Anti-Deficiency Protection Red Alert: C.A.R. has issued a “Red Alert” asking all REALTORS® to urge Governor Schwarzenegger to sign Senate Bill 1178. This bill extends anti-deficiency protections to homeowners who refinanced their mortgages, but didn’t take any cash out, and are now facing foreclosure.
River Front Real Estate
The City of West Sacramento is moving closer to having a big hotel on its riverfront.
The City Council, acting as the West Sacramento Finance Authority, on Wednesday authorized the purchase of 4.6 acres of land for nearly $9.6 million from Raley’s.
The land is between the 11-story, ziggurat-shaped office building built by the Money Store and the Tower Bridge.
“We will have a tremendous view of the whole Sacramento skyline,” said Tina Gontarski, community development director.
The Finance Authority, a joint powers body of the city and the West Sacramento Redevelopment Agency, also gave the go-ahead to execute a loan agreement with Consus Asset Management, a South Korean real estate investment trust.
The agreement would be for $12 million for site acquisition and the design of the hotel.
“This is a very big step,” said Paul Blumberg, project manager for the city.
A development plan calls for the Finance Authority to own the hotel. It would be managed by a not-yet-named hotel operator.
Blumberg said the purchase of the land includes the Raley’s boat dock. Construction of the hotel is scheduled to begin in mid-2011 with opening in early 2013.
By the end of the year, the city hopes to complete the conceptual design of the hotel. Bonds would be issued by the end of the year.
The 300-room hotel is planned to have 15,000-square-feet of meeting space. The hotel, with a high end restaurant, could be as tall as 16 stories.
The authority has been pursuing a high-rise hotel at the site north of the Tower Bridge since 2007. An earlier partner with the city in the proposed hotel endeavor ceased involvement in the project when the firm’s purchase option ran out.
A city report, in part, blames the recession in the hospitality industry for that effort not going forward.
Earlier this year, Parkcrest Development presented the Finance Authority with the proposal that includes Consus Asset Management’s involvement.
This is an article published by the Sac Bee. Yolo residents are very excited about the development of the West Sacramento water front.
Get Help With Your Bank
Here is a resource that agents can use to find help for troubled short sale cases:
HelpWithMyBank.gov is administered by the U.S. Department of the Treasury Office of the Comptroller of the Currency (my hands cramped just writing that!) … even if you can’t remember the name of who’s administering the service, the website is provided to file legitimate complaints against national banks.
However, we haven’t heard a lot of news or stories about using this site. If you have experiences, please share! Your story might be able to help another agent find a way to help clients in need.
Gaining mortgage loan can be demanding and nerve-racking affair because it is hard to get a loan these days. Sadly many are being approved for mortgage loans but they are not financially competent to repay the debt. As a result, vast amount of homes are abandoned across the country.
In seeking home loan through a traditional lender, borrowers should have a perfect credit score with great history of paying debts on time and also a firm work history. Even though it is a troublesome to other to have a less perfect credit score there are diverse options while buying a property.
Seller carry back financing is a frequent practice known in the market. This method assists seller carry all or a piece of the sale price. When a buyer enters into a contract with the seller, the contract will last for two to five years. This is the time for the buyer to create a good credit history by clearing up negative credits. The good news is that the borrower can apply for a traditional home mortgage loan at the end of the contract. One thing to consider is the rent-to-own agreement which is contract that permits the buyers to live in the home renting property and after the rental period, part of the rent are contributed to the purchase price. This agreement takes effect for two to three years that may be an instrument to have a solid payment record. Make sure to contact a real estate lawyer before engaging to both carry back mortgages and rent-to-own agreements before signing.
Through the aid of private lenders, Home Mortgage Loans can be achieved. If you do not qualify for a traditional loan , various real estate investors and investment companies render hard money loans. Hard money mortgages are not cheap. Interest rate will go up to 15-20%. And 30-50% down payment is required by most real estate investors. With regards to private lender mortgage loans the period is usually 2 to 3 years. This time allows the borrowers to strengthen their credit and refinance into a typical loan. Those borrowers who are not capable meeting the typical home mortgage loans measure, Federal Housing Administration (FHA) offers loans. On the other hand, borrowers should supply necessary documents such as proof of income, source for down payment and appraised value of property so the bank knows its resale value to ensure a FHA loan.
It is essential to do appropriate research and converse with a specialist regarding carry back mortgage and the rent-to-own.
Almost one-fifth of American homeowners are experiencing a dilemma on their mortgage payments. Those wretched property owners owed more on their property than its present assessment value. This is a challenge to consumers who want to refinance their home or they want to move in to a less costly living situation.
Sunken homeowners may be trapped in the stressful position until the market finds a way out. Luckily there are helpful alternative to combat this problem:
Short Sales: It involves trading real estate at a cheaper price than what is still owed on the property. Bank may be willing to agree with the transaction as a way to alleviate their losses on a mortgage default.
Contact Your Lender: Financial institutions are conscious of the recent economic downfall and avoid owning another foreclosed property. Calling up your lender and requesting if they are eager to renegotiate parts of the loan principal balance credit or all the help you need.
Find a Tenant: Homeowners can opt to temporarily move out of their homes, find a less expensive rental and then rent their properties at a higher rate to cover the mortgage payments.
Just go with the flow: What goes down will sooner or later go back up. It may take several years, but the real estate will recover in time.
Bankruptcy: The inability or incapability of an individual or corporation to pay its creditors. This transaction should be have serious consideration because your credit will also suffer. Worst come to worst and an individual is on the edge of losing the property or having multiple debts, this is the best resolution to the condition.
Abandon the ship: Before doing so, a lawyer is vitally necessary in this move. Various states have rules wherein homeowners can walk off from their financial delinquency and giving off the keys to suitable lender. The homeowner should get in touch with the bank and present the Deed in lieu of foreclosure. Once the bank agreed for move out, the owner can stop paying for property payments and can still live in the property until the bank tells otherwise. Bank can benefit in this situation because they can conserve their time and money for upcoming foreclosure process.
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