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Tuesday, September 15, 2015

MBA Launches 'Know Before You Owe' Info!

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DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 15, 2015

With the Oct. 3 'Know Before You Owe' mortgage initiative approaching, the Mortgage Bankers Association (MBA) launched a set of resource guidelines last week that seeks to educate consumers and lenders, as well as their business partners needing to comply with the new TILA-RESPA Integrated Disclosure (TRID) regulations.
NAR Has You Covered
These new mortgage rules are expected to have sweeping changes across the industry by merging the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.
The new resources from MBA seek to help educate consumers, industry partners and service providers be better prepared, and to speed the process of their transactions.
recent survey from NAR revealed that many real estate agents are already making steps to be prepared to these changes; more than 80 percent of respondents said they've taken some form of closing process training, and 71 percent of REALTOR® members rated their level of preparedness as average or better.
"MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process," says David Stevens, MBA President and CEO. "Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules." 
Their resources include:
  • Consumer One-Pager - This contains information for consumers covering the changes of 'Know Before You Owe'.
  • Lender One-Pager - Intended for real estate agents and broker partners, this information also covers the changes brought by 'Know Before You Owe'.
  • PowerPoint Slide Deck - Real estate agents and broker partners can use these materials in presentations with colleagues.
To download these documents from MBA's website, please click here.

An Expert In Your Court
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Coldwell Banker Town & Country
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Redlands CA, 92373
CalBre 01435824

Tuesday, September 8, 2015

Fannie, Freddie Extend Foreclosure Timelines

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DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 08, 2015

Mortgage financing giants Fannie Mae and Freddie Mac are increasing the maximum number of days for a foreclosure sale in the majority of the country. Fannie Mae and Freddie Mac announced that 33 states would see an increase in the maximum number of allowable days for "routine" foreclosure proceedings.
The new foreclosure timelines will apply to all foreclosure sales completed on or after Aug. 1.
The new timelines represents the maximum allowable period between the due date of the last paid installment and the completion of the foreclosure sale. The timeframe also reflects the time that is typically required for a "routine, uncontested" foreclosure proceeding.
The amount of extensions varies by state. For example, in Maine, Freddie Mac is increasing the foreclosure timeline by 300 days – from 690 days to now 990 days. In Hawaii, the foreclosure timeline is increasing by 240 days – 840 days to 1,080 days. Other states saw much smaller extensions, such as Arizona and Washington, which increased from 330 to 360 days. 
Oregon saw the longest foreclosure timeline extension by an added 480 days – 600 days to now 1,080 days.
Fannie Mae and Freddie Mac say that if the amount of time to complete the foreclosure sale exceeds the maximum number of allowable days and the servicer fails to provide an adequate explanation for the delay, the GSEs will require the servicer to pay a "compensatory fee."
The following states have had foreclosure sale timelines extended: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Nevada, New Mexico, New Hampshire, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington, West Virginia, Wisconsin, and Wyoming.

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Coldwell Banker Town & Country
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Redlands CA, 92373
CalBre 01435824

Thursday, August 27, 2015

Freddie: ‘Housing Market Strongest in Years!

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DAILY REAL ESTATE NEWS | THURSDAY, AUGUST 27, 2015

The housing market is gradually showing signs of stabilizing, as two additional states – Arkansas and Tennessee – as well as four additional metro areas are added to Freddie Mac’s latest Multi-Indicator Market Index reading. The added metros are Omaha, Neb.; Scranton, Pa.; Chattanooga, Tenn.; and Madison, Wis.
The MiMi measures the stability of the nation’s housing market by comparing its long-term stable range to current ratios in home purchase applications, debt-to-income ratios, on-time mortgage payments, and employment.
Since hitting an all-time low in October 2010, the national MiMi has rebounded 35 percent. However, it remains significantly off from its high of 121.7. It’s currently at a value of 80.3, a housing market considered mostly in a stable range.
"Housing markets are the strongest they've been in years with the National MiMi above 80 for the first time since 2008,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Nationally, all MiMi indicators are heading in the right direction. Robust home buyer demand has put total home sales on pace for the best year since 2007 and look for that trend to continue as the MiMi purchase applications indicator remains on the upswing. The West has been especially strong, with many markets posting double-digit growth in their MiMi purchase applications indicator compared to a year ago."
Still, home prices are about 7 percent below peak values nationally, Kiefer notes. However, home prices in many markets are soaring to all-time highs, and that along with low interest rates, are helping to support home buyer affordability, he says.
Also, "mortgage delinquencies are coming down rapidly, but are still high in many markets,” Kiefer says. “Those markets hardest hit by the Great Recession, including many in Florida, are rebounding but they still need to improve to get delinquencies back in line with their benchmark historic averages. The key driver of all this recovery has been solid job growth, with 96 out of 100 metros and all states within range of their benchmark historic average unemployment rate."
Freddie Mac’s latest MiMi reading showed that 28 of the 50 states, as well as the District of Columbia, have values in a stable range. The top five are: Washington, D.C.; North Dakota; Montana; Hawaii; and California and Utah (tied).
What’s more, 42 of the 100 metro areas have MiMi values in a stable range. Ranking in the top five are: Fresno, Calif.; Austin, Texas; Honolulu; Salt Lake City; and Los Angeles.
Source: Freddie Mac

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Coldwell Banker Town & Country
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Redlands CA, 92373
CalBre 01435824

Wednesday, August 26, 2015

A 10-Year Housing Surge on the Horizon?

