CreditCrunch Back-to-Basics Lending: Lenders Say No Mas to Mortgages with Zero-down Payment

CreditCrunch Back-to-Basics Lending: Lenders Say No Mas to Mortgages with Zero-down Payment

First-time buyers are in it for a rude awakening. They will be required to put down up to 3 % down on their mortgage deal. The percentage may be different if it has to do with a jumbo loan of more than $417,000. It is the time to go back to the basics of lending championed by Fannie Mae and Freddie Mac in the mid-1980s. Lenders are taking measures to eliminate zero down-payments these days. It is a clear sign of the credit crunch this country is going through. Lenders are not willing to take risks any longer. Most buyers or consumers will have to have a credit score of 700 to even consider negotiating. Remember that the score of 850 is considered optimal. If borrowers are in the 300 credit score, they do not even need to show up these days. Lenders will examine the borrowers' credit history which usually has some inaccuracies. Borrowers should be ready to fix, dispute and correcting any errors found in the reports issued by the credit bureaus. Only after doing all of that, will borrowers have a chance to see their scores boosted and secure better loans. For some time to come, jumbo loans or mortgages of more than $417,000 will be out of the question for many borrowers.

As long as the credit squeeze continues, lenders will continue to minimize their loss. Due to foreclosures and the depreciation in home values, many homeowners who used to pay their bills are finding themselves in a tight impasse. They figure it is easier to just walk out of their loans.

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What You Can Do to Avoid Foreclosures: Foreclosures Prevention Tools and Other Ways to Get out of Financial Funk

Questions on Foreclosures Answered Here:

What You Can Do to Avoid Foreclosures: Foreclosures Prevention Tools and Other Ways to Get out of Financial Funk

President Bush recently announced that the Federal Housing Administration will begin a program to allow homeowners who have good credit but can not afford their mortgages to refinance to FHA-insured mortgages. In the meantime, there are a few things you can do to avoid foreclosure on your property. Any homeowners should start taking matters in their own hands. Way before foreclosure is lurking around, they need to start consulting with their lawyers or credit counselors. The easiest thing they can do is to contact their mortgage lender. Who else knows better than the mortgage borrowers themselves? They need to call the loan servicer before they start falling behind. It will be pretty hard to catch up once payments are late.

Here are a few ways to avoid foreclosure: Refinancing may be considered if you have enough equity in the home. Even if you do not have equity, try it any way. The process may be more difficult though. You can persuade the lender to modify the terms of the loan. You can sell the house of file for bankruptcy protection as in filing Chapter 13. There is no easy way out. No easy option for sure. Homeowners who are facing foreclosure should never ignore letter from lenders. They must try to update their phone records in case the lenders want to contact them. Borrowers or homeowners should remember that the banks or lenders or investors do not want to own your own. They do not want to declare foreclosure on your property because of all the costs and time involved. All you have to do is to make a good gesture. They need to know that you are not going to run away and that they can keep your words.

Homeowners can look for some resources such as the Neighborhood Assistance Corporation of America, which has aligned itself iwth Citigroup and Bank of Ameirca to pledge $1 billion for people at risk of losing their homes. They can contact the department of housing and Urban development, Freddie Mac's guide to avoiding foreclosures, NeighborWorks America's Center for Foreclosure Solutions and the Federal Trade Commission's fact sheet "Mortgage Payments Sending You Reeling? Here's what to do."

Lenders can also make arrangements for a forbearance or repayment plan. A forbearance is a suspension or reduction of monthly payments until the borrower regains financial footing. With a repayment plan, the missed payments are spread out over time. The borrower has to pay them in addition to the regular mortgage. Borrowers can also look at "short sale" which is an arrangement in which the lender allows the sale of the property for less than is owed. This process may take some time too. Not too many lenders are willing to do this. Patience will pay off in the end. Cash-strapped borrowers may think about a "deed in lieu of foreclosure." That means that the lender is given ownership rights without the shame of a foreclosure.

The Salvaterras Bought New Home in Hancock Park

Fast Food Nation Producer and Nickelodeon Executive, Chris Salvaterra, Sold Home in L.A.'s Venice section

Chris Salvaterra and his wife, writer, Marjorie, sold their refurbished, contemporary Venice-based home to director Robert Schwentke and his wife Jen Howard. They sold the home for which has five bedrooms, three bathrooms and sits on 2,600 square feet for $1.6 million.

