A Memorial Video to remember the Life of my Dad "Sonny"

Having that Last cup of coffee with my Dad "Sonny"

RIP 10/27/13

Increased HELOC Problems; More to Come!

Dec 9 2013, 

Mortgage Monitor for October reports that 48 percent of outstanding second lien home equity lines of credit (HELOCs) were originated between 2004 and 2006 and the vast majority have draw periods of 10 years.  Therefore these loans are set to begin amortizing over the next several years and many borrowers may see monthly payments increase. Increases in new problem loans among the HELOCs originated prior to 2004 (that have already begun amortizing) indicate increased risk of more delinquencies ahead.

The aggregate, home equity market is experiencing lower delinquencies, However, among the HELOC population that has already begun amortizing, we are actually seeing an increase in new seriously delinquent loans. As of today, only 14 percent of second lien HELOCs have passed this 10-year mark, leaving a very large segment of the market at risk of payment increases over the coming years. Nearly half of all of these lines of credit were originated between 2004 and 2006, with the oldest set to begin amortizing next year. If this trend toward post-amortizing delinquencies carries over, we could be looking at significant risk to the home equity market over the coming years

In addition to the current risks posed by the home equity market the Monitor focuses on:

• Prepayment activity, mortgage origination's, and property sales
• Home prices and negative equity
• Judicial vs. non-judicial state disparities

The company reports that prepayments dropped again in October to around 4.3 percent of mortgages.  As recently as May of this year prepayments were running near 6.5 percent.  While the rate of repayments continues to drop, the decline slowed with retreating rates in October.

Home sales have also pulled back from recent peaks this past summer but the ratio of distressed sales to equity sales is improving.  Only 14.2 percent of sales in September were owned real estate (REO) or short sales, the lowest percentage since 2007.

Home prices are up about 9% year over year to an average of $232,000 but were up only 0.2 percent month-over-month as seasonal slowing continued.  Nationally prices are about halfway back from the $202,000 low point of January 2012.  Prices peaked in June 2006 at a national average of $270,000

Home price improvement is driving negative equity lower. estimates that about 11.6 percent of loans remain underwater compared to 18.8 percent at the beginning of the year. That negative equity estimates vary widely so it has a adopted a new methodology that accounts for not only the current combined loan-to-value (LTV) ratio of all mortgages but also the impact of distressed sale discounts on loans in serious delinquency or foreclosure.  As the negative equity situation improves, the volume of short sales has dropped from 56 percent of distressed sales in September 2012 to 44 percent this past September.  The discounts offered for short sales are declining as sales volumes decrease.

If you have any questions about Refinancing or maybe your thinking of selling please contact me and I will do my best to provide you a level of service that exceeds your expectation.

Happy Holidays from my Family to Yours

Robert Vaughan

Sr. Loan Advisor

American First Mortgage Company

"Saving the American Dream"

(657) 229-3314

Great investment opportunity! Three on One lot!!

Agent Spotlight Joe Quintanilla

1372 Gaviota Ave, Long Beach, CA 90813

Three on one lot. Front house has 3 bedrooms and 2 bathrooms. The two back units both have 1 bedroom and 1 bathroom. There is a two car garage on property. Long driveway with parking. Great investment opportunity! Front house is vacant. Far back house vacant. Please do not disturb tenant in middle unit. If you have any questions or to submit an offer call me direct at the information listed below and Thank you

