Local Realtors Are Pitching In to Help Hard-Hit Folks in Imperial County

As hard as things have been for us in the East County, the Imperial County Association of Realtors has issued an urgent call to join with them in collecting nonperishable food for distribution to their neighbors in need. 

The unemployment rate for Imperial County is 28 percent, making it the highest metropolitian area unemployment rate in the nation, according to the federal Bureau of Labor. 

You are invited to bring canned goods and other perishable foods to the ESDCAR 1150 Broadway, El Cajon, 92021. There will be a big red barrel in front of the reception area.

All of the real estate offices in La Mesa will be collecting food and toys for their favorite charities and needy families as well.

Dan Dobbs Shares Valuable Tips for Homeowners

I have received many lender updates this past week from one of my reliable lender sources, Dan Dobbs.  Here are three of the most interesting. 

Homeowners May be Eligible for Refunds 

  The profile of homeowners that may be entitled to a refund if their lender required an impound account when they bought their home is that the property was reassessed to a lower value by the county tax assessor or the insurance premiums have decreased or both.  

If you think you qualify for a refund, you should notify the lender and provide proof (tax assessor bill and insurance invoices). The lender is required to perform an inpound account analysis once a year and notify borrowers of any shortage, and any excess of $500 or more must be returned to the borrower.

Banks are Foreclosing While Homeowners Pursue Loan Modifications

Lenders say "dual tracking" protects their investment if the homeowner is unable to qualify for the modification, but regulators seeking to ban the practice say it lulls some borrowers into thinking they won't have their homes taken away. 

Dual tracking refers to a common bank practice. When a borrower in default seeks a loan modification, the institution often continues to pursue foreclosure at the same time. 

Lenders contend that dual tracking simply protects their investment if the homeowner is unable to obtain new loan terms, and mortgage servicers can lose money if they don't foreclose in a timely manner.  Regulators and consumer advocates contend that the practice is unfair and are calling for reforms to curtail the practice.

Fannie Mae and Freddie Mac Release the New HARP Guidelines  

The home affordable refinance program allows homeowners who have made their mortgage payments in a timely manner and hold mortgages that are more than the home is now worth to refinance if their loan has been sold to Fannie or Freddie prior to April 1, 2009.  For more information on this or other financing questions, call your lender. 

Good Advice from the California Association of Realtors

Traditionally, the period between Thanksgiving and New Year's is the slowest time of the year for home shopping.  However, homeowners who must sell in the winter can use staging, the reduced competition and some seasonal opportunities to their advantage. 

Remembering the basics is the key.  Decorate for the season, de-clutter and clean everywhere, use touch-up paint where needed and make the entrance and yard appealing. 

Convey the cozy impression of the holiday season.  Don't forget to have a cheerful fire in the fireplace for open house, and if no fireplace, a nice (spice or pine) scent in the house is inviting.

It is the Week Before Thanksgiving

Although most are too busy to think about buying or selling real estate, Realtors are busy taking classes and webinars to better serve their clients.  There have been so many changes in real estate in general and real estate lending in particular that we need to use whatever free time we have to keep up, and this week is an ideal time. 

This Week in La Mesa Real Estate Activity 

Only seven single-family detached homes and five condos were listed this week. 

My pick of the week is 5904 Poppy St.  Listed for only $265,000 by Daniel Milani of Coldwell Banker, La Mesa it is a 3-bedroom, 2-bath home.  It also has a 2-car garage, big patio and nice back yard with fruit trees.  A one-story built in 1959, it might need some updating, but for this price it is well worth a good look.