There are various reasons why homeowners are trying to get a loan modification.    One of the main reasons is due to a job loss which becomes a financial hardship.   And the question is  ‘Can I do my own loan modification?’.  The answer is YES. If you, the homeowner, is willing to spend time on the phone and do some paperwork, then you can do it.

The first thing a homeowner should do is call their lender (mortgage company), request for the loss mitigation department and ask for a loan modification package.    This will let them know that you are willing to work with them on getting your loan back on track.   They will give you a list of items that they want.  These items can include proof of income, hardship letter which states why you can’t pay the current mortgage, bank statements, and so on.  Be honest and provide what they are asking for and let them know your situation.  The lenders do not want to hear sob stories but just the facts and a summary of your ability to repay your loan.

If the lender doesn’t respond quickly, be patient.  There is a process and many homeowners, like you,  have submitted their requests, too.   At the same time, keep detailed records of all your calls. Once contact is made, write down the name of the person with whom you spoke, his or her identification number, the date and time of your conversation and a summary of what was said. Also make copies of all your correspondence and other paperwork. Lenders tend to lose things.

Avoid SCAMS from companies who offer services to do your loan modification for a fee.  That is illegal.  Only pay for services rendered, if any.  The main thing is keep informed, keep pushing and stay in communication with your lenders.  Nothing will kill your chances of modifying your loan than not communicating your situation to them and waiting until the last  minute to work something out.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for other closing costs, which can help lower principal balances and monthly payments.

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Therefore,  I called the John Laing Headquarters  in February and I was told that they are not going to continue building or complete the Villa d’este community in Fremont.   It’s up to their lender to decide on the future of this community in the Ardenwood area.

However, since this is the only floorplan and home available, there is no competition.  Unfortunately, the asking price is not attractive to home buyers and timing is wrong,  due to the current economic trend.  The owner bought the model home for $1,400,000.   It is currently listed for $1,275,000 which is still a loss for the seller.    The property does have over $200,000 of upgrades with high end appliances.

Recent article about the John Laing company, please click here.

Article on Timeline of John Laing’s pathway to Bankruptcy, please click here.

Independent home inspections are crucial for would-be buyers
A crucial part of the home-buying process is the home inspection, but many home buyers do not pay enough attention to this important step. According to the president of the American Society of Home Inspectors, many of the items that independent home inspectors find during the inspection are results of neglect. Most homeowners do not provide regular maintenance, such as changing filters in the furnaces and air conditioners, fixing leaky faucets and repairing doors and windows.

MAKING SENSE OF THE STORY FOR CONSUMERS

· During the home inspection, home buyers should turn on the water faucets to gauge the water pressure. If the water drips or there are noises, it could mean there is a problem with older galvanized piping or inadequate piping. Sections of piping may need to be replaced, or a completely new plumbing system may be needed.

· While vertical cracks in the foundation are normal and often are caused by the house settling, horizontal cracks are not, and generally result from hydrostatic pressure against the home’s foundation. This can be corrected by excavation and drainage and repairs to the wall itself. If horizontal cracks are evident, home buyers should consult with several structural engineers to determine corrective measures.

· Stains on walls and ceilings should be further evaluated to determine the cause and extent of any possible hidden damage. Home inspectors also should search for the cause and test the stain using a moisture meter to determine whether or not it is active.

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Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.

The SF bay area Ca real estate is changing rapidly. We know it is important for buyers and sellers to stay informed on home values. I  specialize in reporting current market information and news concerning Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon real estate.

1. I won’t waste your time – when an offer is made, I’ll require acceptance or a counter offer within 24 to 48 hours.
2. You’ll have the advantage of personal, one-on-one attention, as well as my dynamic web and e-mail resources.

Feel free to call my cell phone (510-676-2236) or send me an e-mail (zpatel@rwnetwork.com).

- Realty World Viking Realty

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