I had qualified for a certain type of loan modification. They gave me my new payment amount and I started paying that amount. I paid them faithfully every month thereafter. I was concerned, however, because I never received any formal paperwork and, because real estate is my job, I knew something had to be wrong. I called them constantly and they kept telling me there was no problem, everything was “in process.”
I believe it was in January this year that I returned home to find a letter from the bank in my mailbox. The letter indicated that I was in default and that if I didn’t pay them $35,000 by a certain (very near) date, they would start foreclosure proceedings. Needless to say, I freaked out. Read more
Funny Real Estate Jargon
"Great starter home"
Have you ever looked at a real estate ad and wondered if they were exagerating a little bit? Here are some funny descriptions and translations of some ads that makes one wonder….
Cute- small
Cozy- see cute
Charming-see cute, cozy then throw in “old”
Good starter- fixer upper
Old World Charm- OLD
Period details- OLD
Close to transportation- noisy trains and busses nearby
Low maintnance yard- no grass, no flowers, no trees Read more
Tony’s Auto & Katrina Recovery
5 years ago Hurricane Katrina hit Gulf of Mexico. As a category 5 hurricane, with estimated winds of 175 mph became one of the most destructive storms. August 24-28, 2010 is the 5th Anniversary Build-a-Thon in New Orleans. 100,000s of volunteers have donated their time and money to rebuild New Orleans. New Orleans Area Habitat for Humanity (NOAHH) plans to build 5 homes for 5 families during this 5-day period. Jessica Harders, daughter of Dave Harders of Tony’s Auto, along with 4 friends, are headed to rebuilding the city. Their trip will cost them $700. You can help by taking your car to Tony’s Auto on Sundays from now till August 10, 2010. You’ll get a free smog certificate (usually charged $8) and the total proceeds will go toward this trip.
Tony’s Auto is located at 601 Kains Ave. in San Bruno. (MAP). (650) 588-6719.
See how easily you can help!
Shokoofeh Nowbakht
www.shokoo.com
Prudential Ca. Realty Gives Locally
Prudential California Realty is more than just Real Estate Company. We in the San Bruno office are a group of very giving and caring local people with lots of knowledge and experience in Real Estate. A portion of each transaction is donated to Shelter Network in San Mateo, each year we adopt a family from San Bruno, South San Francisco or Millbrae for Christmas, one of our agents feeds the homeless monthly, another agent is continuously baking cookies to raise money for Cancer, others walk miles for their causes and we all graciously chip in. It is an honor to work with people who care.
As the premiere real estate company in the area, Prudential Ca. Realty San Bruno realizes the importance of schools. Prudential California Realty recently awarded grants to local teachers from Brisbane, South San Francisco and Daly City. With school fiancés drastically cut this year these grants were greatly appreciated. The grants are awarded to teachers whom made an exceptional contribution to their students last year.
My wife is a teacher and I know that most teachers contribute to their students. Unfortunately we can’t reward all of them. I will say all teachers are appreciated.
This year the following teachers were awarded grants:
Brisbane Lynn Howe Brisbane Elem.
Daly City Jane Chang Junipera Serra
SSF Feleciana Stevenson El Camino High
Ray Galela El Camino High
Meg Milana SSF High
Joslyn Negherbon Westborough Mid.
Cheri Howard Westborough Mid.
Congratulations to the winners and Thank You to all teachers.
When thinking about Real Estate contact the Local company that gives back locally.
Click or copy and paste the link to read more. http://www.prurealty.com/ssc/company_information/press_releases/Ed%20Foundation%20Release%20-%20San%20Mateo%20County%20-%202010.pdf
The Costs are Outweighing the Benefits
We’ve stated that the benefits of low interest rates have run their course. We hold to our contrary opinion that low rates are actually hindering more than helping markets these days. Consider the mortgage market: Even though mortgage rates are dwelling in the basement, fewer people are applying for mortgages. The MBA reported that purchase activity declined 1.2 percent to the second-lowest level since 1997 last week, while refinancing activity slid 7.3 percent from its May 2009 highs.
The Federal Reserve’s low-rate policy is hardly inspiring confidence. “Rates must be low because the economy is circling the drain,” so the man-on-the-street rationale goes. It’s the wrong message to send, because promoting risk aversion also means promoting inertia. Risk-averse markets are simply less willing to engage in riskier, but worthwhile, economic activity.
This risk-averse sentiment is readily reflected in the capital markets, where the relatively non-productive assets of gold and Treasury securities continue to be the investments of choice. That’s unfortunate, because we’d all be better off if there were more investment in the very productive (though riskier) assets of home purchases and renovation and mortgage lending.
Baseball’s "Field of Dreams" for Sale
Yes! The baseball Diamond that Universal Studios built in
Dyersville, Iowa is for sale. Please let me know if you have interest. I would love to represent you in the negotiations. Maybe we can arrange to have it moved to San Bruno or South San Francisco.
Follow the link
http://www.telegraph.co.uk/culture/film/film-news/7721998/Field-of-Dreams-for-sale.html
Up, Up, But Not Quite Away
We were expecting a little more, but at least it’s trending in the right direction. We are speaking of the employment report, which showed payrolls rose by 431,000 last month.
That would be very good news, if not for the fact that 411,000 of the new hires were related to the census. Nevertheless, that still leaves a net positive for the private sector. The increase was enough to push the unemployment rate down to 9.7 percent (though some pundits argue the drop was really due to a lower participation rate).
You never want to read too much into a single month of data, but we remain encouraged: job growth and wages picked up from April to May, while the average workweek lengthened. And although moderate compared to past post-recessions, the recovery is looking more sustainable after consumer spending and business investment rose at a healthy pace in the first quarter.
Overall, we think this latest employment report provides another reason to act now in both the mortgage and housing markets.
San Bruno’s 70th Annual Posy Parade
San Bruno’s 70th Annual Posy Parade is this Sunday, June 6th at 1:00 and it’s going to be a blast this year! The theme is “Green Transportation”. The annual “Festival of Flowers” started in 1941 as a tribute to children. The parade, traditionally for kids 14 and under has acheived both state and national fame for San Bruno.
Each year, the community gathers along San Mateo Ave. and Crystal Springs Rd. to watch marching bands, decorated floats from schools and service clubs, sports teams, dance troops, and the Posy Parade Princess and her court. The mayor passes by on a fire truck and police cars pull up the rear!
At the end of the parade we are entertained by a few baseball games including an all 8th grade game of St. Robert’s and Parkside and an all 10 year old game. We usually have great weather during the parade and it looks like we will be lucky again this Sunday! This is an event you won’t want to miss!
Karin Cunningham
http://www.facebook.com/sanbrunolife
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