Congress Passes NEW Home Buyer Tax Credit

Homebuyer Tax Credit Change

See Below for the New Changes in the Homebuyer Tax Credit.

Now you don't have to be a first

time home buyer to take advantage of the the credit.

The economy has been improving along, and this keeps the momentum going from the first
stimulus.

The latest statistics indicate that the US economy grew by 3.5% in the third quarter of 2009. This is the best improvement in two years. This is a great time to buy a home or move up!

Sales activity is at the highest level in over two years, according to the National Association of
Realtors (NAR)

Existing home sales jumped 9.4% in October 2009 The housing supply is the lowest it's been in two and a half years, according to NAR Chief Ecomomist Lawrence Yun.
LOCAL HOUSINGThe local real estate economy is driven by REO and Short Sales and the under 500K home pricing range. Homes are selling with multiple offers in Cambrian, Willow Glen, Campbell, San Jose, Santa Clara and Sunnyvale. Santa Clara County inventory is at an all time low at approx 2300 single family homes for sale!
Interest rates are at historical lows!

Congress has extended and expanded the homebuyer tax credit. The modifications
in the column labeled "December 1 - April 30, 2010" become effective
when President Obama signs the bill. All changes made to the current credit
become effective on that date, as well. This information is being furnished
by the NAR.

FEATURE	Jan 1 - November 30, 2009 Rules as enacted February 2009	December 1 - April 30, 2010 Rules as enacted November 2009
First-time Buyer Amount of Credit	$8,000 ($4,000 married filing separate)	$8,000 ($4,000 married filing separate)
First-time Buyer Definition for Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	Same
Current Homeowner - Amount of Credit	No Provision	$6500 ($3250 married filing separate)
Effective Date - Current Owner	No Provision	Date of Enactment
Current Homeowner - Definition for Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit	Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)	Purchases after April 30, 2010
Binding Contract Rule	None	So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Incresed income limits are effective as of date of enactment of bill)	$75,000 - single $150,000 - married Additional $20,000 phase out	$125,000 - single $225,000 - married Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$800,000 Effective Date of Enactment
Purchase by a Dependent	No Provision	Ineligible Effective Date of Enactment
Anti-fraud Rule	None	Purchaser must attach documentation of purchase to tax return

For more information, please call or text Daniel Pizano at 408-460-8401.

Top 10 Reasons Your Home Did Not Sell

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.


10 Reasons Why Your Home Did Not Sell
by Dan Pizano

1. Price - Price is the number one reason why a home does not sell. It's overpriced! Make sure that you choose a price that is aggressive in a challenging market. This means that if your neighbor is priced at $450,000 and the home down the street is priced at $465,000 and both are similar to yours don't price yours at $475,000. Start off competitively at $449,000. If the home sits in a normal market for 30 days then you need to adjust the price. However, in a tough market you should evaluate the price every two weeks.

First, study homes that sold recently (not 6 months ago) and those homes that are pending (under contract). The currently sold homes tell you where the market was last month and the pendings tell you where the market is NOW. The homes that sold 6 months ago are irrelevant.

Next, study the homes that are currently on the market in your given neighborhood. Are they priced better for their square feet, is there lot larger, is their home in better condition? Be honest with yourself. If you were a buyer would you buy your neighbors home over your own? If you answered YES, reduce your price to make it more appealing. Remember, price overcomes ALL objections.

"Overpriced homes" will end up just sitting for months and may eventually become "Really-Overpriced!" Buyers and buyers agents will stigmatize your listing as a "stale" listing. Some buyers and agents will wonder why your home has been on the market so long and feel that something is wrong with the property.
Get an accurate picture of the value of your home from a reputable real estate agent by having him or her prepare a Comparative Market Analysis. Replace your emotional connection with your home by looking at your home through the eyes of a typical buyer in your area. The truth is that buyers are very savvy and have access to tons of information on the web. Go to Zillow or Trulia or Redfin. What are these websites saying about your price? I guarantee that todays buyers are looking up your list price on these websites and determining that it's overpriced or not (without even considering the new kitchen and upgrades that you have done to your home). Take a deep breath, adjust your price and sell your home.

