Attorney General Kamala D. Harris announced the arrests of Sacramento attorneys that took thousands of dollars in up-front loan modification fees for services that were never performed for homeowners, many of whom ended up losing their homes. Attorneys Gregory Flahive of El Dorado Hills, 39, Cynthia Flahive of Folsom, 41, and Mike Johnson of [...]
On Thursday, federal and state officials announced a $26 billion foreclosure settlement with five of the largest home lenders. California is expected to receive approximately $12 billion in principal write-downs, including through short sales, over the next three years, according to the state attorney general‘s office. [...]
The state-run program, “Keep Your Home California,” which helps homeowners struggling to pay their mortgages now has broader eligibility guidelines. Borrowers who did “cash-out” refinances and own multiple properties now are eligible for the program, according to California Housnig Finance Agency officials. To date, Keep Your Home California has helped approximately 8,000 low- and [...]
5 Tips to Avoid Being Scammed Don’t pay up-front fees. Foreclosure consultants are prohibited by law from collecting money before services are performed. Don’t ignore letters from your lender or loan servicer. Responding to those letters is your best bet for saving your house. Don’t transfer title or sell your house to a “foreclosure rescuer.” [...]
December 7, 2011 LOS ANGELES— Attorney General Kamala D. Harris today announced the arrests of two Southern California men who, under the guise of an attorney-backed loan modification company, collected more than $6 million from homeowners nationwide for services that were never performed. Christopher Fox, 37, of Laguna Niguel and Curtis Melone (AKA Curtis Kubat), [...]
The government is changing its Home Affordable Refinance Program (HARP), making it easier for homeowners to refinance their underwater, high-interest mortgages. Making sense of the story Although HARP has helped more than 890,000 homeowners nationwide by reducing their monthly mortgage payments, there are still millions of homeowners who are too far underwater to participate. Under [...]
Declining property values are preventing some homeowners from taking advantage of today’s historically low interest rates and refinancing. Many homeowners nationwide have either no equity or are in a negative equity position in their homes. This leaves them with two options for refinancing, paying extra at the closing or what’s known as a cash-in [...]
With traditional investments delivering low returns, some are considering buying rental housing. However, potential investors should do their homework and avoid the following common mistakes. Making sense of the story Investing in real estate right now can be profitable, if everything goes as planned. Rents are increasing in many areas, and more properties may be [...]
Since the real estate market took a downturn, some people have complained they couldn’t buy, sell, or refinance a home because an appraiser used bank-owned (REO) or short-sold homes as comparables in the valuation process, which dragged down the value of their home. While using REO and short-sold properties can lower the value of a [...]
Despite home prices in major urban centers decreasing 31 percent between 2005 and 2009, property taxes across the U.S. increased by nearly 20 percent. There is good news, however; homeowners can fight back. Homeowners should keep in mind that property taxes do not always correspond with home values, because local governments typically don’t measure values [...]