The Salvaterras bought a new dig in the Hancock Park section of Los Angeles.

Style Maven Cojo Got New Dig in the Hills

Cojo or Steven Cojocaru, style maven and fashion critic by excellence, has been ready for a change of cribs. He wants to go the Hollywood Hills to rub shoulders with his peers. He is buying a contemporary house with city views and a pool for about $4 million.

The home has five bedrooms and four bathrooms in what amounts to 4,000 square feet. The Midcentury Modern has been remodeled. Cojo used to appear on NBC's "Today" show for about four years. He was serving as People Magazine's West Coast style editor. He then became a correspondent on "Entertainment Tonight" in 2003 and the "ET" spinoof series "The Insider" in 2004. What is Cojo doing these days? Well, you may find him picking the latest decorations for his new crib.

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Actress Catherine Bell Bought New Home

Actress Catherine Bell and her husband, actor Adam Beeson put their home in nearby Calabasas on the market for $3.25 million. The two have owned the one-story, nearly 6,000-square-foot villa for about two years. The couple is anticipating their move to South Carolina where the Lifetime series is filmed. Actress Catherine Bell co-starred for nine seasons on "JAG." She is now a star on "Army Wives." Bell, 39 and Beeson, 38, bought the Calabasas home when it was being built. The home is located in a gated community. It sits on about one acre, has a screening room, five bedrooms, six bathrooms and superb mountain views. Who else is selling and buying new homes?

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Paris Hilton has a new address in Hollywood Hills

First it was sister Nikki. Then it was Paris who bought a home after getting out of jail. Now the Simple Life superstar and Vegas highlighter bought a new home in the Hills. She may not have liked her home too much. She listed it for $ 4.2 million and purchased a new home in more private area. "After she returned to her home in the busy Sunset Strip area of the Hollywood Hills, she listed it for $4.25 million and purchased a home on a street less traveled for $5.9 million. The asking price was $6.25 million. Hilton bought in the Beverly Hills Post Office area and, as she desired, in a gated community."

Hilton's new home was built in 1991 and has five bedrooms and six bathrooms plus separate guest quarters and an office in 7,400 square feet.


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Angela Bassett and Courtney B. Vance's Home is For Sale: Get to Know The Home

Are you ready to buy this home for $6 million? It is worth every penny. Find out why the couple is selling. They have twins through a surrogate. So they have more needs.

The compound they are selling has a 5,000-square-foot main house, built in 1940, with five bedrooms and six bathrooms. It has such features as a hair salon, a gourmet kitchen, an elegant foyer, a master-bedroom suite and parklike grounds. The couple added a detached 2,500-square-foot building that has an office, gym and guest quarters.

Who is Angela Bassett?

Bassett, whose breakthrough role was playing Tina Turner, starred opposite Laurence Fishburne in the movie "Akeelah and the Bee" (2006). She also appeared opposite Whoopi Goldberg in "How Stella Got Her Groove Back" (1998).

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Homebuilders Offer Mortgage only to Push It Down The Throats of Unsuspecting Buyers who Can Not Afford It

The reckoning time has arrived. Homebuilders have created a monster that wants to swallow their business. It has also created a major headache for many ordinary folks.

Many observers are now saying that it was written the boom would come to an end. It was just a matter of time. In addition to banks and conventional lenders, homebuilders entered the prosperous field of mortgage to make money. The result are half-completed, half-empty houses and subdivisions all over California and the Central Valley.

In addition to spitting out subdivisions, many of which now stand half-empty, builders jumped into the mortgage business to a degree they never had. Wall Street provided the same encouragement it offered other lenders. Even as the housing supply began to exceed demand last year, builders kept sales brisk by pushing adjustable-rate, interest-only, and other risky loans. In some cases they attracted clientele who couldn't afford conventional mortgages. In others, builders allegedly violated federal lending standards to get customers to sign on the dotted line. KB Home (KBH ) paid a record $3.2 million settlement in July, 2005, to resolve allegations by the Housing & Urban Development Dept. that the builder's mortgage unit overstated borrowers' income, among other practices, to obtain loan approvals. KB, which denied wrongdoing, sold its loan business before settling.