2. Marketing - The merchandising of your home is very important. If your price is great but nobody knows that your home is for sale. Guess what: "You WILL NOT SELL your home FOR THE HIGHEST possible price." You need to make sure that the real estate agent has the ability to merchandise your home incredibly well not just adequate. Look for someone who has a good Internet presence because according to a recent NAR survey, buyers used a variety of resources in searching for a home: 87 percent used the Internet, 85 percent used a real estate agent, 62 percent yard signs, 48 percent attended open houses and 47 percent looked at print or newspaper ads. Fewer buyers rely on a home book or magazine, home builders, television, billboards and relocation companies. Buyers most commonly start their search process online and then contact a real estate agent. Choose an agent who uses many mediums to market your home: Internet, Open House, Newspaper Ads, Broker's Tours, etc. By using many mediums the home has a better chance of selling because you don't always know where the buyer will come from.

3. Location - If you are on a busy street or hear freeway noise from the home you are trying to sell you need to take this into serious account. Most Realtors tell their clients that the three most important things to remember in buying a home are: Location, Location, Location. This also applies to a home on a "T" intersection, next to a school, close to electrical towers, by apartments, by a cemetery, etc.

4. Condition - If the condition of your home is poor you need to adjust your price lower OR make all necessary repairs. Most buyers will calculate a "fair market value" of your home regardless of what you listed it for. Buyers are frightened at "fixer uppers" these days and many busy high-tech workers prefer turnkey homes in excellent condition. Buyers who take a chance to buy a "fixer" want a great deal for all their trouble!

5. Agent - Hiring an out of town agent is fine when it's a hot market and homes sell quickly but when the market is challenging this is a big mistake. Selecting the right agent who is aggressive in marketing your home is a serious component in the overall effort of selling your home. Research suggests that one-third of all buyers said a real estate agent was the reason they found the home that they ended up buying. A real estate agent in a large brokerage company with other agents have a distinct advantage over the one-man broker outfit simply because they can network with other agents better. They pitch their properties at office meetings, send out inter-office emails promoting their listings, have the entire office tour the property, and get more traffic through the home. Choose and agent with a solid marketing plan, has a proven track record, and has excellent references.

6. Know Your Target Market - In advertising the Traget Market is your audience that you are advertising to. Does your agent pride him or herself of being the first time buyer specialist? Does your agent work with buyers who buy in your million dollar neighborhood? Don't hire an agent who regularly sells condos to sell your million dollar estate. It just doesn't make sense. But just understanding who is out there buying will relieve some pressure for the seller of the million dollar estate that has not sold. Sellers can stop beating themselves up asking the nagging question,"Why doesn't anyone like my home?" Maybe the market favors entry level homes and not million dollar homes. According to the November 2008 National Association of Realtors®Profile of Home Buyers and Sellers the number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. According to the NAR study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. First time buyers are looking to take advantage of the first time buyer credit of $8,000 by buying a home before the November 30, 2009 deadline. Keep in mind, 7 out of 10 homes sold in the first quarter of 2009 in Santa Clara County were homes priced at $600,000 and under. So if you are selling a home above the $600,000 price there are many home on the market competing for fewer and fewer buyers. Many buyers are looking for lower priced homes so that they can lock into a low interest rate under the $417,000 conforming loan limit.

7. Market Conditions - Basic Supply and Demand play an important role in the sale of your home. If there are too many homes on the market and not enough buyers it can significantly impact the sale of your home. Some areas have such an oversupply of available homes that if NO new listings were allowed to go on the market it would take 9 to 10 months to sell the existing inventory. As of May 2009, we are at approximately 4 to 5 months of inventory in Santa Clara County. The rate of new listings versus the rate of sales is an important key consideration. It answers the question how quickly are the new listings swallowed up by eager buyers. The Days on Market is also very important to consider. As of May 2009, the average Days it takes to sell a home is approximately 60 DOMs. These numbers are always changing and it's important to understand how they can affect the sale of your home. There are other conditions that can have a serious effect on home sales such as: high interest rates, continued unemployment, global crisis, perpetual negative news media, natural disasters, sickness and epidemics, and even adverse weather conditions.

