FHA Annual Mortgage Insurance Premium to Increase

If you are still on the fence about buying a home, you should know that the Federal Housing Administration (FHA) is increasing mortgage insurance premiums on FHA home loans as of April 18, 2011. This deadline applies to the FHA case assignment date.

This increase could cost you (buyers) more money each month for your total monthly mortgage payment. If you are close to contract, BUY NOW before the new mortgage insurance premium takes effect. You MUST have an active loan application for the subject property prior to April 18, 2011.

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.Barbarainc.com
Barbarainc@gmail.com

Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839

Source: Prospect Mortgage, Felisa Schlosser-Loan Officer

Short Sale Lender Satisfaction Survey....Not much satisfaction to speak of!

For release:

March 8, 2011

LOS ANGELES (March 8) – Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to a Short Sale Lender Satisfaction Survey conducted by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The survey gauges REALTORS®’ experience in working with short sale transactions – transactions in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner.

“It’s disappointing that less than three in five short sales close, despite every effort by the REALTOR®, home seller and potential home buyer,” said C.A.R. President Beth L. Peerce. “Many underwater homeowners who have been hit by the recent economic crisis can no longer afford to stay in their home and just need to sell their home as expeditiously as possible are unable to largely because of the complex and cumbersome short sale process,” she said.

Of the REALTORS® surveyed, 94 percent participated in a short sale transaction during 2010, demonstrating the surplus of short sale listings in today’s real estate environment.

The most frequent problems REALTORS® cited in working with lenders and servicers during the short sale process include unresponsiveness, onerous procedures, and long processing delays.

Nearly three-fourths (70 percent) of REALTORS® said that closing their most recent short sale transaction with a lender or servicer was “difficult” or “extremely difficult,” while only 10 percent said it was “easy” or “extremely easy.”

“The lack of standardization, long approval process, and lack of lender approvals are hampering what should be a 45-day short sale process,” said Peerce. “Instead we’re hearing the typical response time for lenders is at least 60 days, and in many instances, their response time exceeds 6 months.”

More than half (63 percent) of REALTORS® said that lenders took more than 60 days to return a written response of the approval or disapproval of the short sale agreement submitted. Only 4 percent said they received a written response in less than 14 days.

Additionally, 44 percent of REALTORS® said that lenders took more than five business days to return any form of communication to REALTORS®. Only 14 percent said lenders responded “within one business day.”

“The survey results show that the short sale system is clearly flawed and must be standardized and streamlined to reduce the inventory of foreclosures,” said Peerce. “Increasing the number of successful short sale transactions is one important way we can help California families avoid foreclosure and move our economy closer to recovery,” she added.

Further illustrating faulty communication problems, 64 percent of REALTORS® were “not satisfied” or “not at all satisfied” with the timeliness of lenders’ response to their inquiries, while only 22 percent said they were “satisfied” or “extremely satisfied.”

Moreover, nearly three-fourths (74 percent) of REALTORS® were “not satisfied” or “not at all satisfied” with the amount of time it took to hear whether a transaction was approved or disapproved, while 16 percent said they were “satisfied” or “extremely satisfied.”

In overall satisfaction with the lender they worked with, 67 percent of REALTORS® were “not satisfied” or “not at all satisfied,” while 19 percent were “satisfied” or “extremely satisfied.”

C.A.R.’s Short Sale Lender Satisfaction Survey was conducted during the last two weeks of December 2010 to gauge REALTORS®’ experience in working with lenders or servicers of short sales, bank-owned properties (REOs), and foreclosures. The survey was delivered to 20,000 REALTORS®, with 2,150 responding to the survey.

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO REALTOR

Cell: 619.850.4174 e-Fax: 619.512.5156

www.Barbarainc.com

Barbarainc@gmail.com

Coldwell Banker Nautilus Real Estate

7061 Clairemont Mesa Blvd. Suite 218

San Diego Ca 92111 Lic. #01742839

Source: C.A.R.

Made in the U.S.A. - Buy a Home, Create Jobs!

When you purchase a home of your own, you empower yourself and so many others.

You're investing in one of the last handmade American products.

You are creating jobs for Furniture Movers, Moving Van Companies, Realtors, Their Assistants, The Escrow Company Employees, Title Company Employees, Your Loan Officer, The Mortgage Company Employees, Your Personal Bankers, Your Mail Carrier, Termite Companies, Home Inspectors, Misc. Building Contractors, The Appraiser, Possibly a Gardener or Pool Service, City Utility Workers-like Water and Electricity, Home Owner Association Employees, Trash Service... the list goes on....

Most of the above started out as small businesses or from people who work from home.

There is a trickle down effect that creates jobs for many people. So take pride in your purchase!! And, remember to fill your home with appliances, furniture, clothing, CARS and toys... MADE IN AMERICA!

"Making HOMEOWNERSHIP Simple!"

Barbara Ann Paul Wibe, e-PRO REALTOR

Cell: 619.850.4174 e-Fax: 619.512.5156

www.Barbarainc.com

Barbarainc@gmail.com

Coldwell Banker Nautilus Real Estate

7061 Clairemont Mesa Blvd. Suite 218

San Diego Ca 92111 Lic. #01742839