There certainly is a lot going on in the world of Real Estate right now. Here in Malibu, California, it is no different!
Current market conditions are always changing and in this case, changing for the good!
The U.S. Commerce Department is reporting that housing starts gained for the first time in 8 months. The gain was 22.2 percent. This was the first increase since June.
CNNMoney reports that new construction (single family) was up as well in January. With new construction of buildings with 5 or more units increased surged 80% to 212,000 from 118,000. This is fantastic news!
However, also the details of the Obama Loan Modification eligibility criteria have been released. Here is just a few morsels of information on it:
- Mortgage must have originated on or before January 1, 2009.
- Home must be an owner-occupied primary residence
- Home must be a single family 1-4 unit property
- Home may not be vacant or condemned.
- Borrowers in bankruptcy are not automatically excluded from consideration.
- Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
- First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than:
- 1 Unit: $729,750
- 2 Units: $934,200
- 3 Units: $1,129,250
- 4 Units: $1,403,400
- Foreclosure actions are suspended during the trial period or while borrowers are considered for alternative foreclosure prevention options. If homeowners fail to qualify, foreclosure proceedings may resume.
- No minimum or maximum LTV ratio for eligibility purposes.
- Loans are eligible for only one loan modification under the program.
This is definitely exciting news on what is some of the most awaited legislation to come out of the Obama administration. Applicants will be accepted into the program until December 31, 2012 and we are hoping that more details will be released at a later date.
Watch this space! – Keep checking back with us for more updates on this and other real estate news. Subscribe to our blog using our RSS feed. (Click here!)
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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