When many think of the term “silent second” they conjure up a sneaky mortgage that could potentially be fraudulent.
But there is also the helpful silent second, often used by cities or counties in mortgage assistance programs .
Silent second mortgages have also been used as a workaround when home owners are behind on their mortgages. Rather than foreclose, the […]

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In all the discussions around mortgage bail-outs, is anyone talking about using a “silent second” as part of the process? .Don’t forgive the underwater mortgages, split them into a first and a second.
In Chico we have a mortgage subsidy program. With the program, a first time home buyer can get a 30K to 70K loan, recorded as […]

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I hate to bore everyone with facts and figures, but sometimes the numbers tell the story best.
Last week I received the number of actual homes sold by foreclosure in Butte County for October. Here is a recap of the year-to-date:
January            26
February          67
March              51
April                68
May                 55
June                 81
July                  90
August            110
September        97
October            63
I was pleased that the numbers seem […]

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Here is some useful information from the California Association of Realtors to find the help you need:
C.A.R. has created several new resources for homeowners seeking information on existing mortgage workout programs. To provide you with one easy-to-use document, we’ve developed a chart outlining programs offered by the larger lenders and government entities, including a snapshot on eligibility […]

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California has been hit by two major housing “hurricanes.” One in fall 2005 and a second one this August.
 
Imagine Florida for a moment. When a major hurricane blows in, the area closest to the eye of the storm experiences the major brunt of the damage, and possibly the storm surge. As the storm continues its […]

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Should the government get involved in helping reduce the loan amounts on underwater mortgages?
 
If structured well, I think the government can help rework loan amounts on troubled mortgages. But ultimately, the homeowner should not gain the benefit if the home increases in value years later. Any amount absorbed by taxpayers should be protected by recording a silent […]

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With the wild ride on Wall Street, I am hearing of ordinary folks taking their hard-earned savings out of the bank and putting it in a safe. This is the first time I have heard it happening with people I know.
 
This past week I have been in meetings with panels of chief economists. They get […]

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There are many ways to make your home more Earth-friendly. But they can be expensive, especially upfront. If you don’t have the money to upgrade your air conditioner or refrigerator, or put in dual-pane windows, how else can you be good to our planet?
 
I consider myself a light-green homeowner. Not perfectly green. Luckily, green comes […]

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According to the National Association of Realtors, pending home sales activity surged this month. California is listed as one of the states with the largest increase, due mainly to better housing affordability.
Another contributing factor is the lower interest rates we are seeing since the take over of Fannie Mae and Freddie Mac. 
So get out there […]

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The Emergency Economic Stabilization Act of 2008 was signed by President Bush into law on Friday. The National Association of Realtors has posted this information to help all of us sort through the new legislation.
This summary uses some general subject headings to illustrate the many pro-taxpayer and pro-borrower provisions in the law, as well as […]

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