8. Commission Offered - In a perfect world a seller could offer a small commission to both the listing and selling agent and get offers. During tough economic times sellers can still offer small commissions out to agents and they do. However, during tough times buyer's agents have sales that are few and far between and rely heavily on each payday. Given the choice of showing two homes that are identical, priced the same, and located next to each other, a typical agent would most likely favor the one that offers a better commission. This is not greed but simple and basic economics. If you are offering 2% commission to the buyer's agent and wonder why the home down the street sold in record time you might want to see if they offered more commission such as the standard 3%. Some smart sellers even add a credit or bonus to the buyers towards non-recurring closing costs on top of a generous commission. These are called incentives and they are very important in a down market. Keep in mind that the same goes for the listing agent (agent representing seller). Is the listing agent working hard to sell your home when you offer him only 1% or is he spending more time selling his other listings that pay him 3%. Can you blame your agent? They just want to get paid fairly and put food on the table and feed their family.

9. Restrictions - Sellers often place restrictions on showing the home to other agents. Sometimes the tenants do not cooperate in selling the home. Other times the owners are ill or frail and require special showing conditions and restrictions. Homes that have no lockbox/keys available will have a tougher time selling because this will restrict the amount of foot traffic through the home. Other restrictions such as a 24 hour notice or appointment only showings restrict the exposure to buyers. Other conditions such as having dogs that need to be secured before entering the home have the same effect on the buyers exposure. The price must be adjusted to overcome the restrictions. In other words, if you want to sell the home with no lockbox the price better be very good.

10. Price Reductions - You can be ahead of the Market or you can chase the market. Chasing the market means that your price is always lagging behind all your competition. Other homes tend to be better deals than yours. The market constantly changes as it always does and you find yourself overpriced again and again. You continue to lower your price but only enough to "fit in" and your home still does not sell. Finally you realize that you've been chasing the market down and down over several months. Instead you should get ahead of the market and sell quickly. A side by side comparison is that by selling at a reduced price up front you get may end up with more money than the person who chased the market down. Consider your time as very valuable, several months of taxes and payments, and just getting on with your life. The key is to periodically evaluate your price to make sure that you change with the market and ultimately sell your home.

Of course there are other reasons why a home doesn't sell, but based on my opinion these are my Top 10 reasons. This is not meant to be a solicitation to list property that is currently under contract with a brokerage or is listed on the mls. If you have a listing with a licensed real estate agent you should work with your agent to determine why your home is not selling. Good luck.



DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.

Buyers: Are They Off The Fence?

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.

For so long buyers where sitting on the fence contemplating whether to buy or not. Now, buyers Are Coming Off The Fence in San Jose, California and making offers.

Things are just too good right now for buyers. The interest rate are the lowest since anyone can remember ( in the 4's), prices are rock bottom, sales are way up, and the inventory is plenty. Wall Street is rebounding a bit, Gasoline prices are decent, and the new administration is meeting with G-20 to get things done on a global scale.

The main thing to remember is that the good news is starting to trickle in for buyers. The first time home buyers credit of $8,000 is an incredibe boost. The buzz is that there has never been a better time to plop down your money for a home than now. I'm talking with first time home buyers who say they are getting pressure from their parents to buy now. I'm speaking with investors who say that the numbrs finally are starting to make sense and they can actually have a positive cash flow. Sheep follow sheep and people do the same. This same euphoria is why people were lining up buying homes with multiple offers in 2004 and 2005. The same thing is starting to happen now. I know because I'm out there in the trenches with buyers making offers and participating in multiple offer situations. I wrote one offer per day this week for a different buyer each day.

