Lodi / Stockton CA Homes For Sale & Real Estate Information

According to Lender Processing Services (LPS), there were 6,298,000 mortgages going unpaid  in the United States as of the end of October.

Although that sounds like an incredibly HIGH number of delinquent mortgages, that total is actually less than the previous months.

At the beginning of this year, there were 6,870,000 delinquent mortgages.  Compare that to the beginning of 2010 that showed 8,118,000 and you can clearly see how there’s been a major decline in the total numbers of past due mortgages.

CLICK HERE for more info on this story.

Does all this mean that we’re nearing the end of the housing problems?  I wouldn’t go so far as to say that, but I feel it’s definitely showing that we’re heading in the right direction.  And although it may confirm that we’re heading the right direction, it’s kind of like we’re on a cross-country journey and we still have a long road ahead of us.  Hopefully the trek will be less cluttered with road blocks the further we get.

I remember when I was younger and needed a co-signer and I remember later on and being asked to BE a co-signer. I didn’t think much about needing one, but boy I sure did think twice about BEING one. You really put yourself, and your credit, on the line when you cosign for someone.  Especially if it’s a friend or family member.  Co-signer BEWARE!

Here is some information about this subject, courtesy of C.A.R., and the NY Times.

Co-signing On The Dotted Line…
Tighter lender standards and an unstable job market have made it tougher for some people, especially those just starting out, to qualify for a home mortgage on their own. So, some home buyers are turning to family members or close friends with good credit to co-sign a home loan.

Making sense of the story

• While becoming a co-signer may seem like a good solution, money manager and lenders caution against those who are asked to be the cosigner.

• A co-signer, even if not living in the house, is really a co-borrower, meaning he or she still is responsible for payments if the occupant is unable to meet his or her obligations. In other words, if the principal party defaults on the loan, the co-signer is on the hook.

• One financial planner suggests potential co-signers take a less risky alternative, such as providing a cash gift for the down payment. Under current tax laws, a person can give as much as $13,000 to a person, free of gift taxes, or $26,000 per person, if a married couple filing jointly is giving the money.

• Those considering co-signing a mortgage must conduct due diligence. First, the co-signer must understand why the family member or friend is asking for help. Potential co-signers shouldn’t be afraid to look into the requestor’s personal finances to help determine whether he or she will be able to repay the loan. Perusing credit reports also will show the track record he or she has for paying off debts.

• A discussion about worst-case scenarios also should take place before signing on the dotted line. Working out a written contract containing an agreement about what would happen in the event of a default, also is recommended.

• Co-signers also should keep in mind that the mortgage will show up on their credit report, and could affect their own ability to borrow money or buy a second home. If the principal borrower makes a late payment, that also will show up on the co-signer’s report.

I’d love to hear if you’ve ever needed or been a co-signer and if you survived it, or regret it and have a horror story.

Randy

Back in the “old days”, it was the ‘American Dream’ to not only buy a home, but also to actually pay off that debt.

There were actually “Note-burning” parties.  You would gather all your friends and family around so they could watch you burn your mortgage note papers once you paid off your loan.  I’ve heard from many people over the years that attended those parties and how exciting it was for the host.

It seems that no one ever pays off their mortgage these days.  Is it because of the amount of the loan, or the fact that no one stays in any one home long enough like families used to?  I would say it’s a combination of both.

If you’re one of the few that are in a situation that gives you the option of paying off your mortgage because you’re nearing the end of the loan term or if you’ve come into some money and you could now afford to just pay off your mortgage bill and have that awesome feeling of not writing that nasty old loan payment each and every month, then here is an article with some information that might give you some insight as to what decision would be best in your situation…
READ ARTICLE HERE.

I’d love to know if you’ve ever paid off a mortgage and if you are glad you did or regret it.  Leave a comment or shoot me an email.

There are many ways of trying to get out of paying a debt.  One of those debts is a home mortgage.  Many people are struggling these days to pay their mortgage due to higher payment amounts due to rate increases, or loss of income, divorce, medical bills, etc.

But I came across one individual that thought she would just eat her house and then since there would no longer be a house, then of course there would be no longer a mortgage, right?

I’m thinking that it’s not that easy. Eating this gingerbread house might make Ciara’s imaginary debt go away, but once she’s done with it she’ll have the worst stomach ache EVER!

The situation that many people are in today with deciding whether to just walk away from their real mortgage and let the bank foreclose, or to perhaps talk to a Realtor like me and see if trying to do a Short Sale is enough to cause anyone to have a stomach ache as well.

I always recommend that everyone talk to a Certified Public Accountant (if you’re in the Stockton, CA area the best is Peter Holtz) or to a real estate attorney, or both.

As a real estate professional I do not give legal advice, nor do I sell home loans.  I sell homes for sellers and find great deals for home buyers in the central valley of CA, mainly in the Lodi and Stockton areas.

Bottom line, as a homeowner you have options if you are upside down with your mortgage.  Whatever you do, don’t resort to eating your house.  Be sure and seek out the advice from the professionals and make sure that you open all mail pertaining to your home, and save everything that you get in one place for easy access.

I hope you all have a Happy Holiday Season!

Sincerely,

Randy

There are many. Among the most appealing: you own it, which gives you, instead of a landlord, control of your living space, and the ability to do what you want with it.  Other benefits include potential tax savings and the build up of equity as your property likely appreciates in price over time once again.  Equity can be used to help put children through college, purchase a second home, or make home improvements.

The mortgage interest paid on a home loan is tax deductible, as is the local property tax. If you get a fixed-rate home mortgage loan, you also can invest more wisely knowing your monthly mortgage payment, unlike rent, will not change substantially.

With mortgage loan interest rates as low as they are now, and expected to go higher in 2010, it might be a better idea to invest in Lodi real estate and Stockton real estate now more than ever.  Having a low interest assumable mortgage loan may become very attractive in the future.

Make it a great day!