Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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FORECLOSURE ACTIVITY SEES TEMPORARY LULL

HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS
January 20th, 2009

A California law requiring mortgage lenders to give their customers 30 days notice before filing a Notice of Default (NOD) served to only delay the inevitable for many cash strapped homeowners. The law was intended to give homeowners more time to resolve loan modification requests before foreclosure is initiated by their lenders.

The law took effect in September, and Riverside County saw the number of NOD’s plummet by half in that month, only to surge again in November and December. The law was modeled after similar laws in Maryland and Massachusetts but has only postponed the pain by a couple of months. Overall, the law is a failure to help homeowners save their homes.

The loan modification process is stymied by lenders unwillingness to reduce the amount owed on mortgages. Even if a lender agrees to reduce the interest rate or lengthen the term, most borrowers can not afford a loan that was inflated to cover loan fees and closing costs. Additionally, the destabilizing affects of foreclosures on home prices has left many homeowners with mortgage balances much higher than the current market value of their home.

In order for the housing market to stabilize, in my opinion, loan modifications affordable to borrowers over the long haul must be granted to stem the never ending tide of foreclosures.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Tuesday, January 20th, 2009 at 3:16 pm and is filed under HOME LOANS, INDUSTRY NEWS, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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