Comments on: California’s Forgotten, Where is our Government Cheese? http://up2daterealestate.com/2009/06/18/californias-forgotten-where-is-our-government-cheese/ Your Home Is Our Business Fri, 03 Feb 2012 10:35:45 +0000 hourly 1 By: Hannah B. http://up2daterealestate.com/2009/06/18/californias-forgotten-where-is-our-government-cheese/comment-page-1/#comment-8184 Hannah B. Mon, 22 Jun 2009 20:09:40 +0000 http://www.up2daterealestate.com/?p=2831#comment-8184 One more thing regarding California's foreclosure prevention. Not sure if you saw this, but lenders and servicers were able to apply for exemptions before the bill passed. Here's the exemption list: http://www.corp.ca.gov/FSD/CFP/pdf/ExemptList.pdf One more thing regarding California’s foreclosure prevention. Not sure if you saw this, but lenders and servicers were able to apply for exemptions before the bill passed. Here’s the exemption list: http://www.corp.ca.gov/FSD/CFP/pdf/ExemptList.pdf

]]> By: Tim K. http://up2daterealestate.com/2009/06/18/californias-forgotten-where-is-our-government-cheese/comment-page-1/#comment-8182 Tim K. Mon, 22 Jun 2009 20:01:56 +0000 http://www.up2daterealestate.com/?p=2831#comment-8182 The Foreclosure Prevention Act will in fact change very few mortgages. The reason is there are two major exceptions that will be exempt. The first is that if you are a larger servicer that already has a program in place to help homeowners, your exempt. This is ALL of the large servicers. The second is that "securitized" mortgages, i.e. all those wrapped up by investors, are exempt as well. Both groups alone are most of the mortgages - the overlap of the two will pretty much mean almost nobody will required to give anyone an extension. The Foreclosure Prevention Act will in fact change very few mortgages.

The reason is there are two major exceptions that will be exempt.

The first is that if you are a larger servicer that already has a program in place to help homeowners, your exempt. This is ALL of the large servicers.

The second is that “securitized” mortgages, i.e. all those wrapped up by investors, are exempt as well.

Both groups alone are most of the mortgages – the overlap of the two will pretty much mean almost nobody will required to give anyone an extension.

]]> By: Hannah B. http://up2daterealestate.com/2009/06/18/californias-forgotten-where-is-our-government-cheese/comment-page-1/#comment-8179 Hannah B. Mon, 22 Jun 2009 19:17:24 +0000 http://www.up2daterealestate.com/?p=2831#comment-8179 Honestly, these foreclosure moratoriums are worthless. They are only prolonging the inevitable foreclosure and kicking the can down the road. When Schwarzenegger signed SB1137, it was clear that all it would do is prolong the pain. It paused foreclosures so banks could follow the new guidelines and then foreclosures skyrocketed to their normal high pace. If one month's payment is a hardship, how is someone going to repay the 3 months worth that is delinquent? Bubble states are surely screwed with any modifications. Value is down too far to be relevant or viable and $8000 is really a worthless "incentive" in bubble states. This points only to more suffering. And even when prices bottom, I don't expect to see price appreciation of any significance. I think we're in for a Japan-style housing flatline. Honestly, these foreclosure moratoriums are worthless. They are only prolonging the inevitable foreclosure and kicking the can down the road. When Schwarzenegger signed SB1137, it was clear that all it would do is prolong the pain. It paused foreclosures so banks could follow the new guidelines and then foreclosures skyrocketed to their normal high pace. If one month’s payment is a hardship, how is someone going to repay the 3 months worth that is delinquent?

Bubble states are surely screwed with any modifications. Value is down too far to be relevant or viable and $8000 is really a worthless “incentive” in bubble states. This points only to more suffering. And even when prices bottom, I don’t expect to see price appreciation of any significance. I think we’re in for a Japan-style housing flatline.

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