Angel Lynn™ - My Sacramento Real Estate Agent, Foreclosure & Short Sale Specialist

Interest Rates Motivate Refinancing Over Buying

Angel — Fri, 20 Jan 2012 00:23:06 +0000

The Mortgage Bank Association reports that loan applications went up by 23% last week. This is an overwhelming increase but it does not come as a surprise considering the extremely low interest rates. The rates are at a record low of close to 3% on a 30-year fixed mortgage, in most cases. In 1981, rates were typically closer to 20%! While these rates are favorable to buyers, the group that’s taking the most advantage of the situation are current homeowners hoping to refinance. According to the MBA “the vast majority of the applications — 82.2% — were to refinance existing loans rather than purchase new ones”. Experts agree that while these conditions can be taken advantage of by both groups, the low rates can deter prospective buyers who are waiting in the hopes that rates will decrease even further. It may take an increase in rates to get those that are on the fence to take action- they wouldn’t want to miss out before they climb too far back up, even if higher rates do indicate an improvement in the economy.

If you’ve been considering buying, also be aware that you’ll be competing with investors who are out there taking advantage of low home prices and paying with cash.

Buyers and homeowners alike still have to qualify in able to benefit from low interest rates, which has not been easy in the past couple years. However, distressed homeowners are expected to find hope when the Obama administration changes the rules for the Home Affordable Refinance Program so that many more people will qualify for a refinance. Stay tuned for further updates on changes to the program!

Courtesy of CNN Money and Mecury News

Foreclosure Rates Lowest Since 2007

Angel — Thu, 12 Jan 2012 22:22:20 +0000

According to a recent report from RealtyTrac (a foreclosure listing firm), foreclosure rates are at their lowest since 2007. “Total filings, including default notices and bank repossessions were down 33% for the year to 2.7 million”. In 2011, 1.9 million homes were filed for foreclosure last year which is a good improvement from 2010 (down 20%), and even better in comparison to the amount of filings in 2007. While this may come as good news, RealtyTrac also points out the fact that the banks have not caught up with the amount of foreclosure paperwork. They’ve taken more precaution due to the “robo-signing” scandal of 2010, and therefore the entire process has been delayed. The listing firm predicts that when the banks do catch up, the result will be a higher foreclosure rate for 2012. However, rates aren’t expected to be as drastic as they were in 2010.

Low prices in the housing market will also continue to be a challenge for homeowners, as many of them will lack the home equity that might otherwise be available as emergency money. On the flip side, low mortgage rates are making it possible for many people to refinance their homes, in the hopes of avoiding any future financial troubles.

The areas hit hardest by foreclosure remain California (with 7 cities in the top 10), Arizona, and Nevada.

With over 6 years of experience in the short sale process and an instinctive ability to understand the needs of her clients, Angel Lynn is your trusted real estate expert. Whether you’re a buyer, a seller, or one of the millions currently in danger of foreclosure, contact us today! We’re here to help!

Courtesy of :

msnbc.com

Yahoo Finance

CNN Real Estate

Still Wondering What a Short Sale Is? Watch this!

Angel — Thu, 12 Jan 2012 00:24:39 +0000

Why You Need to Short Sale ASAP

Angel — Thu, 05 Jan 2012 22:23:46 +0000

If you’ve been thinking about doing a short sale on your home, you now have more motivation to get the ball rolling. On December 31st, 2012 the Mortgage Forgiveness and Debt Relief Act is scheduled to expire.

Congress passed the act in 2007 for the purpose of helping distressed home owners. Before the act was passed, any forgiven debt on a primary residence was considered taxable income. The act states that if you borrow up to $2 million and the lender forgives the debt, such as in the case of a short sale, you are not responsible for the taxes owed on the forgiven amount. When a short sale is processed, the lender is responsible for providing a Form 1099-C to the IRS, which indicates the amount of debt that is being forgiven.

If the act is not extended, the tax liabilities on borrowers could cause even more of a financial burden for those that are already struggling. Hopefully there will be an extension but there’s no guarantee, so don’t delay!