Joe Quinanilla/ Broker

Titanium Reality 

949-484-JOEQ  Office

949-810-6722  Cellular

855-274-4525  Fax

www.joequintanilla.com

https://www.facebook.com/TitaniumRealty

DRE # 01218957

Front of Home

Second Unit currently occupied

Third Unit 1Bedrom

Garage

Front Unit 4 bed 2 Bth

Front Unit 4 bed 2 Bth

Front Unit 4 Bed 2 Bth

Front Unit 4 Bed 2 Bth

Front Unit Full Bath

Beautiful Hardwood Floors Living Room

3rd Unit Hardwood Floors

3rd Unit Full Bath

Cherrywood Staircase

Bedroom in Third Unit

Custom Wood Ceiling

 Beautiful Curb Apeal

Front of Home

3rd Unit Exterior

 Granite in Kitchen 3rd Unit

Kitchen in 3rd Unit

Granite counter and backsplash

Hardwood Floor in front Unit 4/2

 Beautiful Cherry Wood Staircase 

Wood Kitchen Cabints

Stainless Steal Sink and Faucet

New Appliances

Exterior of 2nd Unit Detached 

Front of Home

New Listing!! 21215 Cedar Lane Mission Viejo, CA 92691

Newest Listing in Evergreen Ridge 

21215 Cedar Lane Mission Viejo, CA 92691

 You will be impressed with the enormous back & side yard offering great privacy with no neighbors behind you. This large lot is approx 8,040 sq ft. Enter thru the white picket fence of this charming 3 bedroom, 2.5 bath Cape Cod style home. Gorgeous Versailles travertine flooring covers the down stairs area. Living room features a cozy fireplace, added built-in shelves, neutral paint & decor, designer rods & draperies. A sliding glass door opens to a quaint patio for relaxing. The kitchen features, Santa Cecilia slab granite counter tops & backsplash, newer appliances, sink and fixtures. Comfortable dining room includes fashionable light fixture and is open to the family room space this room has a sliding glass door that opens to another patio perfect for dining alfresco. Upstairs there is nice separation between master & two secondary bedrooms & has upgraded carpet throughout. Master bedroom includes two closets, upgraded vanities, fixtures & dual sinks. Generous sized secondary bedrooms are neutral & nice. Enjoy great view of the Saddleback Mountains from all upstairs windows. Large, flat, usable yard is great for entertaining. Garage includes expoxy coating on floor, high end storage cabinets, expanded laundry area. Newer air conditioner/heater.If you have any questions or to send your best offer please contact

Mary Jo Stackhouse with Keller Williams 

·         Keller Williams Realty (949) 400-3152

DRE #01305746

 

FHA Fee Hike Prompts Surge in Purchase Applications

Apr 3 2013, 8:37AM The pending increase in FHA guarantee fees pushed applications for government-backed purchase mortgages up 7 percent butt the overall volume of mortgage activity dropped during the week ended March 29. There was a 4.0 percent drop in the Mortgage Bankers Association's (MBA) Market Composite Index compared to the week ended March 22 on both a seasonally adjusted and an unadjusted basis. Despite the surge in government-backed mortgage activity the overall volume of applications for financing home purchases was up only 1 percent on an adjusted basis from the previous week and up 2 percent on an unadjusted basis. The unadjusted Purchase Index was 4 percent higher than during the same week one year earlier. The Refinance Index decreased 6 percent from the previous week and the share of refinancing applications decreased to 74 percent of total applications from 75 percent the previous week. The Home Affordable Refinance Program (HARP) accounted for 28 percent of refinancing compared to 29 percent the previous week. "Total purchase applications increased last week, due to an almost 7 percent increase in purchase applications for government loans. This was likely driven by borrowers applying for loans prior to the scheduled increase in FHA premiums that took effect on April 1," said Mike, MBA's Vice President of Research and Economics. "On a year over year basis, purchase applications are up about 4 percent, in line with the trend we are seeing in home sales volumes. If you have any questions about refinancing or you are looking to purchase a new home or sell your existing home. Feel free to call me with any of your questions. Thank you Robert Vaughan "RobSavesTheOC"