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California, Central Valley's Hot Home Bargains

No Health benefits, No Severance Package, Nothing: American Home Mortgage Investment Corporation Closed Its Door

The rumors turned to founded news. They also turned to fears for many of American Home Mortgage employees who received their last check on this fateful day. No benefits, no severance package. Nothing. Yet, they have mortgage to pay too. There is no way they could see this coming. Workers were cleaning their cubes and offices. Many observers attributed the company’s undoing to the weakening of the real estate market and of the secondary mortgage market, the commerce in financial instruments built from bundled mortgage obligations, which was American Home Mortgage’s specialty.

Now many homeowners who have their mortgage through this company have to find a new one. American Home Mortgage bailed out or checked out.

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Central Valley Malls Overrun by Teens, Tweens Are Taking Measures: River Park Blinks First, Stared Down by Teens

River Park officials have been putting the fire on teens, tweens and those under 18 years of age for wanting to hang out at the new shopping center in Fresno. Kids who are found without parents will be asked to leave the premises. Such was the goal. Then under 18s started organizing themselves and asking for signatures. Now River Park Officials balk down. They want to postpone their clamming down and hope to end the Summer season. The message was clear to the teens who could not be there after 6 pm. It appears that River Park shopping center did not want them there anymore. There were many who said that the teens were not spending money at the shops. They only shop at Jamba Juice. By congregating there, they chase away families who could spend more.

The teens said they are hanging out at skateboard which is next to the pizza shop. After all, they claim to have made the new shopping center hip. Now they are thinking about going to Sierra Vista mall which has a new theater, Manchester Mall which has lots of parking and Fashion Fair which has another skateboard. They may even go to Fulton Mall. That is farfetched.

All over the US, mall operators have to decide about how to deal with teens who outnumber adults, specially unsupervised teens who roam all over their premises. River Park is reconsidering or giving their ideas more time. Maybe it was just a warning.

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Tours of Great Architecture and Elegant Homes in Fresno's Old Fig Garden

An old Fig Garden home tour allowed me to know more about some great homes that I have seen in the area bounded by Shields, Shaw, Blackstone and Fruit avenues. I have come to find out through the presentation by Archivist and history professor Kevn Enns-Rempel and long-time real estate agent Paula Conner, that this is one of Fresno's most unique communities. On this home tour, there were five houses in Old Fig that were constructed between 1920 and 1948. The homes included the 711 E. Ashlan Ave. built for Sen. Morris B. Harris; a 1937 house on Wilson Avenue constructed by Gareth Gillis of Sterling Laundry; a 1933 colonial Revival on Van Ness Boulevard that has original windows and an H floor plan. It was built for businessman Leon Levy and his wife, Elizabeth Levy.

Archivist and history professor Kevin Enns-Rempel's presentation and the homes tour made me realize that the story of Old Fig Garden is very important to Fresno City's development. It is also the story of a visionary, a giant, a very important man named J.C. Forkner. He was a one-time lawyer from Kansas who turned to real estate development. Fresno will see many other people who try to follow in his footsteps. He knew what he was doing. He had the experience to back it up. He started developing property in Kansas where he began settling people on foreclosed farms after the panic of 1893. Then, he moved to Los Angeles in 1900 and continued to make land deals in the Central Valley, specially Bakersfield. He started pouring over information in the Fresno Historical Society. He became convinced that Fresno would become the largest city in the San Joaquing Valley. So he started buying 12,000 acres of hardpan and hog wallow north of downtown where he spent $8 million developing home sites. He impacted development in Fresno on a major scale. He had built 135 miles of lateral ditches and twenty-five miles of canals to carry water to his property that later became Old Fig Garden.

J.C. Forkner did something else. He bought 46 Fordson tractors to level the land. Henry Ford was so impressed by this purchase that he decided to drive to Fresno in his Model T to check out the work. Forkner's workers used 660,000 pounds of dynamite to blast holes through the hardpan so that 600,000 fig trees could be planted. Eventually, he had the world's largest fig orchard. His field workers also planted 60,000 deodar cedars, oleander and eucalyptus along the nime-mile stretch of Van Ness Boulevard and all the way to the San Joaquin River. Mr. Forkner found some resistance and criticism from the Fresno Chamber of Commerce which condemned the project as worthless. He was accused of being a "swindler." All he did was to convince buyers to buy 10 to 40 acres of land to build homes and grow figs for profit. That was a good offer. Fig Garden took decades to build. All the homes had different styles. Here are a few styles you may run into: Period revival, bungalows, adobe and ranch can be found in Old Fig Garden. Many of the homes have libraries, sitting rooms, basements, leaded windows and other features common in those days.

