Zaida Patel, Realtor —– Blog Website

Los Angeles Times

Many borrowers in default stay put as lenders delay evictions
Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free.  Pressure on banks to modify loans and a glut of inventory are driving the trend.

To read the full story, please click here.

According to the California Association of Realtors, Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes owned by Fannie and Freddie.  Home buyers have until Oct. 30 to apply for Freddie Mac’s SmartBuy program, which started in July, and offers up to 3.5 percent of a home’s sale price to help cover closing costs.

To qualify, the home must be a principal residence and must be selected from Freddie Mac’s HomeSteps Web site (www.homesteps.com/homeshoppers.htm) for its foreclosed properties. Loans must close by year’s end.  The HomeSteps properties also include two-year warranties on major appliances and electrical, plumbing, and air-conditioning and heating systems.

Fannie Mae’s HomePath program (www.homepath.com) is an ongoing program and offers more incentives than Freddie Mac’s.  Through participating lenders, Fannie will offer mortgages to buyers who make a down payment of 3 percent.  The buyers do not have to secure private mortgage insurance, a common practice with nearly all lenders.  Home buyers also can negotiate for Fannie Mae to offer closing-cost assistance.  Unlike Freddie Mac’s program, Fannie’s assistance level is not capped.  Under the HomePath program, the average participating homeowner has received payments equivalent to 3.75 percent of the loan’s value.

To read the full story, please click here:

http://www.nytimes.com/2009/10/11/realestate/11mort.html?_r=1&ref=realestate

Thank you for visiting ZaidaPatel.com.   As one of the premier real estate services in the San Francisco bay area, we offer valuable real estate information and news to buyers and sellers in all areas related to real estate with a particular emphasis on the east bay communities of Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon.

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 at rwnetwork.com).

- Realty World Viking Realty

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