Lake Hodges Real Estate | Lake Poway Real Estate

Bank of American Mortgage Relief?

According to a recent article in the San Diego Union Tribune, it's rumored that Bank of America may provide mortgage relief for homeowners who are under water on their mortgages. The details of this program are still to be unveiled. For more details on this story, check out the following article from the San Diego Union Tribune. Bank of America officials say they will reduce the mortgages of 200,000 borrowers in some of the hardest-hit areas in the nation. The program aims to drop the unpaid mortgage balances for pre-selected clients to as low as 100 percent loan-to-value (equal to the home's current value.) It's unclear if any San Diego County residents will benefit from the program. What's clear is that California and Florida will receive the bulk of the help, according to a bank spokeswoman last week. The bank began to reach out to candidates last week about possibly having part of their loan balances forgiven. The company will finish most of its outreach between July and September. Who's eligible? You must: -Owe more on the home loan than your home is worth. -Been at least 60 days delinquent on your mortgage on Jan. 31. -Have a monthly payment (including principal, interest, property taxes, insurance and others fees) that equals more than 25 percent of your gross income. -Have a loan owned AND serviced by BofA. Bank of America's effort to reduce mortgages is part of a massive settlement agreement among the major banks, the U.S. government and 49 states, including California. Source: http://www.utsandiego.com/news/2012/may/13/bofa-may-cut-mortgages-200k-borrowers-are-you-one-/ For more information on what's happening in your neighborhood, contact us for a complementary market analysis. Stay tuned to www.lakehodgestolakepowayhomes.com for more real estate news and updates.

Short Sales Increase in January 2012

According to the California Association of Realtors, short sales continued to increase in January 2012 to their highest level in California in 3 years. The Pending Homes Sales Index shows an increase from January of last year and also from the previous month. Statewide, short sales accounted for 23.8% of all homes in escrow. Many lenders have now hired more staff, developed more structured escalation policies, and in a few notable cases adopted technology platforms, all intended to improve the quality of the process on their short sale files. Several of the major lenders including Bank of America, Wells Fargo are using the Equator system to better manage short sales. Short sales still take longer than traditional sales, but the time frame on most files takes less time than in past years. Short sales tend to be owner occupied homes in better condition than vacant bank owned properties. They are less likely to be vandalized or stripped of fixtures and appliances and most homeowners tend to maintain their homes during the process. This is good for the affected homeowner and their neighbor's home values. I am an experienced short sale agent and I use a licensed short sale negotiator who works directly with the bank negotiator. If you are a homeowner with a mortgage that is above the current property value and want to know if a short sale is right for you, please contact me at 858-204-5700 or http://www.barbarastuart.net/contact.php and I will help you evaluate your situation.

Brookfield Residential Property Services Announces Acquisition of Prudential Real Estate and Relocation Services

http://www.marketwatch.com/story/brookfield-residential-property-services-announces-acquisition-of-prudential-real-estate-and-relocation-services-2011-12-06

