Kimberly Nguyen

Bill Aimed at Helping Underwater Homeowners Gains Support ….

In News on July 20, 2011 at 2:36 pm

The Helping Responsible Homeowners Act (S. 170)was introduced in January to help underwater homeowners who are not delinquent to refinance their mortgage with today’s low interest rate. This bill is being supported by Sen. Barbara Boxer and Sen. Johnny Isakson is gaining ground. The purchase of this bill is to help millions of responsible homeowners who are current on their payments to refinance their underwater mortgage with the low interest rate. By doing so will help these homeowners put thousands of dollars back in their pockets and encourage spending to strengthen our economy.”

This bill is widely endorsed by these following organization, the National Association of Mortgage Brokers, the National Consumer Law Center, the California Association of Realtors, the California Association of Mortgage Professionals William Gross, managing director and co-CIO of PIMCO.

The Helping Responsible Homeowners Act (S. 170)currently offer these homeowners come with high, up-front, risk-based fees – up to two percent of the loan amount – making them largely unpopular. Therefore the legislation of S170 would eliminate these upfront fees.

http://www.dsnews.com/articles/index/senate-bill-aimed-at-helping-underwater-homeowners-gains-support-2011-07-15

Great News for Struggling Homeowners…..

In News on July 18, 2011 at 4:49 pm

If you a struggling to pay your mortgage and a short sale is the most viable option for you and your family, well, we have great news….Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®.

LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED

In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.

Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.

Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.

This law is fully set forth as Senate Bill 458 (Corbett) at http://www.leginfo.ca.gov.

Email me your questions or concerns.

5 Tips of Avoid Foreclosure

In News on July 12, 2011 at 2:47 pm

Here are 5 tips to avoid a foreclosure when you are in a financial hardship;
1. Call your lender(s) to discuss about your situation.
2. Contact an approved HUD agency to understand all your options.
3. Understand the market value of your home so that you know which option is better for you.
4. Please avoid any for profit companies as there are many scams out there.
5. Must understand your rights as a borrower.

For more questions or inquiries, please let me know.