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DAILY REAL ESTATE NEWS | WEDNESDAY, AUGUST 26, 2015

The housing market is poised for one of its largest expansions in history. By 2024, demographic and economic changes are forecasted to bring 15.9 million additional households on board, according to a new study released by the Mortgage Bankers Association.
That means an average of 1.6 million additional households per year, sparking “housing market growth over the next decade that would be among the strongest the U.S. has ever seen,” according to the report.
The MBA report says the bulk of that growth will be from increases in the number of households who are headed by those age 60 and older and households headed by age 45 and younger. Those age group increases are expected to mitigate the decline among households age 45 to 60.
Why you shouldn't be alarmedby dips in home ownership rates
“An aging population should gradually increase demand for home ownership, partially offsetting the influence of a more racially and ethnically diverse population on home ownership rates,” the MBA report notes.
The Census Bureau projects the following breakdown in ages emerging in 2024, as compared to 2014:
  • 20 million more people age 60 and over than there are today (as Baby Boomers age),
  • 4 million fewer people age 45 to 59 (as the large Baby Boomer cohorts are replaced by smaller Generation X cohorts) and
  • 18 million more people age 18 to 44 (as smaller Generation X cohorts are replaced by larger Millennial cohorts)
Household growth is also expected to be driven by 5.5 million additional Hispanic households. For other races, 3.4 million additional non-Hispanic White households are expected to form by 2024, 2.4 million additional black households, 1.8 million more Asian households, and 730,000 additional other households.
Source: “Housing Demand,” Mortgage Bankers Association (2015)

An Expert In Your Court
Robert De La Rosa
"CALL NOW 909.271.5640"
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Coldwell Banker Town & Country
501 W. Redlands Blvd
Redlands CA, 92373
CalBre 01435824

Thursday, August 20, 2015

FHFA Targets Low-Income Borrowers!

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DAILY REAL ESTATE NEWS | THURSDAY, AUGUST 20, 2015

The Federal Housing Finance Agency has released new goals for housing finance giants Fannie Mae and Freddie Mac that aim to widen access to housing credit.
On Wednesday, FHFA reportedly instructed Fannie Mae and Freddie Mac to provide additional support to low-income Americans taking out mortgages and refinancing home loans. The new rules order Fannie Mae and Freddie Mac to expand the number of loans they back for low-income families to 24 percent of their purchases of single-family home mortgages from 2015-2017 – that is up from 23 percent in 2014.
FHFA also has instructed the GSEs to back more mortgages refinanced by low-income families and make that a larger share of their refinancing purchases as well.
Fannie Mae and Freddie Mac do not lend money directly to borrowers. The firms purchase mortgages from lenders and then sell them as packaged securities that are guaranteed by the government.

An Expert In Your Court
Robert De La Rosa
"CALL NOW 909.271.5640"
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Coldwell Banker Town & Country
501 W. Redlands Blvd
Redlands CA, 92373
CalBre 01435824

Tuesday, August 18, 2015

TRID Guide Aims to Ensure On-Time Closings!

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DAILY REAL ESTATE NEWS | TUESDAY, AUGUST 18, 2015

The Consumer Financial Protection Bureau has published a new guide for real estate agents detailing all the changes with the upcoming "Know Before You Owe" mortgage initiative, which goes into effect Oct. 3. The guide aims to help ensure "smooth and on-time closings" when the TILA-RESPA Integrated Disclosure rule are implemented.
Keep Tabs on TRID
The new mortgage rules are expected to have sweeping changes across the industry by merging the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.
The new rule also aims to provide consumers with more time to review the total costs of their mortgage prior to closing. The Loan Estimate form is due to consumers three days after they apply for a loan, while the Closing Disclosure form is due three days prior to closing.
CFPB's new toolkit for agents includes sections on how to have on-time closings, an overview of what has changed and the new loan documents, and the ability to share resources with your clients about the new rules.

