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"Buy and Bail" is Mortgage Fraud
Wednesday, June 18, 2008
A Sacramento homeowner was recently quoted in the Wall Street Journal talking about her plans to purchase a "second home" and then let her current home—purchased in November 2006 for much more than similar homes are currently selling for—fall into foreclosure.
"I can find the same exact house as what I live in right now for half the price."But this practice, referred to in the mortgage market as "buy and bail", is considered by many in the real estate industry to be mortgage fraud. Fannie Mae, established in 1938 as a government agency but now a privately-held lending institution that provides financing to most of the nation's largest home mortgage lenders, is tightening regulations to prevent these abuses of the system. Individual lending institutions are reviewing their own lending practices and underwriting requirements and are watching for borrowers that are at risk of engaging in buy-and-bail.
Legitimate borrowers planning to take advantage of the current sluggishness in the real estate market to buy a second home or move-up property can expect tighter loan standards and will likely need to produce additional evidence.
Thinking about renting out your current home and moving up to something better? Here's what your lender will probably request from you:
- Supporting evidence to back up the claim that the current home will be rented out, including a signed lease agreement;
- Proof of income to support principal, interest, taxes, and insurance on both the current residence and the new property being purchased;
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, condos, Del Paso Heights, El Dorado Hills, Elk Grove, Fair Oaks, Galt, Gold River, Granite Bay, Lincoln, Meadowview, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Rancho Cordova, Regency Park, Rio Linda, Rocklin, Rosemont, Roseville, Sacramento, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodland
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posted by Rob McQuade @ 3:04 PM,
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New! Search homes and condos quickly by ZIP Code
Saturday, May 31, 2008
Now you can quickly and easily search by ZIP Code with just a click! It's easier than ever to pull up homes and condos in your preferred ZIP Code by simply clicking the » By ZIP Code NEW! link under Quick Property Searches from the menu at the left. You can scroll through the list of available ZIP Codes in Sacramento, Placer, Yolo, and El Dorado Counties to bring up a convenient list of the first 200 homes and condos for each ZIP. And, as always, you can get news listings matching ALL your search criteria sent to your email inbox daily by clicking on the link under Resources for Buyers.
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Meadowview, Midtown, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
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posted by Rob McQuade @ 10:42 PM,
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May 8th: Sacramento Green Home Expo (and a friendly mention)
Monday, May 5, 2008
Green Home Expo opens in Sacramento May 8th
Okay, so maybe you don't think of the North State Building Industry Association as a bunch of party people (and you obviously don't know them very well if that's the case), but they know how to put on a good (trade) show. This Thursday, May 8th, is the Green Home Expo at the Sacramento Convention Center. It's an all-day event with free trade show admission, and you can expect to see some of the latest green home tech. If you're thinking about starting a remodel or you just want to know more about the latest energy efficient, eco-friendly products for the home then check out the expo (and there are some really cool workshops being offered for a very reasonable price). You can find out more by clicking on the banner below.
PS - The convention center is an awfully big place to heat and cool. Maybe they'll open the windows. ;-) PPS - While you'll find a lot of groovy home products at the expo, you probably won't find an actual home. If you're looking for an eco-friendly home in the Auburn area, please get in touch with me!Being a Green Nugget
Oh, and while I'm not in it for the glory, it's always nice to get a friendly mention from people who always have their "green" thinking caps on (made from organic cotton, of course)—and Levi Benkert and the awesome eco-urbanists at LJUrban are among the greenthinkiest (consider the term officially coined) people I know of locally. What's not to love about people whose aspirations are to dream big, live small, and do good?
Labels: Auburn, Central, Curtis Park, Davis, Downtown, East Sac, green, Land Park, Lodi, Midtown, Roseville, Sacramento, South Natomas, Woodlake
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posted by Rob McQuade @ 12:15 PM,
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NEW! Auburn foreclosures available online
Sunday, April 20, 2008
This is a quick update: I just added a new link to Auburn foreclosures, now you can view bank-owned and REO properties in Auburn and other areas, including Antelope, Arden, Carmichael, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown Sacramento, East Sacramento, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Meadowview, Midtown Sacramento, North Natomas, North Sacramento, Oak Park, Orangevale, Rancho Cordova, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sacramento, Tahoe Park, the UCD Med Center, the Pocket, West Sacramento, Woodlake, and even Woodland.
Foreclosures (also called REOs or bank-owned properties) represent some of the best deals in the local real estate market. Still not sure how to buy a foreclosure property? You can and review a glossary of terms, plus request additional info and get new foreclosure listings as they become available.
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Lodi, Meadowview, Midtown, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodland
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posted by Rob McQuade @ 9:52 AM,
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Understanding your credit
Thursday, April 17, 2008
I'm fortunate enough to host a great weekly real estate forum (the largest of its kinda in the area) that I created in early 2007. While it's only open to real estate professionals, a lot of the info that comes out of that group benefits my clients. This week we had Mark Wolff and Jay Broderick with the law firm Wolff & Wolff join us to talk about credit information and how consumers can protect themselves.
Here's a scary fact that Jay shared with us: a recent study showed that one in four consumers had errors on one or more credit reports so severe that it could cause them to be unable to obtain housing or employment. Additionally, 79% of credit reports had at least minor errors or inaccuracies.
Do you know what's on your credit reports?
The first key is to understand that not one but three major credit reporting agencies are monitoring our individual credit behavior. This includes payment habits, credit balances, loan types, and new credit inquiries (initiated by the consumer or by outside creditors for the purpose of evaluating creditworthiness). Creditors and individuals such as prospective employers that you grant permission potentially have access to information about how much and what types of credit you have, whether or not you're paying on time, what percentage of your available credit is used, your rent/mortgage payment history, and more—and they're using this information to determine not only if you should get that new platinum credit card but also whether or not you should have a home loan, what interest rate you'll get on that loan (remember that when you're considering buying a home in the Auburn area), whether or not you should be allowed to rent, or even if you should be hired for a job.
Knowing what's on your credit report is critical.
The three major credit reporting agencies—TransUnion, Equifax, and Experian—are required to provide for FREE one copy of your credit report per year to you the consumer. The two easiest ways to access these reports are
- By phone. You can call toll free in the U.S. (877) 322-8228 to request a printed copy of your credit report from one or more of the agencies be mailed to you.
- By secure website. You can access information quickly and easily online (after verifying your identity) at http://www.annualcreditreport.com (Please note that the information provided online is not produced in the same format as a printed credit report, you may wish to order by phone for the most detailed information)
If you're having a hard time understanding what's on your credit report, a creditor or agency is unwilling to make a correction, or you need more assistance, I recommend you contact Jay Broderick with Wolff & Wolff for a consultation (there is a $50 consultation fee for a review of your reports and to determine a course of action). The number is (916) 714-5050 or you can email Jay at jaybroderick@wolffandwolff.com
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, credit, Elk Grove, Galt, Gold River, Land Park, Lodi, Modesto, Natomas Park, North Highlands, North Natomas, Old Sac, Rancho Cordova, Regency Park, Roseville, Sacramento, Southport, Stockton, West Sac
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posted by Rob McQuade @ 10:42 AM,
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