RENEGOTIATING YOUR LOAN

In the midst of the economic meltdown, many homeowners are finding themselves in mortgage mayhem as adjustable rate mortgages start to adjust and payments dramatically increase. If you find yourself worrying about how you are going to make your next mortgage payment while keeping the lights on, you may want to give your lending institution a call to permanently lower your monthly payment. Here’s how:

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

Santa Clara County Bank Owned Condos as of 10/1

If you would like more information on single family homes or multi-residential Bank Owned Inventory, please contact me.

List Price/Street Address/City/Bldg SqFt
584900/1924 MERIDIAN AV/San Jose/1949
569900/3079 DUNHAM WY/San Jose/1712
544900/2679 VILLA CORTONA WY/San Jose/1888
494900/814 FASCINATION PL/Milpitas/1369
470000/5104 WESTMONT AV #17/San Jose/1105
469900/344 MONTECITO WY/Milpitas/1165
435000/380 IMAGINATION PL/Milpitas/1012
419900/2502 YERBA HILLS CT/San Jose/1216
415000/3323 BENTON ST/Santa Clara/1476
399000/870 FREMONT ST #105/Santa Clara/1408
389900/2869 S BASCOM AV #501/Campbell/841
359900/5033 GREY FEATHER CI/San Jose/1137
354900/1796 BATTERSEA CT/San Jose/1176
339900/279 TRADEWINDS DR #7/San Jose/1252
337400/1515 ALMA TE/San Jose/1071
329900/5535 DON OCTAVIO CT/San Jose/1439
327900/1920 MESSINA DR/San Jose/968
320000/3588 PAYNE AV #14/San Jose/1032
314900/946 KIELY BL #E/Santa Clara/956
314900/4685 ALBANY CI #121/San Jose/813
314900/4908 CALLE DE ESCUELA/Santa Clara/1080
309900/3314 INNERWICK LN/San Jose/1131
299900/7064 MOUNT VERNON WY/Gilroy/1645
299900/5082 SUTTER CREEK CI/San Jose/816
299900/2158 GALVESTON AV #0000D/San Jose/1125
299900/425 CARPENTIER WY/San Jose/1442
299000/96 POAS CI/San Jose/1180
290000/201 SUNWOOD MEADOWS PL/San Jose/920
284900/185 SILCREEK DR/San Jose/1318
279900/144 SURREY CT/Milpitas/980
269900/3179 KENLAND DR/San Jose/1012
269000/77 SILCREEK DR/San Jose/1318
267000/297 GRECIA CT/San Jose/1474
259900/3598 PAYNE AV #00009/San Jose/1080
255000/2937 ROSE AV/San Jose/1235
250999/2945 ROSE AV/San Jose/1235
249900/355 RIO VERDE PL #00001/Milpitas/1050
249900/5160 CRIBARI KL/San Jose/1240
246900/18216 HALE AV #A/Morgan Hill/1145
239900/171 RANCHO MANOR CT/San Jose/1034
236635/4012 SHANJ CT/San Jose/1042
235047/3154 KENLAND DR/San Jose/1012
230900/3569 GUM TREE DR/San Jose/1249
230199/687 BALFOUR DR/San Jose/1075
229900/3165 KENLAND DR/San Jose/1094
229900/327 KENBROOK CI/San Jose/1094
224900/274 OROSI WY/San Jose/1180
224900/354 KENBROOK CI/San Jose/1094
224900/5468 SPINNAKER WALKWAY #1/San Jose/810
219900/1395 MCQUESTEN DR #0000D/San Jose/876
219900/18214 HALE AV #B/Morgan Hill/1145
219900/5581 SPINNAKER DR #3/San Jose/903
214997/3127 KENLAND DR/San Jose/1012
214900/824 BLOSSOM HILL RD #4/San Jose/798
210000/5725 CALMOR AV #1/San Jose/810
209900/36 MUIRFIELD CT/San Jose/1054
209900/510 CINNAMON DR/San Jose/1017
204900/5497 SPINNAKER WALKWAY #2/San Jose/903
200000/2474 GOLZIO CT #1/San Jose/810
199900/259 N CAPITOL AV #00106/San Jose/828
199900/797 DELAWARE AV #1/San Jose/810
197900/259 N CAPITOL AV #201/San Jose/828
197000/210 STONEGATE CI/San Jose/704
196900/3120 SHADOW SPRINGS PL/San Jose/866
194900/310 TRADEWINDS DR #3/San Jose/959
189900/259 N CAPITOL AV #B147/San Jose/955
189900/360 KENBROOK CI #139/San Jose/1012
189000/32 CASTLECREST DR/San Jose/704
185500/918 BELLHURST AV/San Jose/986
185405/2066 OJO DE AGUA CT/San Jose/1000
183000/1043 BELLHURST AV/San Jose/986
179500/7757 GHIRLANDA CT/Gilroy/908
179000/1411 MCQUESTEN DR #C/San Jose/1150
174900/5336 MONTEREY HW #1/San Jose/950
174900/7785 GHIRLANDA CT/Gilroy/908
174900/162 MONTE VERANO CT/San Jose/597
172500/906 BELLHURST AV/San Jose/986
170200/555 7 TREES VILLAGE WY/San Jose/801
169900/477 CARPENTIER WY/San Jose/941
169900/5598 JUDITH ST #4/San Jose/798
158900/3640 ADLER CT/San Jose/1017
155500/7755 GHIRLANDA CT/Gilroy/908
154900/131 PUERTO GOLFITO CT/San Jose/1000
149900/3205 KENHILL DR/San Jose/724
149900/7758 CHESTNUT ST/Gilroy/908
139500/7709 MURRAY AV/Gilroy/908
109100/81 CASTLEBRIDGE DR/San Jose/1456

Santa Clara County Market Stats as of 9/27/08

Here are the numbers for the week ending 9/27/08.