In a recent press release from the Wall Street Journal, Brookfield Residential Property Services announced the acquisition of Prudential Real Estate and Relocation Services. The Brookfield residential real estate franchise is the parent company of Real Living Real Estate. Real Living is an Ohio-based company traces its roots to 1956. In 2002, the founding firms launched the Real Living brand, retaining the entrepreneurial-oriented culture that had made the firm so distinct for so many years. In 2009, Real Living was acquired by Toronto-based Brookfield Residential Property Services. Since 2008, Toronto-based Brookfield Residential Property Services has doubled in size as it continues to carry out an ambitious, carefully timed international expansion. Brookfield Residential Property Services is a division of Brookfield Asset Management Inc., a global asset manager focused on property, renewable power and infrastructure assets, with over $100 billion of assets under management. (Source: http://www.realliving.com/pages/company-history) More information on the recent Brookfield acquisition of Prudential Real Estate and Relocation click on the following link: http://www.marketwatch.com/story/brookfield-residential-property-services-announces-acquisition-of-prudential-real-estate-and-relocation-services-2011-12-06 or continue reading the article below. Brookfield Residential Property Services Announces Acquisition of Prudential Real Estate and Relocation Services Acquisition creates global residential real estate and employee relocation services leader CHICAGO, Dec 06, 2011 (BUSINESS WIRE) -- Today, Brookfield Residential Property Services ("Brookfield"), a Brookfield Asset Management Inc. affiliate, announced that it has purchased Prudential Real Estate and Relocation Services ("PRERS"), a recognized leader in employee relocation and real estate franchising, from Prudential Financial, Inc. Prudential Relocation Services operates as Pricoa Relocation in Asia and Europe. The addition of PRERS to Brookfield's existing residential real estate franchising and employee relocation services businesses establishes Brookfield as the world's second largest employee relocation services provider and the third largest residential real estate franchising business. Under a licensing agreement, Prudential Real Estate brokerage affiliates will be able to continue to use the Prudential brand based on the terms of their franchise agreements. "This transaction creates a global employee relocation services and real estate franchising leader," explained Graham Badun, CEO, Brookfield Residential Property Services. "We have now increased the breadth and depth of our service offering, keeping pace with the evolving needs of our clients around the world." A North American & Global Leader Through its various brands, Brookfield's residential real estate franchisees are now present in all 50 U.S. states, 10 Canadian provinces, Mexico and Portugal, with a network of approximately 80,000 real estate agents, 2,800 real estate brokerage locations and more than $150 billion in annual residential real estate transactions. U.S.-based Brookfield Global Relocation Services moves nearly 85,000 families in and out of over 125 countries around the world each year. With the acquisition, more than one-third of Fortune 100 companies are its clients. In addition, Brookfield is now the largest provider of relocation services to governments, with long term relationships with the U.S. and Canadian governments. The acquisition greatly strengthens Brookfield's existing U.S. business and results in the expansion of its operations in nine countries, with a rapidly growing presence in China, Brazil and India. "Today, Prudential's real estate and relocation services businesses join a global company with a track record of over 100 years of success," said Earl Lee, President of Prudential Real Estate and Relocation Services. "We're excited to become part of a company that is focused on and deeply immersed in the real estate sector and is in the business for the long-term." Earl Lee will continue to lead the U.S. real estate business, and Rick Schwartz, President, Brookfield Global Relocation Services, will assume responsibility for the combined global relocation services business. Brookfield's parent company, Brookfield Asset Management, is a global asset manager with approximately $150 billion in assets under management. Brookfield is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA. About Brookfield Residential Property Services Brookfield Residential Property Services is a leading global provider of real estate and relocation services, analytics and knowledge. The company's portfolio consists of leading brands, including Brookfield Global Relocation Services, the second largest provider of global relocation services, Prudential Real Estate and Relocation Services, Brookfield Real Estate Services, Royal LePage, Real Living, Via Capitale and Centract. Through its real estate brands, it has nearly 80,000 real estate professionals in more than 2,800 locations, who transact over $150 billion annually. Its global footprint spans North America, the United Kingdom, France, China, Singapore, India, Brazil and Australia, and includes more than 2,500 employees worldwide. It is a division of Brookfield Asset Management, a global asset manager with approximately $150 billion of assets under management. Source: Brookfield Residential Property Services Source: Wall Street Journal, Dec 6th 2011 Source: http://www.realliving.com/pages/company-history)

HARP Refinance Program Expanded

According to the California Association of Realtors, borrowers who are current on their home loans may be able to refinance for lower interest rates, even if they are seriously upside down. The Federal Housing Finance Agency (FHFA) announced today that it will broaden the scope of the Home Affordable Refinance Program (HARP) by removing the current 125 percent loan-to-value cap for fixed-rate mortgages backed by Fannie Mae and Freddie Mac. (Realegal® is published by the CALIFORNIA ASSOCIATION OF REALTORS®) Other program enhancements include, among other things, reducing certain fees, eliminating the need for a new property appraisal if the FHFA has a reliable automated valuation model (AVM) estimate, and extending HARP until the end of 2013. New federal guidelines for the HARP changes should be released to mortgage lenders and servicers by November 15. The basic eligibility requirements for an enhanced HARP loan are as follows: -Existing mortgage loan must be owned or guaranteed by Fannie Mae or Freddie Mac. To check whether a borrower has a Fannie Mae or Freddie Mac loan, go to http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx -Existing mortgage loan must have been sold to Fannie Mae or Freddie Mac before June 1, 2009. -Existing mortgage loan cannot have been refinanced under HARP previously (except for Fannie Mae loans refinanced between March and May 2009). -Current loan-to-value (LTV) ratio must be more than 80%. -Existing mortgage loan must be current, with no late payments in the past six months, and no more than one late payment in the past 12 months. More information is available from FHFA at: http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf. This information has been provided by Realegal®, which is published by the CALIFORNIA ASSOCIATION OF REALTORS®. For more details visit: http://www.car.org/.

MCAS Miramar Air Show Presents the Blue Angels

What's happening in your area this weekend? The Marine Corps Air Station Miramar is proud to bring you the US Navy Blue Angels. The largest military show in the nation runs from September 30 through October 2nd, where the theme is " A Salute to San Diego: Birthplace of Naval Aviation 1911-2011". Join us in saluting the men and woman of the armed forces as you share this exhilarating experience with your own family and friends. For more information on ticket pricing and show details go to: http://www.miramarairshow.com For more information on what's happening in your neighborhood, contact us today for a complementary market analysis.