January 2009

Irvine REO – Desirable end unit condo! 2 bedroom 1 bath end unit in sought after neighborhood in Irvine. Excellent floor plan, kitchen has been upgraded with new cabinets, bay window and new appliances. Hardwood floors, cathedral ceiling and newer fireplace make the living and dining area a pleasant place to be in. A detached [...]

Loan Modification, can it help save my Irvine home? Question: Are mortgagees required to perform an escrow analysis when completing a Loan Modification? Answer: Yes, mortgagees are to perform a retroactive escrow analysis at the time the Loan Modification to ensure that the delinquent payments being capitalized reflect the actual escrow requirements required for those [...]

Question on a Loan Modification and if I can save my Irvine home Question: Will HUD subordinate a Partial Claim, should a mortgagor subsequently default and qualify for a Loan Modification? Answer: If a mortgagor subsequently defaults and qualifies for a Loan Modification, HUD will subordinate the Partial Claim. If you have more questions on [...]

Can a loan Modification save my Irvine home? Question: Is there a new basis interest rate which mortgagees may assess when completing a Loan Modification on my Irvine home? Answer: Yes, Mortgagee Letter 2008-21 states that the new basis interest rate is 200 points above the monthly average yield on U.S. Treasury Securities, adjusted to [...]

Cozy Irvine foreclosure condo priced to sell! 1 bedroom plus 1 large loft (can be second bedroom) quiet, private location. Vaulted ceilings. Sunny patio. Walk-in closet in the bedroom. Roman tub in the bathroom. Excellent association amenities, pools, spas, basketball court and a bike path. Bank owned property. $265,000 Spacious detached Irvine Foreclosure home Detached [...]

Loan Modification on my Irvine home. Question: When utilizing a Loan Modification option, can a mortgagee capitalize an escrow advance for Homeowner’s Association fees? Answer: HUD Handbook 4330.1 REV-5, Paragraph 2-1, Section B, Escrow Obligations states: Mortgagees must also escrow funds for those items which, if not paid, would create liens on the property positioned [...]

Another common question on Loan Modifications on your Irvine Home Question: Can a mortgagee include late charges in the Loan Modification? Answer: Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification. If you have more questions on this topic you might want to [...]