Robert De La Rosa An Expert In Your Court 909.271.5640 CALL NOW!!!!

Mortgage Giant Says 'Sorry' to Home Owners

DAILY REAL ESTATE NEWS | TUESDAY, OCTOBER 28, 2014

Ocwen Financial, one of the nation's largest mortgage servicers, has posted an open letter of apology to home owners after the company was accused of backdating letters to borrowers about loan modifications and foreclosures. The New York Financial Services say that hundred of thousands of borrowers who were facing foreclosure received letters from the bank that were dated from months earlier.

What's Wrong With Them?!

• Bank Accused of Driving Borrowers Into Foreclosure
• Banks Accused of Falsely Reporting Foreclosures, Bankruptcies
• Bank Giant Accused of Discriminatory Lending

In the letters, the bank denied the borrowers' loan modifications, but the letters were dated more than 30 days before they were mailed, and the deadline had expired for home owners to appeal the decision.

Ocwen CEO Ron Faris issued letters to affected home owners apologizing for the incorrectly dated letters and assuring them that the bank was committed to "ensuring that no borrowers suffer as a result of our mistakes."

"Historically, such letters were dated when the decision was made to create the letter versus when the letter was actually created," Faris writes in the letter. "In most instances, the gap between these dates was three days or less. In certain instances, however, there was a significant gap between the date on the face of the letter and the date it was actually generated."

Faris says that Ocwen is hiring an independent firm to investigate how the backdated letters were sent.

"We apologize to all borrowers who received misdated letters," Faris writes. "We believe that our backup checks and controls have prevented any borrowers from experiencing a foreclosure as a result of letter-dating errors. We will confirm this with rigorous testing and the verification of the independent firm. … Having potentially caused inadvertent harm to struggling borrowers is particularly painful to us because we work so hard to help them keep their homes and improve their financial situations. We recognize our mistake. We are doing everything in our power to make things right for any borrowers who were harmed as a result of misdated letters and to ensure that this does not happen again."

Source: “Ocwen to Hire Independent Firm to Probe Backdated Foreclosure Letters,” Reuters (Oct. 24, 2014) and “Ocwen Posts Open Letter and Apology to Borrowers,” HousingWire (Oct. 27, 2014)

"Get Qualified Now By A Loan Professional" 

Robert De La Rosa

An Expert In Your Court

 909.271.5640 CALL NOW!!!!

www.TheCaliforniaPropertyConnection.net

9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824

Lenders Step Up to Help Vets Buy Homes...http://thecaliforniapropertyconnection.com/

Lenders Step Up to Help Vets Buy Homes

Avaliable in RANCHO CUCAMONGA Come and take a 2nd look. Robert De La Rosa An Expert In Your Court 909.271.5640 CALL NOW!!!!

"OWN THIS HOME COME AND TAKE A 2ND LOOK"

"MOVE IN READY SINGLE FAMILY RESIDENCE SPACIOUS STANDARD SALE LOCATED IN A VERY DESIRABLE LOCATION OF RANCHO CUCAMONGA !!!! " 4 bedroom, 3 bath, 2 story, 3 car garage with dual garage door openers, large master suite includes the entrance to the relaxing balcony upstairs, remolded kitchen, brand new carpet, down stairs back porch patio, walk-in closet, large oval tub, his and her dual bathroom sinks with separate shower, 2 freshly painted bedrooms, granite counter tops in the kitchen and on the breakfast bar, stainless steel appliances, cozy fireplace in the family room, recessed lighting, wooded flooring, central A/C, balcony, high ceilings, washer dryer hook ups, third garage has been converted to an office /play room, automatic sprinkler system, and up upgraded front and back landscaping the association includes pool, Jacuzzi, picnic tables, and BBQ located within walking distance from Chaffey College within minutes of shopping, dining,near freeway access and other convenient amenities this property is very well maintained a must see and own to appreciate will not last .

CLICK HERE http://mrmlsmatrix.com/matrix/shared/tsCpzLvDKdFd/10425NorthridgeDrive

MLS IV14103648

$488,000

CLICK HERE http://mrmlsmatrix.com/matrix/shared/tsCpzLvDKdFd/10425NorthridgeDrive

"Get Qualified Now By A Loan Professional" 

Robert De La Rosa

An Expert In Your Court

 909.271.5640 CALL NOW!!!!

www.TheCaliforniaPropertyConnection.net

9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824

Just One Insurance Claim Can Prove Costly...Robert De La Rosa An Expert In Your Court 909.271.5640 CALL NOW!!!!

Just One Insurance Claim Can Prove Costly

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 20, 2014

In some states, all it takes is just one claim to a home owner’s property insurance to see premiums soar by hundreds of dollars. Filing a single claim can result in a monthly premium increase of 9 percent, according to a study by InsuranceQuotes.com. A second claim? Premiums climb an average of 20 percent. 

The claims can be for anything ranging from tornado damage to a stolen bicycle. Filing a small claim can increase your rates by just as much as filing a catastrophic one, according to the study. 

"Winning a small claim could actually cost you money in the long run," Laura Adams, InsuranceQuotes.com senior analyst, told CNNMoney. "Home owners need to be really careful. Even a denied claim can cause your premium to go up. ... The insurers have found that people who make a claim are more likely to make another. You've become a riskier customer."

Did you know?

The cost of homeowners insurance rose 36 percent from 2003 to 2010—nearly double the rate of inflation.

The most expensive type of claims that can result in the highest premium increases are liability claims—such as from personal injuries (averaging a 14 percent raise in premiums). Big premium increases also often result from theft and vandalism claims, the analysis shows.