I follow the numbers carefully and low priced neighborhoods are selling with multiple offers. The Cambrian area is outselling the more affluent areas of Los Gatos and Saratoga combined. Santa Clara is out selling Willow Glen. Why is this happening? The entry level homes in the 300's and 400's is where the action is at right now. This is good for the overall economy because the entry level home represents the first domino in the domino effect of recovery. The housing market needs the first time home buyer in order to allow the move up buyer to sell their home and so forth.

Buyers are out there making offers right now and it's important that we recognize that the housing market is changing for the better. It's a great time to buy and I know that in the long run, these buyers will be locked into a great rate and a great payment. Buying a home is more than an investment. It's a place to call home and build a sense of community. Get your deal now.

Signs of a Recovery

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.

The San Jose real estate market seems like it's starting to show some positive signs from the steep drop in prices we've experienced the past several months. The credit freeze of October & November really hurt home sales especially the over $700K and especially the $1M plus homes.

I track numbers on a daily basis and San Jose zip codes 95118 and 95124 are leading the way for sales. The Cambrian area seems to be picking up while other areas like Almaden Valley and Willow Glen still are lagging behind.

The Cambrian area has always been a terrific area to buy a home just like neighboring Willow Glen and Almaden Valley. However, homes in Almaden Valley and Willow Glen usually sell for much more money. Willow Glen homes are sought after for their beautiful tree-lined streets, large lots, and incredibly nice downtown. Almaden Valley is sought after for their excellent schools, outdoor living (parks, lakes, golf, and mountain trails), and huge homes with 3 car garages.

The combination of seriously low bargain prices, very low interest rates, the $8K first time buyer credit, improving economic conditions (the recent stock market rally, better than expected retail numbers, recent uptick in mortgage applications, improving industries that don't need government help like GM,Citi,BofA) has spurred buyers to snap up deals in the Cambrian area specifically because investors and first time buyers demand homes in safe clean areas at a bargain price.

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.

Advance Fees and Loan Modification Services

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.

You must be very careful if you are asked to pay for any of these services in advance, whether in cash, check or by charging your credit card. First, California Civil Code Section 2945, which regulates "foreclosure consultants", forbids anyone who falls under the definition of a “foreclosure consultant”, as well as a real estate licensee, from collecting any advance fees for these types of services if a Notice of Default has been recorded against your property.

If your lender has recorded a notice of default, do not pay an advance fee to a real estate licensee, or to any person or entity. California licensed lawyers when rendering services in the course of their legal practice(s) are exempt from this prohibition. There are non-profit agencies that can assist you without charging you a fee and real estate licensees who can represent you for a fee to be paid after they have completed their work.

If a Notice of Default has not been recorded against your property, it may be permissible for a real estate broker to assist you in working out a loan modification or otherwise negotiate a possible resolution to your problem with your lender or loan servicer and ask you for payment in advance for their services.

However, the broker must have you sign an agreement that tells you what services will be performed, when they will be performed and how much you must pay. The broker cannot have you sign an agreement until it has been submitted to the Department of Real Estate for review and the broker has received permission to use it and collect the advance fee.

The following individual and corporate real estate brokers have submitted advance fee agreements for loan modification and/or similar services to the Department of Real Estate for review, and have received “no objection” letters regarding their use. You can obtain information on brokers and their locations by clicking on the “License Number” on the listing below or call (916) 227-0770.

Advance Fee Agreement Listing
The following individual and corporate real estate brokers have submitted Advance Fee Agreements for Loan Modification and/or similar services to the Department of Real Estate for review and have received "no objection" letters regarding their use.

