Things are Looking “UP” for Unemployed Homeowners
As of Aug. 1, 2010 home mortgage servicers participating in the federal government’s Home Affordable Modification Program are required to implement the Home Affordable Unemployment Program or “UP“. This new program provides eligible unemployed homeowners a temporary period during which their regular monthly mortgage payment is reduced or suspended, which…
Second Trust Deeds Coming Back In Santa Clara County
Starting Monday, April 19, 2010, Wells Fargo Mortgage will be supporting the use of second trust deeds that will now allow home buyers to have up to a 85% loan to value ratio (including a second as well as first trust deed) in Santa Clara County without having the added…
Will A Voluntary Strategic Walk-Away From Your Mortgage Make Your Problems Worse?
I am hearing more talk these days of homeowners who are “upside down” in their mortgage relative to current home value and they are considering voluntarily walking away from their mortgage and giving their home back to the bank. I heard it at a Christmas party; on the street; at…
Santa Clara County Jumbo Mortgages Now Classified Less Risky
Jumbo mortgages in Santa Clara County has been reclassified from a market risk perspective to class 1, which is the least risky class! The major benefit is that now a borrower can put down 20% on a jumbo loan and only need to show 10% of the loan amount in…