An Expert In Your Court
Robert De La Rosa
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Coldwell Banker Town & Country
501 W. Redlands Blvd
Redlands CA, 92373
CalBre 01435824

Monday, August 17, 2015

7 Tips for a Profitable Home Closing!

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7 Tips for a Profitable Home Closing


Be sure you’re walking away with all the money you’re entitled to from the sale of your home.
When you’re ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there’s nothing left for you to do. Not so fast. It’s easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.

1.  Take services out of your name.

Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date.

If you’re on an automatic-fill schedule for heating oil or propane, don’t pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you’re entitled to a refund of prepaid premium.

2.  Spread the word on your change of address.

Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.

3.  Manage the movers.

Scrutinize your moving company’s estimate. If you’re making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don’t use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.

4.  Do the settlement math.

Title company employees are only human, so they can make mistakes. The day before your closing, check the math on your HUD-1 Settlement Statement.

5.  Review charges on your settlement statement.

Are all mortgages being paid off, and are the payoff amounts correct? If your real estate agent promised you extras -- such as a discounted commission or a home warranty policy -- make sure that’s included. Also check whether your real estate agent or title company added fees that weren’t disclosed earlier. If any party suggests leaving items off the settlement statement, consult a lawyer about whether that might expose you to legal risk.

6.  Search for missing credits.

Be sure the settlement company properly credited you for prepaid expenses, such as property taxes and homeowners association fees, if applicable. If you’ve prepaid taxes for the year, you’re entitled to a credit for the time you no longer own the home. Have you been credited for heating oil or propane left in the tank?

7.  Don’t leave money in escrow.

End your home sale closing with nothing unresolved. Make sure the title company releases money already held in escrow for you, and avoid leaving sales proceeds in a new escrow to be dickered over later.

By: G. M. Filisko


An Expert In Your Court
Robert De La Rosa
"CALL NOW 909.271.5640"
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Coldwell Banker Town & Country
501 W. Redlands Blvd
Redlands CA, 92373
CalBre 01435824

Friday, August 14, 2015

Budget Kitchen Remodeling: 5 Money-Saving Steps!

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Budget Kitchen Remodeling: 5 Money-Saving Steps


Can't afford an entire kitchen remodel in one fell swoop? You can complete the work in 5 budget-saving stages (and still cook dinner during the down time).
Major kitchen remodels are among the most popular home improvements, but a revamped cooking and gathering space can set you back a pretty penny. According to "Remodeling" magazine's 2015 "Cost vs. Value Report," a major, 200-square-foot kitchen remodel costs $56,768, with a 67.8% return on investment come selling time.

If you can’t come up with all that cash or take out a loan to do the remodel in one shot, a good strategy is to proceed in stages. By breaking down the kitchen remodeling process, you’ll be able to proceed at your own pace, as time and money allow.

Related: Stress Less! 6 Things You Can Do for an Anxiety-Free Remodel
Stage One: Start with a Complete Design Plan 

Your plan should be comprehensive and detailed — everything from the location of the refrigerator to which direction the cabinet doors will open to whether you need a spice drawer.

To save time (and money) during tear-out and construction, plan on using your existing walls and kitchen configuration. That’ll keep plumbing and electrical systems mostly intact, and you won’t have the added expense — and mess — of tearing out walls.

Joseph Feinberg, vice president of Allied Kitchen and Bath in Fort Lauderdale, Fla., recommends hiring a professional designer, such as an architect or a certified kitchen designer, who can make sure the details of your plans are complete. You’ll pay about 10% of the total project for a pro designer, but you’ll save a whole bunch of headaches that would likely cost as much — or more — to fix. Plus, a pro is likely to offer smart solutions you hadn’t thought of.

For a nominal fee, you also can get design help from a major home improvement store. However, you’ll be expected to purchase some of your cabinets and appliances from that store.
  • Cost: professional designer: $5,800 (10% of total)
  • Key strategies: Once your plans are set, you can hold onto them until you’re ready to remodel.
  • Time frame: 3 to 6 months
Read on to learn more budget kitchen remodeling tips:
Stage Two: Order the Cabinets, Appliances, and Lighting Fixtures
Stage Three: Gut the Kitchen and Do the Electrical and Plumbing Work
Stage Four: Install Cabinets, Countertops, Appliances, Flooring, and Fixtures
Final Phases: Upgrade if Necessary

Stage Two: Order the Cabinets, Appliances, and Lighting Fixtures

Cabinets and appliances are the biggest investments in your kitchen remodeling project. If you're remodeling in stages, you can order them any time after the plans are complete and store them in a garage (away from moisture) or in a spare room until you're ready to pull the trigger on the installation.
Remember that it may take four to six weeks from the day you order them for your cabinets to be delivered.

Related: How to Choose Stock Cabinets for Your Kitchen

If you can't afford all new appliances, keep your old ones for now -- but plan to buy either the same sizes, or choose larger sizes and design your cabinets around those larger measurements. You can replace appliances as budget permits later on.