Last Updated: January 28, 2009

BROKER
LICENSE NO.
DBA

AA Real Estate Services Inc
01401566
Western Lending

Adrian Hernandez
01753217
Pacific West Real Estate and Associates

Affinity Direct Inc
01841917
Not Applicable

Alcaraz Inc
01434117
International Brokers

Allstate Financial Services Inc
01768940
Not Applicable

American Financial Network Inc
01317581
American Financial Network

American Financial Realty and Mortgage Company
01522899
Amerifi Home Loans

American First Financial Corp
01827986
Not Applicable

American Home Modification Inc
01857663
Not Applicable

Ameritec Capital
01392026
Not Applicable

Amirreza Kayyal
1800895
Fusion Financial

Amtec Financial Inc
01851905
Mortgage Bailout Assistance

Anchor Funding Inc
01276087
Not Applicable

Anthony Wallace Norton
01421115
Not Applicable

Apex Lending Group Inc
01758049
Not Applicable

Arani & Beno Inc
01522811
Capital Servicing Group

ARBS Incorporated
01378124
Kinetic Mortgage

Arlonda Marchelle Pirtle
01501006
Arlioness Holding Company

Armored Investment Group
1835780
Armored Home Savers

ASB Capital Group, Inc.
01845633
Not Applicable

Axis Real Estate Incorporated
01764310
AXIS Real Estate and Mortgage Solutions

Baycal Financial Fremont Corp
01449112
Not Applicable

Belarte Inc
01843977
Not Applicable

Benjamin Rozier Murphey
01272004
Shelter Island Capital

Better Home Loans and Realty Inc
01766827
Not Applicable

Blackstone Financial Group Inc
01837481
Not Applicable

Boris Aivazian
01358720
Innovest Realty and Capital Group

Brian C. Spock Inc
01521509
Complete Real Estate

Brittingham Real Estate Inc
01820232
Brittingham Financial Group

Broker’s Network Inc
01329509
Not Applicable

Broker Solutions Inc
1408363
TheBrokerNetwork.com

Cal Coast Financial Corp
01075591
Not Applicable

Cal-Pro Mortgage Inc
01403156
Not Applicable

California Real Estate Group
01342475
Advantage Real Estate Services

Carlos Jose Rodriguez
01150973
Not Applicable

Cedar Tree Real Estate Inc.
01451199
Not Applicable

Century Mortgage Inc
01524587
Not Applicable

Christian Manuel Garcia
01437733
Virtuoso Consultants

Chryar Mortgage and Investment Corp
01524617
Not Applicable

CSRE Corp
01792225
Cornerstone

D & G Realty & Mortgage Inc
01523411
Pinnacle Mortgage & Realty

D H Funding Inc
01844147
Not Applicable

Danicko Anthony Dorsey
01788563
Century Loan Services

Dennis Richard Poll
00658119
California Finance

Diamond Essentials Inc
01790584
Diamond Consulting Group

Diamond Point Properties Inc
01432107
Not Applicable

Dinorah, Inc
01277139
Foreclosure Help Center

Dolores Mayorga
01350362
The Mayorga Group

Donna Lynn Kunz
01410874
Veritus Funding

Edward Armstrong Wood
01802473
California Property Liquidators

Eleonore Dutkus
01482014
Community Real Estate

Elite Financial Center Inc
01773124
Not Applicable

Elliott Keith Bowman
00550367
Creative Real Estate Solutions

Equity West Financial Inc
1421284
Not Applicable

Eric A. Mercer
01846189
Not Applicable

Eric Phillip Roque
0927228
Roque Realty

Estatemind Inc
01781554
Lending Century

Excel Lending Inc
01850944
E-Modifications

Express Home Loans Inc
01226178
Not Applicable

Farshad M. Ardestani
01476307
Loan Wise Solutions

Firenzo Real Estate Group Inc
1854132
Not Applicable

First Advantage Realty and Finance Inc
01761819
Not Applicable

First Capital Realty Advisors Inc.
01524810
Not Applicable

First Financial & Real Estate Services
01511109
Not Applicable

First Financial Funding Corporation
01330385
Not Applicable

FN Mortgage Corporation
01255927
1st American Funding

Fortune Bancorp Inc
01522869
Credit Angel

Francis James Camacho
00884973
Camacho Consulting

