Yuba-Sutter Grapevine

In the continuing battle to protect the public from fraudulent schemes, the State of California, at the urging of Realtors® and others, is now including Forensic Loan Auditors et al to follow the rules set forth for the lending industry as we try to clean up this mess.

Forensic Loan Auditing has become big business for the unscrupulous as they find yet another way to take money from an already vulnerable public during a time of crisis.  Don’ t get us wrong; there are legitimate auditors out there.  The unsavory have found a weak point in the regulations, and managed to slip under the radar.  Well…no more.  They are now included and named by group, and must follow the educational and procedural requirements dictated by law for persons or entities involved in the practice of working with or arranging home mortgages.

The DRE (California Department of Real Estate) has released a Consumer Alert Update regarding this issue.  To read that alert click HERE.

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For more current and relevant real estate news for the Yuba Sutter area go to Yuba Sutter Homes and Loans -> Hot News or to Yuba Sutter Home Buys -> Discussions and News.

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         Yuba-Sutter Real Estate Today

According to a report from the national Association of Realtors® (NAR) “congress unanimously approved a one-year extension of National Flood Insurance Program authority to September 30, 2011. S. 3814 was first approved on September 21, 2010, by the unanimous consent of the Senate and two days later, by the voice vote of the House of Representatives. The bill was signed by the President on September 30, 2010. With program authority now extended for a year, it is expected that attention will now turn to proposals to reform and ensure the financial soundness of the NFIP. While the House passed its reform bill (H.R. 5114) earlier this year, it is unlikely that a reform bill will move until next year.

“REALTOR® advocacy efforts made the long-term reauthorization a reality. On September 14 & 15, as part of NAR’s Fly-in on unfinished business items, REALTORS® met with key senators to urge the long-term extension.”  Read more.

This is great news for our area!  Since most of the Sacramento Valley is a flood plain, this insurance is vital to the financial health of our area.  Without it there would be no guarantee that home insurance could be purchased.  Without home insurance, there would be no home loans… I think you see where that would lead.

For more current and relevant real estate news for the Yuba Sutter area go to Yuba Sutter Homes and Loans -> Hot News or to Yuba Sutter Home Buys -> Discussions and News.

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No doubt you have heard or read quite a bit about foreclosures lately: banks are being sued, foreclosures are being stopped, title companies declining to write policies on bank owned properties, loan servicers and their procedures are being investigated, the list goes on.

What’s really going on, and how does it effect you?  The majority of these stories, while they may have credence on the national market, don’t really apply to California.  This has become such an issue that CAR (California Association of Realtors®) has released an article to help alleviate the confusion.

In large, California is excluded from these storiesbecause our foreclosure and title processes are different from the effected states.  In most cases our process is called non-judicial, meaning that court appearances are not required.  While your Realtor® may be able to explain this in more detail, please remember that we are not attorneys.  If you want a full understanding contact your real estate attorney.

Highlights from the CAR release include:

• In 23 states (not California) banks have voluntarily halted foreclosure proceedings until they review their procedures.
• To date, only Bank of America has stopped foreclosures in California.
• Lenders and servicers that have temporarily stopped processing foreclosures in the 23 states include: Goldman Sachs Group Inc’s Litton Loan Servicing, Ally Financial Inc.’s GMAC Mortgage unit, JPMorgan Chase, and PNC Financial.
• Neither state nor federal mandates are forcing this, it is voluntary.
• Some Realtors® have reported transaction delays, delays in escrow and the removal of foreclosed properties from listings (pulled from the market).
• The immediate impact on home sales might be a slowing of sales, and the long term will depend on the speed with which this is resolved.  If the moratoriums are lifted next month, the flow of REOs (bank (or Real Estate) owned properties) should resume.
• Freddie Mac & Fannie Mae and the Office of the Controller of the Currency have asked lenders to review their processes.  This includes California and other states where the vast majority of foreclosures are non-judicial.
• The participating lenders and servicers expect the reviews to take “a few weeks to 30 days to complete”.

in our opinion, this should have little impact on sales or prices in the Yuba-Sutter region.  While Bank of America’s actions are going to be felt here, we think that buyers’ perception will be the biggest market changer.  If most buyers understand that in California the foreclosure market will continue pretty much as it has, the impact will be minimal.

For more information on this or other issues contact your Realtor® at Yuba-Sutter Homes and Loans or call 530 315-2808.  You can also contact the Home Rescue Group.

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