Premium increases can vary greatly by state. Wyoming home owners see the largest hikes in their premiums, an average of 32 percent, after one claim is filed. However, the state tends to charge low premiums compared to other states—$770 a year compared to the nationwide national average of $978. Connecticut, Arizona, New Mexico, and California also saw large spikes after one claim, with premium increases of 18 percent or more, according to InsuranceQuotes.com. However, in some states like Texas, insurers are not permitted to raise premiums based on a single claim. 

Source: “One Property Insurance Claim Can Hike Your Premiums by Hundreds,” CNNMoney (Oct. 19, 2014)

"Get Qualified Now By A Loan Professional" 

Robert De La Rosa

An Expert In Your Court

 909.271.5640 CALL NOW!!!!

www.TheCaliforniaPropertyConnection.net

9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824

Lower Rates Revive Refinancing Boom...http://www.thecaliforniapropertyconnection.com

Lower Rates Revive Refinancing Boom

Wave of Singles to Make Big Impact on Housing...www.TheCaliforniaPropertyConnection.com

Robert De La Rosa

An Expert In Your Court

 909.271.5640 CALL NOW!!!!

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 13, 2014

Half of all American adults now live in one-person households, a rapidly growing number, according to the Bureau of Labor Statistics. The singles demographic is likely to reshape multifamily communities and single-family home designs going forward, according to Builder Online.

In 1976, only 37 percent of adults were single. As of August, that percentage has bloomed to 50.2 percent, or about 124.6 million singles. It marks the first time that single Americans make up the majority of the adult population since the government began tracking such data.

Get tips on how real estate pros can best serve this growing group.

“Thanks to the growth of single-adult households, floor plans will go from static to flexible as living arrangements change more frequently,” Susan Yashinsky, vice president of innovation trends for Waterford, Mich.-based Sphere Trending, LLC, predicts on Builder Online. “Analysts project that this group of adults will job hop more often, bring new types of living arrangements into the housing market (think friends buying homes together), and expect their environments to adapt to their frequently changing lifestyles as easily as picking a favorite Keurig coffee flavor.”

Affordability will be key, since single home buyers will have less income per household than dual-earner couples.

Also, “housing developments will need to embed elements of community that address the social aspects singles need, similar to what we have seen in multifamily new builds,” according to Builder. “Builders, developers, and designers who create housing for single consumers need to consider fresh concepts, such as communal sheds for lawnmowers and snow blowers, and even cars that can be rented as needed versus owned. Work/live spaces will evolve to reflect the growing number of entrepreneurs working from home. And, backyard cottages will bring solutions for related and/or unrelated adults sharing a single lot.”

Source: “More Americans Are Going Solo,” Builder Online (Oct. 6, 2014)

"Get Qualified Now By A Loan Professional" 

Robert De La Rosa

An Expert In Your Court

 909.271.5640 CALL NOW!!!!

www.TheCaliforniaPropertyConnection.net

9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824

Shared Listing

Could This Mortgage Product Change Lending? Robert De La Rosa An Expert In Your Court 909.271.5640 CALL NOW!!!!

Could This Mortgage Product Change Lending?

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 06, 2014

Two mortgage executives are hoping to overhaul the 15-year mortgage, making it more readily available to low and moderate-income people. They say the changes will help borrowers build equity at a much faster pace than they would with a standard loan.

Edward Pinto, a resident fellow at the American Enterprise Institute, and Bruce Marks, who heads the Neighborhood Assistance Corp. of America, have created a new product called the Wealth Building Home Loan. The new product has generated buzz since being introduced at a mortgage conference in North Carolina in early September. The loan will initially be available through NACA’s 37 offices, with plans to pilot it at other institutions in the coming months. NACA acts as mortgage originator for Bank of America.

Curious what else is new on the mortgage front?

The Wealth Building Home Loan is a 15-year mortgage with a fixed interest rate that requires little or no down payment and has no additional fees. In originating the loans, underwriters pay more attention to a borrowers’ income than the borrowers’ credit score. They will also ensure that borrowers have enough money left over after they make their mortgage payment to cover other monthly expenses, reducing the risk of foreclosure in case a financial setback strikes.

Typically, the monthly payment on a 15-year loan is higher than a 30-year loan, since the loan amortizes faster. In order to make the monthly payments more affordable, however, the Wealth Building Home Loan will have an offering rate that is about three-quarters of a percentage point below the 30-year FHA rate. Borrowers can bring the rate down even further. For example, for every 1 percent of the loan amount the borrower has as a down payment, the interest rate will be lowered by half a percentage point, with the possibility of bringing it to zero.

The Los Angeles Times cites an example of a $6,000 down payment on a $100,000 mortgage at 3 percent, which would bring the rate to zero. That means all of the borrower’s monthly payment would go toward the principal, not interest.

Pinto and Marks say the aim was to create a product that would allow low and moderate-income borrowers to build wealth, and get them away from high-risk loans.

"This is an opportunity to spend a little more each month but build wealth much more rapidly," Pinto says. "But even better, there is only a small probability of going into foreclosure. If house prices should go down, you're covered because you have some equity to fall back on."

Source: “Loan Gives Low-Income Borrowers a Chance to Build Equity Fast,” The Los Angeles Times (Oct. 5, 2014)

"Get Qualified Now By A Loan Professional" 

Robert De La Rosa

An Expert In Your Court

 909.271.5640 CALL NOW!!!!

www.TheCaliforniaPropertyConnection.net

9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824