Two operators of a foreclosure consulting firm operating in Orange County were each sentenced to a year in jail and ordered to repay dozens of homeowners who were swindled out of thousands of dollars in up-front fees for foreclosure-relief services that didn’t exist. . Marianne Curtis, 69, of Costa Mesa…
Mortgage giant Freddie Mac’s weekly rate survey shows the 30-year fixed-rate mortgage averaged 5.21 percent up from last week’s 5.08 percent — and the highest since the week ending Aug. 13 when it averaged 5.29 percent. 15-year fixed averaged 4.52 percent — highest since the week ending Dec. 31.…
There were 1.2 million households lost in 2005-2008, according to a study from the Mortgage Bankers Association. The study, “What Happens to Household Formation in a Recession,” was conducted by Professor Gary Painter of the Univeristy of Southern California and sponsored by the MBA’s Research Institute for Housing America. “The housing…
A Newport Coast man who committed mortgage fraud and filed for bankruptcy without telling authorities he bought 2 Ferraris and a Lamborghini was sentenced to 5 years in federal prison Monday. Lorenzo Espinoza, 43, also was ordered to pay the Department of Housing and Urban Development restitution of more than $614,000. In sentencing him, United States District…
Distressed homes now represent nearly 32% of the active inventory in Orange County compared to 37% a year ago, says Steve Thomas of Altera Realty, who does a bi-weekly analysis of the local market. Thomas says: “The number of active distressed homes on the market, all short sales and…
Short sales will be streamlined under the federal government’s Home Affordable Foreclosure Alternatives, or HAFA, program, which kicks off today. These transactions – with a lender allowing a sale for less than the amount owed on the mortgage– can take several months to close and sometimes fail, with the eventual outcome a foreclosure.…
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions… Q. We bought our house in Lake Forest in June 2008 for $452,000, Interest rate: 6.375% (conventional without PMI,…
The Department of Real Estate is issuing warnings about fraudulent short sales. It notes that in April, the federal government will offer financial incentives to provide short sales through the Home Affordable Foreclosure Alternatives program, with requirements including a shorter time frame to respond to offers, debt forgiveness, and government payments…
If you missed it this bit of Orange County business climate analysis … Register columnist Jon Lansner’s Big Orange Index — a compilation of three dozen local economic variables — this winter rose for the second consecutive quarter after three years on a horrific slide. It’s banker slice –…
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions… Q: My question regards whether or not to refinance and/or convert a HELOC (home equity line of credit) into…