Gerardo Salazar
01320135
Not Applicable

Ghafouri Inc
01781562
Paymon’s Real Estate Group

Glymar Realty & Mortgage Inc
01434201
Not Applicable

Go Affiliated Capital Corporation
01525481
Not Applicable

Golden California Mortgage Corp
01836727
Not Applicable

Golden Options Realty Inc
01520220
Golden Options Realty & Loans

Grander Financial Inc
01841823
Not Applicable

Guardianship Real Estate Solutions
01846222
Not Applicable

Halcyon Real Estate Inc
01523826
Main Street Mortgage Modification

Home Security Financial Inc
01202674
Not Applicable

Homewell Mortgage Inc
01810870
Not Applicable

Hubbard Paul Vanderjack
00405587
Not Applicable

Hugo A. Rodriguez
00673227
Not Applicable

I Short Sale Inc
01773693
Not Applicable

Imperial Mortgage Services Inc
1445178
Imperial Home Mortgage

Infiniti Home Loans, Inc.
01784037
IHL Direct

Instant Home Loans Inc
01836490
Instant Capital

International Investment Strategies Inc
01481903
Centerpoint Financial

Jamberton Inc
01818796
Right Start Lending

James Robert Medeiros
00810637
Home Loan Help Group

Jerry Ngati
01755427
Not Applicable

JK Capital Inc
01462078
Not Applicable

Jose Mauricio Gonzalez
01768161
Not Applicable

Juana Reyes
01292769
New Era Home Financial Group

K & D Realty & Mortgage Inc
01807111
Not Applicable

Kerry Lee Young
00940005
Mortgage Funding Group

Kim Hong Lam
01325257
Not Applicable

Kirby Riggs
01007194
Kirby Riggs Associates

Lending Bee Inc
01445206
Not Applicable

Liberty Bancorp Funding Inc
01359023
Not Applicable

Ligia C. Vasquez
01806495
Not Applicable

LLE Financial Services Inc
01525709
Topstar Real Estate

Loan Processing Center Inc
01835742
Not Applicable

Loan Review Inc.
01524612
Not Applicable

LV Realty Corp
01517060
Not Applicable

M & M Realty Inc
01183829
Cristina Martinez Company

M2 Funding Inc
01843187
Winamerica Financial

Marc R Tow
00892464
Not Applicable

Marco Andreas Baljeu
1184607
Not Applicable

Marcus & Marcus Real Estate Investments Inc
01798013
Not Applicable

Martha Lopez-Chubb
00978310
Not Applicable

Mary Anne Schiavone-Daly
01380812
Trusted Mortgage Pro

MDHT Corporation
01517122
American Loan Help Center

Melsheimer & Associates, Inc.
01830507
Turtle Bay Finance

Michael Spencer Wolff
01705047
Wolff Financial Services

Modify Loans Inc
01857582
Not Applicable

Monterroza Enterprise Inc
01523795
Your Dream Home Mortgage

Mortgage Holdings Inc
01837791
Not Applicable

Nathalie A. Sweiss
01275159
Not Applicable

NDFC Capital Corp
01835599
Not Applicable

New Age Realty & Mortgage Inc
01517126
New Age Realty & Mortgage

New Horizon Funding & Realty Inc
01478234
New Horizon Funding & Realty

Newport Capital Group Inc
01495362
Not Applicable

NIVI Inc
01853892
Loan Mods Plus

Norbie Labrador Gaerlan
01184884
Genisis Financial Mortgage

Ocean Point Lending Inc
01446802
Not Applicable

Omni Home Financing Inc
01351703
Not Applicable

Omni-Fund Inc
01430833
Not Applicable

One Source Real Estate and Financial Services, Inc.
01815438
Not Applicable

One World Real Estate & Finance Corp
01816718
Not Applicable

Pacific Bancorp Inc
01235145
Not Applicable

Pacific Capital Network & Realty Corp
01852444
Not Applicable

Pacific Continental Link Inc
01339656
Not Applicable

Pacific First Mortgage Corporation
01333914
Not Applicable

Pacific Lending & Realty Inc.
01838788
Not Applicable

Pacific Residential Inc
01458676
Pacific Residential

Pangea Properties Limited
01848901
Not Applicable

Perfect Place Property & Investment Inc
01499009
Charles Advisors

Prevent Home Loss Inc
01852446
Not Applicable

Priority Mortgage Group Inc
01789005
Priority Mortgage Group