INVENTORY CHANGE

FOR THE THIRD QUARTER OF 2008

Single Family Homes:

Date	Active	Active Percent Change from Previous Week	Pending	Pending Percent Change from Previous Week
6/28/08	5226		1728
7/5/08	5128	Down 1.9%	1709	Down 1.1%
7/12/08	5189	Up 1.2%	1728	Up 1.1 %
7/19/08	5210	Up 0.4%	1756	Up 1.6%
7/26/08	5251	Up 0.8%	1777	Up 1.2%
8/2/08	5136	Down 2.2%	1807	Up 1.7%
8/9/08	5115	Down 0.4%	1895	Up 4.9%
8/16/08	5071	Down 0.9%	1921	Up 1.4%
8/23/08	5043	Down 0.6%	1907	Down 0.7%
8/30/08	4991	Down 1.0%	1864	Down 2.3%
9/6/08	4899	Down 1.8%	1894	Up 1.6%
9/13/08	4817	Down 1.7%	1927	Up 1.7%
9/20/08	4797	Down 0.4%	1941	Up 0.7%
9/27/08	4804	Up 0.1%	1893	Down 2.5%

Overall Change from 6/28/08 to 9/27/08:

Active:

Down 8.1%

Pending:

Up 9.5%

________________________________________________________________________

Condo/Townhome Properties:

Date	Active	Active Percent Change from Previous Week	Pending	Pending Percent Change from Previous Week
6/28/08	1671		495
7/5/08	1604	Down 4.0%	506	Up 2.2%
7/12/08	1618	Up 0.9%	523	Up 3.6%
7/19/08	1645	Up 1.7%	534	Up 2.1%
7/26/08	1624	Down 1.3%	545	Up 2.1%
8/2/08	1617	Down 0.4%	542	Down 0.6%
8/9/08	1621	Up 0.2%	545	Up 0.6%
8/16/08	1627	Up 0.4%	535	Down 1.8%
8/23/08	1617	Down 0.6%	558	Up 4.3%
8/30/08	1594	Down 1.4%	555	Down 0.5%
9/6/08	1568	Down 1.6%	569	Up 2.5%
9/13/08	1531	Down 2.4%	584	Up 2.6%
9/20/08	1534	Up 0.2%	585	Up 0.2%
9/27/08	1526	Down 0.5%	587	Up 0.3%

Overall Change from 6/28/08 to 9/27/08

Publish Post

Active:

Down 8.7%

Pending:

Up 18.6%

Palo Alto Multi-Unit opportunity!

Phenomenal Palo Alto Multi-Unit 6-Plex Opportunity!

If you are interested in an investment or looking to partner up, you may want to consider this well kept multi-family building on Emerson Street in Palo Alto that just came on the market. 6 units, all large 2 and 3 bedroom units - in a great location - this would be a wonderful Tenant In Common (TIC) opportunity for 6 enterprising buyers. This is a good sized building of 5,520 square feet, well maintained with covered parking and coin laundry for tenants. Offered at $1,895,000. Contact me for more details!!

Don't meltdown your AC!!

As the summer heats up and the AC is pumping, don't forget to check your filters and change them out every 60-90 days! We saw an unfortunate situation today where the filter was so dirty that it froze the AC and created a major meltdown, flooding the attic space and creating massive leakage from the ceiling to the floor. It was not a fun mess to clean up.

Filters are essential in the battle against germs, bacteria and dust, but they can also prevent air from flowing out if you don't change them out frequently. Once they are clogged, cold air will circulate inside the unit and freeze it like an ice cube. Once the AC shuts off, the ice will melt and create all sorts of problems. At least this is what happened today.

In our busy lives we forget the little things but changing your filters is definitely one to set up on your calendar as a repeat event. Filters super cheap at $4-5 bucks each. By 5 or 10 of them! Trust me! You will save yourself at least $300 and a lot of energy and time!!

Investors looking for a duplex

We are tracking duplex that recently came onto the market. A good investment for anyone looking to live in one unit and rent out the other. Priced at a palatable $839,000.

One 2 bedroom/2bath unit rented for $1400 and one 2 bedroom/1 bath unit renting for $1200 situated on a large 9,690sf lot. Located right off Almaden Road in Willow Glen. For more information please contact me. This may be the one you are looking for.

Short Sale Shananigans

Although you might be getting a good price when purchasing a short sale, don't think it doesn't come with a lot of waiting and headaches. As demand for short sales continues to increase, banks have also gotten smarter. In the past and even now, junior lien holders (ie. the bank that holds a 2nd loan, 3rd etc.) usually walk away from short sales with a nominal amount or just a complete loss on their books. Not the case anymore.

Yesterday, my first time homebuyer was getting his champagne bottle ready when we suddenly received a call that we could not record with the county as the bank holding the 2nd loan on the seller refused to release the lien asking for more money. WHAT!!! Unheard of!!! To top it off, my excited buyers parents are flying in from Chicago to help him move in over the 4th of July weekend only to find out that they may not get the keys!!

Were still not closed and the saga continues...The junior lienholder has just squeezed out an amazing $17,000 dollars out of the senior and now they are telling us that they need 3 days for an approval signature...WHAT!!

Buyers be prepared for anything!