You can view the details of the Mortgage Forgiveness and Debt Relief Act here: http://www.irs.gov/individuals/article/0,,id=179414,00.html

Courtesy of:

nevada.realestaterama.com

mattandrandy.com

Record Breaking Lows in Mortgage

Angel — Thu, 22 Dec 2011 23:01:03 +0000

Those shopping for more than just toys this Holiday Season are in luck! Mortgage rates have hit record lows, once again. Based on Freddie Mac’s survey, the average rate on a 30-year fixed mortgage rate is at 3.9% this week. According to CNN Real Estate, that’s “down from 3.94% last week, and is the lowest in the 40-year history of the survey”. This is also good news for existing home sales and existing home owners. Frank Nothaft, NAR chief economist, notes that existing home sales increased for a second month in a row. That’s more last month than they have sense January. And the Mortgage Bankers Association claims, “about 80% of all mortgage applications last week came from existing homeowners looking to refinance their old loans into more affordable ones”.

Rates are best in the West, averaging 3.85% with a 30-year mortgage. The highest rates are in the Southern states at an average of 3.97%.

Courtesy of nasdaq.com and CNN Money

Angel Lynn Realty wishes you a safe and happy holiday! Don’t forget that we are still taking donations in the office for the Sacramento Food Bank! So clean out your pantry of all the non-perishables and give to those who need it more than you!

Custom Built Home in Serene Foresthill, Ca

Angel — Sat, 17 Dec 2011 02:06:00 +0000

6621 Potter Ln.

This custom built ranch-style home is two stories and includes 4 bedrooms and 3 bathrooms. It sits on one full acre, tucked away in Foresthill, Ca. Vaulted ceilings adorn the family and dining room and there are maple hardwood floors throughout the home. The kitchen is perfect for any family, providing a warm atmosphere with custom alder cabinets, quartz counter tops, a pantry and a breakfast nook.

Other amenities include

-covered patio/deck

-separate family room

-walk-in closet in the Master bedroom

-2 car detached garage

-custom lighting throughout

Foresthill, Ca is known for its beautiful wildlife environment and an array of recreational activities to choose from including hiking, camping, skiing, and fishing.

This is truly a one-of-a-kind home in a serene setting. It won’t last long, so don’t pass up this amazing opportunity!

New Listing: Dream Treehouse Home in Fair Oaks

Angel — Fri, 09 Dec 2011 17:56:37 +0000

Built by Sacramento architect, Walter Scott, this home is one of the most unique in the area. At one time, it was a featured home on the Street of Dreams, a Sacramento luxury home tour. Tucked away in a quiet cul-de-sac in the affluent Fair Oaks area of Sacramento County, this rustically elegant home will take your breath away.

This brilliant 3-bedroom, 2.5 bathroom (both newly remodeled) home also includes a loft library, second family room with stunning views from its 6 decks and many windows. The property requires no maintenance or watering, featuring native oaks, manzanita, river rocks and native vegetation. Deer often graze beside the house and wild turkeys abound. The front door is reached via an elevated bridge structure that passes through the oaks. There is a detached dog kennel.

Other amenities include:

-2 car garage

-Vaulted cedar ceilings

-Doug fir wood flooring

-Kitchen includes a built-in bar, granite counter tops, pantry, and greenhouse bay windows

-Roman shower in the master bathroom with wildlife views

-2 central air and heat systems

-Custom window covers

-Track lighting throughout

Neighborhood:

Fair Oaks, CA has always boasted a family friendly community with plenty to do! Close to Nimbus Dam, and plenty of recreational activities nearby including the American River, entrances to the American River bike trail, several parks and even a dog park!

More HAFA Help for Military Familes

Angel — Thu, 08 Dec 2011 20:27:02 +0000

Some military families have had a hard time qualifying for the Home Affordable Foreclosure Alternatives Program in the past because a ‘permanent change of station’ has not been considered a financial hardship. However, research has shown that many of those families don’t find themselves in trouble with their mortgage until they get relocated.

In an effort to make life easier for these families, the Department of Treasury recently clarified the guidelines for HAFA. They were persuaded by the high volume of phone calls from military families to the Homeowner’s HOPE Hotline. A directive was sent to mortgage servicers on Thursday, “An example of such hardship includes a service member citing a ‘Permanent Change of Station’ order as the basis for his or her financial hardship when requesting HAFA even if such service member’s income has not been decreased, so long as the service member does not have sufficient liquid assets to make his or her monthly mortgage payments”.