In his presentation, Mr. Enns-Rempel highlighted the role of the sprawling single-story ranch-style house. It played a significant role in the development of the neighborhood. The ranch-style house was oriented toward the backyard instead of the front. This style took shape in the '30s and quickly became the style of choice of developers in post World War II.

Golden Boy, Oscar De La Hoya, Sold Big Bear Lake Home. Any Buyers?

Oscar De La Hoya has just sold his Big Bear Lake property for $2.1 million. Tito Ortiz, a mixed martial arts champ, the Huntington Beach bad boy, bought it. People En Espanol named Tito Ortiz one of the 50 Most Beautiful Hispanic celebrities. Oscar De La Hoya listed the home for $2.5 million. It sits on an acre. It was his retreat. The champion was not using the home much because he lives and trains in Puerto Rico. Oscar designed the one-bedroom, 3,900-square-foot main house and three-bedroom, 3,200-square-foot guest quarters in Big Bear. He bought the land in the 1990s. He did something else. He converted his four-car garage in Big Bear into a gym that was also equipped with a steam room.

The gated property has a putting green and stream with a footbridge. The main house has an indoor spa and waterfall.

Flippers, Speculators Cause Housing Slump in Las Vegas, Florida and Elsewhere

Frenzied flipping and speculation leave many housing markets and builders with a large inventory of homes to get rid of. For a long time, the housing market was on steroids. It was high time that the correction got started. Long gone are the days when people were spending nights in parking lots with TV, snacks and drinks in the company of thousands of people doing the same thing. They wanted to have their place in line towards the purchase of a home which they intended to get rid of immediately. No, it was not the release of a hot movie or a video game. Flippers took over the markets in Las Vegas and Florida. They waited in line for hours. They wanted to purchase and cash out of it soon. When the home prices took a dip, many investors were left with homes they could not afford. Many of them abandoned their downpayments or deposits. Those who had already completed the deal end up filing for foreclosures. Financial disaster was the name of the game. New home builders had to adjust in order to not add to the glut of homes on the market.

Emmy Winner, Brad Garrett's Home on the Market

Emmy Winner Brad Garrett has put his ome in nearby Hidden Hills on the market for $9.5 million. He has lived there since 2004. The compound is a sprawling 10,300-square-foot French Country which he has built himself. It has a theater, a large playroom, a playhouse, a six-car garage, two yards, a pool, and park and greenbelt views. The home has plank-hardwood, stone floors, leaded-glass windows, a slate roof and high ceilings. Garrett does voice over for animated features such as Casper and a Bug's Life.

Is Greed to Blame for the Real Estate Slump? Check Yourself and Neighbor's Motives

For quite some time now, the real estate market has not been able to climb out of the slump it has been in. Many people are saying that greed was the source of the slump. They are talking about real estate agent greed, builder greed, mortgage industry greed, seller greed and buyer greed. So greed in every part of the real estate market has brought the slowdown.

Buyers are expecting more for less. Developers are offering incentives like multiple free mortgage payments and significant upgrades for free. No wonder that the seller of an existing home can not compete with that. Many observers are blaming real estate agents who have been encouraging sellers to list their homes at sky-high prices. They convince the sellers that their homes are worth more than they actually are. No wonder that you will see "For sale" signs all over the place. That does not mean that the prices are coming down any time soon.

David Beckam and Posh Spice Victoria's New Home in Beverly Hills

Beverly Hills welcomes Real Madrid midfielder David Beckam and former Posh Spice Victoria to their new home. The powerful couple paid $22 million for a 13,000-square-foot house on slightly more than an acre with city and ocean views.

Beckam will play for the Los Angeles Galaxy of the MLS. He will join the team this Summer.