Pro City Mortgage Corporation
01475668
Not Applicable

R. Sanchez Financial Inc
01292093
21st Century Financial

Randy Respicio Miguel
01486880
Not Applicable

Rate Modifications Inc
01854086
Not Applicable

Real Estate Dreamhomes Inc
01518505
Not Applicable

Realty One Investment Corp
01846289
Not Applicable

Refisoup.com Inc
01851036
Not Applicable

Retreat Capital Management Inc
01847825
Not Applicable

Ricardo Simon
01083807
Simon & Associates

Richard Anthony Valdez
01211013
Not Applicable

Richard M. Hansen
01248823
Not Applicable

Robbins & Lloyd Mortgage Inc
01804622
Not Applicable

Robert C. Wright
01088418
1 Home 1 Loan

Robert Solomon Inc
1316309
Securarate.com

Savet Inc
01784374
Not Applicable

Sean Patrick Goodwin
01376674
Real Investment Strategies

Schaefer Financial Services
00974755
Not Applicable

SMD Financial Services Corporation
01047165
Mortgage Rescue Company

Streamline Loans Inc
01351409
Not Applicable

The Firm-Loans Insurance & Investments Inc
01799665
The Firm-Loans Insurance & Investments

The Loan Broker's Group Inc
01348029
Not Applicable

The Modification Center
01850713
Not Applicable

The Valladolid Corporation
01774383
TVC Financial

Titan Pacific Group Inc
01521873
Not Applicable

Toby Aguilar Inc
01329966
First Choice Brokers

Torrey Pines Mortgage Advisors Inc
01845282
Torrey Pines Mortgage Advisors

Trademark Lending
01521133
Not Applicable

Trinity Reverse Mortgage
01815334
Trinity Mutual

Ty S. Youngblood
01381038
Tycor Mortgage

Uniko Holdings Inc
01789942
Uniserv Real Estate Services

Uri Financial Inc
01125559
Not Applicable

US Lending & Company Inc
01516868
Fair Lending Processing Center

VP Partners Inc.
01460714
Home Loan Benefit

WealthTrak Inc
01844836
HRA Realty

Wembley’s Inc
01524786
Not Applicable

Western Mutual Funding
01182031
Premier Realtors

William Hobson Nevin Jr
00886380
Not Applicable

Worldwide Brokers Inc
01516871
Not Applicable

Your Money Store Inc
01314362
Not Applicable

Zave Studios Inc
01850406
Bella Vista Real Estate Finance


THIS IS INFORMATION FOR YOU

IMPORTANT DISCLAMER:
This information was provided from public record from the Department of Real Estate. Daniel Pizano, this blog, Coldwell Banker and any affiliated entities do not endorse this list and are not responsible for any actions arising from their respective services.

Daniel Pizano, this blog, Coldwell Banker and any affiliated entities or the Department of Real Estate does not approve, endorse, recommend or make any representations about any of the agreements or their terms, or any aspect of a licensee’s business activities. Consumers wishing to contract with a real estate broker for loan modification or any other similar or related services should carefully review the agreement(s) and consider obtaining independent advice before signing an agreement(s) or advancing any fees. Consumers should also consider comparing the services and fees offered by other licensed brokers on the list.

This list is updated on a periodic basis and may not include those which have recently completed the review process.

The Department of Real Estate does not approve, endorse, recommend or make any representations about any of the agreements or their terms, or any aspect of a licensee’s business activities. Consumers wishing to contract with a real estate broker for loan modification or any other similar or related services should carefully review the agreement(s) and consider obtaining independent advice before signing an agreement(s) or advancing any fees. Consumers should also consider comparing the services and fees offered by other licensed brokers on the list.

