H.R. 3221 Housing and Economic Recovery Act of 2008 Passes New Permanent Loan Limits

The House passed the massive housing bill last Wednesday, the senate voted Saturday to send it to the president and today President Bush signed the “Housing and Economic Recovery Act of 2008 HR 3221.”

HR 3221 is intended to aid in stabilizing our economy, support first-time homeowners and provide mortgage relief for Read more

July 30th, 2008 · Filed Under Foreclosure-Short Sale Information, Mortgage - Loan Information, Real Estate Information

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What is Wrong with Buying One Today and Losing One Tomorrow?

Illustration by: Matt Mahurin

Some of the distressed emails I get from homeowners facing foreclosure ask me what I think about buying a home before losing their current one. To answer that question I will give you my personal opinion at the end of this post.

First let’s look at the case of Read more

July 17th, 2008 · Filed Under Foreclosure-Short Sale Information, Real Estate & Mortgage FRAUD

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Community Affair: For the Love of Music

If you are in the San Jose area this weekend and would like to enjoy a day full of good music with your family, come listen to the talented Bay Area protégé Jonah Johnson. Jonah has been featured in the reality show called “Waiting 2B Discovered” (Warner Bros).

Jonah, with his group of talented young artists from Timeless Entertainment (Jonah, Mid-One, Lonnye, Alexis), doesn’t follow today’s music standards that he calls “escapisms.” They stay away from profanity and the recycled “bling-bling, big pimpin” mentality that many artists feel they need to use in order to get Read more

July 16th, 2008 · Filed Under UnReal Estate posts

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Sixteen (Former) Su Casa Agents Face State Disciplinary Action & Possible Loss of License

Although “straw buyer” schemes are illegal but very lucrative for the parties involved, some agents and brokers have chosen to put their freedom, reputation and license on the line.

The California Department of Real Estate (DRE) has filed an extensive accusation and investigation against broker Bic Pho, his company Vision Quest 21 which operated Century 21 Su Casa and Mariposa Mortgage in the East Side of San Jose and sixteen former Su Casa agents.

The DRE accusations state that Read more

July 10th, 2008 · Filed Under Real Estate & Mortgage FRAUD

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Mortgage Fraud: How a “Straw Buyer” Scheme Works

Mortgage fraud is an epidemic that continues to be around and it can take form in many different ways (foreclosure rescue schemes, illegal flipping, etc). One form of mortgage fraud is a “straw buyer” scheme. This is how it works:

The participants

The most important piece to this scheme is Read more

July 10th, 2008 · Filed Under Real Estate & Mortgage FRAUD

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New California Law Will Only Delay Foreclosure – S.B. 1137

Photo courtesy of the California Governor’s office

Tuesday, in another effort to protect homeowners facing foreclosure, California Gov. Arnold Schwarzenegger signed bill S.B. 1137 into law. This law would only delay the foreclosure process in hopes that lenders will talk with homeowners before taking a final decision to foreclose on the property.

This new law has certain restrictions Read more

July 9th, 2008 · Filed Under Foreclosure-Short Sale Information

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