Holly Petraeus, assistant director of the office service member affairs at the Consumer Financial Protection Bureau notes, “Service members in this situation face an array of tough choices that can include years-long separation from family, foreclosure, and even financial ruin”.

Whether or not you’re a military family member, if you’re having trouble with your mortgage, take action! Our office has helped many families avoid foreclosure and start fresh. We can find out if you qualify for HAFA AND a $3,000 relocation fee. For more information on HAFA visit: www.makinghomeaffordable.gov

Courtesy of housingwire.com and California Real Estate Magazine

The New Road to The American Dream: Intra-family Loans

Angel — Fri, 18 Nov 2011 23:22:02 +0000

Although mortgage rates and home prices are at an all time low, we’re currently dealing with a housing market that creates many barriers for first time home buyers. Often times even those that meet all the qualifications and have 20% available as a down payment, can be rejected. But leave it to the American people to find to turn a seemingly dead end situation into a window of opportunity. According to the National Realtors Association, 9% of first time home buyers last year received a loan from a family member or relative for their down payment. You might be wondering how this doesn’t eventually cause some major issues of liability within the family structure. In comes National Family Mortgage, a company founded by Tim Burke and headquartered in Norwood, Massachusetts. Their objective is to “minimize the legal and federal tax consequences that often occur when family real estate loans and financial gifts are documented improperly — or not documented at all”. National Family Mortgage is part of Burke’s commitment to empowering consumers to manage their finances via the internet. Each user is able to set the loan limits but within the company’s guidelines. The system favors the needs of both parties involved. According to the National Family Mortgage website, family mortgages provide a 4.5% return for investors (in comparison to a 2% return on CDs and 1.34% for savings account) and the mortgage rate for the borrower is an average of 75% lower than borrowing from a bank. The benefits are clear to see! In addition, they also offer a secured promissory note, amortized repayment schedule, registered mortgage, optional loan servicing, and a legal property description. Plus, borrowing from a family member can avoid closing costs and appraisal fees. Find out more at www.nationalfamilymortgage.com

Courtesy of:

nationalfamilymortgage.com

realtytimes.com

This Second Saturday at Angel Lynn Realty…

Angel — Thu, 10 Nov 2011 22:15:15 +0000

The Holiday Season is upon us again! It’s hard to believe it’s been another year. Last week our staff was lucky enough to attend a very special Tony Robbins seminar in LA. For those of you who aren’t familiar with Tony, he is a world famous inspirational speaker and life coach. He’s been hired by people like President Clinton, Serena Williams, and Andre Agassi. Even Oprah attended the event to get a piece of the action.

Check him out here: http://www.tonyrobbins.com/ One of Tony’s biggest messages is that in able to be truly fulfilled in life, we must be grateful and we must GIVE. And trust me, he has some very inspirational stories to back up the notion. So this year, and in the years to come we will be doing our part to give to our community and we strongly encourage you to join us! Beginning this Saturday, during the Second Saturday Art Walk, we will be hosting a drive for The Sacramento Food Bank & Family Services.

Their biggest needs this year are clothing and food. Here are a couple of links for ideas:

http://www.sacramentofoodbank.org/pdf_files/wishlists/Food%20Assistance%20021611.pdf

http://www.sacramentofoodbank.org/images/stories/pdf_files/donation/clothing_wishlist__fall-winter_2011.pdf

Although the food list contains perishable items, we ask that you please only bring non-perishable items to our office.

In addition to the drive, our office will be hosting the wonderful photography of Melissa Uroff and the amazing artwork of Jesus Cruz Jr. Melissa has been doing photography for 17 years and has been published on stylehive.com and apparelsearch.com. Jesus Cruz Jr. does printmaking and linoleum cuts (carvings in linoleum). His work has been on display at the Riverside Metro Museum and the Ontario Museum of History and Art.

Work by Melissa Uroff

River City Woman by Jesus Cruz Jr.

It’s bound to be an exciting Second Saturday at Angel Lynn Realty. Our office is located in the heart of Midtown, right across the railroad tracks from Jack’s Urban Eats at 1913 Capital Ave, so please stop by, enjoy some sangria, artwork, and don’t forget to bring your donations for The Sacramento Food Bank! The festivities will begin at 5pm. We look forward to seeing you!

“It is not what we get. But who we become, what we contribute… that gives meaning to our lives.”
-Tony Robbins