Note: Licensed real estate brokers who provide loan modification or similar services without collecting fees in advance are not required to receive the Department of Real Estate’s permission as long as their services are fully completed before you pay them.

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.

San Jose Real Estate Agent - The New Financial Rescue Plan

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.

The Emergency Economic Stabilization Act
What does the $700 billion do?

The problem was that banks had lots of assets (foreclosed homes) and no payments coming in. Their cash flow was dead. This "asset rich" and "cash poor" situation was growing from bad to worse each and every day. The US government needed to step in and pump some cash into these ailing financial institutions. Most Americans have the feeling of being left out in the cold and being forgotten by the government. The government is trying to figure out how to help mitigate loans currently in foreclosure. But it might take some time to figure out what they are going to do.

Here is a rundown on the bailout plan that was recently passed:

1. First the treasury department will let banks sell their junk assets (foreclosures homes) to the government. The first $250 billion will go out to the financial institutions first.

2. Next, that the US government will require that financial institutions reimburse taxpayers. The US government is actively taking positions in the financial institutions future growth and will benefit. For example, Bear Sterns is now is under US conservatorship and the US government will make money if Bear Sterns makes money. This reminds me of what happend with the Chrysler Corp bailout and the governments role. The government can take equity positions in financial institutions and require that the financial institutions be insured for any losses.

3. The third point addresses the problem of executives and their "golden parachutes." Leading the company down, down, and down and leaving with millions of dollars. This just isn't fair for the taxpayers and citizens who are often left holding the bag with worthless stock and unemployed. The law will place limits on executive salaries for certain companies.

4. The fourth key point is oversight. The rescue plan will set up two oversight committees: 1) A Financial Stability Board will includes Ben Bernake the FED chair, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director, the Housing and Urban Development secretary and Henry Paulson the Treasury secretary; 2) A congressional oversight panel, to which the Financial Stability Board will report, will have five members appointed by House and Senate leadership from both parties.

5. The new law offers tax breaks. It offers a solar panel tax deduction for individuals and businesses. It also changes the alternative minimum tax for millions of taxpayers who would have to pay the so-called "income tax for the wealthy."

6. The next point is that it gives Wall Street new accounting rules that they must follow. The SEC has the ability to force banks and firms to valuate securities a certain way. Much of the problems we had were that investors bought bundles of securities that had more risk than what was actually stated.

7. More confidence in our banks. The FDIC raised our banking insurance to be increased from $100,000 to $250,000. This gives individuals and small business people more confidence in keeping their money in the bank and not under a mattress.

8. The new bailout plan also encourages mortgage companies to modify borrowers loans by reducing principal or interest rates among other solutions. It also continues the temporary provision which allows any "forgiven debt" not to be taxable on the borrowers income tax the following year. For example, if you have just worked out a short sale and the bank forgave a debt of$100,000, you would not get a 1099 next year for $100,000 of unearned income.

Overall, I think that the direct assitance to the troubled homeowners needed more muscle. This is the area that in my opinion was very weak because it does not require the lending institutions to help people in need. It only "encourages" helping people. The federal government is currently working on the details of this provision.

Also, what about the folks who are also suffering in this bad economy but are not walking away from their homes. These people should be rewarded for not making our situation even worse. Maybe a tax benefit or a mandated property tax decrease should be in order. Remember, they have homes that have decreased in value but perhaps bought with 10 or 20 percent down and have more invested in their home. They are sticking it out even during these bad economic times.

For more information go to http://www.danielpizano.com/ or call 408-460-8401

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.

H.R. 3221 - The Housing Stimulus Bill

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.

National Association of REALTORS®

Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)



H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008.





The bill includes the following provisions:



GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).



FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).



Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).



FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.



Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.



VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.



Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.



GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.



Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.



National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.



CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.



LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.



Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

DISCLAIMER: The information contained in this blog is my personal opinion. This information can not be considered as legal or financial advice nor should it be relied upon as legal or financial advice.