Archive for February, 2009


great real estate deals

February 20, 2009







Highland Park Heights

Short sale. Beautiful California bungalow in nice area of Highland Park Heights. Nice view of mountains from front porch. Harwood floors throughout. Bathroom and kitchen have new tile floors.2 bedrooms and 1.5 baths on over 1000 square feet of living space. Copper plumbing and electrical updated as per owner. Buyer and buyer’s agent to do their own investigations.

call karen to view property 323.804.2008



glassell park

Newly Redone Spanish Modern elegantly blended old work charm with modern accents. New Modern Kitchen with concrete countertops stainless steel farmer’s sink, large master suite with walk in closet, bath with spa tub and seamless glass shower, 2 auxiliary bedrooms each with its own bath an nice sized closets, new central air and heat, modern lighting, 5240 sqft lot – 100% usable, “Man/Woman Cave” finished space under master bedroom acts as work space or covered patio, storage area in basement,

call karen to view property 323.804.2008



February 18, 2009



Daily Real Estate News | February 18, 2009 |

5 Tips for Homebuyers Seeking a Mortgage
Here’s a warning for potential borrowers: Nervous lenders have tough new rules and are paperwork crazy.

“Borrowers are going to have to prove they are the borrower they say they are,” says Keith Gumbinger, vice president of HSH Associates, a mortgage-industry publisher in Pompton Plains, N.J.

Gumbinger says homebuyers should consider these things before they apply for a loan.

1. Down payments are critical. Borrowers should expect to put down at least 10 percent for a “conforming loan” – a mortgage that Fannie Mae and Freddie Mac will purchase.

2. Credit scores count. A 720 on the 850-point FICO rating scale will get a borrower access to the best rates. Rich Bira, branch manager of FCM Direct Lender in Chicago, says: “A score between 720 and 739 gets 0.125 percent added to the rate, a score between 700 and 719 gets 0.375 percent added to the rate, and a score between 680 and 699 gets 0.5 percent added to the rate.”

3. Consider VA and FHA. Borrowers without down payments or with less than stellar credit scores should consider these government-insured loans offered through the Federal Housing Administration of the Veterans Administration.

4. Unearth the records. Before applying, borrowers should organize tax, banking and other records that prove income, savings and debts. They should also expect to be patient about what may seem to be endless requests for information.

5. Get rid of debts. Limiting debts, including what borrowers expect to pay for the mortgage, to less than 43 percent of gross income is important.

Source: Chicago Tribune, Mary Umberger (02/15/09)



February 12, 2009


Today, Congress requested that all servicers institute a moratorium on foreclosures until details of Secretary of Treasury Timothy Geithner’s foreclosure prevention plan are finalized and available – likely with in a couple of weeks.

Wells Fargo has agreed to follow this practice for all of the mortgage loans we own – in other words, those loans that do not require investor approval. We also are talking with investors in an effort to gain their agreement to follow this practice as well.

*    Within the next couple of weeks, Secretary of Treasury Geithner is expected to announce his foreclosure prevention plan.
*    Until that point, Wells Fargo will not proceed with foreclosure sales on any of the loans that we own (including Wachovia Pick-a-Payment loans).
*    As our CEO John Stumpf stated in his testimony today, the vast majority of the mortgage loans Wells Fargo services are owned by other investors (including Fannie Mae and Freddie Mac). Because we are bound by contractual agreements with these loans, we must work with the loan investors to determine how we will support the moratorium request.

Questions & Answers:
How will customers know if their loan qualifies for the moratorium?
Those borrowers who are scheduled to go to foreclosure sale will need to
contact the phone number on their statements to determine if their sale
can be stopped.

How long will the moratorium last? We do not have an exact end date for
this yet, as it is contingent on when the Secretary’s plan is announced and we can determine how to move forward. Advise customers scheduled for foreclosure sale to contact us once the Secretary’s announcement appears in the news, and we will provide additional guidance.

How long until we know if loan investors will support this initiative?
We are holding these discussions and hope to have an answer soon.

Does this apply to all customers, even if they have contacted us before?
It applies to all mortgage loans that we own that are scheduled for foreclosure sale. This includes customers who may have contacted Wells Fargo before.

Charles Vides
Home Mortgage Consultant
Wells Fargo Home Mortgage