Wood Pellets Shortage Hurts California Homeowners: Demand for Pellets Goes Up

In the midst of the Deep Freeze, California homeowners can not find wood pellets to feed to their pellet stoves. In an effort to find a few bags, I set out to visit various local stores that usually carry the pellets. i stopped at Home Depot and Orchard Supply. I was unfortunate. I could not find any pellets. On these short journeys, I heard about a pellet-manufacturing plant that got burned. This rumor was dropped because it was only a rumor.

Lack of sawdust supply from home construction causes the severe shortage for those of us who pay big money to have these pellet stoves installed in our homes. In the past few years, wood pellet stoves have provided a reasonable heating solution to many Southern, Northern and Central California homeowners. After the shortage hits, many of us start asking, "What's the point of having done so much of this preparation when we can not get the pellets?"

The Pellet Stove Industry and manufacturers should pay attention to their product supply. It is a question of being left in the cold of the Winter months. Once again, this scarcity shows how many other industries depend on a robust housing industry. If many houses are not being built, a reduction in the production of sawdust will produce shortage. We, pellet-stove owners, want to keep our stoves burning. We want the pellets when we want them. We do not want this short supply to cause the prices to go up.

Miami and Las Vegas May Have Surplus of Condos; Time to Convert Back to Apartments

Right here on the Las Vegas Strip, condominiums towers are competing with each other. Near Hilton hotels sits a tower that is being marketed to eventual owners. Right up the Strip, Donald Trump is building his hotels. Timeshares are a huge business here in Las Vegas. Something has been happening to the condo market. Well, sorry to say, the market for condos is no more. Banks have started scaling back loans to condo builders. Some industry insiders are saying that some bankers have even demanded builders to sell and cut back on their projected developments. So these lenders are tightening the purse strings for the condo market. It was too much of a good thing. Who does not remember the rush to convert any apartments into condos just a few months ago? As the investors fly out to greener pastures, there is a reconversion of the condos to apartments.

Celebrity Homes: How Would You Like To Have A Picture-Perfect Martha Stewart Home?

No, you do not have to buy a home in Hollywood Hills, Malibu and other Orange County's exclusive spots. If you have the money, KB home builder can find you the right Martha Stewart's inspired home. KB Home is trying to capitalize on the celebrity factor to attract buyers. The more traffic is generated by names such as Martha Stewart and others, the better it will be for the company's bottom line. KB Home has teamed up with home maven to give a boost to its brand. Despite the prison terms for securities violation, Martha remains a very important person to have on your company's side. As KB Home is building homes in the West, many potential buyers want their home to look and have everything a Martha Stewart's home could have. That means they are willing to spend a little bit more money on upgrades. That is good news for KB Home.

In these times when home builders are paying card holding journeymen and women to stand on the corners of streets, kB Home seems to find a good way to bring people to its developments.

Former USC Tailback, Current NFL Player Reggie Bush Has Time to Stay in New $5 Million Home

The Saints played their NFL playoff game against the Chicago Bears which beat Drew Brees and Reggie Bush badly. The former University of California tailback, Heisman trophy winner and current New Orleans player has his home on his mind. He can watch the game in his new trilevel Hollywood Hills home which he bought for nearly $5 million. Keep in mind that Bush was the best prospect in the 2006 NFL draft. The Saints scored hugely by picking him up. Since then, he has not disappointed his team, teammates and team owner.

What's up with the home? It is located high above in the Sunset Strip. It has views of Long Beach, Malibu and Catalina Island. It has four bedrooms and six bathrooms in its 4,800 square feet. It now has a home theater, party deck, playroom with a pool table, library with a steam shower and massage table. The home is serviced by an elevator. 21-year-old Bush is currently making $26 million with New Orleans. No wonder he can afford three of these homes!

Koreans Are Buying Condos in Koreatown: A Breeze of Good News for The Housing Market

Now that the Korean currency, the Won, is strong enough, the Korean government is giving Koreans a break by lifting a ban on how much they could invest abroad. Korean officials are trying to encourage more Koreans to invest overseas. The bulk of this investment will happen mostly in an area not far from Los Angeles. Condos are flying in Koreatown. Real estate agents and residential builders are getting ready to serve this niche market. The Shin Young Group, a major Korean giant, has started building condos with lots of Korean buyers waiting to buy them up. The Martin Group which is also building in downtown Los Angeles, has already sold some units to Korean buyers. Korean language papers, friends and word-of-mouth have sent the news. Many Koreans have family members here in the US. They have a relative in Koreatown where signs are in Korean. Very few signs are in English. Those who buy homes here are happy to invest in the country thanks to its long term stability and because of the education needs of their children.

