Jean Joh

The Human Cost of the Troubled Economy
October 5, 2008 · · 1 Comment

Last week, I was “on the floor” answering phone calls for our company, when I received a call from someone who was interested in one of the rentals we had available.  We arranged to meet the following day to look at the house of interest during his lunch hour.  When we met, I was surprised to learn that this gentleman actually lived right down the street from the house we were viewing.  He shared with me that he currently owned his home but that his mortgage payments had become unaffordable and that he was already several months behind.  He said he had no choice but to put it on the market as a short sale, rent for a little while and hopefully try to buy a home again after a few years.  He also told me about his large family and how difficult it was to be going through this process right now.

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PruCalVoices

Are you ready to buy an REO or Short Sale?
August 26, 2008 · · 1 Comment

The answer to that question is another question you have to ask yourself…How patient am I?  In this difficult market many buyers look for or find themselves involved in a short sale or an REO with the idea that it’s a good deal.  It can be but what you are not paying in price you will make up in time, energy, effort and potential frustration. Read more

Lee Ginsburg

The Housing Stimulus Package Continued
August 25, 2008 · · Comment here

This is my third and probably final thought on the recent Housing Stimulus Package. 

 http://www.pruvoices.com/2008/08/housing-stimulus-package-i-dont-think-so/
http://www.pruvoices.com/2008/08/is-this-new-stimulous-package-going-to-help-the-bay-area/ 

The FHA foreclosure rescue is a great idea but I don’t think it is practical, at least not in the Bay Area Market that I am familiar with.  The FHA will offer to qualified buyers a new fixed rate loan at 90% of today’s market price for the home they are living in and that they own and owe considerably more money.   With this program the owner shares the future appreciation with the FHA.  This adds to family stability and less homes on the market and gives the family to gain some equity.  I think the original lender will lose more under this than with the foreclosure process but it might be easier, quicker, look better on their books and they also gain a new guaranteed loan.  In my opinion too many ifs to make this work in large numbers but the thought is GREAT.  Read more