Mortgage closing costs fell 7% for homebuyers

Federal regulations are helping to significantly reduce the amount new homebuyers are paying come closing time. The average cost of closing on a mortgage has fallen by 7.4% over the past year, according to a recent survey by Bankrate.com. At the end of June, a homebuyer looking to close on a $200,000 mortgage with 20% down paid an average of $3,754, $300 less than 12 months earlier. Included in those costs are origination expenses, such as application fees and the cost of doing credit checks, and third-party fees, such as those paid for title searches and insurance. The decline can be attributed to new regulations that require lenders to be more accurate when estimating closing costs for borrowers, said Greg McBride, Bankrate's senior Financial analyst. The regulation, which was put in place two years ago as part of the Real Estate Settlement Practices Act requires lenders to provide a "good faith estimate" of third-party fees that is within 10% of the actual amount the buyer will pay. "The big drop in third-party fees indicates the lenders are doing a better job at estimating what the costs will be," said McBride. The most expensive state for closing on a home was New York, where total origination fees and closing costs averaged more than $5,400 for a $200,000 mortgage, according to Bankrate. Texas, Pennsylvania and Florida also cost far more than the national average. Missouri was the cheapest, with total borrowing costs averaging just over $3,000. Other states where closing costs remain low include Kansas, Colorado and Iowa, Bank. Even on a neighborhood level closing costs can vary significantly, said McBride. Borrowers can save money by getting at least three estimates and paying close attention to the total costs of obtaining a loan rather than getting seduced "Borrowers don't want to get tunnel vision shopping for the best mortgage deal by only looking at the interest rate," he said. "Closing costs are a big line item and savings there can be quite significant." Buyers If you are waiting to buy a home than now is the best time. With rates at an all time low, lower cost, and more bang for your buck. Call me now and you can be in your new home in time for the holidays. Call Robert Vaughan at (657)229-3314 Sellers with buyers ready to buy and banks willing to work out a short sale now is the time to sell. If you are having trouble making payments we have a mortgage solution just right for your situation but you must call me (949) (657)229-3314 so we may help Thank you Robert Sr. Advisor American First Mortgage Company

Regulators Tell GSEs to Assist Military with Short Sales Both Freddie Mac and Fannie Mae will be offering additional consideration to military personnel who may be facing problems with their mortgage due to service related orders. The two GSEs were directed to address mortgage servicer practices that pose risks to home owning service members and to ensure compliance with applicable consumer laws and regulations. The "guidance" came from regulators the Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation and other regulators. The guidance pertains to risks faced by homeowners who have received Permanent Change of Station (PCS) orders, that is have been ordered by the military to relocate to a new duty station or base. Such orders are received by about one-third of active-duty service members each year. PCS orders are non-negotiable and carry short, strict timelines. Homeowners with such orders, however, are still obligated to honor their financial obligations including their mortgages. In the current environment, with so many homes underwater, these service members may be unable to sell their homes and obtain sufficient funds to pay off the mortgage debt and may have to continue mortgage payments while making rent or other housing payments in their new location. Under the new guidelines, receipt of a PCS will be treated as a hardship for the purpose of qualifying for a short-sale even if the homeowner is current on the existing mortgage. Military with PCS who complete a short sale will be exempt from deficiency judgments from Fannie Mae and Freddie Mac and relieved of any request or requirement to contribute cash to the sales proceeds or to sign a promissory note for any outstanding balance as long as the property was purchased on or before June 30, 2012. In addition to holding PCS order, the homeowner must have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac to be eligible for the program. The status of the mortgage can be current or delinquent. Freddie Mac and Fannie Mae were instructed by regulators last year to treat PCS orders as a hardship for purposes of modifications and forbearance. Paul Mullings, Freddie Mac's Interim Head of Single Family Business and Information Technology said, "Freddie Mac is proud to support this important new effort to help servicemen and women when national duty requires them to sell their homes in an uncertain market. We look forward to working with our servicers on this new short sale policy. Together we can help ease the challenge of relocation for military families when Permanent Change of Station orders are received." The Federal Housing Finance Agency said it would provide final guidance by September 30 and the short-sale reforms would be effective 60 days later. If you have any questions about these programs or you are in the Military and facing foreclosure PLEASE!! Contact Robert Vaughan your Sr. Mortgage Advisor at (657) 229-3314