I have been getting a lot of questions asking me for my 2009 predictions on the market so I thought I would share this great video post from the California Association of Realtor's Chief Economist, Leslie Appleton Young. Listen to the CHIEF! This gives you a detailed picture of what has been going on for the last 3-5 years and how the downturn started WAY before we were all talking about it. In a nutshell, the predictions state that most areas in California will post a decline in home prices for 2009, as the number of sales (actual # of transactions closed) will continue to increase as they have been in the past couple of months. Also, more important than ever is breaking down the data locally since many zip codes can vary greatly. Good news for those of you buyers who have been waiting on the sidelines, it's time to pull the trigger.
To watch the full video go to www.car.org and the video should be there for you to see on the front page. The slides are a bit blurry so let me know if you would like a full copy of the slides.
If you're ready to jump in, look out for the Bank Owned list that I will be sending out for November!
1. Call the Bank: This is the bank that you pay your mortgage to every month. Grab your monthly mortgage statement and you should be able to find the contact information on the upper left or right hand corner of the statement. Ask for the “Loss Mitigation” department. If you get routed to customer service first, escalate to the supervisors and be persistent about speaking to a representative in Loss Mitigation to restructure/renegotiate your loan.
2. Paint the Picture: Once you get to Loss Mitigation, explain to the representative why you are having a hard time paying your loan (you can also be proactive and do this prior to your loan adjusting). Be ready to provide solid financial documentation as they are not going to take your word for it. Once they receive all of your information they will run your Debt to Income Ratio just like they did when you were qualifying for your loan and determine whether you will be a candidate for renegotiation
3. Provide Paperwork: If your lender decides to let you renegotiate your loan, do WHATEVER they say and send in everything they ask for within the require time periods otherwise, you may blow the deal completely!
Once you provide everything they need, you should receive paperwork with new loan terms spelled out. CAREFULLY READ over the new terms carefully to ensure it’s what was agreed to over the phone.
See my post on http://factoidz.com/?p=467
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