In a time when the housing market, specially the residential housing development is suffering, this is truly some good news for the Los Angeles housing market.

To the Heavy-hearted of Malibu Mansions Burn

Maliburn: Malibu Mansions Burn

(Poem for Suzanne Somers and Husband)

Oh such loss of fine properties and homes

Oh such devastation of years of memory making

Farewell to the life known by Suzanne Somers and husband

May their hearts become light after so much pain

Just like a thief, the fire came in, fueled by the wind gusts

In a matter of minutes, it inflicted so much pain

Residents' hearts became heavy with loss

Passersby and university students watch from their homes

Wondering what is going to happen next

Fine homes worth $16 to $25 million are perished

A part of LA county went up in flames

Oh such horror that befell a rich community

Whose borders are the vastness of the Pacific Ocean

And tall fences and wrought iron that keep intruders and paparazzi out

Huge holes are created on the shores

Investigators are searching for clues and evidence of such an event

Mother Nature is not kind to the ordinary and well-heeled fortunate

Amidst tears of sorrow, it is difficult to turn one's back on the ruins

Too many memories of good times, parties went up in flames

A new lifestyle takes time to be created; insurance companies must pay

Oh Maliburn! Why so much loss had to come to us?

Why could you not protect us from the stings of pain

At the beginning of this new year? What is there to go on?

Life must go on. New homes will replace those the destroyed ones

New memories will be collected even from the shadows of heavy smokes

Thanks to the local firefighters who battled the raging flames

The sun over the Pacific Ocean will rise again

Soon, the remains of smoldering properties will be cleaned up and gone

A new day will break; hope will be reborn; a new home will rise again



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The American Dream At Your Reach; Immigrants Help Make It Happen

I am on my way to Las Vegas. After stopping at Barstow to use the restroom and check McDonald's buildings mounted on parked old trains. My kids forced me to stop there. They had seen the arched signs from the road. Soon there after, we were on our way to Las Vegas. Going from California to Las Vegas takes you over mountains, desert and dry lake beds. One can describe it as going from paradise through hell to paradise. I was mostly interested in the construction activities in Nevada. I have read so many great reports about Las Vegas real estate. After crossing the line on the border with California, I was amazed to see the extent of the brand new commercial buildings right at the entrance. Obviously, most of them belong to Casino resort entities. On my left and right, stand gorgeous buildings announcing their ware. This was just the beginning. Rio which is located right close to the 15 highway, has just completed some magnificent buildings. We headed to Las Vegas/ Strip. On my way, I realized how huge Lass Vegas is.

The city is in the midst of a building boom. Everywhere you turn, you will see new hotels, homes and offices being built. Donald Trump is building his high-end condos. Next to Hilton on the Strip, is a new set of condos for rental. Search any real estate sites such as rentmarketer.com and others, you will realize how important housing is in this area. I drove by some construction sites. That's when I realized that the American Dream is accessible. All along, I saw there were two group of workers, the foremen, contractor and employee contractors. There were very few non-immigrants. Immigrants have been dreaming of improving their conditions. From those who laid foundation, the framers, plumbers, roofers, electricians, cabinet makers, and landscapes, the workers were immigrants. They are building homes from California to Phoenix and Las Vegas. They also want a piece of the American Dream.

Las Vegas' Booming Housing Construction

Donald Trump is building his resort in Las Vegas. You can see it right from the Strip. The sales department of the Trump company is buzzing with activity. Right next to Hilton which is planning on adding two more towers to the existing ones, sits a highrise which intends to rent out to buyers interested in purchasing a condo. The Stardust hotel and resorts is scheduled for demolition. A $multibillion enterprise will take its place. The Rio is attracting more similar businesses. Everywhere you look, you can find new building construction. The market is hot. As more than 8000 people relocate to Las Vegas, the needs for housing will continue for a long time. In the meantime, the hotels,motels and other establishments that already take roots in the city will continue to offer their services to tourists seeking fun in Sin city.

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