I think the fact the IOC wanted to do something avant garde and choose an exotic destination for the Olympics where the game has never been held before is a great idea.  Rio De Janeiro is an unbelieveable city, personally I would love to be in Rio for the games I'm sure the experience would be something special.  In the 2008 China games there was that very unfortunate event where the parents of an american was stabbed randomly.  I gurauntee the violence, robbery, kidnapping and extortion that will take place in 2016 will be 20X worse.  Rio is a beautiful city but very rough and very dangerous.  While the Cariocas will be on their best behavior for the Olympics so will the the street thugs, kidnappers, drug dealers, and theives.  Good luck to anyone who…

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Search for property in pre-foreclosure, going to auction at the courthouse soon, or bank owned in Los Angeles or Orange County on IETRealEstate.com 

http://www.ietrealestate.com/foreclosures.php

 

Want more information on how to buy these properties or what to be aware of when purchasing this type of property?  If so contact an IET Real Estate Agent.

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With the changes happening to the basic underwriting guidelines of Conventional loan programs so quickly I thought I'd create this blog post to highlight *_some_* of the potentially deal killing details that I've come across in the course of my own business...

  • MI for conforming loans on Condo's is on the verge of being extinct (consider FHA as an alternative).  41% max backend DTI for all MI companies.  Doesn't matter what DTI Lender will allow.
  • Reserve Requirements when purchasing Investment Properties. 
    Fannie Mae Announcement re: borrowers purchasing multiple investment properties
  1. When the borrower will own one to four financed properties (including the subject property) the reserve requirements are:

    * two months of reserves on the subject…

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Concerned about crime in the neighborhood you are considering buying into?  Use this website to review statistics on past crime in your new neighborhood.

http://crimereports.com/

Great source of data, uploaded directly from Local Law Enforcement Agencies.

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With the introduction of the Home Affordable Modification Program (HAMP) many homeowners that are not currently behind on their mortgages are being faced with a situation where they are being offered potential relief.

Obviously their first reaction would be to accept this relief but the government had done something smart (yes, give credit where credit is due).  They made it mandatory for loan servicers to report derogatory history to the credit bureaus for all borrowers who participate.  The creators of HAMP did this to weed out the people that can afford their payments but want a modification of their loan terms on the taxpayer dollar.  

Those in true financial need won't mind, they are most likely already behind on their payments and their credit…

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HO-6 Insurance Requirements for Condominium and PUD Properties 

HO-6-CONDOMINIUM UNIT OWNERS COVERAGE

 

Here is an excerpt from a memo sent to us by one of our biggest lenders: 

Borrowers must show evidence of hazard insurance coverage for all condominium projects with attached units, including two- to four- unit projects, that covers fixtures, equipment, and other personal property inside individual units if they will be financed by the mortgage.  Borrowers must show evidence of a “walls-in” coverage policy (commonly known as HO-6 policy) unless they can document that the master policy provides the same interior unit coverage. The master policy must include replacement of improvements and betterment coverage to cover any improvements that the…

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California Attorney General Jerry Brown unveiled a new website aimed at ending abusive practices in the loan mod industry 

Overall this is a good thing, I think consumers should make sure that they are dealing with a licensed person/company when attempting a loan modification.  If things don't work out their should be an accountable individual or entity to deal with for the consumer.  Getting a signed advanced fee agreement is a must.  I'm still not completely convinced that homeowners get the best modifications when representing themselves though...

Also debatable is whether certain homeowners will ever face reality.  The homeowner that choose the 1% option arm over the 5.75% 30 year fixed against the advice of more conservative voices because they…

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Greater Los Angeles Area Rental Values

Investors:

Thinking of buying an investment property and want to know what current market rents are?

Landlords:

Want to know if your maximizing the value of your property?

Renters:

Want to know if your paying fair market value for your unit?

Here is a Zilpy link, bookmark it, its a cool service

http://www.zilpy.com

Los Angeles - Craigslist is a good source too but too many scam artists on that site for my tastes.

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As I said in my last blog SB94 will have an effect on how consumers handle their mortgages SB94 has already passed the Senate and the community and now goes to the assembly there are many reasons to think this will help as well as many reason to think it would not, the bill it self is as follows 

                 DESCRIPTION   

          This bill would prohibit persons from charging advance fees to  
          borrowers in connection with a loan modification, and require  
          those who wish to charge a fee for loan modification services  
          (after performing them) to provide a specified notice to  
          borrowers regarding other options available to the borrower.   
          The violation of those…

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