Related: Appliance Buying Guides

The same goes for your lighting fixtures: If you can live with your old ones for now, you’ll save money by reusing them.

You’ll have to decide about flooring, too — one of the trickier decisions to make because it also affects how and when you install cabinets.

You’ll need to know if your old flooring runs underneath your cabinets, or if the flooring butts up against the cabinet sides and toe kicks. If the flooring runs underneath, you’ll have some leeway for new cabinet configurations — just be sure the old flooring will cover any newly exposed floor areas. Here are points to remember:
  • Keep old flooring for cost savings. This works if your new cabinets match your old layout, so that the new cabinets fit exactly into the old flooring configuration. If the existing flooring runs underneath your cabinets and covers all flooring area, then any new cabinet configuration will be fine.
  • Keep your old flooring for now and cover it or replace it later. Again, this works if your cabinet configuration is identical to the old layout.
However, if you plan to cover your old flooring or tear it out and replace it at some point in the future, remember that your new flooring might raise the height of your floor, effectively lowering your cabinet height.

For thin new floor coverings, such as vinyl and linoleum, the change is imperceptible. For thicker floorings, such as wood and tile, you might want to take into account the change in floor height by installing your new cabinets on shims.
  • Cost: cabinets: $16,000 (27% of total); appliances and lighting fixtures: $8,500 (15% of total); vinyl flooring: $1,000 (2% of total)
  • Key strategy: Keep old appliances, lighting fixtures, and flooring and use them until you can afford new ones.
  • Time frame: 2 to 3 weeks

Stage Three: Gut the Kitchen and Do the Electrical and Plumbing Work

Here's where the remodel gets messy. Old cabinetry and appliances are removed, and walls may have to be opened up for new electrical circuits. Keep in close contact with your contractor during this stage so you can answer questions and clear up any problems quickly. A major kitchen remodel can take six to 10 weeks, depending on how extensive the project is.

During this stage, haul your refrigerator, microwave, and toaster oven to another room — near the laundry or the garage, for example — so you've got the means to cook meals. Feinberg suggests tackling this stage in the summer, when you can easily grilland eat outside. That’ll reduce the temptation to eat at restaurants, and will help keep your day-to-day costs under control.
  • Cost: $14,500 for tear-out and installation of new plumbing and electrical (25% of total)
  • Key strategies: Encourage your contractor to expedite the tear-out and installation of new systems. Plan a makeshift kitchen while the work is progressing. Schedule this work for summer when you can grill and eat outside.
  • Time frame: 6 to 10 weeks

Stage Four: Install Cabinets, Countertops, Appliances, Flooring, and Fixtures



If you’ve done your homework and bought key components in advance, you should roll through this phase. You've now got a (mostly) finished kitchen.

A high-end countertop and backsplash can be a sizable sum of money. If you can't quite swing it, put down a temporary top, such as painted marine plywood or inexpensive laminate. Later, you can upgrade to granite, tile, solid surface, or marble.
  • Cost: $12,000 (21% of total)
  • Key strategy: Install an inexpensive countertop; upgrade when you’re able.
  • Time frame: 1 to 2 weeks

Final Phases: Upgrade if Necessary

Replace the inexpensive countertop, pull up the laminate flooring, and put in tile or hardwood, or buy that new refrigerator you wanted but couldn't afford during the remodel. (Just make sure it fits in the space!)

Related: Why White Kitchens Stand the Test of Time

By: Gretchen Roberts


Read more: http://members.houselogic.com/articles/budget-kitchen-remodeling-advice/preview/#ixzz3inmaWKtC 


An Expert In Your Court
Robert De La Rosa
"CALL NOW 909.271.5640"
"Get Qualified Now By A Loan Professional" 

Coldwell Banker Town & Country
501 W. Redlands Blvd
Redlands CA, 92373
CalBre 01435824

Wednesday, July 29, 2015

Live in Colton Ca Double Wide Mobile Home Presented by Robert De la Rosa 909.271.5640

Selling Southern California!
www.TheCaliforniaPropertyConnection.biz

Live and own this Cozy double wide 2001 mobile home located in the community of the Cadena Creek Mobile Home Park located in the City of Colton CA 3 bedroom, 2 full bath with Jacuzzi tub in the master bedroom bathroom, Central A/C, open kitchen, dining area, private laundry room, covered parking, private storage shed, open floor plan, fireplace, tile flooring, the park includes pool, Jacuzzi, banquet room and other amenities for park occupants close to the 215, 91, 10 and the 60 freeways, shopping, dining, and other amenities for your convenience.








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An Expert In Your Court
Robert De La Rosa
"CALL NOW 909.271.5640"
"Get Qualified Now By A Loan Professional" 

Coldwell Banker Town & Country
501 W. Redlands Blvd
Redlands CA, 92373
CalBre 01435824